Brand promise is important to young adultsDate posted: 8/19/14 03:30:00 PM
When a company forges a particular brand, it needs to be fully behind the brand in order to follow through with carrying out its goals, according to Marty Brochstein, vice president of Industry Relations and Information for the International Licensing Industry Merchandisers Association.
"It's important that brand owners and those that use the brands follow through on the brand promise," Brochstein told Forbes. "By the same token, when a product or brand succeeds, that success can be exponential given how adept Gen Y is at communicating their feelings to their entire social networks."
Generation Y - also known as millennials - have become an increasingly important target audience for many companies because they make up the largest demographic in U.S. history at 80 million strong.
But targeting this market isn't a simple feat. Many marketers and advertisers are struggling to reach the demographic. Sarah Sladek, who recently co-hosted a webinar with Brochstein on marketing to millennials, said that many companies don't realize millennials have different buying patterns than past generations.
"The pressure is on for retailers and businesses to figure out this new breed of consumer that's more informed and selective than any other consumer to ever walk in the mall," said Sladek, CEO of XYZ University. "After all, this is a generation that has only known a world powered by the trademarks of a 'Knowledge Economy' which is fueled by access, innovation and relationships. Anything else will seem foreign and irrelevant to them."
How millennials are different from their parents
Smiling is crucial to millennials, according to a report from Casual Living, which found that sensory appeal and the retailer's ability to make a customer smile is 33 percent more important to millennials than to Baby Boomers.
"Put simply, younger shoppers view their ideal shopping experience as less functional and much more social, expressive and sensory-driven," Jerry Johnson, Brodeur's executive vice president of strategic planning, told Casual Living.
That's part of the reason that 63 percent of millennials stay updated on products and brands through social media, while 64 percent of this demographic group feel that companies need to offer more ways for consumers to voice their opinions and be heard.
Sladek is also recommending retailers to consider luring millennials to stores or online shopping sites through social commerce sales. Social commerce sales is predicted to exceed $30 billion in sales in 2015. More than two-fifths of millennials have made a purchase using their smartphone.
Following through with your brand
As millennials become increasingly aware of marketing ploys and advertising trends, many companies are offering a more transparent look, which has attracted the target audience of young adults.
Sharpie, for example, has been one of the top social media companies for engaging and interacting with teens and young adults, Sharpie's social media back-to-school campaign sparked their total market share to grown to 89 percent. The Social Media Examiner said three of Sharpie's major engagement techniques that have helped nab the audience include making engaging visual content, promoting self-expression and appealing to multi-screens and mobile platforms.
The fast food chain Jack in the Box is also winning over the millennial crowd. The franchise has specifically advertised to the millennial crowd with a late-night concept.
Taco Bell has followed suit by dropping all of its kids' meals in 2013 to modify its strategy for a more millennial-centric approach. Taco Bell has made its mark by gaining more than 10 million Facebook fans, one million Twitter followers and more than 300,000 Instagram followers.
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