SCOTTSDALE, Ariz. -- Talking about how old brand-building models will not work for the up-and-coming millennial generation, an opening general session speaker at the 2014 CSP Outlook Leadership conference advised retailers to approach this emerging demographic with a new eye.
For the most part, the digitally connected consumers will want more from retailers and manufacturers if they are to become loyal, engaged customers, according to Jeff Fromm, president of FutureCast, Kansas City, Mo., and co-author of Marketing to Millennials.
"The formula for maximizing profitability is the more unique, authentic and meaningful [you are], you'll win," Fromm told the audience of about 500 attendees. "Without uniqueness, you've got no pricing authority. It's not enough to have awareness of brand. That's just the price of admission."
Ongoing content and relevant messages are critical ingredients to engaging millennials and maintaining loyalty. He spoke of a Jell-O branded pudding example where numerous departments within the manufacturer's promotional and marketing teams had to come together to develop. The story involved the social media tracking of frowning faces and the assumption that people who eat pudding can't help but smile. The tracker awarded free pudding to every sad face indicated on the Twitter feed, which also included the development of a "live" billboard that showed the face of a cartoon character changing as the feeds moved from frowns to smiles.
"What I love about this is a big company [had to] re-imagine brand authority around fun and smiles," Fromm said.
Millennials also respond to a number of other brand-building efforts that can help retailers and manufacturers succeed. A few of them include the following;
- Millennials embrace affordable experiences and adventures. Part of the tangible work of engaging this demographic is developing these scenarios for interaction.
- Content is "brand fuel," where forms of communication that people will want to spend time with become an important ingredient in creating loyalty.
- Listening is key. Millennials prefer brands when they appropriately use social media, so responding to feedback in an appropriate manner is important.
- Embrace disruption. With change being a new norm, moving from comfort zones and understanding new metrics and expectations is vital.
- Create fresh and fast. In an era of instant information, choices and the ability to process become faster. Grocery and restaurant channels are very good at developing these important visual and messaging cues.
- Strive for transparency. Owning up to mistakes is a better sell to millennials than trying to assign blame or disregard error.
- Stand for something. Millennials are attuned to businesses that embrace causes and larger purpose beyond profit.
"So much of content excellence is not about storytelling but story 'living'," Fromm said, explaining that staying true to making a difference either through sustainable choices or community efforts are key steps. "It's just as important to be visible with action."
Oakbrook Terrace, Ill.-based CSP Business Media's Outlook Leaderhip Conference runs through Wednesday.
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