With their rising purchasing power and robust social media outlets through which to voice their opinions, millennials have shaken up the world of consumption today, sending reverberations through the business sphere. They are giving a very clear message: in the year 2018, products and services that are merely good and popular might not suffice to launch a brand towards success anymore.
At present, millennials is a demographic group with the most diverse range of needs in the United States, and many economists have projected that their spending across the world amounts to no less than USD 200 billion each year. Given those considerations, designing products and services and choosing marketing communication strategies that meet their demand prove extremely challenging.
Millennials value individuality and authenticity. While this might be a loaded term, The Washington Times has defined ‘authenticity’ as the transparency and sincerity with which brands communicate information to consumers. To achieve this, product makers must therefore have insights into their customers and an actual capacity to satisfy their needs; smoke and mirrors won’t do anymore. In addition, brands must employ creative communication strategies in present their products and services. The use of individuals or images that capture the brands’ essence in order to relate to their customers and their values is a shortcut that many brands have taken. The success of Japanese brands like Muji and Uniqlo has blazed a trail for others and demonstrated that authenticity can earn them a place in their customers’ hearts. Today, both brands have clearly shown their customers that friendly prices and value for money are not beyond what they can offer.
YOLO (You Only Live Once.) and FOMO (Fear of Missing Out) are the mantras of millennials. Nothing strikes fear in their hearts like missing out on a Friday night party and all the opportunities to get to know new people. Many decide take a long road trip after work on impulse out of a sudden fear that they might not live to see tomorrow. These are the anxiety that millennials are faced with, and the only reason is because they prize experience over everything else in life. This common experience may be one of the considerations for marketers of the next era.
Content is King.
Nowadays, stories and content are the key to drawing consumers towards a brand and its services. This applies not only to millennials but also to other demographics, whose media consumption behavior has begun to shift with the advancement of communication technology, which has shrunk the whole world and put it at our fingertips. Content creation and delivery strategies to target groups are more important than ever, and some product owners have hit their stride, while others are still fumbling. In 2018, content war will inevitably become part of what drives the economy, affecting the sales and performance of companies of all sizes across the world.
At the core, the year 2018 will be another challenging year for the global economy thanks to the changes in lifestyle brought on by the power of modern communication methods. Product and service design and marketing strategies that will yield the best result in this ever-shifting terrain will be what occupies the minds of business owners, brand creators, and brand communicators. In 2018, the world can expect to see more vibrant marketing strategies employed by companies seeking to refresh their brands as well as the demise of those failing to adapt to these rapid changes and unable to withstand the force of change.