Millennials are a pretty popular bunch with brands out there. Understanding Generation Y has become a full-time job for PR, marketing and advertising pros. And why not? As we get grad degrees, try out several jobs, and hold marriage and kids off until later in life (just generalizations), our disposable income and brand loyalty is up for grabs.
Knowing this, I went out to look for a good, accurate look about what Millennials care about when it comes to brands and reputations. Looking at 15 Ways Millennials Think About Brands two things jumped out at me: community and interaction.
- “If a community is not created for us by a brand we will create it. If one is created for us, it must be flexible and transparent. And, either way this community is considered to be owned by us (the users), not the brand.”
- “We demand interaction with ‘our’ brand.”
- “Just as much as brands mean everything they also mean nothing. Real interactions with people (virtually and in real life) are most important, I don’t much care if I’m drinking a coke or pepsi when I’m with those friends.”
I definitely agree with these points, and I think a number of companies have noticed these trends, which explains the ongoing and reigning importance of customer service networks - both brand-centric and more general (i.e., Yelp!). When it comes to these networks, companies have been relying on the word-of-mouth marketing truth: that individuals value others’ comments and suggestions. But recent reports, like Edelman’s 2010 Trust Barometer that I discussed a few weeks ago, indicate that the public’s trust may be shifting.
If this is the case, companies are going to have to start to adapt. Loud brand advocates may be losing their value, and the impact of seeing a “I love [insert random product here]” status stream on Facebook may be waning. So how can companies keep up to make sure they don’t lose the oh-so-important Millennials?
I think it goes back to community and interaction. But, as individuals get more discerning to the mass of information out there the need for authenticity is going to continue to rise.
- Rachel
-
Subscribe
-
Proud member of
