Michael Birkin, CMO of PC-maker Acer, recently made a big announcement, “At the end of the day, ‘The Connected Generation’ is the consistent theme around which we are about to rebuild our company.” By ‘The Connected Generation’, he’s referring specifically to Generation Y / Millennials.
At the Global Marketer Conference, Michael highlighted why they are ‘doubling down’ on this connected generation:
1) The workplace will soon be dominated by Generation Y / Millennials (nearly 3/4 within 10 years)
2) Within 5 years, they will have the most spending power of any generation in history (estimated 2.5 trillion)
Michael noted the challenges associated with engaging this highly diverse and elusive demographic. Michael’s right – engaging this demographic isn’t easy. To these consumers, brands are social badges. Their brands define who they are. Marketers should ask themselves, “Is my brand ‘badge worthy’?”
The key to winning is authenticity. To win this demographic, you need to bring a relevant and compelling value proposition with each campaign; and this starts with truly knowing your consumer. You can’t fake it; spend the time and resources to get the right insights. You also need to be consistent. Generation-Y / Millennial consumers are marketing savvy. Go for the ‘quick hit’ during key purchasing seasons and disappear, and your brand will likely disappear for good.
Brands are at an inflection point. Those who can engage the budding Gen-Y / Millennial audience will be the winners; and yield big dividends for shareholders.