Money and women are the most sought after and the least known about of any two things we have.—Will Rogers
Everyone is after the Millennials and their money. As a group, Millennials have replaced the Baby Boomer generation as being the most attractive to advertisers. They are more likely to have expendable income and both their earning and buying power is just beginning to grow. Brands that lock in Millennials as repeat customers now are likely to enjoy a long purchasing relationship in the future.
The challenge is that Millennials have a very different outlook on the world than did my generation when we were their age. Therefore, they don’t respond to the same form of advertising and marketing campaigns that have worked before. Ad agencies get this because, no big surprise here, a large portion of their creative staffs are Millennials. Convincing their clients of the need to change, however, is not always easy. Some get it, some don’t.
Among those who seem to understand the need to market differently to Millennials is MillerCoors. Sure, it’s no big surprise that Millennials like beer; in many ways they have fueled the craft beer boom almost single-handedly. The traditional big-volume beer sellers have struggled, though, in no large part due to the fact that Millennials don’t like mass-market beer. As a result, we see companies such as MillerCoors looking to smaller agencies like Mekanism to create campaigns tailored specifically to the Millennial, such as this one:
Among the things worth noting about this ad:
- it’s short. 16 seconds is all the time it takes to make their point. Millennials tend to not have long attention spans and a 30-second commercial is likely to be overkill.
- it’s real. Millennials are hitting their childbearing years and responding to that natural desire. However, these are not super-young 20-something couples; they’re older, more mature, which is common among this and subsequent generations.
- it’s not sexy. No girls in bikinis, no buff guys in baby oil. While the couples are reasonably attractive, Millennials don’t respond to over-sexualized images the way that Boomers did.
- it shows a reasonable income bracket. No large pool, no large house. Millennials want homes, but haven’t been able to afford them, so showing a smaller house that is more likely a rental is appropriate.
MillerCoors isn’t the only one getting the message. Hilton Worldwide has announced it will be opening a new chain of hotels called Tru that is designed specifically to attract Millennials. The first hotel is scheduled to come online later this year, with approximately 132 facilities planned for cities that are popular among that generation, such as Portland, Dallas, Atlanta, Chicago, and Denver. The hotels will focus on highly personalized service and what they refer to as a “common, youthful look.” Their ads will be, “visually represented through spirited photos with playful and vibrant colors; custom, fun illustrations; circular shapes, not only to invoke our logo, but also to convey that we are different; and the custom vernacular we’ve created for this brand using three-letter words like zip, jam and fit,” according to Alexandra Jaritz, global head, Tru by Hilton.
There’s no question that Millennials like to travel, but even there they’re not doing it in the same way as Boomers. This is evidenced by the very existence of AirBnB, which is counting on Millennials (and Chinese tourists) to help make it profitable. Can Tru by Hilton create an experience-based standardized accommodation that actually competes with staying in someone else’s home? I have to admit, this could be entertaining to watch. I’m just glad I don’t have any money invested with either approach.
For all the places that are at least trying to understand Millennials, however, there are four or five times as many companies who don’t, and those are likely to be some of the major losers over the next few years. Here are some of the sectors I think really need to step up their game if they want to stay solvent once Boomers are no more.
- Banking & Finance. Millennials don’t trust banks and they damn sure don’t trust Wall Street with their money. As a result, the climate is right for an alternative to come in and set a genuinely new paradigm in the financial sector. Unfortunately, this also may make Millennials more financially vulnerable in the long-term.
- Cable Television. It’s been suggested that there is too much television already. What’s driving this concern is the fact that only 46% of Millennials watch any television programming at all, and the vast majority of that is on mobile devices. Millennials have cut the cord with cable pretty hard and I’m not sure it is remotely possible to convince them to come back.
- Transportation. Just as the auto sector is starting to recover from the recession and sales are picking back up, they soon need to begin re-examining their approach to the Millennial market, which, as a group, doesn’t exactly like cars. Even with the new hybrids and promising growth among alternative-fuel vehicles, Millennials would still rather ride their bicycles, take public transportation, or call Uber for a ride. Environmental concerns override money issues on this one. While there are more than enough Boomers still buying cars, and big ones at that as gas prices plummet, automakers need to re-work their approach to a generation that doesn’t have the brand loyalty their grandparents did.
- Warehouse Clubs. This one kind of makes sense. Millennials live in smaller places and have limited transportation options that don’t involve carrying around a pack of 46 paper towel rolls. While all the major warehouse clubs have online purchasing options, the positioning, design, and marketing of those options leaves a lot to be desired. If they want to capture Millennials, the folks at Costco and Sam’s Club need to follow Amazon’s example and then improve upon that experience.
- Family-related services. This includes anyone involved in health care, children’s services (including clothing and education), and anything to do with weddings. Millennials are totally redefining family. Who and when they marry, when or if they have children, and how they approach health care have significantly different answers than previous generations. A lot of traditions are being left in the dust and will not recover. Those who survive will do so only by completely re-configuring how they do business and how they market to this new generation.
These are not insurmountable issues. For all the challenges some companies may face, there are reasonable answers for most. There’s no time to waste, though. Companies who don’t have a Millennial-focused plan by the end of this year are going to find it increasingly difficult to ever win that business at all. You want Millennials’ money, you’ll have to work for it!
Getting By With A Little Help
But what we can do, as flawed as we are, is still see God in other people, and do our best to help them find their own grace. That’s what I strive to do, that’s what I pray to do every day.—Barack Obama
[one_half padding=”4px 10px 0 4px”]The cane sits close to my desk, just in case I need the help. I hate the damn thing. I hate the sight of it, and even more the fact that I should probably use it more than I do. Rain will force me to use it today, I already know. Tomorrow may be another such day as well. With winter beginning to set in, the days when I need the help are going to begin outnumbering the days I don’t. I am somewhat pissed off by the knowledge there are 80-year-old men out running marathons while I can’t get down the hall to the bathroom without assistance.
I never have liked asking for help. Somewhere in my head, for some reason, me asking for help is a sign of weakness. I don’t mind others asking for help when they need it, though I am slightly annoyed when a certain five-year-old asks for help tying her shoes when she’s yet to try for herself. I don’t want to ask anyone for help and I don’t like so often being in a position of needing help that, at times, it feels as though I can’t do anything without some form of assistance. Losing any bit of my independence strikes deep at my soul, leads to depression and questioning my own value in the world. I have quite possibly thrown my cane across the floor in frustration.
Yet, here I am again this morning, needing to lean on something, or someone. I woke up this morning barely able to move. Independence is a myth. I’ve become reliant on Kat and some days when she has to be gone for prolonged periods I often limit my own activities for fear that, should something happen, there’s no one here to help (the cats are absolutely no help at all). When I go for a walk, I have to make sure my phone is well charged in case I should fall, become lost or confused, or need a ride home.
I never expected to have these limitations at this age and it angers me to no end that I can’t keep up with everyone else on the planet. Needing help, even from an inanimate object totally under my control, is emotionally deflating.[/one_half]
[one_half_last padding=”4px 4px 0 10px”]I am one of the lucky ones. Despite my challenges, I have always known that someone has had my back; friends who have made sure I had something to eat, that drove me to doctors appointments, and kept a roof over my head. Not everyone is so fortunate. Nearly four million people in the United States will experience homelessness this year. Of those, almost 60 thousand of those are veterans; 1.3 million are children. They’re just out there, on their own, struggling to exist.
The second stanza of the poem on the Statue of Liberty in New York Harbor reads:
At this very moment, there are 10,000 Syrian refugees, and more from other war-torn countries, waiting at our shore, looking for help. Yet, because of the cowardly actions of a handful of Daesh morons, there are many of us wanting to hide behind a wall of fear and not let them in. We would rather let them starve or die of hypothermia than accept the risk that comes with being compassionate.
If America has become this country who is afraid too afraid of the shadow of terrorism to keep the refugees of that terrorism alive, then we have lost every last shred of our independence; our fear cripples us just as severely as arthritis in my back and legs. I have a cane on which I can lean, and friends ready to help. The millions homeless and those fleeing terror need help as well. The time has come to step up and be that help.[/one_half_last]
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