In Every Market, Millennials Matter
If you really want to own a category, don’t forget millennials. According to Accenture, there are roughly 80 million millennials in the US alone, and each year they spend roughly $600 billion on shopping expenses. Forget advertising if you want to tap into that pool … only 1% indicated they would trust a brand more because of an ad. Nope, if you want to reach this crowd, you better be tapping the internet. Compared to all internet users, millennials have have the highest monthly average of time spent on the internet.
To narrow things down even more, you better be focused on mobile. A study by Zogby Analytics reported that 87% of millennials said their phone never leaves their side and 80% said it’s the first thing they reach for in the morning.
So how do you reach them?
1. Give them a seamless experience regardless of channel.
2. Court them.
Send coupons via email or mail or text. Loyalty programs are well received. Use social media to present coupons and offers.
3. Make it an experience.
Go beyond your product and make it personal. Storytelling has become a valuable weapon in reaching millennials. Some 80% of them want a brand to entertain them (Millennial Marketing).
COGNITIVELY COVID: The CEO Guide to Fear
Invention can save us all, but fear is invention’s nemesis. Fear hits you in the survival gut when you’re white-knuckling through rapidly changing, uncontrollable circumstances (like now) and you’re paralyzed by the next minute.
COGNITIVELY COVID: The CEO Guide to Denial
Now, in the time of COVID-19, as we all feel the need to move fast, CEOs might want to be especially mindful of biases, especially the biases that support denial and impede invention during crisis.
COGNITIVELY COVID: The CEO Guide to Acting Fast
You’ve likely heard the term “first movers” in the context of new sector growth. Moving first to take advantage of opportunistic pathways thanks to COVID-19 is almost a new sector unto itself.
The 10 Truths of the COVID-19 CEO
At this point, many of us have been on lockdown for at least eight weeks—and during that time, COVID-19 has left its mark on nearly every sector. In the midst of loosening lockdowns and tightening restrictions, dropping infection rates and second waves, CEOs must adjust to new truths in changed industries. During many conversations with my peers, a few of those truths have surfaced time and again.