TOMS

TOMS was founded in 2006 and quickly gained ground in the retail industry. Although their popularity has slightly declined, TOMS still holds a prominent presence in the global market and has since expanded their product mix. In addition to their signature shoes, TOMS now sells sunglasses, hand bags, backpacks, and coffee. Each product sold follows the same theme of “one for one” or buy one to help one. There are five gifts that they pride themselves on giving: the gift of shoes, the gift of sight, the gift of water, the gift of safe birth, and the gift of kindness. These are the causes that their products go towards.

The company is built on the foundation of giving back, which is the main characteristic that attracts millennials. Research shows that almost 50% of all millennials would be more willing to make a purchase from a company if their purchase supports a cause. Furthermore, 37% say that they are willing to purchase a product or service to support a cause they believe in, even if it means spending a little more. We millennials strive for a larger purpose in life. We are dream seekers and want to leave a mark on the society we currently live in. (http://www.millennialmarketing.com/who-are-millennials)

Another thing TOMS did was, essentially, re-imagine their customers as business partners rather than a target audience which increased engagement and therefore sales. Millennials are innovative and are open to change, more so than the previous generation. We are often referred to as the true entrepreneur generation. A recent survey was conducted and results showed that 13% of millennials said that their career goal involves climbing the corporate ladder to become a CEO or president. Nearly two thirds, or 67%, said their career goal involves starting their own business. No wonder a company in which the consumer is essentially a business partner and the success is dependent on the consumer is so popular among the millennial generation. (https://www.forbes.com/sites/robasghar/2014/11/11/study-millennials-are-the-true-entrepreneur-generation/#4da4654873dc)

 

Netflix

Netflix is among a few current day companies that are successfully marketing to Millennials (at least in my opinion). Netflix was founded in 1997, although its streaming services that make it what it is today was not offered until 2007. Before then, Netflix offered DVD rental services. Since its founding Netflix has come a long way. Netflix is the world’s leading Internet television network with over 93 million members in over 190 countries enjoying more than 125 million hours of TV shows and movies per day, including original series, documentaries and feature films (https://media.netflix.com/en/about-netflix).

Being the tech savvy generation that it is, Millennials are automatically drawn to Netflix because of its multi-platform capabilities through it’s app. Like Tide Pods in the previous post, Netflix also is appealing the generation’s preference of convenience. Users can stream content anywhere and wherever they want on any smart device, laptop, or desktop computer. Users can stream from other streaming devices such as Apple Tv and Amazon Fire Stick too.

The aspect in which Netflix has really made an impression on Millennials is the launching of their own original series. Netflix has been part of various 90’s sitcom and TV revivals, catching and keeping the attention of nostalgic Millennials. Series include Fuller House, A Series of Unfortunate Events, and Gilmore Girls: A Year in the Life. Netflix has drawn in new subscribers just by the introduction of these TV revivals. Their non-spinoff original series such as Orange is the New Black, Stranger Things, and House of Cards have also made quite an impact on Millennial subscribers.

Sure other streaming services such as Amazon Prime and Hulu allow users to keep up with their favorite shows and movies too, but Netflix has surpassed its competitors by introducing its own original content with the added plus of their signature feature, no commercials.

 

Tide (P&G)

What’s the secret ingredient to winning over a Millennial in the market? Convenience and simplicity. If there’s one chore I hate doing as a college student, it’s laundry. And I know I’m not the only one that feels that way.

In 2012 P&G changed the game forever and introduced Tide Pods which aimed to make the task of doing laundry simpler and less time-consuming. It was so successful that P&G carried over the pod to more of their household products such as Gain and Cascade. It also influenced competitors including Sun Products, the owner of All and Snuggle, to distribute their products in pod form.

Initially this form of the product was created to attract laundry doers of all ages, but it has managed to become a popular staple item of all college students. Just go to any college community laundry room and you will see that 9/10 students will be using Tide Pods. I use Tide Pods because it simplifies the steps in the laundry process. My mom uses them for the time-saving factor, and even my grandmother uses them because it’s physically harder for her to handle large containers of liquid detergent and Tide Pods resolve that issue.

P&G did a great job of listening to their customers needs and became an innovator in household products. Tide Pods address the needs of Millennials and fall in line with their characteristics, which explains why Tide Pods are the number one choice among college students for doing laundry. Other companies have something to learn from P&G and their success with the introduction of Tide Pods.

 

PowerBar

Less than a year ago, the 2016 Summer Olympics were underway in Rio De Janeiro. Several controversies surrounded the games at the time, including the Zika virus, heavily polluted waters, and political unrest. To add to the chaos, Team USA’s Ryan Lochte got himself caught up in one of the most talked about scandals of the Summer. Lochte, along with three other members of the US swim team, claimed to have been held at gunpoint and robbed at a Rio gas station after a night of celebration, which included heavy drinking. Although the details still remain unclear, after an investigation by Rio police department, it was clear that the four members of Team USA were never held at gunpoint and that they were involved in vandalism and public urination. All four involved received a suspension from both domestic and international competitions of varying lengths, Lochte’s being the longest of 10 months.

Before the entire story was even fully unraveled, I remember noticing a wide range of views on the situation. On one end of the spectrum, people viewed that what Lochte and the three other swimmers did was terrible and that they should have had to serve jail time for false allegations.On the other end of the spectrum, people viewed that it was just a stupid mistake made by some immature party goers that had too much to drink that night. Of course, there were some views that fell in the middle, such as what they did was wrong, but that no serious punishment was needed. From my observations, those that were older with more conservative and traditional views, held the view with the most extreme punishment. Those that were of the younger generation fell either in the middle or on the side that said the situation was all a stupid mistake.

PowerBar kicked off the new year with a new “Clean Start Pledge” campaign with Lochte as it’s celebrity spokesperson. The campaign highlights the brand’s new series of energy bars that are made with cleaner ingredients and whey protein, while encouraging consumers to participate in sports and fitness exercises. The message is consistent. The campaign is targeting consumers wanting a clean start, just like Lochte.

Is PowerBar making a smart move by allowing Lochte to be the face of their new campaign? In my opinion, yes. Because their target market is young athletes who never took a strong stance against Lochte’s scandal in the first place, the brand in unlikely to get much backfire. In addition, the younger generations are known to be more accepting, and by both relaying and supporting the message that everyone deserves a clean start, I think it will resonate well with the target market.

Meet The Millennials

Characteristics, trends, and preferences change from generation to generation. It is very important to understand these differences as a marketer to be able to successfully market their product or service to their target audience. Although basic principles for marketing that can be applied to any generation exist, marketing tactics that work more effectively for one generation over another also exist.

Millennials are known to be optimistic, focused, and goal driven. In addition, they can be very assertive and hold strong views. As a Millennial myself, I also know that many have the negative assumption that we must be constantly “nurtured.” We are also very tech savy and accepting.

In contrast, Baby Boomers are more traditional and view technology as a learning experience. However, they are similar to Millennials in that they are also optimistic and driven. The average Baby Boomer is starting to reach retirement age, but they are still very much targeted by current businesses.

Research has been conducted and published on the key characteristics of each generation, which can be very useful to marketers to help them understand who they are marketing to. Throughout the next several weeks I intend to post about which characteristics of businesses I, personally, find most appealing, giving readers insight on a Millennial’s perspective. Furthermore, this blog will reveal aspects of marketing that do not attract Millennials.

Sources

http://www.marketingteacher.com/the-six-living-generations-in-america/