The millennial generation is expected to take over as America’s largest generation, according to recent data. Eyes may roll and groans are often heard billowing down the halls of corporate America when this generation is mentioned -- as they are often stereotyped as t-shirt wearing, entitled, late to work and technology obsessed. Yet, writing off millennials and failing to take the time to understand the inner workings of their brains could be the most devastating decision a marketer can make.
With more than 73 million in their ranks, I believe the millennial generation is transforming the way in which brands must position themselves in order to remain relevant.
The Orange Tile
To prove this idea, in December 2016, dozens of famous Instagram influencers posted an orange tile with the hashtag #FyreFestival. Instagram users went berserk. Weeks earlier, these same supermodels posted envy-invoking photos of their extravagant Bahamas vacation, complete with yachts, private jets and swimming with pigs.
This ingenious, arguably deceptive, marketing initiative sent followers on a quest to see how they too could bask in the splendor and luxury that was to be the Fyre Festival. Many twenty-somethings were dropping upwards of a whopping $100,000 for a chance at this pipe dream. While the event was a complete bust, the orange square represents an undeniable truth: Marketers must approach the consumers of today -- many of whom are millennials -- in a different way.
Creating a desire amongst consumers for something they do not yet have is nothing new. It’s the classic “keeping up with the Joneses” technique: If someone feels that their neighbor is superior for utilizing a certain product, that consumer will likely jump on the bandwagon. I believe the orange tiles and luxurious pictures ignited this same type of desire for the Fyre Festival.
Apple embraced this with its clever "Get A Mac" campaign in the late 2000s. Apple knew that if it could create the idea in PC users’ minds that PCs were inferior, eventually people would switch. The college student didn’t want to be the one carrying around a plastic-encased PC with a chunky charger when their peers had sleek, elegant, metal-framed Macs. Consumers did not want to miss out on a better quality of life.
FOMO Is Real
You have likely heard the term “FOMO,” or fear of missing out. Imagine arriving at the office on Monday morning and your co-workers are huddled around, joyfully reminiscing about Saturday night. You were not invited. Ouch! You’re immediately hurt you weren’t invited and sad you missed out, possibly even overcome with self-doubt.
FOMO is about what is unfolding now or in the immediate future. With social media, we know we are missing out on something as it unfolds. We no longer have to wait until Monday morning at the office to find out what we missed over the weekend. We can be sitting at home, watching our friends have the time of their lives as it happens.
I see this drive today’s younger, technology-based consumers up a wall. Many are used to having everything instantly granted to them with the click of a button. Think about it. From on-demand streaming to same-day delivery to food delivery services, consumers are under the impression they can get what they want when they want.
So, what if they cannot get what they want when they want it? This is FOMO. As marketers, we can employ new tactics to age-old strategies to address it in the following ways:
1. Exclusivity
From private jets to luxurious parties, it looks like we are headed right back into the Roaring Twenties. Give your millennial consumers something that allows them to tout their status. From the heavy metal American Express cards to the coveted verified badge on Instagram and Twitter, there are plenty of ways to make your customers feel special.
Consider your product or service. What unique spin can you add to your story that makes your consumers feel like they have the exclusive, inside scoop that they’ll want to show off to their friends? Consider invite-only events, exclusive access to upcoming products or unique identifiers to showcases that your consumer is an early adopter or product tester.
2. Picture Perfect
The age of social media has brought around excessive photo-taking and has turned ordinarily un-artsy people into impressive amateur photographers. I find that many millennial consumers want something they can share with the world to show off their lives.
Campaigns that surprise and delight can be a great way to get your consumers to enhance your marketing efforts by snapping a photo. For example, Delta Air Lines sent me a pair of socks as a thank you for my loyalty. It showed me my exclusivity and the design was photo-worthy.
3. Experiential
I find that millennials and many consumers of today are big on experiences. They often want an experience that is both exclusive and picture perfect.
When trying to create an experience, you must ask yourself if it is worth sharing. While a private wine-tasting tour through Bordeaux, France for your top customers would certainly be exclusive and picture-perfect, something as simple as Chick-fil-A teaching its employees to say “my pleasure” can elevate the consumer’s experience to one that is out of the ordinary for the industry and worth sharing.
4. In The Know
Much like exclusivity, your consumers want to be in the know. Today’s social media users can become captivated by major influencers online as if they were personal friends. When an influencer breaks the news about something epic about to unfold, followers may take that information and run with it.
Finding key individuals to be the first to “break” your story can accelerate spreading your message. Consider the best timing based on when your consumers are most likely to be glued to their phones and ready to reshare this exclusive breaking news, event or new product.
These four tips can give you the ability to create an orange square phenomenon, encouraging your millennial consumers to latch onto your brand and become your biggest ambassadors.
