Millennials Are No Longer Kids, They're Your Most Important Customers | Live From New York NY
Live Keynote At Social Media Week New York NY
While it may sting to hear it, Suzy’s founder and CEO Matt Britton is right: millennials, you’re not that young anymore.
TLDR: Brands need to recognize the significant spending power of Millennials and adapt to changing trends such as programmatic TV, urbanization, and the shift towards utility and convenience.
1. 👥 Millennials are now the most important customers, but brands need to stop marketing to them as if they are still kids and recognize their significant spending power.
2. 📺 TV is becoming more programmatic, allowing for ad-free content and targeted advertising, while the barbell economy is impacting brands like Tide as consumers opt for cheaper or more luxurious options.
3. 🏙️ Millennials are driving urbanization and gentrification, causing real estate costs to skyrocket in cities while suburban areas are seeing minimal growth.
4. 🛍️ Traditional shopping is changing due to urban living, with malls struggling and big box retailers creating their own products to compete with private label, while Amazon expands into new categories and causes traditional brands to invest in new technologies to compete.
5. 💡 The value of brands is shifting towards utility and convenience, with examples like Amazon Basics, Nike's Easy Kicks, and Rent the Runway.
6. 💡 Companies are buying utility-based companies to collect consumer data and experiences have replaced physical products as a new social currency, requiring companies to provide experiences to attract Millennials.
7. 📈 Apple's success came from connecting hardware and software, while modern CMOs need to make significant changes to survive disruption, and 5G will drive data as the driving force behind businesses and society.
