Winning with Modern Consumers Starts with the Millennial Mindset

April 22, 2016

By Jeff Fromm, ANA Faculty

Unless you have been living under a rock, you are probably well aware of the major spending power of the millennial generation and their impact on the market. 

There are more than 80 million millennials living in the United States today. The brands that are investing time and resources in understanding and engaging with these influential consumers are the ones that are winning big. 

What you may not know is that there is a new paradigm guiding the market. And this shift goes beyond just millennials themselves. At FutureCast, we call it the Millennial Mindset.

But what does this mean?

Think about it this way: Someone who embraces the Millennial Mindset might not be a millennial by definition, but still behaves in a way that is reflective of common millennial trends. For example, a 50-year-old woman standing in line at Starbucks is not a millennial as defined by her age, but she still pays for her coffee using her My Starbucks Rewards app. In this way, the millennial influence is quickly becoming more and more apparent.

The real challenge is learning how to truly begin to navigate, prioritize, and quantify that coveted millennial influence. To tackle this challenge, start by determining the areas of the Millennial Mindset where your brand has the most opportunity. 

There are six Mindset drivers:

  • Social Circle: A brand people want to tell their friends about
  • Self: Represents the consumer, their lifestyle, and what they want to be
  • Innovative: A brand constantly in a state of beta and reinventing itself
  • Trust: Putting the consumer’s needs first and always following through with promises
  • Accessible: Simplifies a consumer’s life and is easy to access, find, and use
  • Purpose: The brand adds good to the community and is committed to making the world a better place 

By understanding where your brand has the greatest potential to make an impact, you will quickly start to recognize which levers to pull within the Millennial Mindset, leading to greater brand love.

Remember, we are living in a new consumer market where a traditional target audience no longer exists. Rather, you’re aiming to connect with consumers who may range in demographics and backgrounds, but still behave in a way that is reflective of the Millennial Mindset. This will be what drives brand performance across industry verticals in the future.

Jeff Fromm is the Millennial Marketing Guy. As president of FutureCast, he has become an expert on marketing to millennials, including authoring two books on the subject. At his upcoming ANA workshop, he’ll explain further how brands can leverage the Millennial Mindset and start winning more. 

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