The latest Enso World Value Index finds that a growing number of millennials are devoting their loyalty to brands that align with their motivations and values—a trend that could spell the difference between long-term success or irreversible decline.
In addition, according to Fast Company, millennials are on pace to control $24 trillion in wealth by 2020. Now more than ever, for many brands, survival means earning the trust of this group and elevating their values in the marketing strategy.
Key findings from the study include:
- Sixty-eight percent of millennials said creating change in the world is a personal goal that they actively pursue, compared to 42 percent of Boomers.
- In fact, 41 percent of millennials, versus 17 percent of Boomers, cited examples of concrete action they’ve recently taken directly contributing to this aspiration, with efforts spanning activities like protesting in a march, volunteering in a campaign and canvassing their neighborhood for signatures
- Seventy-seven of millennials said that experiencing other cultures is important to them, compared to 64 percent of Boomers.
- A sizable share of brands doing well among this target is comprised of tech companies like Twitter, Snapchat, PayPal, Spotify, Uber, and Kickstarter. Starbucks, Honest Company, Chipotle and H&M also ranked well across the board.
- Which brands are missing the mark? Brands with notably lower scores for millennials, when compared to Boomers, included AAA (92 vs. 26) Pfizer (136 vs. 65), and Samsung (74 vs. 19).
The study concludes that brands with a clear, well-articulated purpose that enables and demonstrates tangible actions towards creating a greater impact will fare better among millennials, but this also entails effective and consistent communication. Millennials want to see and hear about the strides made towards the causes and beliefs that are near and dear to them.
While no research can predict the future, especially as it pertains to the growing impact of technology on brand storytelling and brand-building, the companies that align with the values of incoming generations will be most prepared for the future.
Which brands do you think are getting it right? Let us know in the comments below.
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Source: Social Media Week