Your brand may be “established,” but is it built to last? Brands like Coke, Nike and IBM have long enjoyed “established” status as some of the top brands in the world. But the world is changing, and brands must adapt in order to retain relevance.
Millennials (ages 19-36 ) now represent the largest generation by population size, estimated at close to 76 million. That’s a lot of purchasing power. But creating brand awareness – and eventually brand evangelism – entails an entirely different strategy from the “traditional” marketing of the past. Millennials live in a different space. They communicate differently, receive information differently and have different wants and needs than generations past.
Despite economic uncertainty, Millennials generally hold an optimistic view of the world – perhaps because they have options. They’ve grown up in a world where options for everything they need are continuously expanding. So how can your brand stand out in this ever-expanding universe? You don’t need to have Nike’s marketing budget to reach Millennials, but you do need to think young. Check out these five strategies to reach young consumers from Entrepreneur Magazine.