The Millennial Generation, or "Millennials," is the largest generation in American history, according to the Boston Consulting Group's "The Millennial Consumer." At nearly 80 million strong, Millennials comprise one-quarter of the population in the U.S. and influence over $170 billion in spending power annually; a figure that will increase as Millennials reach their peak earning and spending years. Moreover, Millennials are trendsetters and the brands, products, and services they like are indicative of future trends for the population as a whole.
Listen up, brand marketers. The Millennial market cannot be ignored; even if they're not your original target. Whether directly or indirectly, they will influence the future of your business.
The reality is that all brands have to evolve to survive. While every brand marketer plans to evolve his or her brand and target market in unison, this is not always a reality. So how can an iconic or seemingly old-fashioned brand reinvent itself to become relevant with a younger Millennial audience?
In this article, we'll examine the top three tricks for old-fashioned brands looking to increase appeal and purchase intent among Millennials as well as examples of brands that have gotten it right (and others that have not been quite as fortunate).