“To accomplish great things, we must not only act but dream, not only plan but also believe.” Anatole France
Introducing the Ys
Born after 1977-1980, the Millennial Generation Y is set to become very important, arising major management, communication and loyalty building challenges & opportunities in the years to come.
At the top of the consumer influence pyramid, these new managers, employees and customers are already the largest in absolute numbers, as many studies show, with a buying power far more important than that of their parents. Having grown in mode 2.0, the Digital Natives value innovation, plurality, independence and working on projects that make sense to them and their communities. These citizens of the world are particularly aware of the forthcoming global sustainability challenges and are determined to change things.
The next Loyalty Building Challenge
After a very interesting conference held a few weeks ago in the Lake of Geneva Region by Rezonance on the challenges of Generation Y, I realized the future strategic importance for brands and companies to interest and retain this new generation of active, innovation dependent consumers motivated by new experiences and projects.
But how can companies inspire Momentum Y and build loyalty among these regular people doing amazing things ? How can businesses small or big get attention from this multi-tasking, always on the run generation ?
Inspiring Momentum Y to build Loyalty
Answering those questions will certainly require time and a specific study. Nevertheless, a new approach will be quickly necessary to start building loyalty with Millennials.
One of the keys elements of these future strategies will certainly be storytelling or storyplaying as brands like Nike, Vail or Nespresso inspire community momentum by telling stories on different media (online & in the real world) that appeal to a public used to follow information sources Twitter-style. Story based experiences will also have to bring real life value and interactivity.
How do you think businesses and corporations will have to proceed to build loyalty with the Millennials ? I’d be very glad to have your feedbacks and opinions !
A truly relevant post! I just attended the WOMMA conference in Las Vegas and had the pleasure of attending two seminars that spoke to story-telling and its importance and impact on today’s consumers.
The Kitchen Sisters who master the art of story telling.
See this great post by InkFoundry for 10 great tips: http://www.inkfoundry.com/2010/11/the-art-of-storytelling-top-10-tips-from-the-kitchen-sisters/
Also, Tom’s Shoes – who, if you don’t know, gives a pair of shoes to a child in need with every pair that is purchased.
I, too, can attest to how many more people were listening and tuned-in to the story-telling presentations, vs. the basic lecture sessions.
More brands should tell stories…Thanks for your post on this important topic!
Thanks Erika for your comment and for sharing the InkFoundry post link !
I like The Kitchen Sisters approach and I wish I could have attended this year’ WOMMA conference. It must have been awesome.
You are right, more brands should tell stories. It gives meaning to their marketing & communication, something more and more consumers will be looking for.