Millennials impact on the economy and business
8 February 2018
With the first native digital generation already having a significant impact on business, politics, and economics Matt Britton, a millennials’ expert has predicted experience marketing to overtake traditional product first strategies.
Being the first digital generation, millennials are open and adapt new technologies and platforms every day, which has forced organisations to rethink the way they interact with their audience and consumers.
In addition to this, brands and organisations that tap into experience marketing have seen positive results when engaging with the millennial demographic.
Developing an engaging brand story that showcases something deeper than product features or services is more likely to drive the millennial consumer towards a brand, versus companies that opt for a product first strategy.
An example of a brand that utilises this strategy well is Look Away. As a luggage company Look Away’s positioning is about showcasing experiences and travel scenarios that consumers can experience with their product.
It is expected that companies and organisations will continue down this experience path in future due to the success this strategy is yielding with the next generation of buyers.