In the new Millennial-inspired Participation Economy, the old definition of brand value — the one that worked for decades — is dead.
As marketers, we knew that the sum of our core functional and emotional benefits divided by price would give us a proxy for brand value. Stronger brands had more price elasticity. However, the old definition no longer holds if you want to engage Millennials or older generations that are adopting a “Millennial Mindset.”
THE NEW DEFINITION OF BRAND VALUE
Millennials don’t just want to buy your brand, they want to be a part of it. They’re looking for ways to participate. And they want to understand why you do what you do not just what you want to sell. As a result, the brand value equation has morphed to include participative benefits. This is key for tapping into Millennial passion — and therefore, Millennials’ dollars.
In The Participation Economy, (emotional benefits + function benefits + participative benefits)/price = brand value. We’ll explore this more in a bit. First, let’s review who makes up this generation — and how they influence your other consumers, too.
MILLENNIALS & THEIR INFLUENCE
Millennials, also known as Gen Y, make up 80+ million consumers in the United States alone. They were born between 1977 and 2000 (give or take a few years, depending on your definition.) In addition to these 80 million consumers, Millennials influence a significant number of people outside their generation. They are “tastemakers” when it comes to influencing new technology adoption and major cultural trends.
Barkley joined forces on a research project with Boston Consulting Group and SMG aimed at learning more about this demographic. The result was a research study, “American Millennials: Deciphering the Enigma Generation.“ We learned some really interesting things about this generation. You can learn more by watching this video.
The Latest Bing News on:
Participation Economy
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As India’s economy grows, we need to start looking at the quality of life of our frontline workers to improve their productivity.
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China's involvement in Antigua has always been for the benefit of its people and is not targeted at any other country, the embassy spokesperson said.
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The Latest Google Headlines on:
Participation Economy
[google_news title=”” keyword=”Participation Economy” num_posts=”10″ blurb_length=”0″ show_thumb=”left”]
The Latest Bing News on:
Millennial-inspired Participation Economy
- 3 per cent of Gen Z and Millennials think politicians have their interests at heart, seeing them as ‘selfish’ and ‘corrupt’on April 18, 2024 at 6:31 pm
A survey of Generation Z and Millennials found the overwhelming ... cost-of-living pressures and worsening economic inequality. As a result, the study from think tank Think Forward exposes a ...
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Don't miss out on the headlines from Economy. Followed categories will be added to My News. A survey of Generation Z and Millennials found the overwhelming majority have minimal confidence in the ...
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but rather a symptom of a depressed economy and strained affordability across all age groups, including Millennials and Gen-Zs.” Meanwhile, according to the TransUnion Q4 2023 South Africa ...
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More specifically, it’s about how millennials and Gen Z just don’t trust boomers after looking at what they’ve done to the economy ... to boost its labor participation rate since the ...
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- The Great Wealth Transfer From Baby Boomers To Millennials Will Impact The Job Market And Economyon August 9, 2023 at 5:00 am
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Among the quitting population are a large number of young people, leading analysts to wonder what their high rates of turnover could do to the overall economy ... and 66% of millennial employees ...
The Latest Google Headlines on:
Millennial-inspired Participation Economy
[google_news title=”” keyword=”Millennial-inspired Participation Economy” num_posts=”10″ blurb_length=”0″ show_thumb=”left”]