5 Ways Millennials Have Changed the Way We Buy. Our aim is to provide millennials a greater diversity of experiences -- so they are constantly discovering new opportunities at our venues.” 2. They must effectively market the story of their product as much (or more) than they market specific product features.” Davidson highlights the success of brands such as Naja, whose premium lingerie is crafted by working mothers without husbands in emerging nations such as Venezuela. We strive to create events in the places where young folks like to be, we interact with the influencers that they respect and we try to inspire their peers to share our story. One of the greatest trends I witness every day is the removal of middlemen; rather, the increasing prevalence of direct relationships between consumers and brands. Communities are being developed online where millennials interact with their products like never before.” 5. “But today, after considering the team, we are increasingly attentive as to whether a company will anticipate consumers’ needs and thus be able to make decisions for them. Then, you hit the market with one product -- a solution that's directly on point.” Millennials have changed the rules of commerce. Online startups are directly interacting with consumers who trust virtual communities like no generation before. Forward-thinking companies are creating more individualized and fulfilling next-generation experiences for employees and customers -- online, and across the globe.
In 2016, millennials assumed the throne as the world’s largest generation by population. Indeed, millennials are now entering their earning prime — commanding a $1.3 trillion global wallet — and spending their funds in far different ways than generations before.
Last week, I attended the Millennial 20/20 Summit in New York to hear from investors, corporate executives and startup founders regarding the future of business across consumer verticals.
1. Millennials do not get sold to — millennials discover.
“You can’t just sell to millennials,” said Michael Lindenbaum, executive vice president of operations and development at the Dream Hotel Group. “You can’t throw marketing dollars and force your agenda on them. No, the process is much more nuanced than that.”
Dream’s success, especially among the millennial populations in Manhattan and Los Angeles, has pushed Lindenbaum and his team to think outward. “Over time, our spaces operate less as traditional hotels and more as community centers: bringing people together throughout the day for work meetings, drinks, panel discussions and celebrations. Our aim is to provide millennials a greater diversity of experiences — so they are constantly discovering new opportunities at our venues.”
2. Niche brands with powerful narratives are on the rise, but the product narrative is as important as your product’s features.
Duncan Davidson, veteran investor and general partner of Bullpen Capital, has worked with emerging brands across the globe. “The truth is, most big brands do not how to market to millennials. Technology has simply made economics of scale less interesting. This is an ideal time for niche brands to counter-position against them. Young companies can deliver superior value around a niche narrative. They must effectively market the story of their product as much (or more) than they market specific product features.”
Davidson highlights the success of brands such as Naja, whose premium lingerie is crafted by working mothers without husbands in emerging nations such as Venezuela. The mothers receive training and education throughout the production process. Naja’s commitment to the empowerment of women — coupled with the quality of its product — has catalyzed the company’s explosive growth globally.
“We are increasingly looking for brands and companies that are taking a…
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