I had the pleasure of sitting on a panel hosted by my company, Northstar Research Partners, for a discussion on Millennials at a meeting of the Toronto chapter of the AMA.
Below is a clip from that event where I am responding to a conversation about Millennials as consumers and the importance of brands having a dialogue. It was such an interesting conversation and I was delighted to share the stage with Nicole Galluci from Boom Marketing and Greg Ambrose from Coca Cola Canada.
- How Millennials’ American Dream Has Become An American Reality and What It Means For Brands (thebrandsherpa.wordpress.com)
- Reaching Millennials on Instagram (socialmediatoday.com)
- Have Millennials Evolved from Buying to Sharing? Not Really. (triplepundit.com)
- Managing Millennials Requires Effort (digiday.com)
- The Millennial View of Agencies (digiday.com)
- My Open Letter To GenX and Baby Boomers: Can’t We All Just Get Along? (friendsofebonie.com)
- You Have To Know How Millennials Think To Get The Best Out Of Them (businessinsider.com)
- More than One Direction in which Millennials Can Thrive (keithwaynebrown.com)
- It’s (still) hard out there for a millennial (prdaily.com)
- Millennials – The Misunderstood Generation (vistage.com)
Today I decided that rather than working from home I would check out “that new coffee shop” a few miles down the road in the newly gentrified downtown area of this small-ish southern town I live in.
I had noticed several times that the Copper Coin coffee shop shared signage with something called Acru: Money + Life. The first is indeed a coffee shop and the second a financial advisor firm. But they are not two separate businesses. They occupy the same space – by design.
Acru is the financial services partner to a community bank, founded by the son of a bank president who saw the need for a different approach to providing financial and life planning services. He felt that having an aesthetic and productive space where community members could gather over pleasantries like a cup of coffee provides a more empathetic environment for what can be a fairly intimidating topic.
But the space isn’t just office on one side and coffee shop on the other. It has a community conference room that can be rented (for free) for entrepreneurs and folks like me who work from home a lot to have a meeting space. There is bleacher seating in one of the center spaces opposite a wall that has a retractable screen where people can come to free seminars on topics like resume building. There is even a cozy and quiet-ish living room space in the back where you can settle in with a good book or have a more private conversation. But as i look around while writing this blog, there are at least three iPad assisted conversations happening with financial advisors and clients at coffee shop tables and in restaurant style seating booths.
In a conversation with one of the advisors she was able to tell me all about the founders vision. When I mentioned I worked in brand strategy she was pleased to show me the book on brand identity that her coffee was sitting on, in which the Acru brand is featured. She also handed me some readily available marketing materials that shared a bit more about the unique and forward thinking holistic approach of their business.
The focus is very human insight oriented (which parallels with a macroforce currently driving the evolution of consumer culture). Their tagline “Money + Life” sums it up quite well. And you won’t find dollar signs anywhere in their brand packets or materials. Rather, you will see images of flower fields and family snapshots. You will see words like : clarity, wisdom, community, stories and well-being. Lines like “your well-being extends beyond finances. It’s about family, business, education and the future” and “we believe wealth is defined by how you live your life, net your net worth”.
This kind of approach is a strong departure from bigger firms who focus exclusively on financial accrual and base levels of service tiers on net worth.
It stands to reason that referrals come a lot easier in a space where you can walk in to a coffee shop setting and have a conversation rather than walking into a corporate high rise to meet with guys in suits and have your parking validated. As a matter of fact, there is a financial advisor standing at a welcome desk in the middle of the space at all times with a chalk-written welcome message to answer questions from anyone who walks in and offer to buy you a cup of coffee if you want to sit down and have a chat.
It’s a kinder, gentler, balance-oriented approach to helping a new generation and / or new mindset of investors get control over their finances while putting that topic in balanced perspective with their life priorities and happiness.
It speaks strongly to the trends of consumer empowerment, holistic health and the new conceptual economy we are entering in to.
It’s an infusion of fresh air into an industry that has been characteristically viewed as stuffy and riddled with a hint of distrust and anxiety. But at Acru, they sprinkle a little cream and sugar in to help the conversation go down a little easier. I will be eager to see how well this trend catches on.
Here are some images of the space for a little context:
- Holistic Investing Approach Allows San Francisco Financial Advisors to Conserve Clients’ Money (No Matter What the Stock Market is Doing) (prweb.com)
- Financial advisors good for more than advice (business.financialpost.com)
- Macroforces and Changing Consumer Culture: Advancing Human Insights (thebrandsherpa.wordpress.com)
- Empowerment Is The New “Green” (thenarcissisticanthropologist.com)
At Northstar, we continue to keep an eye on macroforces that are driving change in global culture and consequently consumer culture. A recent post discussed Mass Urbanization and its implications for consumer culture :https://thebrandsherpa.wordpress.com/2012/08/15/macroforces-and-changes-in-global-consumer-culture-part-1-mass-urbanization/
In the spirit of helping our clients and peers continue to answer the questions of “What’s going on out there, does it matter to us and if so what are we going to do about it” I would like to elaborate on another of the several macroforces we are keeping an eye on and what it means for the future of consumer culture.
It is important to note here that the macroforces impacting our lives do not all necessarily exist in a vacuum. Rather, they can indeed influence and be influenced by one another. The macoroforce of Advancing Human Insights is one such phenomenon that is remarkably influenced and formed by advances in communication technology as well as globalization. It also, as force that is gaining momentum, is perhaps the most strongly human-culture driven force out there. We designate it as a macoforce because it is a phenomenon that has gained very strong momentum in a short period of time and is having a significant impact on life as we know it.
We see this macroforce present in trends such as
- Ongoing advances in food and nutrition
- Increasing focus on fitness and healthy lifestyles
- Monitoring of global happiness as a measure of success, e.g.: Gross National Happiness, The Happy Planet Index, The Relative Happiness Index
Following in the footsteps of Nicolas Sarkozy, UK Prime Minister David Cameron has directed the Office of National Statistics to develop metrics to measure the UK’s “general well-being.” Happiness indices have received a fair amount of press in recent years since Nobel Laureate economists Joseph Stiglitz and Amartya Sen began advocating a move away from a exclusively economic view of gross domestic product towards a model that takes into account less concrete measures, such as sustainability and, yes, well-being.
So how does this evolution impact consumer culture?
For starters, it will have an impact on our global workforce. Especially in more developed economies, we will see fewer workers willing to sacrifice lifestyle balance for the sake of a big paycheck. Definitions of success will becoming increasingly rooted in ability to be happy, healthy, socially and financially successful. This is in opposition, of course, to the relentless pursuit of financial success. That means values will become more important than status and thus consumers will increasingly scrutinize their spending priorities based on the value products and brands bring to their life and the lives of others.
Consumers will also continue to be more mindful of health and wellness and how their consumption contributes or detracts from that pursuit.
They will begin to increasingly embrace the power they have to both pursue their own happiness and personal fulfillment as well as impact that of others: locally and globally.
Consumers in the developed world will start seeking more wisdom from “old world” cultural roots on how to live a fulfilling life. There will be a strong spiritual influence here as well as the influence of longstanding cultural traditions. We will seek our roots to seek meaning and ultimately rediscover our “humanity”.
Consumers will begin to require more substance than style and more art than efficiency. They will seek ways to use their consumption to forward the pursuit of happiness of others close to them and those they connect to around the world.
What does it mean for brands?
Brands and companies will increasingly be judged not just by their products and marketing but also by their corporate culture: Is it a place people like to work? Do they treat their employees well? What are their sustainability policies? Transparency is a new reality and consumers are increasingly looking to discover the human side of business.
Companies and services that help consumers find and manage balance in their lives by facilitating health and wellness, fitness, self reflection, personal time and even the simplicity of “fun” will grow and thrive in this changing consumer landscape.
Brands with an authentic voice that help to make the world a constructively happy place will also thrive. Marketing messaging is powerful and global brands that can help humans find common ground rooted in a more balanced and positive way of life will win a good amount of loyalty, with the side effect of helping to make the world a better in the process.
When all is said and done, the companies and brands that will survive will be those who, from the inside out, do as much as they can to serve their consumers by anticipating and delivering against their increasingly human needs to be better. This is not an idealist philosophy. It is foresight based on a preponderance of empirical evidence leading to sociological and anthropological fact. This global advancement of human insights is directing change in consumer culture at a rapid pace and those brands and companies that can embrace that reality in their heads as well as their hearts and activate against it in business strategies will no doubt see sustainable ROI as they help consumers lead the way toward a more “human” future.
- Evolving Youth Culture and What it Means For The Global Brand Marketplace (thenarcissisticanthropologist.com)
- Empowerment Is The New “Green” (thenarcissisticanthropologist.com)
- Youth Culture Series Part 1: The Evolving Mindset of Global Youth (thebrandsherpa.wordpress.com)
- 6 Psychological Reasons Consumer Culture is Unsatisfying (healnowtherapyhypnosis.blogspot.com)
- Why we work (economist.com)
In the last couple of decades, as Gen Y have come into their own in the U.S., youth culture on a global scale has shifted from a very western-focused, self-centric culture to that of a more holistic and globally unified focus on success rooted in the collective
This shift has occurred in tandem with and as a result of evolutions in communication, globalization and the spread of capitalism as well other potent macroforces that have been changing our human, cultural and consumer landscape.
In future conversations those macroforces will be addressed both as stand-alone phenomena and in connection with youth culture. But for now, lets take a look at the global youth culture and mindset shift that has been observed since the years leading in to the new Millennium:
How has culture changed on the ground?
We can see these shifts brought to life in the day to day culture of youth. For example, in the U.S. “bling” is no longer in the youth lexicon as a fashion-forward ideal of showing off financial success (or aspiration) through flashy brands and expensive shiny things.
Rather, a mindset of financial pragmatism favors fast-fashion from lower-cost retail and less focus on standing out from the crowd. Young adults aren’t flocking to expensive badge brand vehicles, either. Instead they look for life-stage appropriate rides that are both affordable and approachable.
Look to brands like Scion (scion.com) who, after a dramatic shift from their original brand messaging when they launched in 2003, focused on a very timely customization, stand-out-individualism and separatist niche-culture mindset to a more inclusivity and empowerment-based strategy. Notably, since about this time last year (when their new “look” hit the ground running) , their sales have just about doubled.
Social networks have taken the place of cliques: rather than seeking to belong to the “it” group at your school or in your neighborhood, young people can connect to like-minded teens from across town or on the other side of the world, enhancing and expanding their sense of belonging without alienating others.
Ask a recent grad in the U.S. or Canada what their career aspirations are. Chances are they will tell you they are looking for a job that allows them to fulfill a greater purpose and gives them the flexibility to pursue interests and priorities outside of work – and that they are willing to get paid less money as a trade-off. You may even find 29 year-olds who’s early onset midlife crises as caused them to shift careers entirely from something high-powered to another more down-to-earth passion based entrepreneurial venture. Take a look at quarterlives.com (http://www.quarterlives.com/) , a virtual resource devoted to helping young adults navigate their new American Reality).
Look to organizations and movements like the Nexus Global Youth Summit (http://www.nexusyouthsummit.org/) or the global Youth Action Network (www.youthlink.org) and see how young people are finding ways to benefit the greater good on a global scale and improve their local communities. More and more philanthropic and entrepreneurial NGOs and even private-sector focused communities are emerging to empower young people to create the change they want to see in the world and create opportunities for others.
How has the Global Brandscape shifted as a reaction to changing youth culture?
Forward thinking brands are beginning to take notice of the new youth dialogue. In examining macroforces as a business priority, the shift in the more and more influential culture of global youth and young adults is one that will affect mainstream culture at large.
Denizen Jeans is a new global brand from Levi Strauss targeting youth. It launched in 2010 in China and is now available in India, Mexico, Pakistan, Singapore and the US.
If you look to their website (http://www.denizen.com/global_home) you will see how they define themselves from an inclusivity perspective:
“The dENiZEN® name means “inhabitant” – belonging to a community of family and friends. Denim is in the name, the heart of the brand.”
Having worked on the strategy for this brand from a global cultural exploration perspective, it is definitely a near-and-dear-to-my-heart example, but one that rings true to the shifts we are seeing in youth culture on a global scale – especially where the emerging middle class is concerned.
You also see the increased popularity in social media game platforms like Zynga’s “ville” series (e.g. Farmville and CityVille) and Words With Friends that focus more on social interaction, collaboration and the spirit of “play” than on winning.
And you can look to the occupy movement to show how young adults have lead the charge against inequality and mobilized around a global voice for social change. See the geo-tagged Flickr Site courtesy of The Guardian UK (http://www.guardian.co.uk/world/interactive/2011/oct/18/occupy-everywhere-movement-flickr-map)
So what’s next? What should Marketers keep their eyes and ears on?
Platforms for democratization of entrepreneurship that empower socially minded consumers to support upstarts like Kickstarter (www.kickstarter.com) and Etsy (Etsy.com) are just the beginning. The next generation of young consumers will continue to develop new concepts in social empowerment to help others succeed with the support of their like-minded peers.
Global brands that target youth will require a universal brand positioning who’s marketing messages are both globally synchronized and based on a higher order ideal, but able to execute with local relevance. Brands will be required to be part of the solution from the ground up, tapping into a savvy young consumer who’s loyalty will depend on your ability to empower them to succeed…but not at the expense of alienating others.
So remember to take the time to check in with “kids these days” rather than hanging on to long-held stereotypes about youth and rebellion and self-centered irresponsibility as the dominant motivation of younger generations. This kind of old-school thinking will lead marketers down a slippery slope. It’s important to look forward, knowing that global youth are doing the same and waiting to see what brands will do next.
- Macroforces And Changes In Global Consumer Culture Part 1: Mass Urbanization (thebrandsherpa.wordpress.com)
- The Youth In Asia: Cultural Tension And Millennials in China (thenarcissisticanthropologist.com)
- The New Global Face of “Urban” (thenarcissisticanthropologist.com)
- The Youth As We Know It (thenarcissisticanthropologist.com)
- (mobileYouth) Teens: Instagram’s growing vocal minority (slideshare.net)
- Megatrends: Future Paradigms for Business (fiveliteracies.typepad.com)
- The Evolution Of Axe (andrewsullivan.thedailybeast.com)
- Millennials at work: Generation Y to reshape Generations A-X (angiesophy.wordpress.com)
- Global Manager: With the Eagerness of Youth (nytimes.com)