Then they look at things like the kind of content you create. Does it inspire them? Does the technology integrate into your product or service, and make their life easier? They look at a variety of factors. So when cost differences are small, you can get a small premium for your product if you have the right total cost equation. If you’re not as successful or you’re not as mature or iconic as a brand, it’s easier. You don’t have as much of a give-up. If I’m a 50 or a 100 year old organization and really successful, I think, “Do I really need to change? Do I really want to? This is the way we’ve always done it.We had a good year last year.” But remember, nothing lasts forever, so at some point you have to change. Jeff Fromm is a marketing strategy consultant with 25+ years of branding experience and President of FutureCast, specializing in millennial data analytics, trends and insights; founder of Share.Like.Buy, a Millennial Insights & Marketing Conference; co-author of Marketing to Millennials; a contributing writer for Forbes and PSFK; and frequently speaks about millennial consumer trends. His new book, Millennials with Kids, is forthcoming. Follow Jeff at @jefffromm or www.millennialmarketing.com.
Millennials in Western cultures tend to have parallel kinds of beliefs. But Millennials in non-Western cultures tend to not necessarily follow those paradigms. So, on a global basis, I think it would have to be very much dependent on what countries you’re looking at. Within Western cultures, where digital, social, and mobile tools are readily available, Millennial culture is in many ways driven by the fact that Millennials are early adopters and heavy consumers of new digital, social, and mobile platforms, and they have a thirst for peer affirmation, affordable adventures, and making meaning out of their lives.That’s, on a macro level, how I’d look at it, but you could get into country nuances and looking at shared adoption rates of technology and cultural differences. Millennials will trade privacy for their perks more in the U.S. than theymight in a country where privacy is looked at in a different way.There are going to always be nuances, but there can also be nuances even within American Millennials, based on which segment you’re looking at. I have a new book coming out in the summer of 2015 on Millennials with children. They’re going to look at some of these topics differently than Millennials who don’t have children. We know lines between work life and social life are blurring when we’re talking about
Millennials. It used to be that we viewed work life and social life as separate entities, but Millennials don’t separate things that way. That’s an old-school kind of a thing. I think it’s more about “Work is part of my life and my social life – it’s all blended. Yes, I go to work, yes, I have a social life,” but It’s a lot less of a walled garden than the way an older generation might have these walled gardens. Millennials want their leaders and organizations to be full of authenticity, candor, and the opportunity to have meaning at work. Given a choice of two paychecks from two companies, the one that makes me feel like my work has purpose is going to be the big winner.They tend to be more focused on not just providing leadership, but looking at how the whole ecosystem is impacted.
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