Tips on how to market to Millennials and Gen Z in 2020

Millennials and Gen Z

Who are Millennials and Gen Z?

Millennials and Gen Z are the generations of people born between the early 1980s and early 1990s.

According to the Merriam-Webster Dictionary:

They are a very diversified group and have different characteristics and choices.

With the rise of social media the Millennials and Gen Z have become very much aware of the things taking place in their surroundings and have become outspoken about the things which they don’t like and due to this marketing to Millennials and Gen Z has become more effective.

How do we market to such a diverse and large group?

Well, it’s pretty hard to market a product to this group because they tend to switch brands a lot, which indicates that brands must do more to attract them and recognize their evolving lifestyle and change with them.

Therefore you need to invest both time and money into understanding how millennial work and how to market to Millennials and Gen Z.

You can learn more about Millennial marketing by clicking on this link.

Brands often outsource this work to various marketing agencies who understand this Target group properly.

Best ways to market to Millennials and Gen Z?

  • CAUSE MARKETING

This marketing is done by for-profit organisations that pursue to both increase profits as well as raise awareness about a social cause.

According to the latest research, millennials are more willing to purchase if your company supports some type of cause.

The best example of Cause Marketing is Tata Tea’s “JAGO RE” campaign.

Tata Tea's Jaago Re campaign
Tata Tea’s “JAGO RE” campaign advertisement

This campaign was for the country’s citizenry to vote as well as elect their leaders who would be accountable to them in the process of governance.

  • SOCIAL MEDIA

Millennials and social media addiction, still a better love story than twilight. A brand can use this addiction to attract millennials through social media.

We know social media marketing to millennials and Gen Z is not an easy task

Millennials and Gen Z use smartphones day and night, it is no surprise they are the people who have the most social media accounts than any other age group

According to a research, the top application used by millennial and Gen z on a smartphone is Facebook, followed by Instagram.

It has been observed that the brands which use social media find it easier to interact with millennials; this also helps the brand to gain popularity among them.

It is also seen that millennials and Gen Z are more likely to become a customer of a brand that interacts with them on social media.

According to a study, social media impacts the decision-making process of millennials because it raises their awareness about the current trends.

  • CO-CREATION

 In our society, companies usually create products and hope that their target market will consume them.

That’s not the case with Millennials and Gen Z. 

We are sure you would be asking these questions to yourself: How to engage customers for co-creation?

The answer to this question is social recognition and financial rewards.

Who doesn’t want social recognition, right?

Firms should take advantage of this and use customers to contribute to novel ideas.

The best example one can get is of LEGO.

Every one of us knows about LEGO, the company started a platform called “Lego ideas” which gave its customers the power to suggest the design of its next product.

Since then, the crowdsourcing platform has received suggestions from over 1 million people.

Lego Ideas

The idea which gets the maximum vote by the fans is then selected by the company itself.

In return, the creator of the winning idea is given the power to approve the end product and their name is recognized on all the packages. Even they earn a percentage of product sales as an incentive.

In a nutshell, it would safe to say that if the companies have to make a significant impact to their bottom lines then they just can’t ignore the Millennials and Gen Z.


And to be ahead of the pack the communication strategy of the brands needs to evolve so that advertisements don’t look like advertisements, they should be disguised as some value adders to those who are targeted because Millennials and Gen Z are smart.

Aren’t we?


Published by:

Vicky Kumar Sen
Vicky Kumar Sen is currently a senior digital marketing intern at Marketing Lake and pursuing PGDM from Dr D Y Patil B-School, Pune. He is very enthusiastic to become a professional digital marketer.

Ayush Verma
Ayush Verma is currently a digital marketing intern at Marketing Lake and pursuing his undergraduate degree from Dr D Y Patil Global Business School And Research Centre, Pune. He is highly motivated to improve his skills and grow professionally.

8 things to keep in mind to name a brand!

8 things to keep in mind to name a brand.
8 things to keep in mind to name a brand!

Branding has become crucial these days. As more and more startups come into existence an effective branding strategy is becoming more important than ever.

It took us a long time to give an appropriate name to our page (Marketing Lake).

Just for the record, our page is about marketing in general and digital marketing in particular. Marketing lake team posts content in the form of illustrated pictures to comprehend the concepts easily.

We relied on my some primary and secondary research to arrive at a suitable name; we have mentioned a couple of important points which you might also want to look at before selecting an appropriate brand name.

The pointers which could be helpful in your branding strategy are:

1. The brand’s name should not have any negative connotations.

Why negative brand connotations can be harmful for your startup

2. The name should be industry appropriate. It should resonate with the kind of industry you work in.

Industry appropriatness for branding

3. The name should be easy to spell and pronounce.

Why the brand names should be easy to spell?

4. The brand name should be legally available so that it don’t land in any sort of legal trouble.

Brand names should be legally available

5. The brand name should be unique and memorable, a unique name would increase the recall in the minds of the customers.

The branding strategy for startups should focus on making the brand name more moemorable

6. The name should be short so that it is easy for people to remember and associate it easily with something meaningful.

Many branding experts

Brand names should be short

7. The name should sound pleasing which would increase the frequency of it getting used very often.

The Brand name should sound pleasing to the ears

8. The brand name should not limit the company’s future expansion opportunities. The expansion could be in new geographies or in some new product lines.

This pointer could prove valuable in the long run to those startups whose branding strategy is in the nascent phase.

Branding strategy should focus on not choosing a brand name which could restrict a company's future growth.

With all the pointers mentioned above, there is something which also deserves attention apart from a perfect branding strategy, and it is brand promotions.

Do you agree?

What other points would you like to add?

The news of Zoom’s recent tie-ups Has Just Gone Viral!

Zoom has announced that it is coming to Facebook portal, Google Nest Hub Max, and Amazon Echo Show by the end of this year.

This major move, apart from helping its user base and Zoom, would help the giants (Google, Fb, and Amazon) as well, as they always relied on their in-house video chatting technology.

But now they would get to use Zoom’s video conferencing technology as well which could help them make a mark in the video conferencing solution industry.

How do you think this move will shape the video conferencing industry?                      

                                         

4 Things You Probably Didn’t Know About Price Unfairness

I find this pricing structure funny!

Have you come across this thought while buying something online?

The perception of price unfairness may come in picture when the price offered differs drastically from the perceived value of the product/services received. 

These days it has become necessary for digital marketers to price their products/services appropriately.

And to get the pricing strategy right, it’s pivotal to understand customer’s psyche and what makes them feel disappointed when you mess up on the pricing front. 

There are multiple factors which may influence price unfairness perceptions, some of them are:

  • A high degree of similarity (similarity in terms of the products/services received) between different transactions with different customers at different prices can instil a feeling of price unfairness
  • Customers perceive the price to be unfair when they believe that the prices were set higher due to a scarcity of the product, without any substantial changes in the costs incurred 
  • Price unfairness perception could be high when the customers are buying your digital products for the first time. A customer who had purchased earlier from you may assume that the price increase would be justified even when they don’t know the reason for a price increase.
  • Consumers also rely on their general knowledge about the market. This knowledge comes from experience by understanding the cost-profit relationships of the products/services advertised, a pricing structure which is abnormal as per the exchange norms can be adjudged to be unfair if the quality of the product/services received can’t justify it.

What other factors can you think of which influence your price unfairness perceptions?

Check out the post covered by Marketing Weekly to know about different types of psychological pricing.

Tilt Advertisements!?

Do you find advertisements these days very mundane and unevolved?

Well, not all of them are uninteresting: some of them are already cutting through the digital noise.

The other day I was looking for a word on Merriam Webster’s dictionary app; I came across an advertisement (screenshots attached) which left a lasting impact on me.

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The advertisement by @Jabong asked me to tilt my screen to reveal the banner ad. This is taken care of by the built-in accelerometers (detect movements) in our smartphones. These are called Tilt Banners.

new

Creative, right?

Taking cues from it, I too thought about how this technology could be leveraged in other campaigns (drawings attached).

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Instant Coffee campaigns, Instant Drink Mix campaigns, Tea campaigns, etc. The possibilities are endless.

What do you think could be the other ways in which new technologies could be exploited in advertising?

P. S. I wasn’t looking for the word ‘waffle’, it’s just an example :p

Marketing creativity cartoons management campaigns digitalmarketing advertisement business onlinecampaigns

The Goal Gradient Effect

It is observed that our efforts increase as we approach the completion of our goals.

This effect is called the “Goal Gradient Effect“.

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How can the Goal Gradient Effect be useful for marketers?

Real-life example: In a popular coffee reward program, people purchased more coffee when they were close to getting a free cup of coffee.

Observation: It is observed in a loyalty reward program, people spend more money when they are close to getting a reward.

Action: Marketers can increase the total ticket size of the customers by making them believe that they are closer to getting a reward more often. This could mean increasing the frequency of smaller rewards instead of less number of bigger rewards.

What are your views on it? Can it be useful in reality?

5 Interesting novels to read if you want to look at your life from a different perspective

If you like to fall in love, do it, today. Yes, fall in love with these novels. As cheesy as it may sound, but trust me, they will reciprocate it back. But wait! Don’t let all talk of reciprocation paint a rather sorry picture about novels, for novels can put you on a learning curve by giving an experience about the nitty-gritties of different situations (of course, situations which are beyond the obvious!) which our lives throw at us.

What do you reckon?

Anyway, let’s stop beating around the bush and get started.

1. The Fountainhead

ayn rand

There are few books that you come across that leave an indelible imprint on your mind. The Fountainhead by Ayn Rand is one such book.

It is the story of an intransigent young architect Howard Roark, whose integrity was as unyielding as granite who defies the conventions of the world around him to achieve success.

Rand’s provocative novel presents one of the most challenging ideas in all of the fiction—that man’s ego is the fountainhead of human progress.

This book will sow the seeds of objectivism and inspire you to the core, so brace yourself!

Interesting lines from the book-

  • “I could die for you. But I couldn’t, and wouldn’t, live for you.” –  Howard Roark
  • “My dear fellow, who will let you?” “That’s not the point, the point is who will stop me?”

 Important review

  • A writer of great power. She has a subtle and ingenious mind and the capacity of writing brilliantly, beautifully, bitterly… This is the only novel of ideas written by an American woman that I can recall –  The New York Times

Rating on Goodreads – 3.85/5

Number of copies sold till now worldwide – 6.5 million

Snag your copy here


2. To kill a Mockingbird

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In a world where everyone is a storyteller, only the best stories told in the best way stand out, and this book does that exactly in the same way.

This Pulitzer prize-winner timeless classic explores the tragedy of racism in the 1930s and is interspersed with humor and sorrow.

It focusses on racism from different angles that was rampant at the time of the story. It is a combination of a genuine storyline, intricately woven characters, blunt truths and the warmest humor which makes this novel a one-of-a-kind experience.

Interesting lines from the book-

  • “You never really understand a person until you consider things from his point of view… until you climb into his skin and walk around in it.” – Atticus Finch
  • “The one thing that doesn’t abide by majority rule is a person’s conscience.” – Atticus Finch

Important reviews

  • “There is humour as well as tragedy in this book, besides its faint note of hope for human nature; and it is delightfully written” – Sunday Times
  • “One of the best novels I remember … uniquely unsentimental” – Guardian

Awards and Honours:

  • Awarded the Pulitzer Prize in its 41st week on the bestseller list
  •  It also won the Brotherhood Award of the National Conference of Christians and Jews in 1962
  • Paperback of the Year award from Bestsellers magazine in 1962

Rating on Goodreads – 4.25/5

Number of copies sold till now worldwide – 40 million+

P. S One of my favorite reads

Snag your copy here


3. The Diary of a Wimpy Kid

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If you think that if you have kind of hit a wall, then you might need to grab this kiddish novel and make fun of this serious affair, called “Life” through the lens of a kid called Gregory Heffley, who is naughty, honest and charming in his own way. He dislikes taking the blame and likes to take advantage of any situation that might boost him up the popularity ladder. The book has been written to portray the journey of Greg whose life is laden with exciting and adrenaline pumping adventure.

This deadpan humor will nearly split your sides laughing. You will be overwhelmed by how much you can relate to it.

This book will get your gears turning!

Interesting lines from the book-

  • “The only reason I get out of bed at all on weekends is because eventually I can’t stand the taste of my own breath any more.” – Greg Heffley
  • “I’ll be famous one day, but for now I’m stuck in middle school with a bunch of morons.” – Greg Heffley

Important review

  • “Hilarious” – Sunday Telegraph

Awards and Honours:

  • It won the #1 New York Times Best Seller for 114 weeks
  • ALA Notable Book award was also won by this book
  • Awarded the Nickelodeon Kids’ Choice Awards 7 times
  • The Most Favorite Book Around the World award was also awarded to this book in 2010

Rating on Goodreads – 4/5 (average) for the entire series

Number of copies sold till now worldwide – 164 million+ (11 installments)

Snag your copy here


4. The Catcher in the Rye

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This controversial novel was originally meant for adults due to the obscene and blunt language used in it to emphasise the strong emotions of the protagonist, Holden Caulfield, who describes his journey of self-discovery through various life-changing events to the readers. This book touches upon the topics of a teenage dilemma, the way life works, feelings of alienation, teenage angst and the struggle against the artificial world. This book is very popular among adolescent readers as it has become an epitome of teenage rebellion.

You will find it interesting to learn various life lessons hidden in this boy’s constant grumbling and digression. It is definitely worth a read.

 Interesting lines from the book-

  • “People always clap for the wrong reasons.” – Holden Caulfield
  • “If a girl looks swell when she meets you, who gives a damn if she’s late?” – Holden Caulfield
  • “I am always saying “Glad to’ve met you” to somebody I’m not at all glad I met. If you want to stay alive, you have to say that stuff, though.” – Holden Caulfield
  • “Make sure you marry someone who laughs at the same things you do.” – Holden Caulfield

Important review –

  • “A truly fascinating coming-of-age novel for the pessimist in each and every one of us” – The Guardian

Awards and Honours:

  • Listed amongst the 100 Best English Novels written since 1923 by Time magazine.
  • The Catcher in the Rye spent about 30 weeks in the New York Times bestselling list.
  • The book was chosen as the best novel of the 20th century.
  • In 2003, it was listed at #15 on the BBC‘s survey The Big Read

Rating on Goodreads – 3.79/5

Number of copies sold till now worldwide – 65 million+

Snag your copy here


5. Animal Farm

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Animal Farm is hands down the ultimate satire on fascism which finds relevance even in the present-day world. It is a resounding fable on totalitarianism and power-gone-corrupt, Animal Farm is an allegorical novella that took the publishing world by storm when it was first published and hasn’t stopped doing so ever since.

The story of this book meanders through the events which give an implicit idea about the events leading to the Russian Revolution of 1917 and then the Stalinist era of the Soviet Union.

A must-read!

Interesting lines from the book –

  • “All animals are equal, but some animals are more equal than others.” – George Orwell, Animal Farm
  • “Man is the only creature that consumes without producing” – George Orwell, Animal Farm

Important review –

  • “It is the book for everyone and everyman, its brightness undimmed after fifty years” – Daily Telegraph

Awards and Honours:

  • Featured at number 31 on the Modern Library List of Best 20th-Century NovelsIt won a Retrospective Hugo Award in
  • Won a Retrospective Hugo Award in 1996
  • Included in the Great Books of the Western World selection

Rating on Goodreads – 3.86/5

Number of copies sold till now worldwide – 20 million+

Snag your copy here


We, the humans, make sense of the things around us through the stories that we read, right?

So, if you get some time on your hands, do lay your hands on these books because it’s not important to read many books, but reading all the ones that count is something that matters the most.

Happy reading!