The Be Better Podcast is about helping young adults find new ways to drive their success. And what better way to drive success than doing business? In today’s episode of Be Better, Donald is joined by author, consultant, and branding expert Jeff Fromm to discuss the millennial and Gen Z way of doing business.
Jeff consults on the intersection of marketing, sustainability, and brand innovation.
- How did he get here? It might be because he led the first large-scale public study of millennials as consumers. If you’re interested, google search “American millennials deciphering,” and it’ll pop up)
- He’s since written five books on marketing and consumer-focused trends.
Millennials and Gen Z have a bad rep:
- However, there’s not much truth to the notion that young adults are unemployed, broke, and living in their parent’s basement.
- The 2008 recession resulted in a massive unemployment and debt situation among young adults. These macro factors forced a narrative that wasn’t true.
- The Great Resignation, fueled by Covid, caused these myths to resurface.
- In reality, the hardest-working trend-setters are young, affluent millennials, and Gen Z will be the most educated generation ever. And, believe it or not, a great marketing strategy does not start with insults.
Let’s look at the hard data:
- Consumers want to live their values, and the brands that can make it affordable and accessible will gain market share.
- Concerning younger consumers, use Venn diagrams as a starting point. What do you do well, what do your consumers need, and, most importantly, where do they interconnect?
- Winning brands have a common thread: they make it affordable and accessible. They have a small premium compared to the cheapest option, but that premium contributes a much larger relative value.
Value is more than functional benefits alone – it’s also emotional and physical needs.
- More and more companies today are trying to retain the talent they have.
- Companies have a built-in advantage if they’re willing to meet their workforce halfway.
- From Jeff’s perspective, it’s beneficial to join an established company to learn. They have training programs built-in and can provide knowledge. After learning, if you still have the entrepreneurial bug, that’s still an option.
- A result of the 2008 recession is that millennials saw that even if someone was a loyal and dedicated employee, they still might’ve lost their job.
For more amazing content from Jeff, follow him on LinkedIn and email him at firstname.lastname@example.org for a free e-copy of his latest book, The Purpose Advantage 2.0! (Or, if you purchase, all proceeds go to the nonprofit organization The BrandLab.)
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This episode is brought to you in part by Better Homes and Gardens® Real Estate.
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