Millennials represent a large pool of shoppers. But marketers continue to find that many of the tactics that work on their Baby Boomer parents (or even their Gen X siblings) are not as effective on Millennials. This is because Millennials live in a social economy where experiences are their currency. In addition, many value experiences over possessions.
This has lead to a new breed of marketing—experience based marketing. While product campaigns can inspire experiences and social media is a means to share experiences, neither is truely geared toward offering an experience. Perhaps brands need to rethink how they entice and engage with this rising shopper group.
Companies like IfOnly are capitalizing on Millennial desires by selling "experiences." Everything from signed cookbooks to meeting celebrities is available for purchase. Celebrating one year of business this August and nearly 2,000 experiences sold, companies like IfOnly are seeing how this new wave of marketing works.
How have you seen CPG companies adjust to fulfill this desire?
Photo Source: ifonly.com