Why are millennials the most powerful consumers today?
Well, there are couple of reasons to start with. Firstly, the mere size of the millennials. Since they form the largest demographic today, no brand can afford to turn a blind eye to them. Their willingness to splurge, the fear of missing out, and living for the moment are some of the core beliefs that dominate most decisions. As a result, the disposable income is going up, whereas savings are going down. As they are extremely large in terms of size and the amount of money they can roll out, no one can ignore the millennials — be it today or in the near future.
To understand what makes them so powerful, it is important to discover what these millennials are demanding that the other segments are not. Thanks to the digital revolution today, access to information is now easier, connection between peers is better, and exposure to global trends is greater. These lead to a shift in the the balance of power in their favor.
This actually keeps brands on their toes. There is a lot more nimbleness that is needed considering how dynamic they are since they keep moving from one brand to the other. So, every brand needs newer modes and mediums of communication if they are serious about targeting this particular consumer set.
According to you, what do millennials look for?
If I look at it from a utility perspective, a lot has changed of what they demand from a particular brand in terms of experience, products, and services. Today, one needs to focus on the entire journey of catching a bait and making the purchase. And millennials want this experience to be seamless, easy, and as friendly as possible. Since attention time is very limited, it’s best not to frustrate them.
What do you predict to be the next big thing in the millennial marketing trend?
In terms of platform, mobile is certainly the next big thing. And we have enough statistics to establish that this is where it’s headed. It moved from chalk to ink, ink to print, print to desktop, and now desktop to mobile. And one can certainly expect mobile to dominate this domain for the next 3-4 years.
However, conceptually, the next big thing in millennial marketing is collaboration. Although over the past 7 years Jockey has been invested in catching attention and retaining it, collaboration will give the opportunity to take this experience a step ahead. So, give your consumers the canvas and let them become a part of the brand, while we take a backseat and become a facilitator alone. Like most brands, Jockey is also hopping onto this bandwagon and curating content from the consumer segment.
Millennials form a great part of the Jockey TG as well. How did you come up with a positioning tailored to them?
In a large way, Jockey has been very lucky since the values and the persona of the brand matches the mindset of the millennials of today. So, we were never required to chase a particular segment and tailor our positioning to them. It is what the brand from within imbibes as a personality since inception. And fortunately the millennials share the same values.
As a brand, we have only tweaked our marketing approach to keep up with the changing times. In fact, we have not exactly changed the fundamental way of communication, but have changed more in terms of our modes of communication — choice of medium or the type of content we create.
Describe Jockey in 3 words validating why it’s a success with millennials.
Fun, effortless, and genuine all the way! Although millennials believe in being fun and letting their hair down, deep inside there’s a sense of being real — having an identity and being genuine about it. And we boost that philosophy at all stages, in terms of the brand image and the products we make.
How do you tailor the marketing based on the culture of different countries?
Despite a stark difference in structure, our fundamental values remain consistent across geographies and markets. We take a neutral stand, whether political or religious, and come forth as fun, young, and progressive brand. And these are defined at a global level. As far as that’s adhered to, the brand operates very differently based on the kind of consumers and the level of maturity. Since local offices have a better understanding of the market, we take care of the end-to-end process — from conceptualization to production.
Could you share your expert insight and advice on how other brands can find success in the millennial segment like Jockey?
So, if a brand is serious about winning their customers and keeping them, they should connect with them rather than lure them. Because, although millennials have lots of options, they prefer brands that speak to them for who they are.
What’s your most successful campaign and why did it work so well from the POV of millennials?
All our campaigns are targeted to the millennials. Since we are trying to improve with every campaign, let me talk about the latest one — sports performance and active bra. Like always, we did the traditional — in terms of communication, the shoot, the music, and the right media plan. But what we did more is tagging in an influencer campaign with this to get the customers involved with the campaign directly.
Which other brands do you think are targeting the millennials the best?
This is a personal choice. Innocent, LuluLemon, and Urban Outfitters are some of the global brands that I follow for their innovative marketing techniques. And Adidas and GoPro in India are doing a commendable job in the Indian market.