Brands & millennials: Relationship holds the key

To decode millennials, brands must look at relationships that are often paradoxical in nature

Time magazine famously called them the “Me Me Me Generation”. They are characterised by their innate tendency to express themselves, no matter what the consequences. They believe in individual choices, reject conventional labels, and yet, they deeply seek to belong in groups and herds. These are the millennials, already part of India’s workforce or those who are poised to make their debut. While a lot has been written about the cohort, it is important to note that Gen Y is continuously evolving, creating new contradictions in the relationships they forge with different stakeholder groups. This chasm presents an intriguing study of human behaviour that can pose a challenge to people looking to connect with millennials at different levels.

 
There is no consistency in the way Gen Y connect in relationships; paradoxes are par for the course. They are social at the workplace, appreciate teamwork but would sacrifice personal friendship for professional gain. They seek independence when it comes to marriage and parenthood, but they also go back to the traditional drawing board when it comes to critical decisions like tying the knot or bringing up babies. A new coinage from a Gen Y blogger best describes how millennials behave: “situationship”. Situations influence decisions and choices, and with it, relationships.
 
But irrespective of situations, millennials are strongly connected to their parents within their contradictions. Even though they crave independence, research shows that 86 per cent of them want to preserve family traditions and believe that these values are important to hold a society together. They also usually live with their parents (82 per cent) and only 23 per cent of them expect to move out into their own homes. Parents are often regarded as the fall-back option for millennials; they are their security blankets.

 

Digital and social media drive the way millennials make friends. Friendships are important — 78 per cent of unmarried millennials say friends are more important than romantic interests, akin to the premise of the immensely popular American TV series Friends. But what is important is that millennials also have unknown people as friends, who can come together for a cause. In fact, recent studies have shown that this age cohort engages with causes that help people rather than institutions. The team and the mission, especially tied to a higher purpose, are compelling motivators. This is true of their relationships at the workplace, too.

 
Employed millennials are redefining career roles. Research has revealed that while they deeply believe that they can do their boss’ job better, they work in teams. And even like it. And while they believe that work friends are important to overall happiness, they feel that a team environment is an ideal scenario for them to show off their individual talents to the senior management.
 
Similar paradoxes exist within the realm of marriage and parenthood. Millennials are marrying late; they feel marriage prevents people from living the lives they want, yet tying the knot is an important step in life or them. As parents, they also show contradictions in the way they raise children. Millennial households have two working parents, but still 46 per cent of them agree that children do best if a stay-at-home mom raises them.

 
So why is it important for marketers to understand the nuances of these relationships? It’s all about the long-term potential. While many millennials haven’t hit their peak purchasing power, they are certainly heading that way and brands realise the importance of getting to the forefront early. Understanding how millennials forge relationships will unlock insights into their purchase decisions. The key lies in creating strategies that compel brands to belong with consumers as part of a larger community, rather than taking a route that may be perceived as “preachy”. For brands to connect with them, companies must bear in mind that this cohort has grown up being surrounded by advertisements everywhere and they are unlikely to be fooled by marketing gimmicks — millennials know very well how well their demographic maps to sales, and look for real substance. And while marketing heads are sitting up and taking note, the most significant benefit to attracting a millennial audience is their potential to lend long-term value to a brand.

 The author is CEO, watches and accessories, Titan Company Ltd