As the Millennial generation is graduating from college and entering the workforce, finances and student debt are now a forefront issue for this age group. While the average student has $37,172 in student debt at graduation, saving every dollar is essential to financial freedom later down the road.
While many Millennials are quick to point at student debt to the sole contributor, there is also a lack of connection to consumers about their products. Millennials enjoy feeling connected and marketing firms are trying to figure out various routes to connect their consumers.
Here are some products that are lacking in the understanding and connection front.
While the title may seem self explanatory, many millennials have no idea what this product is supposed to do. If the purpose or value is not explained as clearly as possible, the potential for purchase is extremely low with this age group.
Also, brands such as Downy do not resonate with these consumers as they deliver no further value to their lives. Lastly, it is not a necessity in doing laundry, only an added bonus. With money being tight with this age group, they want to spend it only on necessities.
The sport of golf is extremely traditional, slower-paced and expensive. These three attributes do not align with this age group very effectively, resulting in a decline in revenue for some major golf brands. Also, the sport is extremely difficult to self-initiate. Many people were influenced into the sport by a family member or friend. Unless it is a group of friends hitting golf balls for an afternoon, this sport is lacking connection to the new age of adults.
With these products not aligning with the values of the new marketplace, Millennials will be quick to eliminate them because they’re unnecessary. Content marketing companies are constantly trying to figure out what these very complicated consumers are looking for in order to drive sales.
Many an advertising agency has zeroed in on what the consumer wants from major brands, and are bringing it to them through whatever means necessary.