May 5, 2020
Winning with millennials has been on the minds of businesses and brands for the better part of the past decade. What plans, if any, will change as these consumers grapple with what may be the first major crisis of their adult lives?
Among our COVID-19 response segments, we found that “Panicked Millennials”* a group that skews heavily to the millennial generation but also includes some younger and older consumers, are the segment that is most worried about the coronavirus pandemic and are significantly changing their behaviors as a result. Among their major concerns are the impact this crisis will have on their financial, physical, and mental health. To cope, they are sheltering in place, stocking up on key items, shopping online more, and consuming more news to get updates. While some of this behavior may slowly abate as the pandemic ends, past macro shocks suggest that others will have staying power and become part of millennials’ new fabric of life. Amid all this change, businesses and brands will need to find inventive new ways to connect with millennials who have been their largest, most important consumer group for many industries and categories.
Who are the Panicked Millennials compared to other COVID-19 response archetypes?
Here are five key implications for winning with Panicked Millennials in their new world:
While this pandemic has impacted everyone to some degree, it has had the greatest impact on Panicked Millennials who express multiple concerns about their finances, their physical health and their mental well-being. Ultimately, the ways your brand responds to Panicked Millennials and their concerns will have a profound impact on the health of your business. There is no time like the present – consider ways to shift your brands value equation, or connect with and thank your loyal customers during this trying time – addressing even one of the five implications now will put you ahead of the game by the time the pandemic subsides.
To read more about Panicked Millennials and the other Pandemic Archetypes, please click here
To connect with us to discuss how you can apply these principles to your business, please click here
For more information about The Cambridge Group, please visit thecambridgegroup.com
We are a strategy consulting firm that has helped clients find profitable growth for over 45 years. Since 1975, we have helped develop and execute strategies that are driven by a superior understanding of profitable demand. Headquartered in Chicago, The Cambridge Group’s strategy consultants apply Demand Strategy across global industries, enabling clients to align their infrastructure, businesses, and resources to meet marketplace demand in a way that is meaningfully differentiated from their competitors. As a Nielsen “Connected Partner” we enjoy superior access to Nielsen's data and measurement capabilities.
Jason Green is a Senior Partner with The Cambridge Group. He has 30 years of combined consulting and marketing experience working with clients across industries. He is the lead author of Optimizing Growth and is a contributing author to several other books and numerous articles on growth strategy.
Lindsey Leikhim is an Associate Partner with The Cambridge Group. She has over a decade of consulting and marketing experience with The Cambridge Group and now leads the firm's Brand and Sales Center of Excellence, directing marketing efforts and sales best practices.
Christine Wang is an Associate Partner with The Cambridge Group. She focuses on leading TCG teams in developing demand-driven profitable growth strategies for clients across consumer goods, retail and healthcare sectors.
* Turning Panic into Purpose: Using Demand Strategy Principles to Win in the COVID-19 Era: https://www.thecambridgegroup.com/posts/post-item/insights/turning-panic-into-purpose-using-demand-strategy-principles-to-win-in-the-covid-19-era.html