Millennials. Generation Y. Whatever you call them, consumer brands understand the importance of the huge cohort born between 1980 and 2000. Whether they think millennials are refreshingly confident and engaged, inappropriately self-centered and entitled, or some combination of the two, marketers realize they are critical to the success of consumer businesses, responsible for $600 billion of spending each year in the United States.
What this number doesn’t capture is the amount millennials are spending – either directly or through significant influence – as B2B buyers in the workplace. Millennials have been rising up the ranks of their organizations, amassing power and influence, and today 73% of millennials are involved in the purchasing decisions of their companies.
As co-CEO of a B2B branding and marketing firm, I’ve seen this trend play out firsthand. Here are three lessons B2B marketers can take from consumer branding to millennials that can position their brands for success.
Make It About The Why
Caring about the world around them is what drives millennial consumers to choose socially responsible companies like Toms Shoes, with its “buy a pair of shoes, give a pair of shoes to someone in need” model. And they don’t abandon these ideals when they walk into their offices. A recent study by Sacunas found that 80% of millennial business buyers say that the environmental, social and philanthropic efforts of potential vendors are important factors in their consideration.
Millennials’ commitment to personal values is why we spend so much time helping our B2B clients uncover the “why” behind their brands. As B2B industries across the board become crowded and commoditized, it’s often the case that everyone is saying the same things about features and functionality. To stand apart, especially in the eyes of millennial buyers, companies need to talk about more than just what they do and move to why they do what they do, the impact it has on their clients and on the world around them.
Don’t Be Afraid To Get Emotional
Consumer brands routinely rely on emotion to connect with millennials, highlighting the ways in which their brands fulfill deep emotional needs. (Airbnb isn’t just selling a room to sleep in. It’s selling customers the sense of truly belonging somewhere.) This element is often absent from B2B brands, as business purchases are mistakenly thought of as cold and emotionless. But emotional drivers are actually more prominent in B2B decision-making than in B2C purchases. Think about it: A B2B purchase is a considered one. An involved one. A relationship-driven one. The stakes are higher than most consumer purchases, and tapping into clients’ emotional drivers is critical to building the trust necessary to win their business.
In branding workshops with our own clients, we often use an “archetypes” exercise to help companies uncover the role they want to play for their clients in helping them meet their emotional needs. Are they the “hero,” helping clients to act courageously and feel fearless or the “creator,” helping clients to create something new and feel unique? While B2B executives may initially be skeptical, they see that we get much greater insights about the emotional needs of their clients (many of whom are millennials) and the role their brand should play to meet those needs than if we were to ask those questions outright in an interview setting.
by Howard Breindel
