Rebranding in the 21st Century
𝗪𝗵𝘆 𝗮𝗿𝗲 𝗮𝗱𝘃𝗲𝗿𝘁𝗶𝘀𝗲𝗿𝘀 𝘀𝗼 𝗼𝗯𝘀𝗲𝘀𝘀𝗲𝗱 𝘄𝗶𝘁𝗵 𝘁𝗵𝗲 𝘆𝗼𝘂𝗻𝗴𝗲𝗿 𝗴𝗲𝗻𝗲𝗿𝗮𝘁𝗶𝗼𝗻?
Small businesses, and not just big-name brands, have much to gain from the younger generation. Even brands that appear to have no relevance to young customers may target the younger generation in certain elements of their marketing, because they know that one day young shoppers will become devoted adult spenders.
Young consumers are playing an increasingly essential role in the marketplace, since they now have significant influence on the distribution of buying power across an increasing number of product categories.
📌 The Need to Attract Younger Generations in the 21st Century
Young consumers have grown to become an important market group for marketers in recent decades. Millennials and Gen Z account for 54% of the global population, which equates to 48% of total spending. This number will climb to 68% by 2040, making it critical for businesses to align with the younger demographics now. They have become an essential component of family decision-making, and their purchasing power has grown faster than that of any other age group in the population. Many young people engage in active purchasing for their own and their families' needs. As young consumers’ purchasing power, market size, and family influence grow, marketers must get more familiar with this niche market.
Consumers of today are growing up in an era of choice, in terms of products, and preferred medium for acquiring product information. The cost of acquiring a new customer can be up to five times that of retaining an existing one, and losing a customer means losing more than a single transaction.
Most recently, VK Transformation had the opportunity to work with a well-established homegrown brand which apart from their social media and website had fully traditional brand elements and practices. This included their product, registration processes, and even their business model. Clearly, their product and overall brand did not resonate well with the younger generation, which led to concerns that their brand was heading towards sunset. While embarking on digital transformation, the company came to realise the need to reposition their brand, and hence begun their rebranding journey.
📌 What Younger Generations Look For in Brands
Many businesses are now scrambling to keep up with these trends by producing items and creating flashy advertising to appeal to the powerful young buyers. Over the years, our founder and VKT team have gained much first-hand experience transforming and modernising brands, not only focus on maintaining their current consumers, but also create connections with new young consumers in the face of the changing consumer behaviour and increased competition.
So, what exactly should you take note of?
1️⃣ Amplify Your Brand’s Mission and Values
Consumers of the younger generation aren't looking for perfection in their brands. They want to be able to trust their brands. If you want a piece of the young consumer pie, make your company’s mission and values evident to your customers. Being authentic might also imply taking responsibility for your mistakes, if and when you make them.
Young consumers have high expectations when it comes to businesses taking stands on social issues. This is especially true among Gen Z customers, who are three times more likely than previous generations to believe that a company's mission is to serve communities and society.
2️⃣ Have an Opinion on Social Issues
The younger generation is frequently politically and socially engaged. They want to feel good about their purchases, which frequently means connecting themselves with businesses that share their beliefs.
Understandably, having an opinion may often feel like a hazardous move for a business attempting to appeal to as many people as possible. It may not make sense to always be overt about your political leanings or to be public with social commentary.
In the long run, however, attracting younger customers who will remain loyal to your brand may be well worth the effort. Identify methods to make your business more environmentally and socially conscious by sponsoring or promoting issues that you care about.
3️⃣ Focus on Visuals
A significant component of every organisation's branding is visual components such as images and videos, which are especially vital when addressing a younger audience. Close to 80% of the younger generation, made up of Millennials and Gen Z, prefer to see visuals in branding and advertising, which is nearly double that of Baby Boomers.
Investing in better photography and establishing criteria for the sorts of photography that may be used in-house are simple methods that can help you consistently produce high-quality graphics that your brand will be associated with, and this will appeal to the younger generations.
4️⃣ Consistency is Key
Your website's and social media's imagery and branding should be consistent. Using the same logo, typography, colour palette, and imagery across all forms of communication will create a cohesive branding that will attract younger consumers.
In Singapore, young consumers value consistency and reliability when making purchasing decisions. In a poll of over 300 Singaporean millennials, 74% stated they would spend more if a brand was more consistent and trustworthy, seeing this as the most important reason driving more purchases.
📌 Ready to Optimise Your Brand for the 21st Century?
Look no further!
VKT offers a full-fledged 360° Digital Marketing Programme focused at accelerating your company's growth. Expect not only solutions in Branding, but also a variety of other services ranging from Performance Marketing to Social Media Management.
With our experienced EDG Certified Consultant, VKT boasts a proven track record in achieving a high EDG application success rate that grants your business up to 70% funding for SMEs and 50% for non-SMEs. So wait no longer, and contact us for a virtual coffee chat to discover more about how you may start your branding journey and leverage our expertise!