AXIOM will be viable as a brand because the millennial generation (actually we are generation y) in 10 years(The disconnected seekers) will live a more individualistic lifestyle, and as a result they will seek to connect with other people in new ways. With their realist mindset, they will also want to make an impact in the world by changing their shopping habits and having a more minimalist lifestyle- and appreciating the freedom of limitation.
1. Individualism vs collectivism: in the future people will be more individual, in their political social and economical choices. However, because of this they also seek something to belong to.
"Modern reality… The epoch of a strange duality - when the world is more united but at the same time more fragmented than ever, when one attempts to gain as much freedom as possible but at the same time desperately escapes from it, when individualism is given the highest value but at the same time one searches for collective loyalty… " (Tsuladze, 2018)
2. Millennial are more specific than other generations when choosing a brand, and they have more expectations and requirements they want to have fulfilled before they commit to a brand.
Millenials want to co-create products with companies. 42% said they are interested in helping companies develop future products and services. In our society, companies usually create products and hope that their target market will consume them. When it comes to millennials, they want to be more involved with how products get created. Companies that enable them to be part of the product development process will be more successful.
Millenials are brand loyal. 60% said that they are often or always loyal to brands that they currently purchase. The sooner you build a relationship and deep connection with millennials, the better because they will continue to purchase from you as an adult
Millenials expect brands to give back to society. 75% said that it's either fairly or very important that a company gives back to society instead of just making a profit. They are sick and tired of corporate greed and are still recovering in the aftermath of the financial crisis. Millennials love brands that support their local communities and would rather purchase from them than competitors.
3. Research shows that if people are presented with a wide range of options, they usually fear making the wrong decision. The result is that the more options they have, the less likely they are to make a decision at all. This shows there is a need of limitation.
The availability of seemingly unlimited possibilities is of course not exclusive to dating sites. We live in a world of abundance, where we can find and purchase virtually anything that we want. But this wealth of choices can become an overwhelming experience...
When we are presented with many options, we usually fear making the wrong decision. This can be translated into simple math – when there are only two options, we have a 50% chance of choosing the right one. But when there are five options, our chances suddenly decrease to 20%. Matters become even more complicated when there are twenty options or more. Human cognitive ability cannot efficiently compare more than five options, so most of us will start looking at the first few options and then stop....
4. Millenials are self-centered and do not care a great deal about politics, religion or other topics that do not concern them directly. Because of constant encoragement and expectations from their parents, they are confident but also very self-demanding. Because more people are not religious anymore, more people need a brand to feel connected to other people.
Howe and Strauss define the Millennial cohort as consisting of individuals born between 1982 and 2004.
Characteristics of Millennials, according to their press:
Millennials grew up in an electronics-filled and increasingly online and socially-networked world. They are the generation that has received the most marketing attention. As the most ethnically diverse generation, Millennials tend to be tolerant of difference. Having been raised under the mantra "follow your dreams" and being told they were special, they tend to be confident. While largely a positive trait, the Millennial generation’s confidence has been argued to spill over into the realms of entitlement and narcissism
50 percent of Millennials consider themselves politically unaffiliated.
29 percent consider themselves religiously unaffiliated.
5. The realism of the millennial generation will make them accept the situation our world-and the fashion industry- is in and is being prepared to take action and deal with it. The millennials will choose AXIOM because they understand the fashion industry cannot go on as it is and is willing to change their buying habits.
While we may not be as optimistic about the future as the baby boomers who came before us, I truly believe that it is the realism of the millennial generation that will one day return America to the pinnacle of international esteem. (Huffpost, 2018)
6. With globalization, digitalization, and the increasing sharing of data, "global villages" will occur creating bonding of groups of people that are not geographically connected. Because of the connecting of people, brands can more specifically advertise products that fits for the individual. And research shows that people are more likely to buy something that is chosen for them.
THE ADVENT OF the Internet and the rapid spread of communication technologies were thought of to have ushered in an era of interlinked communities of people around the world strung together by the new media. This was the establishment of the so-called “Global Village”, a term coined by the famous expert on media matter, Marshall McLuhan.
This term was used to signify the emergence of interconnected and integrated users across the world that because of the Internet were interacting together and communicating with each other in ways that were hitherto not possible. Hence, the coming together of people around the world was celebrated as the formation of global citizens who think, behave and act in similar ways.
The results startled the Wharton researchers who were surprised by the more than 50% jump in the purchases made by the treated users and this showed that personalization of online services and recommendation based buying has positive effects on the sales of the online businesses. In a similar manner, the researchers also found that “Netflix has reported that more than 60% of its rentals stem from recommendations, while 35% of Amazon’s sales originate from systems that suggest products an individual consumer might like.” The implications of these results are far reaching and suggest that the next wave of innovation for online businesses would be to get more under the skin of users and “sense and intuit” their future purchases thereby increasing the chances of repeat business and higher volumes.
Forbes.com. (2018). Forbes Welcome. [online] Available at: https://www.forbes.com/sites/danschawbel/2015/01/20/10-new-findings-about-the-millennial-consumer/2/#6e75330a1474 [Accessed 20 Jan. 2018].
WhatIs.com. (2018). What is Millennials (Generation Y)? - Definition from WhatIs.com. [online] Available at: http://whatis.techtarget.com/definition/millennials-millennial-generation [Accessed 20 Jan. 2018].
WIRED, T. (2018). Tomorrow’s Internet: A World of Hyper-Personalized Tribes?. [online] WIRED. Available at: https://www.wired.com/insights/2014/03/todays-internet-world-hyper-personalized-tribes/ [Accessed 20 Jan. 2018].
Tsuladze, L. (2018). Individualist Trends in Collectivist Societies. [online] Womenofthemountains.org. Available at: http://www.womenofthemountains.org/docs/2012/07-03-03-from-tsuladze-conference_paper.pdf [Accessed 20 Jan. 2018].
HuffPost. (2018). What the Future Holds for the Millennial Generation. [online] Available at: https://www.huffingtonpost.com/jeremy-white/what-the-future-holds-for_b_701421.html [Accessed 20 Jan. 2018].
Psychology Today. (2018). The Psychology of Choice. [online] Available at: https://www.psychologytoday.com/blog/behind-online-behavior/201410/the-psychology-choice [Accessed 20 Jan. 2018].
blakekathryn
2087
andulkaphoto
stormborns
pixelskylines
kianamaiart
snowghoul
origamiaround