On the 13th & 14th March, I attended Millennial 20 20: The future vision for retail, marketing & commerce. The event was dedicated to exploring the future of retail with a special focus on the effect millennials/Gen Z will have on the industry.
Here are my insight from day one.
Round Table: How AI & weather can predict customer behaviour.
- Soon to be released – An independent survey by IBM that interviewed 1000 retail executives on the impact weather had on business. Two exclusive insights – the weather effects business because it stops sales orders delivered on time and effects inventory turnover.
- Potential Revenue growth from improved weather insights are significant and important
- 3 business challenges where weather is concerned. 1. Creating Value. 2. Integrating weather data. 3. Decision Making
- Previously the strategy in regards to weather was Cope & Avoid but businesses can’t afford to do this anymore. Now the strategy is Anticipate & Act.
- Case Study – P & G team with the Weather Channel to do the ‘Haircuts Campaign’ leveraging bad hair days.
Marketing & Advertising
- Be honest in your approach to marketing and advertising. Cited: Ed Sheeran. Nike
- Brands need to – Be consistent. Be Disruptive. Be Principled. Be Real
- Build trust. 92% of consumers rely on friends and family for advice and recognition
- Experience needs to be across every channel, at every point of the experience.
- User Generated Content – Allow others to talk about you instead of talking about yourself. Your content needs to be authentic. Millennials can tell ‘real’ from ‘fake’. Let your customers tell your story.
- The importance of AI – Companies are using AI to trawl through reviews, find insights and improve company objectives to address these issues.
- The importance of data – ‘Without data you are just another person with an opinion’
- Know your customer, where are your customers. What platforms. What is important to them. Strategies need to be targeted at different generations X,Z,Y.
- Conscious Marketing by TOMS – Doing good is good for business. Test social content, in the conscious marketing space, customers like imagery with transactions, branding but only in a particular way. NO poverty porn. NO vague. No fakeness. Make consumers feel empowered.
- Give consumers freedom in creativity
- When social planning. Choose your strategy. Cite. Blossom Hill – Paid Media only – use influencers to tap into organic reach. Focus on key calendar events.
Fireside Chat with Paul Lindley, Founder Ella’s Kitchen – Why business has a conscience and thinking like a toddler
- In the workplace – Motivate people. Share your mission so they can get excited about it too. Reward and recognise. Find ways to deepen authenticity and trust.
- Grow down. Don’t play by your rules. Be prepared to fail. Think like a toddler. Get in touch with your inner child. 98% of toddlers think creatively day to day.
- Cited: Mentos Advert: ‘Connecting with people is simple, with a little help
Follow my blog to see insights from Day 2 at the Millennial 20 20 event.