Legacy Brands. It’s no secret you’re struggling to remain relevant. Today’s consumers, especially Millennials, know what they want in a brand. And it probably doesn’t feel like it’s you. They want a unique story, transparency and values that align with theirs. The only way to truly connect with Millennials and thrive in this crazy digital age is to find the insights that have the potential to make you Irresistible.
So what’s the disconnect between Millennials and Legacy Brands?
It all comes down to what Millennials really care about. We just completed I-Factor™ benchmark studies on about 30 Legacy Brands in 9 categories.
Here’s what we found:
Millennials just aren’t that connected to Legacy Brands. “CRAVE”, the emotional component of I-Factor™, which measures “Adoration” and “Addiction” shows us Legacy Brands like CVS, Smart Ones, and Walgreens aren’t as strong the non-Legacy Brands studied in their respective categories. Meaning, the emotional connect is weaker across the board.
Legacy Brands also scored lower in the “COMPREHEND” dimension, which measures consumers’ knowledge and experience, with a brand isn’t as strong as it could be. Overall, Millennials want to know more that what Legacy Brands tend to share.
So, what can Legacy Brands do? Tell their stories. Knowledge is power with Millennials. They want to know everything about a brand. Provide more to fuel their curiosity, interest and inclination to share.
It’s not all bad news
There are a few Legacy Brands striking a chord with Millennials. And what’s really interesting is that these brands are in ‘on-trend’ categories like Sparkling Water, Pet Food, and Snack Bars.
Check this out. Polar Sparkling Water has been around forever. Not too surprising, their overall I-Factor™ score was pretty average with gen pop. But, when it came to Millennials, Polar’s overall score was a whopping 18% higher. That is more than statistically significant. It’s just plain amazing. Millennials love Sparkling Water, and they appear to be having a love affair with Polar.
How I-Factor™ can help
Bottom line: in order to stay relevant and thrive, Legacy Brands need to become Irresistible. And I-Factor™ is your path to Irresistibility. I-Factor™ marries the richness and depth of qualitative to the scale and stability of quantitative. It has the unique and profound ability to produce actionable insights for strengthening a consumer-brand relationship. I-Factor™ can easily measure the complex relationship between Legacy Brands and Millennials. Then, it can identify what areas are the best opportunities for Legacy Brands to make a lasting impression and connection.
Are you ready to renew your relationship with Millennials? Let’s talk.