Millennials' Favorite Brands in 2019
Marketing agency, Moosylvania, recently released the 2019 edition of their annual list of the “Top 100 Millennial Brands.” They asked 1,000 people aged 19-39, to list their three favorite brands. As I perused the list (posted in a Business Insider story), my interest was piqued. Many of the brands were relatively obvious choices, such as Amazon (#1) and Apple (#2).
However, several others were a bit more surprising. For example, Hot Topic tied with Kellogg’s for the 68th spot. Bargain fashion brand Charlotte Russe (#98tie) made the list, yet so did Gucci (39). Speaking of fashion brands, Forever 21 (#54tie) and Hollister (92) appeared, yet both brands have made the news recently due to struggling sales and impending bankruptcy in Forever 21’s case. Several supermarkets ranked in the top 100, as did quick serve restaurants ranging from McDonald’s to Chipotle.
As I review this list of Millennial’s Favorite Brands, a few key thoughts come to mind:
Brand advocates don’t necessarily translate to purchasers. Consumers may love a brand, but they may not be buying from it. This is evidenced by the fact that several of the brands listed are struggling financially, yet millennials are some of the biggest spenders. Nowadays, companies know how to build a brand but it is equally important to create an experience for the customer that keeps them coming back and drives them to purchase. It isn’t enough to make a customer love your brand - you’ve got to make your brand indispensable.
Millennials like nostalgia. The list is littered with brands millennials grew up with, from Converse (#66), Vans (#30) and Adidas (#8) to Disney (#14) and even Bath & Body Works (#53). This hints at the previous point; these brands have managed to find ways remain popular amongst their consumers, but also to grow with them.
Shopping local or regional for food is a driver for millennials. The list featured several regional supermarket chains, such as Publix (#67), H-E-B (#54tie) and Meijer (#43). This is surprising as many reports indicate that millennials prefer the convenience of eating out or ordering groceries online. However, these are also companies that have been around for awhile and probably check the box of the previous point - nostalgia.
The way to a millennials’ hearts is through their stomachs. An overwhelming number of these brands are quick serve restaurants and Food & Beverage - Chipotle (#41), McDonald’s (#22), Taco Bell (#28), Pepsi (#10), Coke (#9), Starbucks (#19), just to name a few.
How can these takeaways help improve your own marketing strategies?
Regularly re-examine your customers and your consumer journey. Engage in continual research so that know as much as possible about your consumer and how they are currently engaging with your brand. Then, consider how you want them to engage with your brand. Perhaps they are dropping off after the consideration phase - why? Is it due to a competitor, pricing or maybe it is something as simple as too arduous a checkout process? Take the time to understand how your consumer interacts with your brand so that you can better serve them.
Get nostalgic. We know nostalgia is winning over millennials, so consider ways to incorporate it into your business. Fashion and accessories companies could launch limited throwback collections. Restaurants might want to debut a 90’s themed food menu, complete with new takes on foods millennials grew up eating - Bagel Bites anyone?
Think local with your digital advertising. Millennials like to shop small, but they also like convenience. Too often, brands think too big with their digital advertising. Start small by really honing in your target audience, not just who they are but where they are located. Use smart, localized targeting strategies to get the most out of your digital advertising.