The latest Enso World Value Index finds that a growing number of millennials are devoting their loyalty to brands that align with their motivations and values—a trend that could spell the difference between long-term success or irreversible decline.
In addition, according to Fast Company, millennials are on pace to control $24 trillion in wealth by 2020. Now more than ever, for many brands, survival means earning the trust of this group and elevating their values in the marketing strategy.
Key findings from the study include:
- Sixty-eight percent of millennials said creating change in the world is a personal goal that they actively pursue, compared to 42 percent of Boomers.
- In fact, 41 percent of millennials, versus 17 percent of Boomers, cited examples of concrete action they’ve recently taken directly contributing to this aspiration, with efforts spanning activities like protesting in a march, volunteering in a campaign and canvassing their neighborhood for signatures
- Seventy-seven of millennials said that experiencing other cultures is important to them, compared to 64 percent of Boomers.
- A sizable share of brands doing well among this target is comprised of tech companies like Twitter, Snapchat, PayPal, Spotify, Uber, and Kickstarter. Starbucks, Honest Company, Chipotle and H&M also ranked well across the board.
- Which brands are missing the mark? Brands with notably lower scores for millennials, when compared to Boomers, included AAA (92 vs. 26) Pfizer (136 vs. 65), and Samsung (74 vs. 19).
The study concludes that brands with a clear, well-articulated purpose that enables and demonstrates tangible actions towards creating a greater impact will fare better among millennials, but this also entails effective and consistent communication. Millennials want to see and hear about the strides made towards the causes and beliefs that are near and dear to them.
While no research can predict the future, especially as it pertains to the growing impact of technology on brand storytelling and brand-building, the companies that align with the values of incoming generations will be most prepared for the future.
Which brands do you think are getting it right? Let us know in the comments below.
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New Survey Explores The Role Of AI In Everyday Life
With all the hype and hoopla around AI, there doesn’t exist a wealth of data around the ways in which everyday people view their relationship with automated technologies. To help fill that void, The Webby Awards recently partnered with YouGov to field a comprehensive survey.
Titled “This Automated Life,” the recently published report sheds light on the growing presence of artificial intelligence, including machine learning and bots. Specifically, survey respondents provided a variety of answers on how AI is influencing their day-to-day lives spanning hobbies such as travel and shopping to their careers and health.
Here’s a breakdown of some of the major findings:
- Two-thirds of those surveyed stated that AI has “significantly” impacted their lives. Interestingly, when asked which types of AI they have used over the past 12 months, most people reported basic AI use cases like GPS (51 percent), online shopping recommendations (33 percent), and TV recommendations (39 percent).
- A large share of Boomers and millennials claimed that AI helps them save time in their daily lives (42 and 45 percent, respectively).
- Eighty-seven percent of those surveyed stated that AI has helped them obtain information more easily (51 percent of Boomers and 36 percent of millennials).
- Sixty-three percent of respondents said that AI has helped them communicate with friends and family (36 percent of Boomers and 27 percent of millennials).
When it comes to how trusting humans are of AI, it depends on what the AI is being used for:
As the above chart depicts, most people don’t trust AI for medical diagnoses but are trusting of the tech to provide navigational directions. Further, with respect to relationships and receiving recommendations for content like music, videos, and TV shows, respondents preferred humans over AI. This was also the case when it comes to who bears authority over resolving customer service issues and managing a retirement portfolio.
Such preferences were echoed when respondents were asked if AI will replace humans. Feedback varied based on the tasks with the vast majority of people, 81 percent exactly, believing driverless cars are inevitable and 80 percent agreeing that products will be delivered by automated devices. Nonetheless, only 44 percent reported that they thought an automated device could perform a complex surgery within the next 10 years.
As this research underscores, with a growing number of possibilities within the AI space comes a certain degree of trust that humans will have to grow comfortable with, in addition to an acceptance of change, and increasing trust will undoubtedly take time.
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