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Why is it that we always hear about Millennials being the least brand-loyal generation of consumers ever? Take one look outside of a Chipotle at lunchtime and the line out the door will tell you different. When considering Millennial consumers, you have to remember that you are dealing with the most savvy group of consumers ever. This group is not only looking for the best deals, they are actively searching for brands with values that align with their own.
Understand that Millennials have certain expectations with brands they are loyal to regardless of the category. Their favorite brands set the bar for their expectations with other brands. In that regard, we can learn a lot from restaurants that are winning with Millennials.
(For an overview on marketing to Millennials, watch my 30-minute video on YouTube.)
Let's define brand value in today's Millennial-inspired "Participation Economy" matrix. Depending on the category within the restaurant industry that your brand competes in, the definition of brand value probably looks a lot like this:
Brand value = food quality + unique flavor profiles + alcohol + transparency + customer service + "effective" use of new technology (before/during/post meal) + consumer participation opportunities divided by price. The coefficient in front of each dependent variable will vary based on your brand DNA and the customer segment you choose to serve. Let's examine each variable.
Forkly is an app that shows "what's good" at various restaurants. Rather than offering restaurant reviews, it highlights menu items. Traveling to a city with great dives, this app provides ease and trust. I'm fond of saying, "Useful is the new cool," and this is both useful and cool!
ChowNow is a service that allows restaurants to offer online ordering using a website, app, or Facebook. Its product is focused on the brand's and operator's needs and provides enhanced consumer functionality.
Front Flip takes the place of loyalty cards with a scan-and-scratch mobile app that customers can download for a chance to win prizes at their favorite restaurants. Millennials love a little adventure, and Front Flip ensures that with every visit.
In summary, Millennials love dining out. It's a social event that often involves friends. However, they generally prefer to skip the "fuss" that older generations enjoyed when they went out to dinner in favor of the convenience, ease, and accessibility offered by technology. Restaurants that have historically targeted families with special "family-size offers" and "kid toys" will need to rethink their approach to Millennials.
Jeff Fromm is executive vice president at Barklay, a "fiercely independent advertising agency." He is co-author of Marketing to Millennials, lead editor of the blog Millennial Marketing, and founder of Share.Like.Buy, a conference about marketing to Millennials. Contact him at fromm@barkleyus.com or 816-423-6195.