One of the most significant changes in society in the last two decades is the rise of millennials. This generation, often the children of baby boomers, is now representative of a sizable portion of society and a near-majority of the workforce. They will play an unclear but outsized role in the economy in the decades to come. Businesses, especially those that use performance management services, need the insights of this group of young people to ensure that they are competitive and profitable in the future. Thankfully, this youthful cohort plays favorably in the development of big data in the coming years.
The analytical love affair
One of the common elements associated with millennials is their connectivity. They're rarely seen without a smartphone or computer and they have access to copious amounts of information. As a result, they have certain expectations from consumer packaged goods, in that brands should already know what they want. OnApproach noted they want their shopping and choices to be experiences of the best possible kind.
Where analytics comes into play is the ability to know these particular details. Thankfully, millennials give nearly as much information as they take. This allows CPG brands to take advantage of the situation and develop products that cater specifically to their needs through tools such as predictive modeling software. More importantly, they'll be more responsive to suggestions that fit within the context of the products and services they use. This makes it more likely to capture a larger audience based on similarities to what they consume as an audience. In essence, this generation of young people loves the benefits that analytics provides.
Sharing is caring
Along with providing a large array of information, many millennials are beholden to a variety of social issues. As branding becomes an important factor for many of them, there's a greater incentive for companies to align with certain socially conscious interests. IBM cited data from a FutureCast survey which indicated 37 percent of this generation is more likely to buy products that supported a cause through the purchase.
In order to address social issues in a way that appeals to the consumer, certain companies in CPG such as Dove are looking to use social dialogue. By combining data analytics and social outreach, they can create a narrative that will allow them to better cater to millennials as a whole. This will enable this new generation of consumers to see the socially conscious aspects of the brands, ensuring loyalty.
