Avocado toast has, strangely, made its way into the news lately. I have only ever had the stuff once. One of my good friends, a coworker, rather loves it. But, despite the cries of certain CEOs, if either my friend or I have any financial difficulty, it owes absolutely nothing to what we’re putting on our plates.
So what does this have to do with branding? Well, the spending power of millennials is massive—and growing. Consider the fact that millennials are expected to spend over $200 billion in the marketplace this year—and at least as much in every coming year of their purchasing lives after—and it begins to dawn on one that any brand choosing to alienate, or simply not even actively court this group, is hurting its bottom line.
Brands cannot cater to all segments; they must be strategically targeted in who they want their products or services to be for. But in doing so, it’s crucial that they don’t lose sight of the bigger picture. And the bigger picture these days will always include millennials. So perform a Pricing Pandemonium to get them forever on your side.
Per Se, a Michelin-starred French-Californian restaurant in Manhattan, recently rolled out a Pricing Pandemonium initiative when it offered a 30-for-30 Dining Experience, in which customers under 30 received the seven-course tasting menu at half price. The event was a hit, and early returns show an uptick in younger diners.
This approach is something that cultural institutions—theaters and museums especially—have been doing this for years, and it’s about time the concept gained some traction in retail and hospitality. Associations often give students discounted membership rates, but extending that to those five years out of school or less would boost overall numbers.
Your own version of Pricing Pandemonium doesn’t have to be as gimmicky as Per Se’s. In fact, a more consistent, well-researched approach will do better to win you more millennials over a longer period of time. So serve youth well. We’ll be buying for a long time, and, believe it or not, we want to spend on our money on better, more important things than avocado toast.
Trends inspired by trendwatching.com/premium