Intensions Consulting: The Future Of Work

This month Intensions Consulting and Nikolas Badminton released a new study on the future of work across Canada. The study, which surveyed 2299 adults across Canada, found that a quarter (26%) of Canadian adults believe an unbiased computer program would be more trustworthy and ethical than their workplace leaders and managers. Among younger adults (those aged 20-39) that number was significantly higher, with 31% agreeing that an unbiased computer program would be more trustworthy and ethical than their workplace leaders and managers.

"This study has uncovered some challenging trends for the future of work" says Nick Black. Photo: VFS

For younger adults, who have grown up trusting and relying on technology, there seems to be a growing preference for automated leadership and management - with 34% preferring to be screened or hired, 33% preferring to have their job performance assessed, and 26% preferring to be managed by an unbiased computer program.

FLEXIBILITY IS FOREMOST

At a time of technological change and financial pressure, many people are also beginning to question the rules and norms that govern working life. The data showed that Canadian adults have a strong desire for flexibility in their working life, and if employers aren’t willing to respond, many would consider working for themselves.

"Flexibility and empowerment will be the new work currencies" says Nikolas Badminton.

The study found that 55% of Canadian adults would like their employer to provide extended leave opportunities, 45% would prefer not to work at fixed times (i.e. 9am - 5pm), 41% would prefer not to work at a fixed location (i.e. at an office), 34% would prefer to work from a remote or overseas location, and almost half (45%) would like to start their own business or work for themselves in the future.

FIGHTING FOR CONTROL

Finally, many people are also concerned that work is interfering with their personal lives. Whether it’s cutting corners to save time, or paying other people to do their job for them, Canadian adults are considering some unique ways to take back control at work.

According to the study, 37% of Canadian adults are concerned that work responsibilities are interfering with their personal lives, 30% are always looking for new ways to cut corners and save time at work, 25% think it’s fair to pursue their own projects and interests at work (i.e. developing a business or promoting their own brand), and amongst younger adults, 20% would consider paying other people to do their job for them (i.e. using Craigslist or Freelancer).

ABOUT THIS STUDY

These are the findings of an Intensions Consulting study conducted between August 21, 2015 and February 25, 2016. For this study, an online survey was administered with a sample of 2,299 English-speaking Canadian adults between the ages of 20 and 59. The sample was stratified and weightings were employed to balance demographics, ensure that the sample's composition reflects that of the targeted Canadian population according to Census data, and to provide results intended to approximate the sample universe. A traditional unweighted probability sample of this size would produce results considered accurate to within plus or minus 2.0 percentage points, 19 times out of 20.

The Nomadic Millennial

Over the past year I've had the opportunity to spend a lot of time researching North American millennials on a wide range of everyday topics. Through hundreds of in-depth interviews, and thousands of online surveys, the theme of transience has often emerged.

The nomad, defined as "an individual with no fixed location who wanders in search of pasture," can represent a cultural ideal for this generation. In the face of social and financial pressure, many are attempting to remain free from the feeling of restriction.  

Transience of Home

Millennials often describe feeling at home everywhere and nowhere. Where previous generations define home as a place, millennials often see home in more abstract terms.

I travel so much I feel like a nomad..... im a nomad. I learned that in highschool. You have gonads lolz omg,
— Veronica Hernandez (@veerawnica) April 5, 2014

Many of the attributes of home (i.e. safety, attachment, relationships) can exist everywhere in the digital environment. With the ability to carry many of these attributes in your pocket, the idea of home has become more transitory and mobile for millennials.

Transience of Objects

Millennials often describe wanting to live light. Where previous generations placed great importance on objects, millennials are often concerned about becoming trapped by stuff.

I'm just going to live in my car because all I'll need to carry to be happy is my yoga mat, my shoes, and a phone charger.
— Sarah (@Bellum_Pax) March 29, 2014

The objects that are most valued, are the ones that facilitate growth and freedom. Things that provide maximum impact, with minimal inconvenience, are the things that are carried and consumed by these modern gypsies.

So what does this mean for brands?

Paradoxically, despite the desire to remain free, millennials will often feel strongly attached to the things that facilitate detachment. So when a product or brand helps facilitate detachment, it can be highly valued by millennials (think: bikes, smartphones, prepaid visa).

Standard Deviations: Where Market Trends Emerge

In business a lot of effort is spent exploring the middle of the market - whether it's understanding what the average person wants, or the mid-point of customer behavior, we search in the middle because it appears to offer the greatest marketing opportunity.

The middle has size, the middle has scale, and focusing on the middle fulfills a deep human desire for safety and security.

Like many other animals, human beings often gravitate to the middle of a pack during times of danger because in the middle they feel less vulnerable to predators and external threats.

This same pattern of behavior can be observed in organizations when executives focus their attention on the middle of a market whilst ignoring patterns of behavior on the edges. Being in the middle seems safer.

However, when it comes to discovering trends and opportunities the middle of the market is the worst place for companies to focus.

It's not from the middle of the market that trends emerge but rather on the edges, as standard deviations in behavior that eventually become the average. The edges are dynamic and niche but make no mistake, it's from the edges that trends emerge.

So if businesses want to become more innovative, they need to move away from the safety of the middle and invest more time exploring the edges. Because hidden in standard deviations are future market trends and opportunities waiting to emerge.

PS. Thanks Pacific Planning for bouncing these idea around with me last month.

Cultural Appropriation: Why People Hate Hipsters

“Hipsters adopt the styles and affects of many cultures; cultures which aren't theirs. Cultures which they don’t actually belong to… Other sub-cultures enjoy what they enjoy, and that is the end of the story… People see hipsters as devaluing cultural fashions by cashing in on their capitol without embodying their meaning.” - Mike Rugnetta

This is an interesting video posted by Mike Rugnetta on the PBS Idea Channel. It suggests that the social disdain for hipsters may stem from their blatant and condescending appropriation of sub-culture. If you have a spare six minutes, this video is worth a watch:

Digital Teens - The Drivers of Digital Behavior

Over the past month, our team have been conducting a study into the online motivations of digital teens. The study involved morphological interviews and online surveys with 1905 digital teens, and provided some interesting insights into the online behavior of teenagers.

"The internet has multiple personalities. You can do multiple things on the internet… For some teens, the internet is their best friend, because they can have fun with it, they can connect with it. They can do whatever they want with it. It allows them to be whoever they want.” - Digital Teen (2012)

Highly Connected

To begin with, our study found that digital teens are highly connected. When exploring the personal ownership of internet enabled devices, we found that 79% of digital teens own a personal computer, 51% have their own smartphone, and 24% own a personal tablet. 

Selectively Engaged

However, despite their level of online connection, digital teens can be surprisingly selective with their friendships and attention. Our study found that the average digital teen had only 4 close friends, and considered 14 people to be in their social network. Furthermore, 97% of digital teens said they were happy with these friendships.

In terms of online attention, our study found four destinations that digital teens tended to visit on a daily basis: 72% of digital teens use search engines daily, 65% use Facebook daily, 57% watch online videos daily, and 30% play online games daily. In contrast, despite the media hype, 85% of digital teens have never used Pinterest, and 63% have never used Twitter.

The Drivers of Digital Behavior

Highly connected but selectively engaged, digital teens can be a challenging audience. So what are the drivers of digital teen behavior, and how can they be harnessed by brands? Find out by viewing the following Slideshare presentation:

Digital Teens: The Drivers of Digital Behavior from Nick Black

The Future of Digital is Mobile

Occasionally, whilst foraging for knowledge berries on the internet, you stumble upon a patch of tasty information. This was the case on Sunday when I read an article by John Naughton titled, "Real cost of the smartphone revolution: The smartphone market is expanding at an astonishing rate, but is it damaging creativity and innovation on the web?"

The article referenced a May 2012 conference presentation written by the industry analyst Mary Meeker from venture capital firm Kleiner Perkins Caufield & Byers. Drawing from a range on secondary sources, the presentation puts forward a compelling view of current and future digital activity.

While there are numerous insights and trends from Meeker in the deck, I've pulled out two highlights that I found of particular interest.  

Insight One: The Future of Digital is Mobile

At present mobile traffic represents 10% of global internet traffic, but according to Meeker while "internet growth remains robust, rapid mobile adoption is still in [its] early stages" and will likely impact global desktop internet usage (see recent data from India below).

Insight Two: Companies Need to Think Mobile

The opportunity for mobile innovation to 're-imagine,' or disrupt, stable categories like finance, energy and retail is immense. Industries and companies that fail to proactively develop strategies for dealing with the shift to mobile are likely to lose market share.    

For those that are interested in the full presentation, a copy can be found below:  

KPCB Internet Trends 2012

Why Do People Photograph Their Food?

Have you ever been at a restaurant and noticed someone taking a photograph of their food? I have. In fact, having observed many instances of food photography I decided to discuss the topic with some friends and colleagues.

A great deal of work already exists on the complexity and underlying motivations of meals. In general the findings from studies on food and meal behavior have shown that, "although seemingly simple, [eating is] in fact very complex behavior in which many physiological and psychological factors interact."

So building on some of that existing research, here are a few fun theories about 'why people photograph their food.' If you have any additional ideas on the topic, I'd love to hear them.

Theory One: Social Ritual

Sharing and enjoying a meal is a part of social ritual.  Historically, meals have often been used as a medium for passing on important cultural and religious rituals.

Perhaps people photograph their food together as part of a new social sharing ritual?

Theory Two: Collaborative Process

Preparing and enjoying a meal is a part of collaborative process. The process of contributing to a meal can be an important part of bringing together nutrition and emotion.

Perhaps people photograph their food to feel like they have contributed to the process?

Theory Three: Personal Pleasure Arousal

Anticipating and enjoying a meal enhances personal pleasure. The process of delaying gratification has been shown to increase the enjoyment associated with consumption of pleasurable products or services.    

Perhaps people photograph their food as a form of pleasure arousal and gratification delay?

Theory Four:  Experience Objectification

Eating and enjoying a meal is an ephemeral experience. Although the memories and emotions associated with eating can last a lifetime, the food itself does not.

Perhaps people photograph their food in an attempt to make the meal experience last?

Creating Physical Experiences for Digital Brands

Back in February we were lucky enough to participate in the Transmission Summit - a global creative content and technology conference held in British Columbia. During the conference, one of the sessions I found most interesting involved Nora Young (CBC technology journalist) interviewing Angel Gambino (Wired Top 100) on her experiences building physical and digital spaces. 

During the interview Gambino stated that, "the physical retail space is now the marketing window for the online purchase experience." 

That got me thinking about the future of digital branding. While digital brands have become an essential part of life, we remain physical creatures in a physical world. To bridge this divide, could the next big trend in digital branding involve physical experience?

Digital Brands creating Physical Experiences

According to a recent article published in Forbes, the online giants Amazon, eBay, Google and PayPal are all in the process of creating concept stores that would help them extend their reach into the physical world.

While all these brands have built strength through digital delivery, there's a growing belief that "establishing a physical presence may well be the last frontier... engaging all the senses in ways that sophisticated algorithms can’t."

The recent opening of Angry Birds Land is another example of a digital brand attempting to create a physical experience. Whether this marks a serious diversification from online gaming is yet to be determined, but it has been suggested in the media "that Rovio is planning a series of Angry Birds parks around the globe."

Physical Brands creating Digital Experiences

Alternatively, an emerging trend amongst traditional retailers involves creating hybrid digital experiences. According to the BBC, the retail giant Tesco has been experimenting with virtual subway stores as a way of overcoming the need for retail space (see below).    

Bridging the Digital-Physical Divide

Bridging the digital-physical divide is an interesting opportunity for those in branding. A lot of money has been invested in improving physical experiences with digital innovation; like the way UrbanSpoon improves dining, or Expensify improves expenses. 

Could improving digital experiences with physical innovation be the next frontier? 

Masculinity in American Culture

Over the past few months I've been spending quite a bit of time in the United States – both for business and pleasure. In contrast to many European and Asian countries, one aspect of American culture that always surprises me is the degree to which they embrace ‘masculinity’ in their everyday lives. 

From the way that meetings are conducted, to the car brands that people prefer, masculinity seems to play an important role in mainstream American culture.

Defining Cultural Masculinity

For almost half a century, the famous social psychologist Prof. Geert Hofstede has been conducting research based on six dimensions of culture. One of those six dimensions is masculinity, a cultural dimension in which “social gender roles are clearly distinct: Men are supposed to be assertive, tough, and focused on material success; women are supposed to be more modest, tender, and concerned with the quality of life.”

Below is a table outlining the social norms frequently found in masculine cultures:

Bigger, Faster, Harder, Stronger

According to the research, America is considered a higher masculinity country, meaning that many of the masculinity attributes listed above also reflect mainstream American culture. To wrap up this post, I thought I’d provide a few practical examples of how masculinity can influence everyday American behavior.

Muscle cars are defined by Merrium Webster as, “American-made 2-door sports coupes with powerful engines.” These powerful cars are an icon of American masculinity, with research showing that “engine power of a car is more important in masculine cultures. In feminine cultures, people may not even know their car engines power.”

Madison Avenue is arguably the home of global advertising, located in New York City, the home of American corporate culture. According to research, “masculine cultures show more confidence in the advertising industry… [it’s believed that] the skepticism of feminine cultures toward advertising is based on their markets having been relatively swamped by advertising reflecting US masculine values.”

In America, information is often presented rationally. According to research, “across cultures it appears that feminine cultures read more fiction and masculine cultures more non-fiction… Members of masculine cultures seem to be more concerned with data and facts: members of feminine cultures are more interested in the stories behind the facts.”

Informer or Meformer: Which twitter type are you?

There was an interesting comment posted yesterday by Bradley Hughes (thanks mate), highlighting a recent study from Rutgers University. 

The study examined the message content of 350 randomly selected twitter users and found two key clusters (or types) of user, Meformers & Informers. 

According to the researchers, "twitter users represents two different types of content camps; the majority of users focus on the self, while a smaller set of users are driven more by sharing information." So the question is, which twitter type are you?

Trendsmap: Tracking trends on twitter

If you’re interested in watching human thoughts as they sweep across the twittersphere, then you should check out this new service called Trendsmap. It’s an application that tracks twitter trends across the globe, and plots them on Google Maps. 

There’s something really powerful about watching a tipping-point occur in real-time. Seeing people in a state, country or community, tweet a word in unison. It’s pretty engaging stuff.

For example, above Australia, one of the key words appearing in the tweet cloud is Vegemite (an iconic Australian product, produced by Kraft Foods). They’ve just launched a new product called iSnack 2.0, which according to the twittersphere, isn't too popular with Australians.

Example Tweet One: “iSnack v2 for vegemite. Now that makes it sound sexy and marketable to a wider audience…NOT”

Example Tweet Two: “LOL at Vegemite now being called iSnack 2.0. I’ll eat my iSnack 2.0 sandwich while texting in my iPhone and listening to my iPod?”

And here are a few traditional media articles, following up on the product launch and subsequent twitter storm: ABC and Crikey

The great brand trust offensive

Last Thursday, the agency Interbrand released their annual Best Global Brands Study. According to Jez Frampton, the Global Chief Executive of Interbrand, their study found “two trends that stand out above others…an increasing requirement for brands 'I can trust', and an exponential shift in social and consumer networking.”

This study, adds to the collection of companies and marketers who are actively exploring the benefits of brand trust. For those with a need to read, below are some recent posts and articles on the topic:

- Business Week: The Great Trust Offensive 

- Corporate Eye: Building Brand Trust

- Marketing Daily: Trust, Familiarity Drive Brand Equity

- Microsoft Advertising: The Issue of Trust for Business and Brands

- On Brands: Tommy Boy Teaches about Trust in Brands

- Research Live: Who do you trust? 

- SearchWarp: How to Build Brand Trust

- What Makes Them Click: Trust Issues

So why all the interest in brand trust? Is trust just another branding buzz word? The answer is no. In fact, according to our recent North American study, brand trust delivers some very tangible business benefits. Below are some examples: 

Figure 1: Brand Trust Study Findings

Based on the findings from our research, I’d have to agree with Jez Frampton. When it comes to building businesses and brands, “it’s all about trust.”

Insight without borders: Interview with Gill Walker

Gill Walker is the Managing Director of Evergreen Marketing Communications, the first advertising agency in Australia and New Zealand dedicated to building campaigns that motivate and resonate with boomers and seniors. Gill founded Evergreen in 2003, after completing a Masters Thesis on Ageism in Advertising. The thesis involved undertaking numerous focus groups and reviewing over 3,500 advertisements.

Before founding Evergreen, Gill was the Managing Director of Sudler & Hennessey Australia, and prior to that was a senior executive at McCann Erickson. Gill has extensive experience across many categories including healthcare, travel, finance and retirement services; and works with blue chip clients including Australian Unity, Fairfax, Great Southern Rail, Sentinel, State Trustees, Stockland, Telstra and the Victorian Government.

Gill is guest lecturer at RMIT University and a founding member of the International Mature Marketing Network (an organisation for all researchers and marketers interested in the 50+ audience). She is a regular presenter and commentator on issues relating to advertising and marketing to boomers and seniors, and has appeared on television programs, in newspapers articles, in trade publications and at industry functions across Australasia.

Gill can be contacted at gill@evergreenam.com.au

Question 1) Describe your area of expertise: What is it, how did you get into it, and why do you keep doing it?

Gill Walker: My area of expertise is advertising and marketing to the 50+ audience. I became interested in this topic while I was working at a healthcare agency, on a campaign that involved segmenting herpes patients by age. Fifteen years ago, advertising that confronted the truth surrounding sex amongst people in their 60’s wasn’t welcomed by healthcare professionals. The campaign was so controversial it became the first sealed section in a medical journal.

Five years later, whilst enjoying my 40th birthday, I decided to take a year out of work to complete a Masters Thesis on Ageism in Advertising. Through this experience, the process of exploring a topic in such an in-depth way, I became hooked on the 50+ audience. It was a revelation to find out that so few people in advertising were interested in the boomer and senior demographics; and yet they have the highest discretionary spend in Australia, are keen to try new brands, and are planning to live another 30 years.

I keep working in this area, because everyday we learn something new. We’re constantly experiencing surprises, both good and bad. When we create advertising that resonates with mature audiences it feels good, it feels altruistic.

Question 2) What’s the biggest lesson you’ve learnt in the last year of business?

Gill Walker: Have credit insurance

Question 3) What major trend(s) do you see emerging in Australian business?

Gill Walker: In Australia, a major trend I’ve noticed within the advertising industry is that the larger agencies are getting larger, yet more commoditized and less profitable. The mid sized agencies, without size or any special offering, are struggling with the potential of being swallowed up. While the specialist agencies are more protected as they have differentiation.

Question 4) What major trend(s) do you see emerging among Australian consumers?

Gill Walker: In Australia, a major trend with consumers aged over 50 is that they’re starting to get noticed. In 2009, 50% of all Australian adults were aged over 45; as such the Australian 45+ audience has now become the consumer majority.

Nick Black: That’s a great statistic, and one that’s echoed in many other developed countries. Try taking a look at some cross-country demographics on NationMaster; 20% of Japan’s population are 65+ compared to just 4.9% of India’s population.

Question 5) Insight, strategy or innovation – Which is most important, and what role does it play in Australian business?

Gill Walker: I think they’re like a plait (or a braid) and should really feed off each other. The example I can share is a communication process we’ve developed called ‘distillation’ where we try to find an ‘essence’. The start of the process is to look for differences and similarities within the audience (insight), we then determine the best time and place to serve up the message (strategy), and from that point the creative ignition takes place (innovation).

Question 6) Pick a successful Australian product, service or brand. Why did you pick it, and what can we learn from its success?

Gill Walker: I’d pick Foxtel, Australia’s largest cable television provider. While many brands stopped spending during the noise from the global financial crisis, Foxtel took an offensive strategy. They created advertising that tapped into people’s desire to ‘stay home and save money’. According to recent reports, Foxtel’s revenue for the year ended 30 June 2009 reached $1.84b, an 11% increase on the previous year.

So the lesson we can learn from this brand is to be bold, take calculated risks, but most importantly do something rather than nothing. Decisions are the only way to move forward.

Question 7) If you had one piece of advice for a foreign business or brand attempting to enter the Australian marketplace, what would it be?

Gill Walker: If a business or brand is interested in entering the Australian marketplace, then I would suggest they have a definite plan to manage their talent and employee requirements; both retention and recruitment. If your company relies on young employees then consider this statistic - by the year 2020, only 18% of the available labour force in Victoria will be under the age of 40.

Nick Black: For those of you who aren’t familiar with Australia, Victoria is its second most populous state with over 5 million residents. If you’d like more information on the demographics of Australia, check out the Australian Bureau of Statistics.

The Supermom Spiral: Modern Mothers Anxiety

Over the years I’ve been involved in a number of studies exploring the behavior and motivations of mothers. An emotional and physical ‘hub’ for family activity, mothers are often expected to deliver perfectly on a mind-boggling array of demands.

To quote a mother we recently researched:

"You're pulled in many directions. Your kids want things from you, they need things from you, your house needs attention, you need to do shopping errands, [give] attention to your husband, all your chores, activites and work. There are things you want to do for yourself, but you feel pulled in many directions." - Female (2009) 

To make things worse, not only are mothers experiencing 21st Century scope creep, they’re also attempting to live up to unrealistic expectations of perfection.

Here's a quote from another mother we researched:

"My life is absolutely a fiasco. You don't know what to do first; work, play with your children, provide everything perfectly like a super-mum. And these days people are judging [you] so much." - Female (2009) 

It seems that modern mothers often feel trapped between Supermom expectations, responsibilities and compromises; all of which feed off each other. Unrealistic expectations increase responsibilities. Too many responsibilities lead to compromise. Compromise affects the ability to meet expectations.

Below is a diagram illustrating what I've termed the Supermom Spiral:

Helping to break or alleviate this Supermom Spiral is a big opportunity for organizations willing to embrace reality - so on that note I thought I’d share two tips for marketing to modern mothers:

1. There’s no such thing as perfect. Mothers place enough unrealistic expectations on themselves; they don’t need any additional help from brands and marketers. Give them a break from perfection and try embracing reality.

2. More information, data and facts aren't necessarily a good thing – often they just increase the burden of responsibility on mothers. Wherever possible cut through the ‘data smog’ and explore more emotional motivations.

The Economy Two: Is old becoming new?

I had a great conversation with another Morphologist in Germany on the weekend, reviewing some recent psychological research on both sides of the Atlantic. One big insight that stood out was a shift towards re-creating family and cultural traditions (both in Europe and North America). It seems that in the face of mounting economic and social pressure, people are feeling an urge to re-connect with memories and history.

Sunday dinners, DIY, knitting, charity, baking, crafts, car pooling, bicycles and fedoras; there appears to be a real desire to connect with the past. For example check out the pictures from the latest Target home ware range termed ‘Grandpa’s kitchen aesthetic’ by PSFK. Old is becoming new again. 

Here’s a quote from an interviewee in North America:

“Every night now we say grace. The kids now say ‘mum, we have to say grace’. I don’t know where it came from, but they seem really smiley when they say it…I really don’t know what caused it, it just started. It’s funny because we’re not religious.” - Female (2009)

Don’t get me wrong, it’s not about defaulting to the past – there seems to be a process of generational mashing going on here. It’s a process of blending tradition with transformation, history with change.

Here are some more examples:

- Oxfam UK campaign – The Green Grannies

- ARK UK clothing company – Acts of random kindness

- MealBaby US online company – Online meal-planning site

- Howies UK Clothing - Hand-me-down clothing lines

Taking the old and making the new…

It doesn’t surprise me that people are turning to the past whilst looking to the future. One of the fundamental concepts of morphological psychology is the existence of tensions in everyday human behaviour – like the tension between history and change.

History and change are not opposed to each other; they are two faces of the same coin. It’s the foundation of history that helps us create change. Given this current economic climate, it might be important for brands and products to frame their vision for the future with a bit of history.

Millennial (Un)employment Motivations?

Yesterday on LinkedIn, a contact recommended reading “Dude, where’s my job? What happens when the most entitled generation ever hits a recession?” It was an interesting article and reminded me of some research we conducted in 2007 exploring the employment motivations of Millennials. Based on psychological needs, the research was designed to understand how an employer could appeal to Generation Y.

While I won’t bore you with all the details, three key insights emerged:

1. The need for security and reassurance: Through out childhood and most of their adult lives, Gen Y have been connected to the umbilical cord of their parents. When taking a step into the work world, they’re keen to find an employer who can provide a substitute for this unconditional security.

2. The need for affirmation: This takes many forms. It’s not just about money, it’s about affirming development. For Gen Y, every day should be a celebration of their awesome achievements. This was symbolised by an image of multiple champagne corks popping, which was selected by research participants because it represented the 'constant celebrations' they were expecting in their future workplaces.

3. The need for autonomy and variety: They hated being trapped repeating any particular task, let alone any single desktop application. This was particularly important for recent graduates, for whom the idea of stepping off one conveyor belt (school) and stepping onto the next (career) was very scary.

So how will Millennials react to a recession? Probably in a range of ways.

Some may become professional students, choosing to stay within the secure and reassuring environment of university and education. Expect some serious credentials post recession.

Some may work for love not money, choosing to pursue affirmation through internships, volunteer work or other areas of passion. Expect some fascinating resumes post recession. 

But perhaps most interestingly, many may become entrepreneurs. Having managed their own virtual businesses (Facebook, MySpace) for years, they’re pretty good at building networks, promoting their brand and innovating. If the opportunities don’t exist, you should expect them to make their own.

The Economy: Consumer Reflections & Brand Implications

Recent market research we've been conducting with consumers has uncovered some interesting insights into the current economic climate. Not only is the situation ‘shaking’ many consumer bank accounts, but it’s also starting to ‘shake’ their thinking.

For the past few years, families have made significant sacrifices in order to squirrel away their assets and wealth. Seeing it disappear is sparking some serious reflection - if all of our effort led to a net financial loss, perhaps we’d be better off focusing on a net emotional gain?

Here’s a neat quote from a father we interviewed illustrating the point: 

“Look at this economic crisis – there are people who can no longer look in the mirror and get a good feeling. People bought into this whole lifestyle thing, where what you have is what you buy. They become a slave to the dollar…It’s a money wheel, we’re like hamsters on a wheel. That’s the analogy for today’s life!! When you gotta have what’s new and best, you end up getting on that money wheel.” - Male (2009)

This same idea was illustrated a few years ago by JWT London in a TVC for Kit Kat: 

So what happens next? What are the implications for a brand?

Whilst people don’t seem to be abandoning the money wheel, they’re starting to reflect on their situation. This same course of action would be a good idea for many brands too. Reflecting and responding to shifts in consumer sentiment is the key to survival and success for a brand. In fact, to quote one of our clients: 

“Tough times are when great brands are built; what companies do now will determine their future in the market. This crash has turned the market into a muddy field and washed away a lot of competitive advantage. The brands that make their mark now will have a footprint for a very long time to come.” 

From what we are seeing, this current economic crisis may represent a turning point for many consumers and an opportunity for many companies. Ultimately big ideas often emerge from adversity – and a big shift in consumer sentiment creates a platform for these ideas. The question is, which great leaders and great brands will emerge?