The 4Ps of marketing that unlock Millennials and Gen Z

"As a Gen Xer, Millennials and Gen Zers have always felt a bit elusive. Their high ideals feel unattainable. Their lust for new experiences that can be cataloged on Instagram seems insatiable. And their shared economy mindset in which they own very little feels at odds with my desire to scoop up assets and put down roots. On the bright side, they seem to be ushering in a larger evolution of culture,"

"But how do brands evolve to meet these new cohorts, whose spending power increases by the minute? How do we tap into this generation that has incredible agency around creativity and conversation, and who are constantly crafting their social identities through photography, filmmaking and written narratives? How do we give them a voice when we've been trained to use our power to curate and editorialize for the masses?"

"We older, perhaps less wise ones were trained in the 5Ps of Marketing (product, price, promotion, place and people). But all hail the queen, the 5Ps appears to be dead. If we want to unlock the potential of these increasingly important younger segments, we need to radically change how we are thinking. It's no longer the 5Ps, but the 4Ps that matter: purpose, positioning, personalized and partnerships."

Millennials and Gen Z prioritize inclusivity, values alignment, creative agency and social identity over traditional consumption patterns. They favor experiences, shared-economy models and expressive content created through photography, filmmaking and writing. Brands must shift from product-, price- and promotion-centric thinking to four priorities: purpose, positioning, personalization and partnerships. Purpose-driven initiatives and diverse representation build credibility. Positioning should respect cultural shifts and individual identities. Personalization and collaborative partnerships enable co-creation and authentic engagement. Legacy marketing tactics that editorialize for broad audiences risk alienating younger cohorts who seek voice, participation and brands that reflect their ideals.

Read at The Drum