The London-based personalised marketing firm, Citipeak Events react to a recent Deloitte survey that highlights how the millennial and Gen Z generations are losing trust in brands because they have a lack of purpose.
A concerning pattern has emerged since the release of the Deloitte Millennial Survey on 15th May 2018. The survey of 10 455 millennials and 1 844 Gen Z youth highlighted that opinions surrounding the motivations and ethics of businesses have dramatically changed along with customer loyalty as the two groups are coming to expect more from brands. The 48% of survey respondents who believe that companies behave ethically compared to 65% in 2017 is evidence to indicate a massive decline in millennial and Gen Z opinions over the space of one year. A small 47% consider that business leaders are committed to helping improve society compared with 62% in 2017 and a staggering 62% think that business leaders have no other ambition beyond wanting to make money.
Personalised marketing firm Citipeak Events believe that this evidence should act as a wakeup call for companies. Millennials and Gen Z expect more from brands and as influential customers, they will take their custom (and their money) to brands that do act ethically, explains Citipeak Events. Companies also need to be careful because these two groups are the pipeline of talent and potential future leaders, so a company that merely pretends to care is naïve and short-sighted.
‘Businesses and their leaders must start looking through the lens of the millennial and Gen Z consumer if they are to survive’ said a spokesperson for Citipeak Events. ‘It’s not enough anymore to focus only on profits. Brands today must encompass a much higher purpose and be mindful of additional factors including society, the environment, their customers and the community they contribute to if they want to remain relevant in today’s market’ added the spokesperson.
Citipeak Events are experts in event marketing and creating engaging, personalised marketing campaigns for their client’s specific requirements. The services provided by Citipeak Events include raising client brand awareness, personalisation, pop-up event promotion, customer acquisitions and campaign management. The firm is encouraging businesses to take notice of the results of this Deloitte survey and why consumer needs for millennials and Gen Z are changing the face of how companies operate.