The Rise of the Millennial Entrepreneur: Brand Storytelling for a New Generation of Women in Business
Did you know one of the fastest growing groups of entrepreneurs are female Millennials? Recent studies indicate Millennials are ditching previous generations’ plans for professional growth and forging their own paths. Many of which are entrepreneurial by nature.
With more and more of Gen Y placing their money where their mouth is, companies understand the need for living up to expectations.
Not only that, but Millennials have shown they value purpose, social causes and making an impact - in a very different way than the generations that have come before.
So what does brand storytelling have to do with this new generation of entrepreneurs, especially women? Turns out, brand stories are helping Millennials reach greater levels of business success compared to the Madmen strategies of yesteryear.
Why Stories Work So Well for Millennials
In a generation that believe profit and purpose can go hand-in-hand, brand stories are a bridge for making the impact and money these new entrepreneurs crave.
Whether it’s creating meaning or connection, this new group of Millennial entrepreneurs see more to work than a paycheck. They see possibility.
Advertisers know this and have switched up the way they market. The old way of marketing doesn’t work with Gen Y and for good reason: where the prior generations found fulfillment in stuff, the new generation finds fulfillment in experience.
Whether it’s renting a real home through Airbnb or hosting a meet-up in a foreign country while traveling solo, Millennials are attracted to engaging experiences that make memories.
Taking a page from the big ad agencies, Millennialpreneurs have started to use content marketing, gorilla-style stories and real-time engagement as their go-to marketing strategies when building their own businesses.
And that’s where story comes in.
The Power of Stories for Millennial Brands
If you’re new to the power of story, start here. But if you’re savvy to what story can do for your business, keep reading.
For Millennial brands and the companies they lead, brand stories are the key to success.
Gen Y women are especially drawn to the power of brand storytelling as more women embrace companies that are real, honest and out to make a difference.
North American brands like THINX, where a taboo topic goes mainstream by using out-of-the-box advertising, have become the new emblem of the #womensmovement. Where our mothers once burned their bras, today’s generation of fired up females spend their money and invest in companies that uphold or stand for female-centered values.
At the helm of THINX is a Millennial entrepreneur, a woman who sees profit and purpose as an opportunity to meet at an important junction of history.
The use of brand stories to elevate not only a brand but an important topic, is now a common practice in marketing circles.
Millennials want better solutions, practice a new level of conscious consumerism and don’t need the same sense of safety the prior generation relied on.
How Millennial Entrepreneurs Can Use Story to Succeed
The internet gurus who plagued the early days of our online history had a particular way of doing business. Flashy images, stock photos, and BUY NOW sales copy were not only new but also relevant to that particular demographic.
Back then (let’s say late 1990’s / early 2000’s), many Millennials weren’t even online yet. AOL was still cool. Facebook was just being invented.
So marketing back then was designed for a very different generation.
For the Millennials starting businesses in today’s digital environment, marketing is a little bit like the wild, wild west.
The strategies of before don’t work.
New strategies change every day.
Story is the only consistent strategy Millennials rely on to foster connection, build rapport, and marry purpose and profit for great impact and success.
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