So, how does the Millennial Mindset impact the snacking category? The answer is twofold:
However, this is just the big picture. We already know Trusted is the first step in building consumer relationships. It also is important to snacking based on the cultural insights impacting the category. We determined through our research that Innovative and Social Circle were ranked most important when determining brand preference.
For Innovative, the first priority is to realize that consumers want to:
- Be inspired
- Try new things
- Be pleasantly surprised
Snack brands today are doing decently well when it comes to Innovative. However, many snacking brands are not performing as well when it comes to Social Circle. In fact, this is the mindset in which snack brands score the lowest among all consumers.
While innovation may sustain a brand for the foreseeable future, it will be mandatory for them to increase their score on the Social Circle mindset if to obtain sustainable success.
When it comes to Social Circle, snack brands must keep in mind that consumers want to:
- Share experiences with others
- Tell their friends about brands
- Converse and participate with brands
- Find brands that reflect themselves
According to Mintel, consumers are also more likely to try a brand that is recommended to them. That is a clear indication of the value of Social Circle.
This is because we are living in a new consumer market where target audiences need to be consistently re-evaluated and updated. Today’s market is lead by a group of like-minded consumers who may range in demographics and backgrounds but who are within the same mindset. This drives brand performance across industry verticals.