Monthly: July 2017

Market Information

Are Millennials Killing Business?

business killers blog

If you’ve crossed any business or marketing site you’ve probably heard the news about how millennials are business killers, ruining once proud businesses with their own culture. Things like the golf industry, the wine industry, and even McDonald’s have seen a slight decrease in value in recent reports, leading most market experts to blame these events on the rise in Millennials coming of age. From some headlines (“Are Millennials Killing Credit?”), readers would not be remiss in considering this the end of days. Are 20-30-somethings really single-handedly ruining the country’s economy though? The answer to that is of course not.   

First, the idea of any generation “killing” the industry or culture of another is hardly a new development. Millennials alone have been accused of ruining movies, cruises, department stores, and even vacations to the point where the complaint hardly has any merit. As new technology develops and the culture changes, some systems will undoubtedly change regardless of any time period or group of people. Look no further than the song title “Video Killed The Radio Star” released in 1978.

Likewise, millennials do not destroy industries out of pure spite or disinterest in the public market. The demographic, like plenty of groups before them, simply adapt to the circumstances given to them and choose to spend their money elsewhere. According to reports from both Forbes and Time Magazine, although this younger generation spends less money on wine or vacations, they are still well-represented in items such as technology and organic foods. They also appear highly adept at new technical developments such as Uber or same-day delivery systems compared to other generations. The millennial generation is still a force in the market following the latest trends and causing a boom for some companies. Those businesses that do not keep up with the times are usually the ones millennials leave behind.

Furthermore, the millennial spending habits seem to reflect the spending habits of their parents or the generation before them. Following the recession earlier in the century, many baby boomers were negatively impacted as thrifty spending choices did not serve long-term goals. Millennials ranging from young teens to college-starters often witnessed this effect first-hand from their parents, leading them to change destructive market habits. Also, with seven out of ten millennials saddled with student loan debt, the generation is less apt to make long-term, expensive purchases such as a house or a car compared to their parents. From that impact, many previous staples of life such as the 9-to-5 job or marriage are also altered or postponed as Millennials struggle to earn a debt-free life. While the millennial generation is spearheading this change in the economy and culture, the obvious source is their parents.  

However, just because some businesses have seen a slight regression doesn’t mean the Millennials are a generation of ” business killers ” in the darkest sense. Their gradual rise and general impact on the economy simply prove the need for businesses to adapt to the times and that all companies should practice keeping up with their customers. As the economy improves, more people throughout all generations will be more inclined to spend their money on the things they choose. These are still factors beyond one group’s control and will likely continue to affect people for years to come as the generations and times continue to change. Although there will probably be plenty of factors to influence the market by then, the headlines will be full of just as much doom and gloom. Just remember that these same headlines were written about hippies in the 60’s and that turned out quite alright!

No matter what generation leads the market, one of the best ways to keep a business afloat is up-to-date promotion and a significant social media presence. Contact Velocity Agency to keep your company prepared against any potential ” business killers ” and get ahead of the market trends!

Velocity News

Never Fear! Lindsay is Here!

We just never seem to stop growing here at Velocity Agency. Today, you get to meet Lindsay Kornick, our latest copywriter!

Lindsay was born in Chalmette, Louisiana, making her a proud member of the “Chalmation Nation” as her parents call it. She graduated from Mount Carmel Academy in 2012 and later earned a degree in English and Digital Media Studies at Tulane University. Since then, she has worked as a freelance writer covering subjects ranging from TV reviews to national events to what Kim and Kanye have been up to on the weekend. She’s just that experienced!

Nowadays, Lindsay spends her time honing the craft that combines her two great loves: learning about new subjects and writing about them. In her downtime, you can usually find her watching television, spending time with her local family, and, of course, eating. Since Lindsay has lived around the New Orleans area her entire life, she has nurtured a love of beignets, jambalaya, and boiled crawfish as well as her dad’s famous Doberge cakes. Oh, and did we mention she’s a twin? Yep, her sister Lauren works nearby as a data analyst for Causeway Solutions in Metairie. There is so much of them to go around!

We’re certainly looking forward to getting to know her here at Velocity Agency.

Velocity News

Chasing the Dream

 

I guess the phrase should really be another day, another new employee to celebrate at Velocity Agency! Here we say hello to Chase Treadway who works as our newest web developer.

Chase hails from Mandeville, Louisiana but has lived all over the place from his time spent as a military brat. Originally he earned a bachelors degree from the University of Mississippi with a focus on Hospitality Management. However closely following his college commencement Chase suffered a Spinal Cord Injury and thus adapted his skillset to better suit a computer based profession. Today, he still lives in nearby Mandeville which just goes to show how much our little state can stick out in the world. Or maybe he’s just a fan of the food!

Outside of work, he says he has no spare time, something I’m sure everyone at the office can all relate to around here, but, unlike everyone at the office, Chase also mentors individuals with newly acquired disabilities. He has found himself collaborating on some pretty cool projects, from 3D printing prosthetic hands to public speaking at local schools promoting “abilities etiquette.” Clearly, this is a guy who welcomes a challenge.

I’m sure I speak for everyone when I say we’re glad to have you aboard.

Seasonal

Heating Up Your Summer Marketing

Summer is usually one of the perfect times for a vacation. The weather is beautiful, kids are off from school, and people tend to take things slower than usual. As everyone takes a break from the rest of the year, however, marketing brands and entrepreneurs may want to use this time to get ahead of the curve. Though the season can be a slower one for some companies, summer promises a time for new opportunities in promotion, something that can affect business for the rest of the year.

One way to do this is to understand the certain trends that remain popular every summer. For instance, the summer months have notably higher numbers of beer and hot dog consumption. The Fourth of July also earned approximately $755 million for the fireworks industry, one of their busiest days of the year. Moreover, studies at WalletHub have found that an average $941 is spent on every person during a summer vacation. Summertime is not a relaxed time for the wallets, but how do brands reach beyond those products?

The answer to that question is basic content management. This means not only tooling the products to fit with the season but tooling the message to fit as well. In the new age of social media, it’s almost a requirement to be on top of reaching out to the public, and online settings can provide the best way to form a content strategy. The best way to understand this method is looking towards online trends and the content that Americans share across social media. Those sharing pictures of their families at the beach could be good targets for ads regarding summer wear or even vehicles for travel. By keeping track of this online activity, companies can better understand the consumers they want to target, thereby learning what is best to market to them. Simply extending ads to popular social sites like Pinterest or Snapchat can be a good start.

Most importantly, the summer season allows companies to plan for the rest of the year. Upon reaching out to people and their online preferences, businesses can update their content strategy with empirical data revealing new favorites or new sales numbers. If these months are inevitably slow, the summer can be the perfect time to reach out to new clients and revitalize the home base. Even if some consider the summer to be a vacation break, there is no time like the present to manage the industry better.

Whether the summer months means extra work or vacation time for people, the season is always the best place for opportunity. Sometimes, that’s all an ad campaign needs to work.

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