Situation:
The Home Depot catered to home buyers. But to Millennials, the largest cohort in history – one that is having a huge and lasting impact on our economy – are not buying homes like previous generations and are not embracing the dream of home ownership. Factors such as skyrocketing student debt and the economic downturn have contributed to a deep societal shift: Renting has risen in the culture to become the new buying. The Millennial world view embraces the Sharing Economy; signals include the rise of AirBnB, Lyft, Uber and coworking spaces. Real estate is no longer being viewed as the primary path for families to build wealth. A new set of values stressing mobility and experience is coming into focus.
Challenge:
You don’t have to buy a house to own a home. Instead of selling tools & materials that renters don’t want to own, The Home Depot should become the tool that transforms rental dwellings into homes. Executional ideas included creating removable flooring and wall paper; providing Rental Install/Store/Reinstall Renovation Services; helping them negotiate a lease.
Solution:
Our foresight and Innovation Framework drove $5bn in revenue and created a powerful new segment for our client.
Results:
Brand visibility far exceeding typical media buys. Significant increases in Brand relevance measures among target groups for the first time in over a decade. Double-digit increases in household penetration. Gold EFFIE Winner. Additionally, the skateboarding park that we developed – the Tylenol Bowl in Brooklyn – was named the humanitarian gesture of the year by Skateboarding magazine.
