Older brands can learn a thing or two from Red Bull, which Thibodeaux says has done a good job of tapping into the millennial mindset and keeping its attention. For instance, Red Bull sponsors extreme sports activities that millennials enjoy and supports spinal cord research, giving the impression that it's giving back. Companies should advertise their philanthropic activities more, Thibodeaux advises.
Extreme sports aside, millennials tend to be risk takers in their jobs, which underscores their willingness to at least look closely at startup tech over legacy brands. Consequently, companies will need to change their risk tolerance and learn to deal with inevitable missteps with technology purchases.
"This is a generation that's going to beg for forgiveness when something goes wrong but won't ask for permission," Thibodeaux says.
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