The Millennials

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The Millenials by Litsa Roussos

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The Millennials

  1. 1. The Millenials By: Litsa Roussos
  2. 2. Introduction <ul><li>Born between 1982 and 2000 </li></ul><ul><li>Helicopter parents </li></ul><ul><li>Marriage/Divorce </li></ul><ul><li>Career first </li></ul><ul><li>Work life balance </li></ul><ul><li>No work </li></ul><ul><li>A decade of change </li></ul><ul><ul><li>Unprecedented innovation in technology </li></ul></ul><ul><ul><li>Financial collapse </li></ul></ul><ul><ul><li>Fear of climate change </li></ul></ul><ul><ul><li>A global society </li></ul></ul><ul><ul><li>Aftermath of a terrorist attack </li></ul></ul><ul><li>Today's youth are the epicenter of major societal change </li></ul><ul><li>They are the biggest influencers and innovators around today (Obama +Blackberry+ Facebook) </li></ul>
  3. 3. Introduction cont… <ul><li>Mark Zuckerberg 25yrs old and CEO of the most searched brand in the world. Larger than the population of the USA Now at 900 million users! </li></ul><ul><li>Obama understands their values.. secret to his success.Largest number in terms of voting population during the last election. He knew how to connect with them using social media Sms, twitter, etc </li></ul><ul><li>Embracing millennial perspective is key for anyone wanting to move up and grow and survive because the millenials are </li></ul><ul><li>Our staff </li></ul><ul><li>Our customers/our consumers </li></ul>
  4. 4. The New Leaders <ul><li>Drive change at an unprecedented rate. Christo Wiese PEP Stores </li></ul><ul><li>Understand how social technologies integrate our lives </li></ul><ul><li>Know that success won’t be “what always worked” </li></ul><ul><li>Infact they totally redefine business on an ongoing basis. It is not a destination. It is a journey. </li></ul><ul><li>Educate in different ways eg webinars, podcasts, global and interactive </li></ul><ul><li>Info in text books is outdated before it is even printed </li></ul>
  5. 5. What will lead successful companies to drive growth? <ul><li>New Ideas </li></ul><ul><li>Creative approaches </li></ul><ul><li>Innovative products to meet millenial needs </li></ul><ul><li>Integrated organizations </li></ul><ul><li>Open communications </li></ul><ul><li>Connected communities via social networks Linked In etc </li></ul><ul><li>Unrelenting passion for change eg Blockbusters and Netflix </li></ul><ul><li>So,what have you done new in your call centre lately? </li></ul>
  6. 6. The Millennial Impact <ul><li>They will lead tomorrows successful businesses </li></ul><ul><li>They may not be CEO’s of companies but </li></ul><ul><li>They will influence how we communicate </li></ul><ul><ul><li>YouTube – Chad Hurley </li></ul></ul><ul><ul><li>Facebook Mark Zuckerberg </li></ul></ul><ul><li>Consume media </li></ul><ul><li>Browse webs </li></ul><ul><li>Make products enhance their lifestyles focusing on speed of information and communication </li></ul><ul><li>Embrace millennial values to succeed </li></ul><ul><li>Empower them </li></ul><ul><li>Major consumers </li></ul><ul><li>Leading influencers </li></ul>
  7. 7. About the Study <ul><li>What company will look like and run by Millenials? </li></ul><ul><li>Task – Develop the business of tomorrow </li></ul><ul><li>Objective – to analyze their approach </li></ul><ul><li>Research Intrepid and Mr Youth in the UK and USA </li></ul><ul><li>6 months, 800 individuals </li></ul>
  8. 8. The DNA of the Millenials <ul><li>A – Type of organization </li></ul><ul><ul><ul><li>Collaboration </li></ul></ul></ul><ul><ul><ul><li>Shared responsibilities </li></ul></ul></ul><ul><ul><ul><li>Consensus </li></ul></ul></ul><ul><ul><ul><li>Flat leadership (sharing) </li></ul></ul></ul><ul><li>B –Stimulating Work Environment </li></ul><ul><ul><ul><li>Stimulate and engage </li></ul></ul></ul><ul><ul><ul><li>Continual change </li></ul></ul></ul><ul><ul><ul><li>RFL – Change more than benefits, salary etc </li></ul></ul></ul><ul><ul><ul><li>18 – 26 years old changed jobs 7 times! </li></ul></ul></ul><ul><ul><ul><li>Fun, friendly, challenging = working environment </li></ul></ul></ul><ul><ul><ul><li>Exciting, rewarding work place </li></ul></ul></ul><ul><ul><ul><li>Challenging work core to job satisfaction </li></ul></ul></ul><ul><ul><ul><li>How does your call centre environment meet the above? </li></ul></ul></ul>
  9. 11. The DNA of the Millenials cont… <ul><li>C – Innovative Driven Culture </li></ul><ul><ul><ul><li>Aspire to work for Google, Microsoft, Apple, Nike vs fashion and celebrity </li></ul></ul></ul><ul><ul><ul><li>Seniority | tenure | titles = ‘dirty words’ </li></ul></ul></ul><ul><ul><ul><li>Authority through interaction and achievement </li></ul></ul></ul><ul><ul><ul><li>Older not better McCain vs Obama </li></ul></ul></ul><ul><ul><ul><li>“ Change we can believe in” – 62% millennial votes </li></ul></ul></ul><ul><ul><ul><li>Not “been there, done that” </li></ul></ul></ul><ul><ul><ul><li>Driven by ideas – move forward </li></ul></ul></ul><ul><ul><ul><li>How innovative is your call centre? </li></ul></ul></ul><ul><ul><ul><li>What does your management structure look like? </li></ul></ul></ul>
  10. 12. The Earn Up Model <ul><li>Based on customer contact and brand experience </li></ul><ul><li>Follow the ideas (company positioning as innovative to attract the best talent) </li></ul><ul><li>Promotion based on creativity, excellence and work ability which drives better pay </li></ul><ul><li>Respect is gained through work, not seniority or or job tenure </li></ul><ul><li>Ceo’s don’t understand the basics ( would we say this was true of Steve Jobs?) </li></ul><ul><li>Proof of this is that the world has more billionaires under the age of 30 than ever before in history! </li></ul>
  11. 16. The Product <ul><li>Technology breeds humanity </li></ul><ul><li>Technology personalized and tailored </li></ul><ul><ul><li>Cater to consumers </li></ul></ul><ul><ul><li>Create unique experiences </li></ul></ul><ul><ul><li>Identify purchase behavior </li></ul></ul><ul><ul><li>Eg fashion solution </li></ul></ul><ul><li>Consumer based idea development </li></ul><ul><li>User experienced design intrinsic to brand perception (Most used referral) </li></ul><ul><li>User friendly seamless experience (Apple) </li></ul>
  12. 17. The Product cont… <ul><li>Don’t oversell, overhype and under deliver </li></ul><ul><li>They are the savviest consumers over </li></ul><ul><ul><li>Personal recommendations </li></ul></ul><ul><ul><li>Read reviews </li></ul></ul><ul><ul><li>Post on Facebook </li></ul></ul><ul><ul><li>Research online ( buying the Ipad 3) </li></ul></ul><ul><li>Deliver constantly </li></ul><ul><li>Eco is nice </li></ul>
  13. 21. The Marketing <ul><li>Celebrity = “overpriced mannequins” “taboo, forced and fake” </li></ul><ul><li>Celebrity character flaws (Tiger Woods, Arnold Schwartzneger, Giggs) </li></ul><ul><li>Victoria Beckham Jimmy Choo shoes </li></ul><ul><li>Identify with a character trait, rather than a person – </li></ul><ul><li>Eg Bill Gates Humanitarian </li></ul>
  14. 24. The Marketing <ul><li>No real engagement (commercials). </li></ul><ul><li>Not a “buying driver”. It is more about awareness </li></ul><ul><li>Fast forward traditional media </li></ul><ul><li>Involved with the brand on a deeper level </li></ul><ul><ul><li>Have a dialogue (Twitter, Facebook, Blog) Isabel dos Rios </li></ul></ul><ul><li>Push and promote their loved brands </li></ul><ul><li>Don’t see channels differently </li></ul><ul><li>Use the channel that connect with their life touch points </li></ul><ul><li>How is your call centre using the above to connect with your customer base? </li></ul>
  15. 27. The Marketing cont…. <ul><ul><li>Peer to peer drives influence </li></ul></ul><ul><ul><li>Word of mouth trusted to inform </li></ul></ul><ul><ul><ul><li>43% word of mouth </li></ul></ul></ul><ul><ul><ul><li>26% TV </li></ul></ul></ul><ul><ul><ul><li>22% Webpage </li></ul></ul></ul><ul><ul><li>Investigation before purchase </li></ul></ul><ul><ul><li>Peers deliver relevance </li></ul></ul><ul><ul><ul><li>Must matter to them as individuals, not mass marketing </li></ul></ul></ul><ul><ul><li>Recommendations drive behavior </li></ul></ul><ul><ul><li>Trust and relevance </li></ul></ul><ul><ul><li>WOM has greatest influence as a buying behavior </li></ul></ul>
  16. 30. The Future of Business <ul><ul><li>Large scale operational changes </li></ul></ul><ul><ul><li>It is </li></ul></ul><ul><ul><ul><li>Real time </li></ul></ul></ul><ul><ul><ul><li>Two way </li></ul></ul></ul><ul><ul><ul><li>Customized </li></ul></ul></ul><ul><ul><ul><li>Collaborative </li></ul></ul></ul><ul><ul><ul><li>Merit based </li></ul></ul></ul><ul><ul><li>Brands and consumers build personal relationships (like friends) </li></ul></ul><ul><ul><li>How does this impact our call centre? </li></ul></ul><ul><ul><li>Scripting, product offering etc </li></ul></ul>
  17. 31. 10 Core Principles <ul><ul><li>Collaboration </li></ul></ul><ul><ul><ul><li>Enable diverse cross functional teams </li></ul></ul></ul><ul><ul><li>Ask for more from all employees </li></ul></ul><ul><ul><ul><li>New challenges facing them daily </li></ul></ul></ul><ul><ul><ul><li>Perceived rapid growth areas ( they talk to our customers all day) </li></ul></ul></ul><ul><ul><ul><li>Value their ideas over past experience </li></ul></ul></ul><ul><ul><li>Engineer humanity </li></ul></ul><ul><ul><ul><li>Use technology to customize products eg paint shops </li></ul></ul></ul><ul><ul><ul><li>Enhance consumer lives ( make it easy eg buy on internet) </li></ul></ul></ul><ul><ul><ul><li>Enhance employee work life balance ( creative shifting, home workers< output/productivity based vs hours input based) </li></ul></ul></ul><ul><ul><li>Integrate responsibility into the core of the business </li></ul></ul><ul><ul><ul><li>Have a mission beyond just profits. Steve Jobs wanted to fundamentally change the world. He impacted movies, music and computers. </li></ul></ul></ul>
  18. 32. 10 Core Principles cont… <ul><ul><li>Think two way </li></ul></ul><ul><ul><ul><li>Transparency </li></ul></ul></ul><ul><ul><ul><li>Open communication </li></ul></ul></ul><ul><ul><li>Foster advocacy </li></ul></ul><ul><ul><ul><li>Marketing invites consumers to share (WOM) </li></ul></ul></ul><ul><ul><ul><li>Be genuine, authentic and meaningful </li></ul></ul></ul><ul><ul><ul><li>Don’t skimp on quality </li></ul></ul></ul><ul><ul><li>Change </li></ul></ul><ul><ul><ul><li>Find ways to evolve </li></ul></ul></ul><ul><ul><ul><li>New way to do things or you won’t keep up. </li></ul></ul></ul>
  19. 33. The Impact of the Millenials on our Business We must change <ul><ul><li>Our brand to appeal to the millenials </li></ul></ul><ul><ul><li>Our offering and positioning to attract and retain the millenials </li></ul></ul><ul><ul><li>Our management style to their values ( inclusive vs autocratic) </li></ul></ul><ul><ul><li>Implement strategies to gain their loyalty to our brand eg Virgin </li></ul></ul>
  20. 34. YouTube.com <ul><ul><li>Our brand to appeal to the millenials </li></ul></ul><ul><ul><li>Our offering and positioning to attract and retain the millenials </li></ul></ul><ul><ul><li>Our management style to their values </li></ul></ul><ul><ul><li>Implement strategies to gain their loyalty to our brand </li></ul></ul><ul><ul><li>http://www.youtube.com/watch?v=at7i8xh19pw </li></ul></ul>

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