A Generational Portrait
Upcoming SlideShare
Loading in...5
×
 

A Generational Portrait

on

  • 4,838 views

E-book from Millennial marketing expert, Carol Phillips, that summarizes key characteristics of this remarkable generation.

E-book from Millennial marketing expert, Carol Phillips, that summarizes key characteristics of this remarkable generation.

Statistics

Views

Total Views
4,838
Views on SlideShare
4,806
Embed Views
32

Actions

Likes
6
Downloads
204
Comments
0

5 Embeds 32

http://xyofeinstein.wordpress.com 19
http://www.slideshare.net 9
http://www.linkedin.com 2
http://pinterest.com 1
https://www.linkedin.com 1

Accessibility

Categories

Upload Details

Uploaded via as Adobe PDF

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

A Generational Portrait A Generational Portrait Presentation Transcript

  • Marketing to Millennials September 2009 Prepared by Carol Phillips Brand Amplitude, LLC @2009 All Rights Reserved BrandAmplitude®, LLC. All Rights Reserved, 2009.
  • What do I know about Millennials? • An ‘accidental expert’ who has learned to appreciate Millennials first-hand as a researcher, professor, blogger and parent. 2008-2009 Millennial research projects & speeches: Client funded: University of Notre Dame (young alumni), Hanover College, Vogue, Corona, Maple Leaf Farms, JCPenney, State of Washington NoStankYou campaign. Self-funded: Millennials & workplace, Millennials & social media, Millennials & fundraising. BrandAmplitude®, LLC. All Rights Reserved, 2009.
  • Who Are The Millennials? The answer depends who you ask! First began to be recognized as ‘different’ by marketers about 2003. Now they are a virtual industry. No agreement on dates…or even names for this cohort among the so-called experts! BrandAmplitude®, LLC. All Rights Reserved, 2009. View slide
  • Who Are The Millennials? Defined as much by a mindset as by birth year, Millennials are people who were shaped by demographics, parenting styles, economic conditions and prevailing cultural norms. The most important shaper for Millennials: THE INTERNET. 1955 1990 Boomers Gen X Millennials Gen Z BrandAmplitude®, LLC. All Rights Reserved, 2009. View slide
  • Millennials are a product of their upbringing. • Millennials and other generations agree they are the ‘most self-indulgent’ of generations. They know they are the product of a doting parents and a booming economy. But they also believe they have worked hard to achieve and live up to parental expectations. They hold themselves to a very high standard. “I have too many goals right now! I'm entering my first year of graduate school and I'm also working on fellowship apps and also starting my first novel.” – 20 year old woman.” –Gen Y woman http://www.marketingcharts.com/topics/demographics/widely-held-attitudes-about- various-generations-studied-5813/harris-generation-most-self-indulgentjpg/ BrandAmplitude®, LLC. All Rights Reserved, 2009.
  • Why Millennials Matter Understanding this cohort group will determine overall marketing success going forward due to their large size and accelerating influence. Why Millennials Matter Size Purchasing Agents of 80 mil. Power Change Cultural Taste- Political Empowered by makers Influence Technology "The digital revolution has not only given this generation of young people access to knowledge and information on an unprecedented scale, but it has also given them massive influence.” One Young World http://www.oneyoungworld.com/about/index.html BrandAmplitude®, LLC. All Rights Reserved, 2009.
  • Millennials are often surprised to learn how others see them. • Millennials are often misinterpretted; they do not see themselves as others do. “Gen Y is just a tag [by adults] that describes how much adults have Dislike labels forgotten on what it is like to be a teen.” - Twitter message Consider many criticisms to “‘Impatience and arrogance’ are signs of ‘confidence and be strengths. willingness to speak out’. What looks like ‘laziness’, is a desire for ‘balance’; ‘overreliance on technology’ is ‘efficiency.’ “- CP Friction in the workplace is “Gen-Y behavior. @FAquila: incredible!! RT @NancyFox giving Millennials a bad name. Intern quit in middle of a project, no warning after making big mistake” – Twitter message Don’t understand why the world doesn’t see “If it’s broken, why not fix it?”-Blogger things their way – this is reasonable. “If you've got a Gen Yer who doesn't have high Expect appreciation for how hard they expectations, you probably hired the wrong work and what they have to offer. person.” – Bruce Tulgan, Not Everyone Gets a Trophy BrandAmplitude®, LLC. All Rights Reserved, 2009.
  • Some points of consensus in the research: Diverse Maintain close ties Optimistic with family, like and admire parents Believe in Want to be rich & institutions famous – and Distrustful of think it’s possible ‘marketing’ Digital Critical of natives More politically business involved than ethics/morality Socially Gen X conscious Want a balanced life Like collaborative, Frugal shoppers, supportive Value fresh foods price conscious environments and exercise BrandAmplitude®, LLC. All Rights Reserved, 2009.
  • Millennials behave differently. Sophisticated food preferences – more fresh fruits & vegetables, local foods, visit farmers markets, enjoy sushi and ethnic foods, high interest in cooking and gourmet foods. 40% consider themselves ‘foodies’. Different use of time – go to bed later and sleep less, spend more time in sports and in reading and ‘other interests’ – like Sporcle.com. Millennials are chronically tired, but actually ‘time rich’ relative to other gen’s. Communicate differently – favor text & social media over email & telephone, less interested in Twitter, favor Facebook and Myspace though showing signs of social media fatigue. FB links 9MM-18MM April to Aug! Different media habits – early adopters of the ‘third screen’ they expect to watch what they want, when they want where they want. What makes them unique, perhaps in all history, is access to platforms to broadly communicate and share their ideas. This ability alone may make the gap between Gen Y and earlier generations more striking than any gap before or after. BrandAmplitude®, LLC. All Rights Reserved, 2009. BrandAmplitude®, LLC. All Rights Reserved, 2009.
  • Millennials are more liberal than earlier generations. There are marked differences of opinions on cultural and political issues. Gen Y is accepting and tolerant, diversity is a given. Many have dated someone of another race. Nothing shocks them. They use profanity for emphasis, not to offend. Young males say Family Guy is their favorite way to relax. Many ‘vulgar’ videos have high awareness among Millennials -- and virtually none among other generations. http://www.youtube.com/wa Source: Pew tch?v=4JMOh-cul6M http://www.youtube.com/watch?v=R7yfISlGLNU&feature=pla 23 million views yer_embedded 34 million views BrandAmplitude®, LLC. All Rights Reserved, 2009.
  • Is there is a generation gap? Yes…and it’s as wide as it was in the 60’s. Biggest differences concerned issues of morality, religion, and the social values surrounding lifestyle, family, relationships and dating. Older people also cited differences in a sense of entitlement. Those in the middle-age groups also often pointed to a difference in manners. But the generations have learned to ‘mind the gap’ . While they may not see eye to eye, they have determined to be tolerant of their differences. “They describe their parents with shocking regularity as their “best friends.” – NYT, Class of 2009, June 2009 “Survey shows widest generation gap among American children and their parents.” According to the Pew Study, almost eight in 10 people believe there is a major difference in “Study finds widening generation gap in the point of view of younger people and older people today. America.” From cell phones and texting to religion and manners, younger and older “Study: Generation gap in U.S. largest since ‟60s.” A Americans see the world differently, creating the survey Monday by the Pew Research Center highlights a largest generation gap since the tumultuous widening age divide after last November’s election, when 18- to years of the 1960s and the culture clashes over 29-year-olds voted for Democrat Barack Obama by a 2-to-1 Vietnam, civil rights and women’s liberation. ratio. BrandAmplitude®, LLC. All Rights Reserved, 2009.
  • Millennials want different things out of life. Millennials are determined to make an impact. Their early idols were young, idealistic characters out to make a difference. Today volunteering rates are soaring, Teach for America and Peace Corps are experiencing record applications. “In 2007, I fielded a global quantitative study of Gen-Yers in 13 countries and was surprised to find the No. 1 attitude unifying the generation was: "I would fight for a cause I believe in." A large majority of global Gen-Yers agreed with it from among dozens of other attitudes…” - Chip Walker, Strawberry Frog BrandAmplitude®, LLC. All Rights Reserved, 2009.
  • Millennials relate to traditional values. Each age is defined by unique set of interests, values and challenges, yet they are remarkably consistent in their values. Authenticity Pick three adjectives that best describe your values How the ‘person who knows you best’ describes you Self-expression Adventure 20-24 year old women 20-24 year old women Caring Meaning 25-29 year old women 25-29 year old women BrandAmplitude®, LLC. All Rights Reserved, 2009.
  • Millennials are cautious about marriage. Millennials aspire to having a serious relationship and children, but not necessarily marriage at least not right away. The average age of marriage is 25 for women, reflecting a desire to be established before settling down. They are fascinated by Barack and Michelle, a loving and respectful couple. Just 22% of those 18-30 have a strong view of marriage, while 14% A Model Marriage express strong sentiments against it. Those in the middle have Equal & Devoted mostly a ‘practical’ view of marriage and plan to either wait a while or live with someone before committing. – TRU Research “I am member of Gen Y and we are decisive, regardless of the stereotypes. Most know what we want and are seeking balance in life is a big part of getting it. Gender roles in parenting and family are a little lest stringent and the whole dynamic of a family is shifting a little. I see that in a lot of my friends.” BrandAmplitude®, LLC. All Rights Reserved, 2009.
  • Millennials plan to have a family of their own. 77% of students nationwide say “raising a family” is an “essential” or “very important” life objective*. Birthrates are climbing. More babies were born in 2007 than in 1957. Many feel prepared to be a parent. The Juno Effect? Millennials are determined to be good parents. Young parents plan to share child care responsibility and to enjoy alternating periods of working and staying home, or working from home. “Amy is going to be a great mom. yes, it will be “For first-wave Millennials like myself, we were dificult she mite even have to dump Ben and coming of age just as all the characters on focuse more on baby John. Ricky is also going FRIENDS were starting to settle down and even to be a great daddy..::. I LOVE THE SECRET LIFE have babies. I think girls my age thought “Why OF THE AMERICAN TEENAGER.::.” am I going to waste a decade trying to find myself, when in the end what I’m looking for is *(In 1977, by comparison, just 59 percent of students gave the same a family?” level of importance to raising a family.) BrandAmplitude®, LLC. All Rights Reserved, 2009.
  • Relationships and social issues are a top priority for Millennials. When we ask 20-24 year old women what their friends look to them for, what they are ‘experts’ at, most say ‘relationships’. Emily : I'm considered an expert on relationship advice. A lot of people come to me with dating problems and scenarios. Tiffany N.: My friends look to me for advice on relationships, fashion, and makeup. “What people have long cared most about are their connections with other people. As a result, it's amazing that the digital world has taken this long to find value in this fundamental purpose. "You have to figure out how your product can uncover social relationships,“ No More Teachers, No More Books: The Social Student Comes of Age BrandAmplitude®, LLC. All Rights Reserved, 2009.
  • Millennials face intense pressure to grow up fast. Millennials face adult-like social pressures at an earlier age than other generations. 2008 study conducted by the National Institutes of Health (NIH) found 42.6 percent of high-school seniors said they had tried marijuana, as had 14.6 percent of eighth graders. Ironically, at the same time childhood is disappearing, adolescence is being extended with dependency on parents extending into late twenties. The result is one of the longest periods of „young adulthood‟ in history. http://www.chicagomag.com/Chicago-Magazine/September-2009/The-Secret-Life-of-Teens-A-Special-Report/index.php?cparticle=2&siarticle=1#artanc BrandAmplitude®, LLC. All Rights Reserved, 2009.
  • Millennials report high levels of stress. Adding to typical pressures of social acceptance are pressures to succeed and attain their parent’s lifestyle. Concerns about funding college or coping with future debt are top of mind now. Many are burdened (or will be) by high college debt - average of $27,000. BLS data shows single people today are not as well off as they were 20 years ago. “One question that elicited a robust response was whether life is harder or easier for today’s teens than it was for their parents. Most teens insisted it was harder, and when we asked why, one word inevitably surfaced: pressure.” “also reported pressure to meet or exceed their parents’ lifestyle. “One of our teachers asked why we try hard in school,” said a New Trier Township High School student, 18. “I raised my hand and said it was because my parents would kill me [if I didn’t]”. “One girl said it was for maintaining the lifestyle we live right now. “A lot of the kids I know are worried about not living up to their parents’ expectations.” She went on to describe how that translated into additional Advanced Placement (AP) courses, extracurriculars, volunteer hours, and, for her, even a part-time job. “There’s a lot of pressure to succeed, so when [kids] have free time, they go crazy.” – Chicago Magazine, Sept 2009 BrandAmplitude®, LLC. All Rights Reserved, 2009.
  • Millennials are also concerned with defining and realizing their adult identities. Millennials are actively shaping their dreams and believe they can make them come true. Most envision a flexible ‘slash’ career that sequentially encompasses a variety of interests and allows time to pursue outside interests… but the recession is taking its toll. “I’m a mixture of excited and nervous for the future.” “But there’s no point in getting upset, because it’s not the end of the world.” Forrest Petterson, a graduating senior at Friends Seminary. “According to a survey by Lee Hecht Harrison Company, 60% of employers are experiencing tension between employees of different generations. The survey found that 70% of older employees are dismissive of younger workers' abilities, and 50% of Gen Y workers were dismissive of older workers' abilities.” BrandAmplitude®, LLC. All Rights Reserved, 2009.
  • Millennials may redefine the American dream. Millennials are putting family, flexibility, and balance ahead of career and money. Economically, it is unlikely they will enjoy the same standard of living as their parents. Some are asking if this is the ‘new normal’? Will this be a new ‘downturn generation’? Will this be a new ‘downturn generation’? Agree Agree completely somewhat Total "Having a satisfying career that contributes to society in 26% 37%% 62% some way is more important than just making a lot of money” 28% 34% 63% "I would rather have a happy marriage and children with an average paying job at age 35 instead of making a lot money without a spouse and children at age 35." Disagree Disagree completely somewhat "To be truly happy in life, I need to be making a lot of 24% 38% 62% money" http://gendigital.typepad.com/gendigital/2009/08/the-new-normal-emerging-recessionbased-trends.html BrandAmplitude®, LLC. All Rights Reserved, 2009.
  • Millennials can laugh at themselves and appreciate irony, age-specific cultural allusions. Answering the same letter three A recent study has shown There is a times or more in a row on a that playing beer pong great need for Scantron test is absolutely contributes to the spread sarcasm font. petrifying. of mono and the flu. Yeah, I would bet on I totally take back . if you suck at it. any given Friday all those times I . or Saturday I think part of a best didn't want to nap If Carmen San Diego and night more friend's job should be to when I was younger Waldo ever got together, kisses begin with immediately clear your their offspring would Miller Lites than computer history if you probably just be with Kay. die. Lol has gone from completely invisible. meaning, "laugh out While driving yesterday I loud" to "I have When I meet a new girl, I'm saw a banana peel in the nothing else to say". terrified of mentioning something road and instinctively she hasn't already told me but swerved to avoid I can't remember the that I have learned from some it...thanks Mario Kart. last time I wasn't at light internet stalking. least kind of tired.. Source: “Random thoughts of . If, years down the road when people our age” - I'm trying to have a kid, I find You know you're gen-y when you Bangitout.com out that I'm sterile, most of my expect a red squiggly line to show See also: up under your handwriting when disappointment will stem from Textsfromlastnight.com you misspell something Fmylife.com the fact that I was not aware of Failblog.org my condition in college. BrandAmplitude®, LLC. All Rights Reserved, 2009.
  • Engaging Millennials is getting harder. Diverse interests and backgrounds. Fierce competition for their attention. Expect content free and on demand. Incredible filters – technology and psychology. Distrustful of marketing. BrandAmplitude®, LLC. All Rights Reserved, 2009.
  • Brands that are winning with Millennials reflect their values and speak to their social concerns: Look for brands that ‘walk their talk’ - ethical, inspirational, cool, socially conscious / responsible & sustainable, healthy, efficient, customized…. BrandAmplitude®, LLC. All Rights Reserved, 2009.
  • Several brands have successfully repositioned to Millennials: Kraft Miracle Whip P&G Herbal Essence ABC Family Channel "Many people enjoyed Miracle Whip “We totally reframed the “[Millennials] are optimistic, they in the past, but with so many flavor proposition (to appeal to make decisions by consensus, and options today, many of them -- Millennials),” says Lafley. While they’re diverse — but most especially younger consumers -- have P&G doesn’t break out sales importantly they love family, lost sight of this tangy original figures on specific products, the which is great for our name and dressing," the spokesperson says. "We company reported in a conference the brand,” he said. “They may have reinvented Miracle Whip, and we call soon after the shampoo was define family differently — it’s not want to bring its one-of-a-kind flavor relaunched that the brand was Ozzie and Harriet, but rather a back in front of younger consumers growing again, with sales growth much messier, more passionate, who might not be thinking about it." – rates in the high single digits.” – more fun, more real family.” – Kraft spokesperson Business Week Paul Lee, President ABC Family BrandAmplitude®, LLC. All Rights Reserved, 2009.
  • Advice for Connecting with Millennials 1. Be Authentic: Millennials give everything the smell test before they give consideration. 2. Be Relevant: Do you really understand what matters to Millennials? 3. Be A Necessity: Millennials regard themselves as cash-strapped and on the edge of financial calamity; the ‘luxury’ position is unlikely to resonate. 4. Be A Value: Millennials are careful shoppers. They do research and compare prices before they buy. 5. Be Socially Responsible: A relevant cause can keep your brand top of mind, make it talk worthy and act as a tie-breaker when all else is equal. 6. Be Shareable: Everyone knows Millennials are avid users of social media, and the reason is that they love to share. ‘Social currency’ takes many forms – a laugh, some news, a tip, a coupon, a free app. 7. Be an Experience: Millennials are more interested in doing cool things than having cool things. They are curious, want to learn and believe experiences are a way of investing in themselves. BrandAmplitude®, LLC. All Rights Reserved, 2009.
  • Final Thoughts Engaging Millennials = Enabling Discovery + Energizing Experience + Encouraging Advocacy Is Your Brand Millennial Ready? BrandAmplitude®, LLC. All Rights Reserved, 2009.
  • Thank you! http://brandamplitude.com http://millennialmarketing.com carol@brandamplitude.com http://twitter.com/carol_phillips http://linkedin/in/carolphillips BrandAmplitude®, LLC. All Rights Reserved, 2009.