Motivating and Marketing to Millennials @ The Central Exchange

“Children now love luxury; they have bad manners, contempt for authority; they allow disrespect for elders...they contradict their parents and tyrannize their teachers...” - Plato, by Socrates

Today, We Will... • Discuss attributes of Millennials • Examine best practices for working with Millennials • Examine best practices for marketing to Millennials

The Millennials 1977 - 2002

Millennials Matter • Spending power - $200 billion+ • “Echo-Boomers” - 86 million • Facebook Election

Researching Midwestern Millennials • Online study distributed via Facebook, Twitter, Email • 407 completes, 251 from Midwest • Spanned income ranges • Mix of urban and suburban • College degrees

Gen-Next the next great generation iPod generation Gen-Why Echo Boomers Gen-Whine Gen-Y Connecteds millennials personalization generation Trophy Generation Gen-Me

overly assertive coddled entitled digital optimistic narcissistic restless connected future-oriented inclusive energetic diverse ambitious innovative dreamers confident self-centered influential tech-savvy opportunity-driven multi-tasking trendsetters

The Mindset List Class of 2003 • Most of them were born in 1981. • They owned and operated a Trapper-Keeper. • They know what “psych” means. • They can, right now, hum the theme to Inspector Gadget. • They remember when Saturday Night Live was funny. • ET, Gremlins and The Hulk provided their lunch box themes. Beloit University, Mindset List, Class of 2003

Shaping Events • Technology: Internet, cell phones • Entertainment: Reality TV, boy bands • Violence: 9/11, Columbine, Wars in the Middle East • Politics: Clinton scandal, 2000 election uncertainty • Lifestyle: Rise of suburbs, recycling

Midwest Millennial: Home View • Believe kids and careers are both possible • 60% consider themselves religious • 75% participate in philanthropic activities • Live independently, but don’t own homes • 17% are blogging

Midwest Millennial: Work View • They aren’t entrepreneurs -- yet • Almost half make $50,000+ (household) • Philanthropy also is important at work • 64% rely on parents for advice • Satisfied with their jobs and number of hours worked

Motivating Millennials at Work

What attributes, benefits and perks are important to you? • Must Have • Like to Have • Will Give Up for Right Job • Not a Priority

Universal motivators 1. Compensation 2. Health insurance 3. Recognition for a job well done

Enable Impact on Company Outcomes • 23% must-have, 63% like to have • Eager to accomplish ambitious goals Manager Tip: Identify challenges they can help address.

Outline Clear Paths to Advancement • 60% say it’s a must-have • Opportunity valued over job security Manager Tip: Develop and use roadmaps.

Allow Access to Leadership • 32% must-have, 59% like to have • Professional development goes both ways Manager Tip: Foster mentoring.

Evolve Your Culture • Flexible work hours: 25% must-have, 60% like to have • Casual dress code, personal space and upbeat culture also valued Manager Tip: Consider embracing this.

Infuse Authenticity in Communications • “BS” meters are sensitive • Peer opinions are key Manager Tip: Be clear, consistent, customized.

Common Social Media Outlets • Facebook • Twitter • MySpace • Flickr • LinkedIn • Blogging • YouTube

Keep Social Media Social • Most consider it a personal space • Mixed on appropriateness of employer researching them Manager Tip: Use LinkedIn.

Motivating Millennials At Work • Universal motivators • Enable impact on company outcomes • Outline clear paths to advancement • Allow access to leadership • Modify your culture • Infuse authenticity in communications • Keep social media social

Marketing to Millennials

Purchase Drivers • Cheap cost with good quality • Peer recommendations • Fast service/convenience • An “experience” • A little bit on the quirky side Fast Company, 2008

Information Sources • EACH OTHER • Social Networks • Texting • Instant Message • Magazines

Tolerance for Marketing • Direct Mail Most Tolerant • Email • Facebook message • Twitter message • Text message • Phone call Least Tolerant

Know if Mail Makes Sense • 73% use coupons from direct mail • Pay bills via mail vs. internet Marketer Tip: “Old school” can still be cool.

Give a Reason to Read • Tolerance is tolerance • Email needs to evolve Marketer Tip: Coupons, contests, feedback

Enlist Facebook Fans • Reasons for joining fan pages: • Getting news or product updates • Having access to promotions • Viewing or downloading music or videos • Submitting opinions • Connecting with other consumers Marketer Tip: Create a fan page. The Participatory Marketing Network, 2009

Spare the Ads • 84% notice ads • 80% find ads irrelevant • 36% never click Marketer Tip: Tread carefully with ads. The Participatory Marketing Network, 2009

Bolster Customer Service with Twitter • 25% are on Twitter • Authentic, personalized communication Marketer Tip: Empower your staff.

B-to-B Marketing to Millennials

Help Millennials Recommend You • Researching you online • Make sure you’re there Marketer Tip: Keep sites fresh, consider a blog.

Connect on LinkedIn • Get your foot in the door. • Position your expertise.

Connect on LinkedIn • Get your foot in the door. • Position your expertise. Marketer Tip: Build a LinkedIn strategy.

Marketing to Millennials • Practice integrated marketing communications • Know if mail makes sense • Give a reason to read • Enlist Facebook fans • Spare the ads • Bolster customer service on Twitter • Help Millennials recommend you • Connect on Linked In

Today We... • Discussed a snapshot of Millennials • Examined manager’s tips for working with Millennials • Examined trends in marketing to Millennials

Thank You Clara Miller Morningstar Communications Email: cmiller@morningstarcomm.com LinkedIn: www.linkedin.com/in/ClaraMiller Blog: www.morningstarcomm.com/ LuminaryBlog.aspx

Motivating and Marketing to Millennials @ The Central Exchange

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