Motivating and Marketing to Millennials @ The Central Exchange

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If you haven't already interacted with Millennials, get ready. They're coming to a workplace near you. Contrary to popular belief, Millennials can be some of your best team members and customers. Unlock the secret to motivating and marketing to them. Featuring Midwest-specific research, this presentation was given on July 15 to members of The Central Exchange in Kansas City.

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Motivating and Marketing to Millennials @ The Central Exchange

  1. 1. Challenge of the Millennium: Motivating Gen-Y Strategies for managers and marketers Clara Miller The Central Exchange • Professional Development Series July 15, 2009 © 2009 Morningstar Communications
  2. 2. “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
  3. 3. Today, We Will... • Discuss attributes of Millennials • Examine best practices for working with Millennials • Examine best practices for marketing to Millennials
  4. 4. The Millennials 1977 - 2002
  5. 5. Millennials Matter • Spending power - $200 billion+ • “Echo-Boomers” - 86 million • Facebook Election
  6. 6. 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
  7. 7. Gen-Next the next great generation iPod generation Gen-Why Echo Boomers Gen-Whine Gen-Y Connecteds millennials personalization generation Trophy Generation Gen-Me
  8. 8. 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
  9. 9. 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
  10. 10. 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
  11. 11. 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
  12. 12. 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
  13. 13. Motivating Millennials at Work
  14. 14. What attributes, benefits and perks are important to you? • Must Have • Like to Have • Will Give Up for Right Job • Not a Priority
  15. 15. Universal motivators 1. Compensation 2. Health insurance 3. Recognition for a job well done
  16. 16. 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.
  17. 17. Outline Clear Paths to Advancement • 60% say it’s a must-have • Opportunity valued over job security Manager Tip: Develop and use roadmaps.
  18. 18. Allow Access to Leadership • 32% must-have, 59% like to have • Professional development goes both ways Manager Tip: Foster mentoring.
  19. 19. 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.
  20. 20. Infuse Authenticity in Communications • “BS” meters are sensitive • Peer opinions are key Manager Tip: Be clear, consistent, customized.
  21. 21. Common Social Media Outlets • Facebook • Twitter • MySpace • Flickr • LinkedIn • Blogging • YouTube
  22. 22. Keep Social Media Social • Most consider it a personal space • Mixed on appropriateness of employer researching them Manager Tip: Use LinkedIn.
  23. 23. 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
  24. 24. Marketing to Millennials
  25. 25. Purchase Drivers • Cheap cost with good quality • Peer recommendations • Fast service/convenience • An “experience” • A little bit on the quirky side Fast Company, 2008
  26. 26. Information Sources • EACH OTHER • Social Networks • Texting • Instant Message • Magazines
  27. 27. Tolerance for Marketing • Direct Mail Most Tolerant • Email • Facebook message • Twitter message • Text message • Phone call Least Tolerant
  28. 28. 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.
  29. 29. Give a Reason to Read • Tolerance is tolerance • Email needs to evolve Marketer Tip: Coupons, contests, feedback
  30. 30. 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
  31. 31. Spare the Ads • 84% notice ads • 80% find ads irrelevant • 36% never click Marketer Tip: Tread carefully with ads. The Participatory Marketing Network, 2009
  32. 32. Bolster Customer Service with Twitter • 25% are on Twitter • Authentic, personalized communication Marketer Tip: Empower your staff.
  33. 33. B-to-B Marketing to Millennials
  34. 34. Help Millennials Recommend You • Researching you online • Make sure you’re there Marketer Tip: Keep sites fresh, consider a blog.
  35. 35. Connect on LinkedIn • Get your foot in the door. • Position your expertise.
  36. 36. Connect on LinkedIn • Get your foot in the door. • Position your expertise. Marketer Tip: Build a LinkedIn strategy.
  37. 37. 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
  38. 38. Today We... • Discussed a snapshot of Millennials • Examined manager’s tips for working with Millennials • Examined trends in marketing to Millennials
  39. 39. Thank You Clara Miller Morningstar Communications Email: cmiller@morningstarcomm.com LinkedIn: www.linkedin.com/in/ClaraMiller Blog: www.morningstarcomm.com/ LuminaryBlog.aspx

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