Marketing To Millennials

Marketing to Millennials

Agenda • What is Generational Marketing? • Who THEY Are • Why THEY Became Important • How THEY Changed Media Consumption • Our Field Research • Examples • The Workforce Culture Clash • The Affect of the Economic Crisis

SHIFT HAPPENS CUSTOMIZE TRENDS WHAT IS JUST A FAD? GENERATIONAL MARKETING? IMPORTANT PERSPECTIVE YOUTH MARKETING? 3

Don’t Be THAT Guy “You know what I like about marketing to teenagers? My BRAND gets older, but they stay the same age.” 4 * Matthew McConaughey does not endorse this PowerPoint 

http://www.youtube.com/watch?v=ItbBWXesGpg&feature=related 5

HIGHLY CONNECTED AMBITIOUS LAZY DIGITAL NATIVES, NOT IMMIGRANTS THE FUTURE WHO THEY ARE TREND-SETTERS INFLUENCERS SELF-CENTERED YOUR KIDS SPOILED / CODDLED 6

Connected • 97% of college students own a computer • 94% own a cell phone • 75% have a Facebook account • 60% own a portable music device • They are using 3-5 pieces of technological equipment at the same time • Not a brand or trend that they don’t know about 8

Protected and empowered • Protected with car seats, bike helmets, knee pads, etc. • Parents negotiating everything from pre-school to college to employment opportunities • “Adolescence” is now extended into the 20’s • They have been given every choice imaginable, every possible advantage • They demand choice, personalization, the world on their terms • Passionate desire of parents to bear and raise them • Name their mother as their number one role model, and their family as the most important thing to them 9

Accepting and diverse • Although 80% of Boomer describe themselves as “White”, only 55% of Millennials refer to themselves as “White” • Defined not by color of their skin or religion affiliation, but by the content on their iPod • Music and fashion are more significant aspects of their identity than race, nationality • Unconcerned with skin color and nationality; don’t think of themselves that way • Acceptant of gay marriage, interracial relationships • Gender differences less pronounced - men interested in fashion, fitness and grooming and women interested in sports, adventures and careers • Enjoy being around people from ethnic or racial groups other than their own (African Americans 92%, Hispanics 89%, Non-Hispanic Whites 96%) 10

Younger Cohorts Less Socially Conservative 4 Pre-Boomer Boomer 3 Gen X Gen Y 2 1987 1997 2007 *Number of conservative responses on six values items Source: 2007 PEW research

When something is run by the government, it is usually inefficient and wasteful 80 70 60 50 40 30 20 10 0 18-29 30-49 50-64 65+ Source: 2007 PEW research

YOUR NEXT CUSTOMER BUYING POWER WHY THEY’RE IMPORTANT BUZZ MAKERS INFLUENCERS THE FUTURE 14

Data: Department of Health and Human Services, National Center for Health Statistics, web: www.dhhs.gov Graph: Outlaw Consulting 15

Influential • Involved in all family decisions since about the age of 4 • Influence everything from food choices, family vacations or family vehicles 16

Influence Purchases – Harris Interactive (2007) Medium Percent Clothing / Apparel 90% Movie Video / DVDs 85% Groceries 83% Video Games / Systems 80% Music CDs / Cassettes 78% Books / Magazines 77% Vacation 71% Sports Equipment 70% Computer Software 69% Stereo Equipment 67% TV Set 65% Cell Phones 63% DVD Players 62% Computers 60% Furniture 49% Vehicles 49% VCR 48% 17

Buying power • “Prematurely affluent generation” poised to become the next great luxury consumers • Last year teen spending along totaled $179 billion • Purchased by and for children 4-12 tripled during the 1990’s • Always on the lookout for the newest thing that they want NOW 18

Millennial Generation Spending Power Amount Income Before Tax for Heads of Households Under 25 35,000 29,057 30,000 27,120 25,000 22,507 20,330 20,259 20,206 18,813 20,000 15,000 10,000 5,000 0 2000 2001 2002 2003 2004 2005 2006 Source: Bureau of Labor Statistics Consumer Expenditures Study

SKYPE TIVO HULU CHANGES IN YOUTUBE MEDIA ONSUMPTION 138 Channels and nothing on MEDIA SNACKING 20

Changes in Media Behavior • Media snacking and the fragmentation of the media landscape - end of primetime discussion, seeking entertainment in new, shorter formats • “It is clear that Millennials are influencing digital content and technology in general on a broad, international scale” Ed Moran, Deloitte, Director of Innovation 21

Changes in media consumption Change this to black background Primetime News Work

In 1965, 80% of 18-49 year-olds in the US could be reached with three 60-second TV spots. In 2002, it required 117 prime-time commercials to do the same.” (Jim Stengel, Global Marketing Officer, P&G)

Top 10 Media that Trigger an Online Search Age MEDIUM 18-24 Magazines 60% TV/Broadcast 45% Newspapers 30% TV / Cable 55% Face-to-Face 49% E-Mail Advertising 37% Direct Mail 26% Radio 31% Internet Advertising 41% Outdoor 16% Source: BIGresearch , July 2007, for the Retail Advertising & Marketing Association (Sample Size: 15,430, age 18+) 24

INTERACTIVE DIGITAL NATIVES, NOT IMMIGRANTS LIVE IT, NOT U E IT S IT’S A LIFESTYLE IT’S NOT JUST A TOOL! 25

Engauge Video Study: Live It, Not Use It 26

A NEW KIND OF SOCIAL ANIMAL FEEDBACK TMI TION OU EV L OF RELEVANCY TALKING OPENNESS CONNECTED INVOLVEMENT 27

Engauge Video Study: Evolution of Talking 28

Influencing Behaviors of Other Demographics 29

REACH OUT THROUGH NEW CHANNELS BE IN A SITE, NOT ON A SITE BE AUTHENTIC XAMPLES KEEPING A PULSE ON TRENDS CHANGE HOW YOU TALK ABOUT YOURSELF 30

TALKING TO CONSUMERS IN A NEW WAY 32

THE BOOTY CALL

NSFW 34

Source: www.babycenter.com 35

CHANGE HOW YOU TALK ABOUT YOURSELF 36

Source: www.herbalessences.com 37

Source: www.herbalessences.com 38

REACH OUT THROUGH NEW CHANNELS 39

Source: www.twitter.com 40

USE THE NETWORK 41

Source: www.facebook.com 42

BE OPEN 43

Source: www.mystarbucksidea.com 44

BE AUTHENTIC 45

Source: www.in-n-out.com 46

KEEPING A PULSE ON TRENDS 47

BE IN A SITE, NOT ON A SITE 49

IMPATIENT ENTITLED WORKFORCE CULTURE CLA H S YOUR EMPLOYEES CONNECTED AMBITIOUS NEED POSITIVE FEEDBACK 53

Changing Corporate America • Because of their life experiences, Millennials have new expectations when entering the work force • Expect company provided PC (76%), mobile phone (48%), internal company instant messaging (50%), access to social networking sites (40%), company provided virtual meetings (42%) • 91% state that being able to work with “never, innovative technologies” in the workplace would make them more likely to consider a potential job opportunity 54

WHAT HAPPENS NOW?! HOW THE UH OH!! CONOMIC CRISIS MAY IMPACT THIS GENERATION WAS IT ALL A DREAM? WHAT WILL I DO NEXT? 56

Source: PEW, How Young People View Their Lives, Futures and Politics: A PORTRAIT OF “GENERATION NEXT”

Source: PEW, How Young People View Their Lives, Futures and Politics: A PORTRAIT OF “GENERATION NEXT” 58

Thank you.

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Marketing To Millennials

by Engauge on Jan 30, 2009

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