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Tulsa BBB - Millennials - Wired Generation
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Tulsa BBB - Millennials - Wired Generation Tulsa BBB - Millennials - Wired Generation Presentation Transcript

  • Demographics of the Millennial Generation
  • Demographics
    The characteristics of a population.
    Primarily used for economics and marketing
  • How do you relate?
    Elvis joins the Army
    Jimi Hendrix dies
    MTV debuts
    Kurt Cobain dies
  • North American Generations
    Generation Birth Year
    World War II 1901-1927
    Silent 1928-1945
    Baby Boom 1946-1964
    Gen X 1965-1981
    Millennial 1982-2002
  • 80 Million
    TV Generation
    Rock and Roll, Beatlemania
    Space Age
    JFK/MLK
    Women’s Rights, Civil Rights
    Lowest formal religion participation
    Pessimistic, cynical
    Late spenders, late investors
    Boomers
  • Aging Hipsters
    “The only generation to have the unique distinction of pissing off both their parents’ and their children’s generations.”
    -Andrew Smith, Author Moondust
  • Generation X
    51 Million
    Divorce
    Working mom
    “The Pill”
    Latch-key kids
    Less connected with peers
    Job “lattice” not job ladder
    Low marketplace loyalty
    Don’t want to be ‘helped’
  • Generation X
    Less connected to family
    Waiting longer to marry, have kids
    More likely to live with parents
    Lower social responsibility
    Invented Casual Friday
    Big box shoppers – want it all in one place
    Retire early
  • Wild and Crazy Guys
    “We're the middle children of history.... no purpose or place.  We have no Great War, no Great Depression.  Our great war is a spiritual war.  Our great depression is our lives.”  ~From the movie Fight Club, about Generation X
  • "They have a short attention span for meaningless marketing messages, but they have a really long attention span for meaningful interaction.” E-Commerce Times
  • The Millennial Generation
    The ‘life span’ population is expected to exceed 100 million Millennials. (80 million boomers)
    First Millennials began graduating from College in 2004
    High School graduating class of 2009 will be the largest in history.
  • Millennials are Special
    Special
    Sheltered
    Confident
    Team-Oriented
    Conventional
    Structured
    Achievers
    Wired
    Source Millennials Rising
  • Millennial Generation
    Baby on Board
    Gymboree
    Play groups
    Title IX
    Team oriented
    Close to peers, close social networks
    Multi-taskers
    Accustomed to seeking assistance
  • Millennial Generation
    Family oriented
    Marry younger than Gen X
    Attend College, but take longer to finish
    Highly traveled
    ‘passion professions’
    Never required to wear a tie to work
    Quick to change jobs
    Multicultural
    Civic engagement
  • Millennial Generation
    Heavy media users…but not “traditional” media
    Predicted to be the “Next Greatest Generation”
    Frame current culture more than any other generation
    “A marketers dream!” US News and World Report
  • They are ethnically different than every previous generation.
    38% Non-White
    15% African American
    15% Hispanic
  • If today is your 17th birthday…
    You were 1 when Super Nintendo was released and the CD-ROM was invented.
    You were 5 when the Internet entered almost every home, and PlayStation was released.
    You were 8 when Windows 98 was launched.
    You were 11 when Xbox and GameCube were released and DSL became the norm.
    You will have to volunteer a determined number of hours in order to graduate from high school.
  • Millennials
    Never before has a generation of consumers been so tuned into the opinions of others.
    Pew Research
    Open the door. Invite them in.
  • Buying Power - Today
    $200 Billion Annually.
    More than any other consumer demographic – ever.
    Average US teen spends $102 per week 2006 TRU Study
  • Millennials are ‘Spenders’
    10-20% are already considered ‘compulsive spenders.’ Baylor University
    High education debt. Experian
    More likely to be late with payments Experian
    More likely to stop paying debt Experian
    Average debt for ‘twentysomething’ = $16,120 Experian
  • Wired
    Have never known life without a computer.
    Technology is fundamental. Not ‘gadgets.’
    Most digitally literate generation.
    97% use the internet or some form of wi-fi communication regularly.
    60% on online daily.
    More time spent online than watching TV, listening to radio, reading newspaper etc.
  • Internet is more influential
    49% use the internet to research products and services before they buy. Internet Retailer
    Female millennials will emerge as the predominant market force – using the internet as their buying forum.
    Internet is their ‘voice of authority’
    Internet is their personal ‘big box store’
  • According to a survey by Yahoo! And Carat Interactive Millennials most commonly use the internet to:
    • ‘find out where I can buy something’
    • ‘look for details about products’
    • ‘find out about the latest products’
    • ‘comparison shop’
    • ‘be sure I have accurate information’
  • Born to be Wired
    65% consider the ability to do research on a website as ‘extremely/very important’
    Female Millennials use internet as a ‘resource tool’
    Welcome information ‘push’
    Expect their online experience to be personal, special.
    Seek sites which ‘feel’ like them.
    Like the input of others.
  • What does this mean?
    Our timing is good.
    We have an opportunity to introduce ourselves to the most impactful consumer group in history.
    Their expectations and wishes align with our mission.
    Up and coming business decision makers will be Millennials.
  • It also means…
    Gen X is our now.
    Millennials are our future.
    All marketing efforts should message and target Gen X & Millennials.
    You must aggressively manage websites, internal and external images and messages toward Millennials in order to grow.
    Be innovative with technology…podcast, RSS, ‘push’ content, constant refresh
  • Market with intention
    Explore message placement to reach Gen X & Millennials.
    Look for partnerships with younger groups.
    Seek opportunities to be in front of younger groups.
    Adjust presentations, messages, materials to younger audience.
    Get Hip.
  • It also means…Our Supporters will be different
    Last ‘boomers’ will begin to retire in 2020
    Gen X/Millennials will take on decision-making roles in record numbers.
    Millennials will dominate the workforce by 2015.
    Introducing yourself to younger groups sets up future support.
  • Basic human principles don't change, but demographics and other circumstances do, and so should our responses to them. - Senator Jon Kyl, Arizona