New Generations - Look Who's Shopping Now
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New Generations - Look Who's Shopping Now

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What do the new generations what to know about a product or service you are marketing? How do they research, receive and act on information from various venues?

What do the new generations what to know about a product or service you are marketing? How do they research, receive and act on information from various venues?

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New Generations - Look Who's Shopping Now New Generations - Look Who's Shopping Now Presentation Transcript

  • Understanding the New Generations August 2010 Catch the Wave! Central Texas
  • America is Growing U.S. Population 1900 76 million 1950 151 million 2010 310 million 2050 420 million 2
  • We are living longer The year is . . . Life expectancy – 1900 – 48 / 51 years – 1950 – 66 / 71 years – 2010 – 75 / 81 years – 2050 – 81 / 87 years 3 View slide
  • America is aging rapidly  The year is... Seniors 65+ – 1900 – 4 percent – 1950 – 7 percent – 2010 – 13 percent – 2050 – 21 percent 4 View slide
  • Youth represent a smaller proportion . . . The year is... Children <20 yrs – 1900 – 44 percent – 1950 – 34 percent – 1965 – 39 percent – 2010 – 27 percent – 2050 – 26 percent 5
  • America’s Generations Awakening Generation 1701–1723 G.I. Generation 1900–1924 Greatest Generation 1911–1924 First Great Awakening 1727–1746 Jazz Age 1929–1956 Liberty Generation 1724–1741 Silent Generation 1925–1945 Republican Generation 1742–1766 Baby Boomers 1946–1964 Compromise Generation 1767–1791 Beat Generation 1948–1962 Generation Jones 1954–1965 Second Great Awakening 1790–1844 Consciousness Revolution 1964–1984 Transcendentalist Generation 1789–1819 Transcendental Generation 1792–1821 Baby Busters 1958–1968 Abolitionist Generation 1819–1842 Generation X 1961–1981 Gilded Generation 1822–1842 MTV Generation 1975–1985 Progressive Generation 1843–1859 Boomerang Generation 1981–1986 Third Great Awakening 1886–1908 Generation Y 1977–2003 Internet Generation 1986–1999 Missionary Generation 1860–1882 New Silent Generation 2001– Lost Generation 1883–1900 Interbellum Generation 1900–1910 6
  • Wait for it…
  • Perils of NOT Staying Current… 8
  • Generation X 32-44 years, born 1965 thru 1977 46 million, 17% of America $190B purchasing power, $1.2T income Think: focused on real issues, digital revolution, visual, skeptical, highly individual, insecure, pragmatic, highly- motivated, need fun, fast-evolving, forward-thinking, new music 9
  • What’s with the name? Billy Idol of Generation X (1976 – 1981) Generation X by Robert Capa 10
  • Gen-X: Traits • Require real balance between work and life / family / personal time • Deeply independent (save 16% of earnings) • First “Information Age” generation • Seek workplaces that feel like communities • Well-adjusted, socially responsible 11
  • Attributes of an Information Age Mindset • Computers aren’t technology • The Internet beats TV • Reality is no longer real • Doing trumps knowing • Learning is X-box, not logic • Multitasking is a way of life • Staying connected is essential • Zero tolerance for delays • Consumer and creator are blurring 12
  • Gen-X: Values • 89% believe in God; 70% attend church • 90% say helping others > helping self • Would pay family debts if won lottery • 73% have volunteered (school, charities, church) • Say America’s education system is nation’s top priority • Will require two incomes and long hours to achieve dream of marriage, family, lifestyle 13
  • Generational Work Priorities Gen Y Gen X Boom Matures Balance work/personal life 87 88 89 79 Try new things 94 87 85 81 Succeed at your job 79 83 86 75 Get more training / educ 87 80 66 44 Find work that pays better 86 75 66 52 Establish career path 93 80 63 28 Find more work opportunity 83 73 58 39 Find more fulfilling work 83 66 58 41 Source: Randstad North America 14
  • Gen-X: Employer Strategies • Common sense – what are their wants and needs? • Empowerment – education, tools, authority • Open-door policy – elevates team spirit 15
  • Gen-X: Strategies • Use humor, self-awareness, diversity in message • Easy-to-read, hi-impact messaging • Provide individualized attention • Clear, informative communications • Sophisticated ‘Net presence • Integrate communications across media 16
  • Gen-X: Strategies • It’s all about personal style: empower with “badge value” items…use subtlety • Believability: hip brands can push envelope; staid brands cannot • Avoid stereotyping – go for one-on-one relationships • Recognize differences across key subsets: gender, race, education, income, geography 17
  • Millennials 10-32 years, born 1978-2000 76 million, 26.5% of America $200T spending power,$61/day burn rate Think: highly individual, ethnic, diverse, mature, responsible, self-sufficient, gender equality, curious, pragmatic, communications junkies 19
  • Millennials, aka… • Echo Boomers • Generation Y • Net Generation / iGeneration • Wired Generation • Bling generation • e-Generation (stands for "electronic generation") • Trophy Generation (overprotective kids and parents) • Generation me • IM generation 20
  • Generation X The Millennials • PCs and Internet • Web-enabled cellphones • Email • Text messaging • Bars • Raves • Bungee jumping • Skateboarding • Cable TV • TiVo • Fall of communism • Rise of terrorism • Cynicism • Idealistic • Distrust authority • Team players • Julia Roberts • Sarah Michelle Gellar • Tom Cruise • Ashton Kutcher • Gap • Abercrombie & Fitch • The Simpsons • South Park • Talk shows • Reality TV • Madonna • Avril Lavigne 21
  • Core Values and Personality Traits • Perpetually connected • Multi-taskers extraordinaire • Filter for immediacy and control • Told all their lives they are special • Confident, optimistic, sociable • Socially involved, sense of civic duty – Will repair the civic decay, social detritus – Stop degradation of environment • Self expressive & assimilative • Conventional/moral, like the silent generation • Achievers, under pressure 22
  • It’s all about the connectivity • 85% have cell phones, 30 min mobile/day • 67% text message • 6-10x/day • 35-40 txts by high schoolers daily • Never known world without digital access 24/7 • 50% use SM sites, download music • Most spend 10-12 hrs/wk min online • 29% have/44% read blogs • 69% (of students) have FB page • Online as connective social function 23
  • Millennial Language Online Term: Pasta Rocket Definition: Italian sports car or motorcycle Usage: “My new 999 is a sweet pasta rocket.” 24
  • Millennials: Education • Parental influence • Millies respect, highly regard parents • Control own lives with parental help • Irony: strive for independence even as realizing dependence on them • Kids welcome parental ‘hovering’ • Expecting it all • High-dollar jobs, time for interests • Not used to being let down, hearing ‘no’ • Education is path to dreams • Crave approval; avoid criticism • Far from fickle • They convey excitement…or dismay • Demand accountability from schools 25
  • Millennial Language Online Term: Schnasty Definition: When something is so nasty you don’t know how else to describe it. Usage: “Oh, man. That garbage disposal smells schnasty.” 26
  • Millennials: Employer Strategies • Think creatively about reward strategies • Consider global working opportunities • Clear statement on corporate responsibility • Use technology to engage – think avatars, mobile • Keep it fresh…really fresh • Oh, and 4% want to wear business clothing 27
  • Millennials: Empowerment • Rebels with boundaries • Respectful of authority • Extreme sports – master (w/protection) • Making wise choices • Reasons for choices (TV dinners, underage intimacy, urban tunes) • Female leadership • Higher percentage of college students • Lead positive attitudes in learning • The cool factor • Big success d/n rely on top dog appeal (H Potter, Am Idol, boy bands, Britney) • “Want to be different, just like everyone else” • Diversity is the new norm 28
  • Millennial Language Online Term: Phail Definition: Internet speak to describe someone’s extraordinary lack of ability Usage: “Did you hear about the guy who got demoted for looking at porn at work on more than 100,000 occasions? That’s pure phail, dude.” 29
  • Millennials: Marketing Strategies • Understand what is important to them • Edgy, yet pragmatic advertising • Build brand loyalty via emotional bond • Prove your honesty – be believable • Seek shared core values • Blended marketing avenues let them ‘discover’ - use 5 senses • Respect their choices, empower (online & offline) 30
  • Millennials: Marketing Strategies • Capitalize on preference for group settings with individual performance opportunities • Leverage the web and your marketing $ via viral campaigns • Think psychographic rather than demographic • Respond to cause consciousness, appeal to their green streak • Use street marketing and guerrilla tactics • Incorporate strong visual stimuli and interactive activities 31
  • What do we know now? • Personal empowerment • Align values • Create new spaces, new paradigms • Authenticity over bs • Look to ALL media venues • Don’t tell me; show me… • Or, better, let me do it myself • The world never stops its movement – will you? 32
  • Wanna Keep Up? • YouthNoise.com • Watch the movies • TrendWatching.com • Restaurant menus • Buzzwhack.com • Concert gear/style • TrendCentral.com • Detail, TeenPeople.com, US • eMarketer.com • Trendspotting • DailyCandy.com • Coolhunting • Springwise.com • Teach a high school course or • Cool-reads.co.uk class • Street Trends (from • Google search terms for Sputnik in NYC) millies, teens, youth 34
  • Life Philosophy: Keep the Shiny Side Up! Contact me at ssaurage@SaurageResearch.com or on Facebook or LinkedIn Read my blog: www.RealitySpikes.com http://twitter.com/RealitySpikes 35