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Whats Wrong with these kids today - Gen Y - Millenials

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Whats Wrong with these kids today - Gen Y - Millenials

  1. 1. WHAT’S WRONG WITH THESE KIDS TODAY? Get Ready for Gen Y
  2. 2. It’s Always about ‘the kids’
  3. 3. @EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck Intro ¨ Elton Mayfield ¤ Co-founder & Principal @ERMarketing ¤ Primarily focus on the Building Materials Industry ¤ Just named one of the 25 Key Influencers in Marketing ¤ Family Business was construction ¤ Parent to…Employer of…Experience with…- GenY
  4. 4. @EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck 25+ YEARS CREATING DEMAND IN THE BUILDING INDUSTRY AWARD WI NNI NGROI DRIVEN CREATIVE CAMPAIGNS Who am I?
  5. 5. Navigate-the-Channel.com Blog written for marketing professionals in the building materials industry
  6. 6. So Now Let’s Focus on You!
  7. 7. You’re the Most Interesting Man! The Contractor is the Final Point of Purchase with a Homeowner
  8. 8. You’ve Got the Power It’s time to leverage that for more sales
  9. 9. @EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck What do we call them? ¨ Often referred to as Generation Y or Echo Boomers. ¨ Their births coincide with the turn of the century – so the Millennial reference has become common.
  10. 10. @EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck When were you born? 1922-1945 • Veterans, Silent, Traditionalists 1946-1964 • Baby Boomers 1965-1980 • Generation X, Gen X, Xers 1981-2000 • Generation Y, Gen Y, Millennial, Echo Boomers
  11. 11. @EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck Gen Y Size By 2025, 75% of the workforce will be made up of millennials
  12. 12. 5 Ways Millenials are changing the workforce
  13. 13. @EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck Remote Working ¨ Millennials are on a mission to end the traditional 9 to 5 ¨ Flex time is almost standard as a company benefit. 45% Choose workplace flexibility over pay.
  14. 14. @EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck Culture is Important ¨ Changing the way company culture works. ¨ Creating a flat hierarchy, and want more autonomy in their work. ¨ 60% of Millennials who left their company indicated that the primary indicator was whether the company was a ‘good cultural fit’.
  15. 15. 8 out of 10 Millennials want regular feedback from their boss.
  16. 16. @EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck More Transparency ¨ Millennials also love transparency. ¨ Now that everything is out there, it makes sense that this transparency would translate into the corporate world. ¨ Recent study showed this was one of top four characteristics they want in a leader.
  17. 17. @EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck 79% Want to work for a company that cares about how it impacts or contributes to society. Count giving back and being civilly engaged as their top priority. Generosity is Key 70%
  18. 18. Gen Y in the Building Industry
  19. 19. @EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck Home Buying
  20. 20. Leaving the Nest In the next 5 years… During the downturn, an unprecedented share of young adults did choose to live with their parents rather than strike out on their own, hindering household formation and economic activity. As economic prospects improve, however, Millennials will emerge from their parents’ basements. Today, there are just 13.3 million households headed by Millennials, but this number will swell to 21.6 million by 2018, and they will spend more than $2 trillion on rent and home purchases combined – more on a per-household basis than any other “generation” over the next five years. 8.3 million new Millennial households form Millennials spend $1.6 trillion on home purchases and $600 billion on rent Households Headed by Millennials (millions) Millennial Share of Spending on Housing, 2014-2018 Note: Millennials defined as those between the ages of 18 and 29 in 2013. Millennial household formation is due to multiple factors, including moving out of parental or roommate homes, as well as immigration. Source: 2013 Demand Institute Housing & Community Survey; 2013 Demand Institute Housing Forecasts Rent Spending Home Purchases 2018 201313.3 21.6 22% 27%
  21. 21. to establish own household 50% Not So Glum Despite all of the doom-and-gloom reports about their financial situation, Millennials themselves are overwhelmingly optimistic about the future. They expect their finances to improve, and most have plans to move in the next five years. Further, Millennials are looking to upgrade their living situations, whether that means moving into a nicer, more spacious rental or purchasing a home for the first time. Source: 2013 Demand Institute Housing & Community Survey 79% 74% Top Reasons to Move... Expect their financial situation to improve Plan to move in the next five years to own, not rent 48% for a better home/apartment 71% for more privacy or space 59%
  22. 22. Still an Ownership Society Not surprisingly, those seeking to set up a stable family unit want a stable place to live. While most Millennial movers will rent their next home, more than 8 in 10 already own or plan to own their own home someday. Nor has the recent crash in home prices led Millennials to believe home ownership is a poor investment. Based on stated aspirations, there is no indication that this generation will be any less likely than previous generations to own their homes. Source: 2013 Demand Institute Housing & Community Survey 75% 73% believe ownership is an important long-term goal believe ownership is an excellent investment 16% will not purchase 60% plan to purchase 24% already own
  23. 23. @EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck Home Buying
  24. 24. @EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck Home Buying
  25. 25. @EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck Home Buying Criteria ¨ Good Schools ¨ Home Technology ¤ Media Rooms ¤ Technology infrastructure ¨ Smaller, flexible space ¤ Everyday use ¤ Energy efficiency
  26. 26. @EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck Gen Y key to Housing Recovery ¨ Households in their 30s should increase by 2.7 million over the coming decade
  27. 27. @EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck Gen Y as a Customer ¨ Don’t insult their intelligence ¨ Make it easy to find you online, on mobile devices and make decisions. ¨ Be online and be on social media if you want to reach Gen Y ¨ Quality and Service are very important. ¤Gen Y demands higher quality and service.
  28. 28. @EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck Gen Y and Remodeling ¨ Understand what Gen Y’s want and have examples. ¨ New Kitchen and bath ¨ Open floor plans ¨ Home office ¨ Low Maintenance ¨ Technology ¨ Energy efficiency and green
  29. 29. Gen Y and Mobile Technology:
  30. 30. @EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck 1983 Sold for$3,995
  31. 31. @EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck Mobile Has Come A Long Way
  32. 32. 86% OVER MOBILE USERS USE THEIR DEVICES WHILE WATCHING TV
  33. 33. 91% OVER MOBILE USERS HAVE THEIR DEVICE WITHIN ARMS REACH, 24/7
  34. 34. @EltonMayfield #EGwolfpack @DigitalOlson Are you a nomophobic? Where’s my cell phone????
  35. 35. @EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck Final Thoughts ¨ Authenticity is crucial. ¤ Millennials know when something’s forced or contrived, and they’ll ignore it. ¨ For Millennials, if it didn’t happen on social media, it didn’t happen at all. ¨ Millennials will fiercely support causes they believe in, and will align with brands that share their values.
  36. 36. @EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck Final Thoughts ¨ Millennials have a limited budget, but will pay a premium for brands that resonate with them. ¨ Most brands will find that evolving to a Millennial-friendly, participative marketing model means actual structural reorganization. Lip service won’t work for this generation.
  37. 37. Questions

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