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Empathica millienial presentation @dr natalie.pptx


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Empathica millienial presentation @dr natalie.pptx

  3. 3. MILLENNIALS: HOW THEY… •  Connect to brands •  Shape their opinions about products & companies •  Use technology to build their networks & share information •  Make purchasing decisions •  Are influenced and influence others
  4. 4. JUST THE FACTS •  Millennials are the largest, most diverse, educated & influential shoppers on the planet •  Positioned to be the wealthiest generation to date •  >1.7 billion people on earth are 15 -30 yrs of age* •  By 2015 in the US, annual spending >2.45Trillion/yr** •  By 2018 in US, projected income will be $3.4 Trillion/yr – Surpassing Baby Boomer income** •  Millennial women represent a $54B marketing opportunity, surpassing baby-boomers in consumer package goods spending*** •  Have influence over their Baby Boomer parent’s choices & will inherent that money Sources: *CIA World Factbook **Javelin Strategy & Research Study ***IRI study
  5. 5. MILLENNIALS:RANGE OF LIFE STAGES & MILESTONES •  From adolescence to adulthood •  From high school to college or workforce •  From single to married to parents or just single •  The avg. age of a new mom is 25
  6. 6. MILLENNIALS:MANY LIFE-DEFINING EVENTS•  2004 Southeast Asian Tsunami•  Hurricane Katrina•  2008 Sichuan (China) Earthquake•  9/11 I’ve seen a lot•  The Great Recession- Banks, in my Insurance And Real Estate short life•  The Facebook Revolution
  7. 7. BRANDS:A FORM OF SELF-EXPRESSION•  Strong sense of brand awareness •  More the brand fits into their lifestyle, the more inclined to personally identify with brand •  86% share their brand preferences online with their social networks•  Strong sense of brand loyalty •  When they find a brand they like, 70% keep coming back •  After a bad experience? Extremely difficult to win them back *Edelman The 8095 Exchange StudyConclusion: Does your customer experience brand drive loyalty?
  8. 8. EXPRESSING SUPPORT FOR A BRAND IS A PERSONAL STATEMENT The Brand’s • Authenticity • Integrity What matters most to Millennials? • Ability to deliver •  It’s deeper than for other demographics, because the online expression of support for a brand is a permanent, personal reflection of Millennials’ values •  It comes down to trust •  Access to online information increases/decrease that trust •  Prefer to do their own research online vs. read/believe a brochure from a company •  THIS IS WHY SOCIAL MEDIA MATTERS TO BUSINESSQUESTION: What’s being said about your company online?
  9. 9. MILLENNIALS: THEY SPEAK THEIR MIND ONLINE•  A company’s reputation can matter as much as the performance of its products* •  34% bought from a brand because of the social or political values of the company •  90% tell their family & friends NOT to purchase the company’s products when they lose trust or respect for a brand*Source: Pew Research survey
  10. 10. MILLENNIALS: WHY THEY PURCHASE•  55% said price was most important reason•  But price is the least important in building their trust* •  33% looked for brands who made a positive impact on the world •  30% cared more about product •  Civically minded, propensity to combine quality belief with action •  80% donate time to non-profit causes; •  20% cared more about the believe companies should implement range of products offered employee volunteer programs •  Look for brand’s social & environmental commitment when deciding where to shop & recommend its offerings Source: *Pew Research Survey **Deloitte Banking Study •  More likely to switch banks based on their charitable investments** QUESTION: Does your brand elicit trust?
  11. 11. MILLENNIALS: WHO THEY TRUST•  Family- 2x more likely than any other generation to use family counsel as the most influential factor in making choices around money•  Friends•  Bloggers that document their personal experiences with products•  Consumers who write real reviews•  Why? They have personal experience with the products or brandsQUESTION: Are you asking your customers for recommendations?
  12. 12. MILLENNIALS:SOCIAL NETWORKS & TECHNOLOGY ARE THEIR LIFE* •  75% created a profile on a social networking site *Pew Research survey •  55% visit those sites once/day •  60% connect to the Internet wirelessly when they are away from work or home •  88% text each other •  74% new technology makes their life easier •  50% use it to be closer to their friends •  65% are disconnected one hour or less a dayQUESTION: Are you monitoring what is being said about your company?
  13. 13. *Edelman The 8095 Exchange Study
  14. 14. MILLENNIALS: TAKING ACTION IS A CORE VALUE*•  70% recommend their favorite brands to family and friends•  47% write about good online experience•  40% have criticized a brand on a social network•  70% would create a video and post it online or write a review about their experience with a company•  20% have posted a video about themselves on line *Edelman The 8095 Exchange StudyQuestion: Does your brand inspire action in social media?
  15. 15. MILLENNIALS: THEY SHARE THE GOOD & THE BAD If a Millennial has a problem with a company, instead of calling customer service: Source:•  They text 5 friends and share their frustration on Facebook•  The friends share the story with their peer groups•  Friends comment on the incident and share their own stories of disappointment•  A single event spreads like When dealing with a customer service issue, wildfire <10% would call customer service.Question: What is your customer experience like?
  16. 16. MILLENNIALS: WORD-OF-MOUTH IS A MAINSTAY “Focus on making an excellent product. If you do, then all of your marketing will be true and most of the marketing will be done by us. We are all looking for great products and brands to share with our friends. I want The best way to help us spread the word to trus t you is by first creating a great product.” *Edelman The 8095 Exchange Study
  18. 18. BANKS: 2011 GLOBAL BANKING SURVEY:A NEW ERA OF CUSTOMER EXPECTATION Source: Ernst & Young Study of 20,500 participants
  19. 19. BANKS: HOW DO THEY STACK UP MILLENNIALS? •  30% have 20-40% Millennials as customers •  31% have a Millennial Strategy •  37% had no Social Media Strategy •  63% said they planned to do something with Social Media *Source: Oracle Financial Services Study
  20. 20. MILLENNIALS: THEIR VIEWS ON MONEY •  Millennials generally: Because Baby Boomers are drawing •  Love to spend from their savings, to generate revenue •  Don’t have long-term Banks need to reach out to Millennials investment plans •  Most popular banking products are credit, debt cards, loans (school and mortgage) •  Want assistance to manage their money •  Recommend their banks to family & friends •  Mobile banking is a preferred banking channel *Source: Oracle Financial Services Study
  21. 21. BANKS NEED A NEW WAY TO APPEAL TO CUSTOMERS The old playbook is out•  Millennials don’t have to rely on product marketing information Banks need to:•  They can tap the whole •  Relocate product marketing world of data to make budgets purchase decisions •  Find different ways to communicate with Millennials, directly and indirectly through their social networks, colleagues and influencers…
  22. 22. MILLENNIALS:WANT HELP TO REACH THEIR PERSONAL GOALS•  They pay attention to brands that impact their goals •  Affording house, buying a car, raising children, going to school… •  Are financially guarded; generally have conservative asset plan allocationMay be due to:•  Life-defining events they have witnessed•  Have more access to financial information than predecessors at similar life stages•  Don’t feel they have enough financial education to manage their investments•  Bank’s products & services seem complex Source: Deloitte StudyQuestion: How do your services help Millennials reach their goals?
  23. 23. RECOMMENDATIONS Step 1: Accept the Millennial Generation Don’t say, “In a few years they will be like us…” Millennials are… •  On the leading edge of trends that they & older generations follow •  Online banking •  Resistance to traditional marketing •  Concern for the environment Strategies that effectively meet the needs of Millennials provide benefits for other demographics & generations *Source: Deloitte Financial Services Study
  26. 26. RECOMMENDATIONSStep 2: Customer Experience Channels–Integrate Them Well •  Conduct customer experience – day in the life of – studies of your channels •  The trend is to move from just branches: offer: the branch store, the online store, mobile store, face- to-face & social networking store •  Combine store experiences in the same transaction: research in one place, educate themselves in another, purchase in another… •  Make it easy to navigate / switch channels •  Provide a consistent customer experience across all channels *Source: Deloitte Financial Services Study
  27. 27. EXAMPLE:ING DIRECTCreated Drop-inCafé’s in LA, NYC,Philly, Wilmington•  Focused on networking and learning•  Branches became a social networking venue where friends & family gather, even if they aren’t make a financial transaction•  Once Millennials developed a relationship with the bank, they were more likely to do banking there
  28. 28. EXAMPLE: CAPITAL ONE•  Opened a branch in Manhattan•  Shares the space with Starbucks•  Convert loose change in the bank’s bean counter machine to get a coffee•  Coffee drinkers can enjoy Starbucks, watch the news on TV and go do a financial transaction with a Capital One Advisor•  A bank becomes a place to linger, talk, socialize and bank
  29. 29. RECOMMENDATIONS Step 3: Marketing As Education vs. Telling •  Millennials lived in an information-intensive, connected world •  Move from product marketing  relationship marketing •  Provide practical information to build relationships •  They are skeptical of traditional advertising; rely more on the advice of friends and family •  Create blogger outreach programs to influential Millennials •  Always better to have the voice of the customer provide testimonials for this group *Source: Deloitte Financial Services Study
  30. 30. EXAMPLE:ROYAL BANK OF CANADA•  Created a contest with User- Generated Content •  Grand prize: $5,000 for best picture •  How $1,000 would improve student life •  Go to RBC’s Facebook Fanpage •  Download and print an Arbie template •  Find photo opportunities to show Arbie how $1,000 would improve their student life •  Learning to surf •  Travelling to Europe •  Buying a 30” computer monitor •  Upload the pictures and vote!
  31. 31. EXAMPLE:ROYAL BANK OF CANADA Leverages social media •  Community Manager •  RBC Advice Center on Facebook •  iPad Educational App •  Mobile App Information •  Daily Advice Game…
  32. 32. EXAMPLE:ROYAL BANK OF CANADA Leverages social media with an RBC Advice Center on Facebook
  33. 33. RECOMMENDATIONS Step 4: Make Products Simple •  Millennials prefer simple, practical, affordable banking services •  Show you understand they are just starting their financial lives •  Use social interactions to draw attention to products •  Appeal to doing good things; make dreams come true! *Source: Deloitte Financial Services Study
  34. 34. EXAMPLE:ROYAL BANK OF CANADAEducation about the Mobile application on Facebook page
  35. 35. EXAMPLE:ROYAL BANK OF CANADAInformation about Learning Money app for iPad on Facebook page
  36. 36. EXAMPLE:ROYAL BANK OF CANADA•  Sponsored Filmmakers Competition•  Help make dreams come true
  37. 37. Do something good EXAMPLE: SUN TRUST•  Campaign: Seeing Beyond The Money•  Actively support organizations and activities that share our commitment to enriching and strengthening the communities in which we live. EXAMPLE: WACHOVIA •  Central Piedmont Community College (CPCC) received a $250,000 grant •  Provide retraining and counseling for displaced professional and paraprofessional workers.
  39. 39. START A CONVERSATIONInvitations designed tosuit your brandIndustry leading incentiveplan to drive responsecountMulti-mode feedbackcollection to listen to yourcustomers 39
  40. 40. CHANGE EMPLOYEE BEHAVIOR Commit to action Focus on what’s most important to customers Deliver great experiences Improve overall satisfaction score up to 5x more than traditional CEM 40
  41. 41. SUSTAIN THE GREAT EXPERIENCES Leverage the power of your internal community Build best practices through social sharing Continually improve the experience +8% focus area improvements 41
  42. 42. FOCUS CYCLE FOR ONGOING IMPROVEMENT Eliminate the need for Select complex reportsShare Commit Focus locations on what is most important for their guestsReview Act Help location managers Measure know what to fix and how to execute 42
  43. 43. GIVE CUSTOMERS A VOICE TO RECOMMEND Convert Customers to Amplify the Voice of YourFind Satisfied Customers Advocates Advocates 43
  44. 44. A SIMPLE PROCESS TO DRIVE ADVOCACYCustomer completes survey Customers with high are invited to make a Customer makes a personalized recommendation recommendation Email Post Facebook Post Twitter Post Recommendation is shared via Facebook, Twitter and email with all of the advocates’ friends 44
  45. 45. THE IMPACT OF ADVOCACY100+ Brands 20% accept invitation Email Post Facebook Post Positive experiences shared with over Over 110,000,000+ 1,000,000 Twitter Post advocates found Friends and Followers 45
  46. 46. WORD OF MOUTH ENDORSEMENT ON SOCIAL MEDIA Personalized message from Primary advocate marketing message Secondary marketing message
  48. 48. Social media ROI Resources and information on social media strategy & other topics…Books and Whitepapers: Videos: How To Build a Business How To Calculate the ROI How Social Media Benefits Case for Social Media of Social Media the Whole Company v=e1SfQaMSbH0&feature=relmfu v=_59iJrYanw0&feature=relmfu v=UhUO30VRN1M&feature=relmfu Dr. Natalie Petouhoff Scan this QR Code for @DrNatalie a chapter of Dr. +DrNatalie Natalie’s book: Like My Stuff- How To Monetize Facebook with a Facebook Store 48