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MENG Millennials presentation


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MENG Millennials presentation

  1. 1. Presenter Kent Mihlbauer Director of Strategy & Business Development Roster Marketing, LLC 714-747-3850
  2. 2. Millennials? Who are they? • Born between @1978-1995 (currently 18-36 years-old) • 80 Million people in USA • largest segment since Baby Boomers • 4-5 million bigger than Baby Boomers • 22-year-olds is the #1 age in USA, #2 = 23 years old, #3 = 21 • Will be 50% of workforce by 2020 • First digital generation • Best educated generation - ever!! • On pace for 35+% with college degrees or above
  3. 3. Millennials created by Boomer Parents Developing the Millennial mindset • Focus on experiences • Bigger & better birthday parties • More sports - start them young & do it year-around • Attend concerts with parents • Drive for education • Better grades & higher college entrance exam score very important • Hire a tutor • Get a coach for college entrance exam • Lot’s of HS school involvement & visits to colleges • Help them stay ahead of the pack with digital access • From digital hand me downs to buying them the latest technology • From library/encyclopedia to Google & 24/7/365 mobile access
  4. 4. Millennials created by Life Events Millennial World View v. Boomers BOOMERS MILLENNIALS Events Civil Rights Act, Vietnam War, Arab Oil Embargo, Kennedy, Apollo Missions 9/11, Great Recession, Clinton Impeachment, War in the Middle East, President Obama Technology Teflon, Tang, Calculators, Color TV Internet, smartphones, video games, tablets Global Powers Soviet Union China Entertainment TV(network), Film TV (network, cable, paid cable), Film, Internet, Videogames Jobs One career throughout adult life Several careers, typically moving every few years
  5. 5. Noteworthy Millennial Characteristics • Diversity • 43% of Millennial adults are non-white • @50% of 2014 newborns are non-white • Attend concerts with parents • Debt • Better educated but carrying largest school debt in history • Unemployed & Underemployed • Yet overall they are very positive about a brighter future! • Marriage & child-bearing delayed • In 2012 47% of births to Millennial women were non-marital • Limited economy/job market & heavy debt delaying this stage of life • 36% live with parents, 56% of 18-24 & 16% of 25-31
  6. 6. Millennial Lifestyle Wired in - 18 hours of media usage per day
  7. 7. Millennials Attitudes • “I want it fast, and I want it now” • “I trust my friends more than ‘corporate mouthpieces’.” • “I am a social creature - both online and offline.” • “I can make the world a better place”
  8. 8. “I want it fast, and I want it now.“ • Instant gratification • Premium on speed, ease, efficiency & convenience
  9. 9. “I trust my friends more than ‘corporate mouthpieces.’” • The definition of “expert has shifted to people with first-hand experiences, even if they’re strangers • Millennials see multiple sources of information, most likely from non- corporate channels • Highly likely to consult user-generated content, friends & strangers before making purchase decisions ( including Yelp & other rating sites) • “Crowd-sourcing” for opinions and ideas before making purchase decisions
  10. 10. Millennials Purchase Process Trying to plan a date… Text someone Ask Google Use an app Look at reviews
  11. 11. Millennials Purchase Process Looking for new sneakers… Look for deals Find options See how others have styled it Check out reviews
  12. 12. Millennials dislike the car buying process It’s all about the dealership experience • Nine out of 10 say they’d be more excited about the car-buying process if it meant a haggle-free experience • 91% of Millennials prefer to avoid car buying • Some even skip the test drive to avoid dealership time & sales employees • Millennials visit an average of 25 websites before interring a dealership! • 50+% of Millennials are strongly influenced by what FaceBook friends say about vehicles • Haggling is perceived as a charade & waist of time when all the information has already been researched & reviewed by them • The traditional process isn’t fast, efficient, & fair which stresses Millennials out
  13. 13. Communicating with Millennials So much information!!!! • Yet they rarely interact directly with the brand, a brand channel, or a piece of advertising. • When they do engage… • Make it for them by personalizing the communication • Talk directly to them thru their personal social media channel of engagement • Human to human engagement - not bullhorn shouting thru social media • Have a conversation - can’t be scripted which makes it unpredictable with limited control by the corporation • CUSTOMIZE their experience
  14. 14. Communicating with Millennials cont. It’s not just about the brand • What is your brand doing to make the world a better place? • Receptive to cause marketing and will engage your social networks to support your efforts in the cause • “Slacktivism” - keep effort simple, online petitions, monthly donations, recycling, carbon footprint improvement, and they will engage • Networked & collective action can make a difference is what they believe • Give them something more to believe in
  15. 15. Communicating with Millennials cont. Don’t fake it! “You see many brands doing good with cause-related marketing, but honestly, if the cause they are involved in is not fundamental to their brand, what good does it do? Brands are like humans. You can see quickly if they're faking it.” Alfredo Gangotena Chief marketing officer of MasterCard World Wide
  16. 16. Implications for marketers, Excepts from: The Boston Consulting Group, “The Reciprocity Principle: How Millennials are Changing the Face of Marketing Forever”, January 2014
  17. 17. Millennials expect a TWO-WAY, MUTUAL RELATIONSHIP with companies and their brands. THE RECIPROCITY PRINCIPLE
  21. 21. Marketing is an ecosystem of MULTIDIRECTIONAL ENGAGEMENT rather than a process that is controlled and pushed by the company.
  22. 22. 5 Key Elements to Remember Reach Relevance ReputationRelation Referral
  23. 23. Be MORE… • More Transparent • Millennials do their research and find out information on their own • They will see through marketing BS • More accountable • Create great products for customers that organically create positive reviews & experiences • More authentic • Project an easily understood and clear brand identity
  24. 24. Brand reality • The power has shifted away from the brands and towards the individuals, but brands are still part of the cultural landscape • Brands don’t control the message, but they can have a dialogue • Take advantage of the modern forces of innovation and be very nimble to stay involved in the dialogue • And most importantly, stand for something
  25. 25. How do you Millennialize product? • Start a conversation with Millennials • Continue with meaningful technology innovation • Personalization and accessories
  26. 26. How do you Millennialize retail? • Honesty & integrity • Create experiences • Talk, chat, be open • Respect their time and be efficient
  27. 27. How do you Millennialize communications? • Remove internal silos, be collaborative & creative • Open your mental thought process - be quick & nimble • Use a “social team” with company wide representation • Utilize a smart database, respect their intelligence, provide signals that you “get it”
  28. 28. Presenter Kent Mihlbauer Director of Strategy & Business Development Roster Marketing, LLC 714-747-3850