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Melody Lee and James Cockerille - Marketing to Millennials: It’s Not Just What You Say, It’s How and Where You Say It
- 1. MARKETING TO MILLENNIALS INDIVIDUALS Digital Summit / DC September 6, 2017 Melody Lee | Cadillac & James Cockerille | Rokkan
- 2. YOU’RE PROBABLY HERE BECAUSE OF THIS GENERATION’S… 2 Size and influence Purchasing power Disruption of the traditional playbook
- 3. WE’RE HERE BECAUSE THESE INDIVIDUALS ARE IMPORTANT BUT NOT STRAIGHTFORWARD CUSTOMERS FOR CADILLAC 3 Progressive Younger Core Audiences Ageing Out Strategic Audiences Entering the market Forming opinions The new makers Influencing others
- 4. WHAT WE’RE LEARNING 4 ü No single definition ü Vast differences ü Influence ≠ purchase ü Factor for lifestage ü Don’t pander ü Co-create 1987 1 WAVE 5 YRS OLD ENTERING PRESCHOOL 2017 ~20 WAVES 13-35 YRS OLD HIGH SCHOOL, COLLEGE, CAREER’ING
- 6. FOR PROFESSIONAL TREND FORECASTERS, A GENERATION (AS IN GENERATION X, OR Y) IS LESS A COLLECTION OF INDIVIDUALS THAN A COMMODITY: TO BE PROCESSED INTO A MANUFACTURED UNIT, MARKETED AND SOLD TO CLIENTS. TO GET THERE FIRST AND DEFINE THE NEXT NEXT GENERATION IS LIKE STAKING A CLAIM IN A GOLD RUSH. FROM THE NEW YORK TIMES MEET ALPHA: THE NEXT ‘NEXT GENERATION’ BY ALEX WILLIAMS SEPT. 19, 2015 6
- 7. NO SINGLE DEFINITION EXISTS 7 1980 1995 2010 2025 0+ 1) Straus and Howe/ b.’82 – 04’ 18+ 45+ 0+ 2) Census Bureau / b.’82 – 00’ 18+ 45+ 0+ 3) Goldman Sachs / b.’80 – ‘00 18+ 45+ today
- 8. SORT OF “GEN Y” 8 1980 1995 2010 GEN Y GEN Z 2025 Born… today 13 – 35 yrs
- 9. ACCUSTOMED TO CHANGE 9 1980 1995 2010 GEN Y GEN Z Nokia BlackBerry iPhone 2025 Born… today The Great Recession9/11 AOL Amazon Twitter Google Hotmail 13 – 35 yrs Facebook Dot Com Bubble Brexit
- 10. NOT FIXED BUT EVOLVING 10 1980 1995 2010 GEN Y GEN Z Nokia BlackBerry iPhone 2025 Born… today The Great Recession9/11 AOL Amazon Twitter Google Hotmail 13 – 35 yrs Facebook Dot Com Bubble More aware More digital More virtual More careers More travel Brexit
- 11. MORE OPEN, BUT ALSO DISCERNING 11
- 13. THERE ARE LIMITATIONS OF DEMOGRAPHIC CUSTOMER SEGMENTATION: NOT ALL CUSTOMERS ARE THE SAME 13 Gender Age Group Nationality Profession Income actor actor high high PERSON A PERSON B
- 16. MINDSET DIVERSITY 16 source: Barkley USA in partnership with Boston Consulting Group (BCG)
- 17. A NEW “URBAN” BUSINESS MODEL: BOOK BY CADILLAC OWN THE DRIVE, NOT THE DETAILS EXPERIENCE THE NEW MONTHLY CAR SUBSCRIPTION SERVICE FROM CADILLAC. • CONCIERGE WHITE GLOVE VEHICLE DELIVERY • NO-COMMITMENT MEMBERSHIP • INSURANCE, REGISTRATION, AND MAINTENANCE INCLUDED • CURATED CADILLAC FLEET TO CHOOSE FROM • $1500/MONTH MEMBERSHIP FEE 17
- 19. EARLY TEENS TO EARLY MIDDLE AGE 19 13 years the youngest 35 years the oldest 5 20 3510 15 25 30 40 45 50 55 60 Income differences Different family obligations Career & peer differences
- 20. FORMING OPINIONS VS. TRANSACTING 20 5 20 3510 15 25 30 40 45 50 55 60 Average age of Cadillac buyer (US) Posters & celebrities Riding with others Starter vehicle Non-soda Sodas Diet Sodas Ave. age of Cadillac buyer (China)
- 21. CREATING EARLY INFLUENCE 21 5 20 3510 15 25 30 40 45 50 55 60 Early education environments Home purchase Extended loyalties
- 22. FOR US: RIDESHARING INFLUENCE 22
- 23. 23 FOR US: HALO VEHICLES FOR GROWTH AREAS CTS-V Performance CT6 Prestige, technology, and innovation Escalade Pop culture
- 25. TIMELESS TRUTHS OF TEENS (13 – 19) Testing independence Forming identity Emotional, hormonal and physiological change High highs, Low lows 25 OF ADULTHOOD (20 – 35) Narrowing exploration Refining tastes Self confidence Trading up
- 26. AVERSION TO OWNERSHIP IS RELATIVE 26 VS
- 27. CELEBRATING YOUTH’S EXPLORATION 27 Adornment Fashion ModificationAppropriation
- 28. RESOLVING ADULTS’ HARD TRUTHS 28 Family Swagger
- 29. DON’T PANDER 29
- 30. RESPECT IS A HARD EARNED CURRENCY 30 Source: The Futures Company May 2015
- 31. OVERSELLING IS A COMMON MISTAKE 31 Source: Hashtag Nation: Marketing to the Selfie Generation September 2014
- 32. VERSUS SITUATIONS WHERE BOTH ENTER IN TRUE-TO-SELF, PRESSURELESS, OFTEN INDIRECT WAYS 32 spectacles education environments options
- 33. USING AREAS OF SHARED INTEREST TO ENGAGE art & design thought leadership fashion travel / culinary 33
- 34. CO-CREATE 34
- 35. THERE IS AN OLD ADAGE ABOUT GLADIATORS,— THAT THEY PLAN THEIR FIGHT IN THE RING; AS THEY INTENTLY WATCH, SOMETHING IN THE ADVERSARY'S GLANCE, SOME MOVEMENT OF HIS HAND, EVEN SOME SLIGHT BENDING OF HIS BODY, GIVES A WARNING… - SENECA “ON THE FUTILITY OF HALWAY MEASURES” (LETTER XXII) 4BC 35
- 36. PROVIDE “THE RING” 36 Platforms Dashboards
- 37. “HOLD THE SWORD LOOSELY” 37 ON BRAND OPEN be be
- 38. FORMS OF CO-DEVELOPMENT 38 From Planned studies Built for Closed offerings Stereotypes & Cliches To Interactive betas Made with Feedback optimized Fluid forms of identity creation
- 39. TORONTO 2017 DUBAI 2017 SHANGHAI 2018 PEBBLE BEACH 2016 NYC 2016 MEXICO 2019 MUNICH 2017 CADILLAC HOUSE IS A SOCIAL LAB, A SPACE FOR CULTURAL IDEAS TO TAKE SHAPE AND BE DEBATED 39
- 40. IN SUMMARY 40
- 41. A GENERATION OF INDIVIDUALS IN FLUX 41 No single definition Vast differences Influence ≠ purchase Factor for lifestage Don’t pander Co-create
- 42. THANK YOU 42