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Motivating and Marketing to Millennials @ The Central Exchange
- 1. Challenge of theMillennium: Motivating Gen-Y Strategies for managers and marketers Clara Miller The Central Exchange • Professional Development Series July 15, 2009 © 2009 Morningstar Communications
- 2. “Children now loveluxury; they have bad manners, contempt for authority; they allow disrespect for elders...they contradict their parents and tyrannize their teachers...” - Plato, by Socrates
- 3. Today, We Will... •Discuss attributes of Millennials • Examine best practices for working with Millennials • Examine best practices for marketing to Millennials
- 4. The Millennials 1977 - 2002
- 5. Millennials Matter • Spendingpower - $200 billion+ • “Echo-Boomers” - 86 million • Facebook Election
- 6. Researching Midwestern Millennials • Onlinestudy distributed via Facebook, Twitter, Email • 407 completes, 251 from Midwest • Spanned income ranges • Mix of urban and suburban • College degrees
- 7. Gen-Next the next greatgeneration iPod generation Gen-Why Echo Boomers Gen-Whine Gen-Y Connecteds millennials personalization generation Trophy Generation Gen-Me
- 8. overly assertive coddled entitled digital optimistic narcissistic restless connected future-oriented inclusive energetic diverse ambitious innovative dreamers confident self-centered influential tech-savvy opportunity-driven multi-tasking trendsetters
- 9. The Mindset List Class of 2003 • Most of them were born in 1981. • They owned and operated a Trapper-Keeper. • They know what “psych” means. • They can, right now, hum the theme to Inspector Gadget. • They remember when Saturday Night Live was funny. • ET, Gremlins and The Hulk provided their lunch box themes. Beloit University, Mindset List, Class of 2003
- 10. Shaping Events • Technology:Internet, cell phones • Entertainment: Reality TV, boy bands • Violence: 9/11, Columbine, Wars in the Middle East • Politics: Clinton scandal, 2000 election uncertainty • Lifestyle: Rise of suburbs, recycling
- 11. Midwest Millennial: Home View • Believe kids and careers are both possible • 60% consider themselves religious • 75% participate in philanthropic activities • Live independently, but don’t own homes • 17% are blogging
- 12. Midwest Millennial: Work View • They aren’t entrepreneurs -- yet • Almost half make $50,000+ (household) • Philanthropy also is important at work • 64% rely on parents for advice • Satisfied with their jobs and number of hours worked
- 13.
- 14. What attributes, benefitsand perks are important to you? • Must Have • Like to Have • Will Give Up for Right Job • Not a Priority
- 15. Universal motivators 1. Compensation 2.Health insurance 3. Recognition for a job well done
- 16. Enable Impact on Company Outcomes • 23% must-have, 63% like to have • Eager to accomplish ambitious goals Manager Tip: Identify challenges they can help address.
- 17. Outline Clear Paths to Advancement • 60% say it’s a must-have • Opportunity valued over job security Manager Tip: Develop and use roadmaps.
- 18. Allow Access to Leadership • 32% must-have, 59% like to have • Professional development goes both ways Manager Tip: Foster mentoring.
- 19. Evolve Your Culture •Flexible work hours: 25% must-have, 60% like to have • Casual dress code, personal space and upbeat culture also valued Manager Tip: Consider embracing this.
- 20. Infuse Authenticity in Communications • “BS” meters are sensitive • Peer opinions are key Manager Tip: Be clear, consistent, customized.
- 21. Common Social Media Outlets • Facebook • Twitter • MySpace • Flickr • LinkedIn • Blogging • YouTube
- 23. Keep Social MediaSocial • Most consider it a personal space • Mixed on appropriateness of employer researching them Manager Tip: Use LinkedIn.
- 24. Motivating Millennials At Work • Universal motivators • Enable impact on company outcomes • Outline clear paths to advancement • Allow access to leadership • Modify your culture • Infuse authenticity in communications • Keep social media social
- 25.
- 26. Purchase Drivers • Cheap cost with good quality • Peer recommendations • Fast service/convenience • An “experience” • A little bit on the quirky side Fast Company, 2008
- 27. Information Sources • EACHOTHER • Social Networks • Texting • Instant Message • Magazines
- 28. Tolerance for Marketing •Direct Mail Most Tolerant • Email • Facebook message • Twitter message • Text message • Phone call Least Tolerant
- 29. Know if Mail Makes Sense • 73% use coupons from direct mail • Pay bills via mail vs. internet Marketer Tip: “Old school” can still be cool.
- 30. Give a Reasonto Read • Tolerance is tolerance • Email needs to evolve Marketer Tip: Coupons, contests, feedback
- 31. Enlist Facebook Fans • Reasons for joining fan pages: • Getting news or product updates • Having access to promotions • Viewing or downloading music or videos • Submitting opinions • Connecting with other consumers Marketer Tip: Create a fan page. The Participatory Marketing Network, 2009
- 34. Spare the Ads • 84% notice ads • 80% find ads irrelevant • 36% never click Marketer Tip: Tread carefully with ads. The Participatory Marketing Network, 2009
- 35. Bolster Customer Service with Twitter • 25% are on Twitter • Authentic, personalized communication Marketer Tip: Empower your staff.
- 39. B-to-B Marketing toMillennials
- 40. Help Millennials Recommend You • Researching you online • Make sure you’re there Marketer Tip: Keep sites fresh, consider a blog.
- 41. Connect on LinkedIn •Get your foot in the door. • Position your expertise.
- 43. Connect on LinkedIn •Get your foot in the door. • Position your expertise. Marketer Tip: Build a LinkedIn strategy.
- 44. Marketing to Millennials • Practice integrated marketing communications • Know if mail makes sense • Give a reason to read • Enlist Facebook fans • Spare the ads • Bolster customer service on Twitter • Help Millennials recommend you • Connect on Linked In
- 45. Today We... • Discusseda snapshot of Millennials • Examined manager’s tips for working with Millennials • Examined trends in marketing to Millennials
- 46. Thank You Clara Miller MorningstarCommunications Email: cmiller@morningstarcomm.com LinkedIn: www.linkedin.com/in/ClaraMiller Blog: www.morningstarcomm.com/ LuminaryBlog.aspx