Heroes are known to be bold problem solvers who fight for good. Why then are Millennials known as the “hero” generation? And why does that answer matter to companies?
Millennials are the largest generation yet and are poised to change the world. Increasingly acting as agents of change, they not only expect to succeed at having an impact on the world, but also seek out brands with the same goals in mind.
Millennial expert Todd Metrokin, Vice President and Creative Strategist, Ogilvy & Mather Washington D.C., shares a deeper look at Millennial behaviors and how to market to this “hero” generation.
2 BORN 1982-2004, AKA GEN
Y 2.3 BILLION WW Represent nearly 20% of adult population in the UK Control 21% of consumer discretionary purchases in the US Roughly 60% reside in Asia By 2020, will be the main driver of APAC economy In China, 65% admit to owning products and brands to impress others By 2025, will make up 75% of the global workforce 71% in Latin American say it’s important to make it to the top of their career, compared to 43% WW 91% of Korean Millennial moms access the web via mobile each day 60% would rather spend money on experiences than material things MILLENNIALS Sources: US Census Bureau, STP, Visa, and McKinsey & Company, Mazars, Dentsu Aegis, Insites Consulting, aimia.com, Telefonica, Deloitte, MMGY Global
3 …our lack of communication
and engagement… BORN 1982-2004 - AKA GEN Y 80 MILLION • Control 21% of consumer discretionary purchases • 57% non-Hispanic white • 27% share of adult population (18 to 32) • 39.8 million are enrolled in secondary education • Starbucks leads with 46% of coffee shop purchases
10 SPIRITED ENTREPRENEURS • Seeing
“Sharing economy” as a solution — Millennials are more likely to be very interested in trying (30%, +14 total public) and think more will be doing so in future (26%, +9) • “There are growing opportunities for new products in emerging areas like the “sharing,” “maker” and “monitor” economies.” • “Millennials have come of age in the time of crowdsourcing, where large groups of people are entrusted to provide solutions more effectively than could an individual, so it feels natural to them to gather as much information as possible before making decisions.” • “41% of Millennials participate in cause programs by supporting friends and family in causes meaningful to those people.” • Millennials are consistent in their desire to see how dollars translate into people helped. They want their contributions, no matter the type or amount, to help achieve tangible results for a cause. • Millennials want to lend their knowledge, expertise, and time to help nonprofits • “Sharing my expertise” is a top motivator (46%) for Millennials involvement in causes • For online funding platforms, the largest percentage of users are Millenniels — Indiegogo (44%) & Kickstarter (49%) — and skew towards more male users. For further reading, visit: • Pew Research Center “Millennials in Adulthood” 2014 • GfK 2014 Roper Reports “Becoming Whole” • American Millenials: Deciphering the Enigma Generation, Barkley 2014 • HTTP://WWW.THEMILLENNIALIMPACT.COM/2013RESEARCH • http://crowdfundbeat.com/2014/11/18/crowdfunding-demographics-understand-kickstarter-and-indiegogo-backers/ • Millennials: Breaking the Myths, Nielsen 2014
12 SAVVY INDIVIDUALISTS • Only
3% of Millennials are looking to share their volunteer/donation experience on social media • Favorite brands are ranked with religion and ethnicity as a top personal identifier online, with a tremendously high brand loyalty (70% claiming they will always come back to brands they love) • 50% consider themselves political independents, an increase from 40% in 2007 • 29% of Millennials are religiously unaffiliated compared to Boomers at 16% • Less likely than previous generations to identify with either major political party. Half of all Millennials now identify themselves as political independents, up from 38% in 2004. • 50% of Millennials agree “I buy brands that reflect my style/personality” • 55% of female shoppers will shop a brand if it “Has unique items that I won’t see on others“ • “Don’t stereotype them. Their interests and priorities are eclectic and fragmented despite being better connected. They have a natural interest in customization and individuality, so relate to them in this manner.” • They are the most diverse generation. According to the U.S. Census Bureau, 43% of Millennial adults are non-white, the highest share of any generation in the country. For further reading, visit: • ADULT MILLENNIALS AS CONSUMERS - eMarketer 2014 • Pew Research Center “Millennials in Adulthood” 2014 • GfK 2014 Roper Reports “Becoming Whole” • Millennials: Breaking the Myths, Nielsen 2014 • American Millenials: Deciphering the Enigma Generation, Barkley 2014
14 NEW CHALLENGERS • 73%
would be more excited about a new offering in financial services from GOOGLE, AMAZON, APPLE, PAYPAL or SQUARE than from their own nationwide bank. • Nearly half are counting on tech start-ups to overhaul the way banks work. • 84% of Millennials say they consider CSR “before deciding what to buy or where to shop.” • Asked specifically about whether CSR prompts brand switching, Adroit Digital found 29% of Millennials saying they would switch if a “more eco-friendly product attracts you” and 32% if their current brand were “found to have bad business practices.” • Millennials are 2.5 times more likely to be an early adopter of technology than older generations. • 56% of Millennials report that they are usually either one of the very first to try new technologies or are among the first group to try a new technology. • 37% say they are willing to purchase a product or service to support a cause they believe in, even if it means paying a bit more. For further reading, visit: • ADULT MILLENNIALS AS CONSUMERS - eMarketer 2014 • GfK 2014 Roper Reports “Becoming Whole” • Millennials: Breaking the Myths, Nielsen 2014 • Social Impact Study, Cone Communications 2013 • http://www.millennialdisruptionindex.com/
16 ACCESS SEEKERS • In
a November 2013 survey, Bond Brand Loyalty found 68% “will change when and where they shop if it means getting more program benefits”; 60% will switch brands. The payoff needn’t always be financial, though, as Millennials are more interested than older consumers in “nonmonetary benefits.” • Female Millennials: 55% (top request for store experience) The sales associates assist me by getting different sizes or colors when I am in the dressing room. • Work teams that feel highly included deliver 80% higher performance than those in which employees do not feel “included.” • From Millennials’ perspective, the ease of accessing information creates an expectation the brand will provide plenty of it. • 55% of Millennials who participate in loyalty programs favor receiving personalized product/service experiences , while , 48% say that receiving recognition from the brand/company/program is important and 50% desire eligibility to contribute to product/service enhancements. • Millennials’ top motivations for getting involved or volunteering with a nonprofit included working with a cause they are passionate about, meeting new people who care about the same cause, and being able to lend pro-bono skills and expertise to a charity. For further reading, visit: • ADULT MILLENNIALS AS CONSUMERS - eMarketer 2014 • American Millenials: Deciphering the Enigma Generation, Barkley 2014 • “Waiter, Is That Inclusion In My Soup?” Deloitte Australia • The Four-Year Research Summary, MCON and the Case Foundation, 2015
18 OPTIMISTIC REALISTS • “Despite
their financial burdens, Millennials are the nation’s most stubborn economic optimists. More than eight-in-ten say they either currently have enough money to lead the lives they want (32%) or expect to in the future (53%). No other cohort of adults is nearly as confident, though when Gen Xers were the age Millennials are now, they were equally upbeat about their own economic futures. Some of this optimism, therefore, may simply reflect the timeless confidence of youth. • They are also somewhat more upbeat than older adults about America’s future, with 49% of Millennials saying the country’s best years are ahead, a view held by 42% of Gen Xers, desiring equal opportunity for all (#11 value) • “Gen Y is reshaping the culture and marketplace as it moves into its 30s. And it’s bringing with it fresh values from social tolerance to a desire for fun in all of life.” • Entrepreneurship is still the preferred career path: 70% of Millennial respondents want to launch their own organization, but less than 20% want to be a leader at a large organization. • “Affiliation with a cause is more important to the Millennial generation than to any previous generation.” For further reading, visit: • ADULT MILLENNIALS AS CONSUMERS - eMarketer 2014 • American Millenials: Deciphering the Enigma Generation, Barkley 2014 • Millennials Will Soon Rule The World: But How Will They Lead? – Josh Bersin, Forbes (quoting a global study by Deloitte Research on Millennials) • GfK 2014 Roper Reports “Becoming Whole” • Pew Research Center “Millennials in Adulthood” 2014 • http://business.time.com/2012/11/08/millennials-turns-out-the-entitled-generation-is-willing-to-sacrifice
20 WHAT’S YOUR FAVORITE BRAND?
Tesla. WHY? From the outside looking in, it seems like a truly global company that has a good view of the future in mind. At the risk of sounding fan- boyish, Elon Musk is a pretty big inspiration when it comes to business. Actually seems like the guy has a soul. Respondent's age: 26. Source: Hufington Post survey, September 2014 It’s not what you sell, it’s why you sell.
22 “They are digital natives:
the only generation for which these new technologies [internet, mobile, social media] are not something they’ve had to adapt to.” “Millennials in adulthood”, Pew Research Center, March 2014 Social is essential but traditional tactics matter.
24 “It's not that we
expect some crazy magical experience; it's just that we want to be included in the feeling of whatever your brand is offering. We like good marketing.” Melanie Curtin, Huffington Post, September 2014 Invite experiences.
26 WHAT’S YOUR FAVORITE BRAND?
Target. WHY? They are geniuses that know you well and treat you well. WHAT’S YOUR LEAST FAVORITE BRAND? WalMart WHY? They are geniuses that know you well and treat you poorly. Source: Hufington Post survey, September 2014 Be clear. Value feedback.
28 Millennials are “absolutely yearning
to be empowered … I believe that if we embrace the idea that people need to be empowered to be engaged, we can take this thing that we complain about—this ‘entitlement’ thing—and actually make it one of our biggest cultural assets.” Mike Derheim, CEO The Nerdry in his 2013 TED Talk Provide access.
30 Millennials can prove to
be one of your most willing sources of ideas. As digital natives, they naturally expect a stage on which their voice can be heard, and are programmed to have access to choice. Co-creation allows for all this. Geoff Gower, ECD at ais London in The Guardian, Nov 2014 Harness the innovation engine.
32 It’s not what you
sell, it’s why you sell. Social is essential but traditional tactics matter. Invite experiences. Be clear. Value feedback. Provide access. Harness the innovation engine. MARKETING OPPORTUNITIESMarketing Opportunities with Millennials
Thanks! Todd Metrokin
VP, Creative Strategist Ogilvy & Mather, Washington D.C. @tmetrokin Hannah Law Vice President, Regional Social@Ogilvy @HannahLaw Thomas Crampton Global Managing Director Social@Ogilvy @ThomasCrampton Melanie Taylor West Region Group Director Social@Ogilvy @melaniegt