The Millennials aka…

Recent Generations

Source: Howe http://www.lifecourse.com/about/method/the-generational-constellation.html

Source: Mccrindle Research: http://www.mccrindle.com.au/

Who are the millennials?

Influences

Helicopter Parents:• Millennials are raised by boom parents in child-centric

households.• Often results in a structured, full and active lifestyle.

Technology:• What were once luxuries are now necessities- cell phones,

computer, high quality food, internet access.• Has created stimulation junkies who are prone to extreme

multitasking.• Millennials are involved in some combination of social media,

online entertainment, video chatting, homework and possibly good old-fashioned television.

Economic Recession:• Coming of age in the most severe economic recession in 60

years.• Entry into careers has been set back but millennials remain

upbeat about their own economic future.Source: http://millennialmarketing.com/2010/11/millennials-the-book/

Values

Four Highlights

• “I want it fast and I want it now”• Premium on speed, ease, efficiency and convenience in all

transactions.

• “I trust my friends more than ‘corporate mouthpieces”• Definition of an expert has shifted from someone with professional or

academic credentials to potentially anyone with firsthand experience, ideally a peer or close friend.

• “I’m a social creature both online and offline”

• “I can make the world a better place”• A generation taught to recycle in kindergarten wants to be good to

the planet and believes that collective action can make a difference.Source: Christine Barton, Jeff Fromm, Chris Egan (2012), “The Millennial Consumer: Debunking Stereotypes”, Boston Consulting Group: https://www.bcgperspectives.com/content/articles/consumer_insight_marketing_millennial_consumer/

Treating millennials as a unitary cohort is imprecise and when practical brands should seek further segmentation.

Source: Boston Consulting Group: https://www.bcgperspectives.com/content/articles/consumer_insight_marketing_millennial_consumer/

Why should we care?

In 10-15 years Millennials will make up the majority spending group in the U.S. and will begin to find themselves in positions

of political influence.

Source: http://www.pewsocialtrends.org/files/2010/10/millennials-confident-connected-open-to-change.pdf,| www.sharelikebuy.com based on research from Barkley, SMG and the Boston Consulting Group | http://generationopportunity.org/press/young-americans-hit-by-july-12-7-percent-jobless-rate/

How Do You Reach Millennials?

• Speak their Language• Reach them where they are• Use the communications they use: Digital• Understand the complex combination of experience and

preferences that define them.

Source: Dennis Pitta, (2012) "The challenges and opportunities of marketing to Millennials", Journal of Consumer Marketing, Vol. 29 Iss: 2, pp.

Tactics will differ depending on your brand:

• If you are targeting teenagers, college students or young adults you need to constantly re-think strategy to keep up with rapidly changing trends

• Brands that target older consumers will need to determine the appropriate life-stage to introduce their brand to Millennials.

Source: Dennis Pitta, (2012) "The challenges and opportunities of marketing to Millennials", Journal of Consumer Marketing, Vol. 29 Iss: 2, pp.

Big Brands are already courting millennials.

AMEX• Set up a digital-payment platform as an

alternative to traditional credit cards to attract the under-35 demographic.

• Partnered with Facebook, Twitter and Foursquare to move beyond its older affluent customer base.

Other Brands are leveraging Millennial’s creative impulses to drive engagement:

DD is crowdsourcing new donuts via social media :

• Engagement Time : > 9min

• 130,000 Contest entries

• 333,000 donuts created

• 3 million FB impressions

‘Flavor Creator Lab’ for vitamin water:

• FB page grew by over 11%

• Since March launch it has grown to more than 400,000 fans.

Source: http://www.brandamplitude.com/blog/item/gen-y-defined-by-creativity-not-technology

Source: Katherine Taken Smith, (2012) “Longitudinal study of digital marketing strategies targeting Millennials”, Journal of Consumer Marketing, Vol. 29 Iss:2, pp. 86-92. | “Next Generation Strategies for Marketing to Millennials” http://www.comscore.com/Millennials

4 Takeaways

1. Be Fast- Nothing that can’t be said in 140 characters, they can handle long form pitches but they know you can do better – so do so.

2. Be Clever- With roots in college culture eloquence and timing are highly prized… err on the side of overestimating the millennial and they may surprise you.

3. Be Transparent- They know media exists to sell them something. Make light of this and it will ring true- they will appreciate the honesty.

4. Focus on the Experience- If you add value they will tell the story for you.

Source: http://adage.com/article/news/marketing-media-savvy-gen-y-transparency-authenticity/146388/