Who Are The Millennials?
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Backbone Media explores the "millennial" generation and what they mean for you and your brand.
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Who Are The Millennials?
- 2. Recent Generations Source: Howe http://www.lifecourse.com/about/method/the-generational-constellation.html
- 3. Source: Mccrindle Research: http://www.mccrindle.com.au/
- 4. Who are the millennials?
- 5. 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/
- 6. Values
- 7. 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/
- 8. 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/
- 9. 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.
- 10. 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/
- 11. 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. -
- 12. 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. -
- 13. 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.
- 14. 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
- 15. 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
- 16. 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. 1. 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/
Notes de l'éditeur
- Gw sets up intro
- Different generations with different collective personas and levels of influence on American politics and culture. While their collective experiences shape their identity it is important to remember that these are general guidelines and any attempt to target a generational cohort should be further segmented to identify unique groups within these generations.Really topline descriptions
- Currently the boomers have majority political control and are one of the larger spending groups… in 10-15 years Millennials will take over majority spending power. They are not a buzz word.It is important to understand the different generations so that we get the right message to themAsk people to raise their hands:Boomers born before 1964Generation X born before 1977Millennials born after 1978When clients ask us about Millennials we can tell them that we have (#?) millennials on staff, we get their mindset, we are millennials.Brands that do the best job of reaching millennials will be able to reap the benefits of this large buying power.Generational Archetypes:Prophet- Born in a High, enters young adulthood in an Awakening, midlife in an unraveling and elderhood in a crisis.Nomad- Born in an Awakening, enters young adulthood in an Unraveling, midlife in a crisis, and elderhood in a high.Hero- Born in an unraveling, enters young adulthood in a Crisis, midlife in a high, and elderhood in an awakening.Artist- Is born in a crisis, enters young adulthood in a high, midlife in an Awakening, and elderhood in an unraveling.
- -Millennials are exposed to a lot more experiences at a younger age (greg just had a basketball …. and a hoop)- a lot of millennials are being shuttled from activity to activity, more traveling at a young age than many adults had done before they were 30Tech-Extrememultitaskers making it harder to get their attention.Economic RecessionHigh unemployment rates and job jumping common as they try to find a career with work-life balance.
- Important ones:Creativity- media that features strong graphics, as well as experiences that allow them to flex creative muscles.Environmentalism and Social Justice- It is increasingly important to have a commitment to the environmenti.e. Icebreakers track your merinoGoLite Index that audits cradle- grave impact of every product. patagoniaFoodies- they are food sophisticates, they make adventurous dishes at home and expect the same at restaurants.Collaboration/ Peer Validation- they are comfortable working together and value peer’s opinions. Social Media is an extension of their personality and they share content that resonates with their self-image and makes them look cool to their friends.Authenticity- They are cynical of media messaging and non-genuine communication can alienate them quickly. They will trust the word of fellow consumers over publications and brand copy.----- Meeting Notes (8/27/12 16:49) -----add peer validation things that will make them cool in front of their friends
- You need to make it easy for them to purchase your products this includes easy to find consumer reviews and clear paths to POS.Incenting and making it easier for people to share their opinions about your brand is essential.Millennials live social making it a key channel for peer recommendations, and amplification of brand messaging.A commitment to the environment is increasingly important and brands need to drive awareness of their efforts in this realm.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/
- You can’t treat them as one cohort there are many different mindsets amongst this generation.A generalized segment can fail particularly when applied to the outdoor industry where culture within the sport probably has a large share of the influence on millennials. The mindset of a millennial targeted by the outdoor industry is going to differ from that of Targets.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/
- This impact is going to be real for everyone's working careerThey will no longer be a generational target but the general targetThey are 17-35 y.o right now
- They make up almost 25% of the population, have 200b in direct spending and 500b in indirect spendingThey are active participants in social media who rely on peer interaction for important decisions. They have large digital social networks that have huge awareness amplification opportunities if you have the right messaging.They are concerned about the environment and want their brands to be to.8.2% nationalThey are currently in unstable economic conditions with high unemployment and quickly shifting living situations but as they settle down in the next 10-15 years their desire to travel, be adventurous, and live healthy lifestyles make them an attractive target for the active lifestyle brands we represent.Sources:TIG Global (travel)http://www.pewsocialtrends.org/files/2010/10/millennials-confident-connected-open-to-change.pdfwww.sharelikebuy.com based on research from Barkley, SMG and the Boston Consulting Grouphttp://generationopportunity.org/press/young-americans-hit-by-july-12-7-percent-jobless-rate/: national unemployment is 8.3% millennials 18-29 is at 12.7%
- Be aware of trends in your space and remember that if it doesn’t look authentic to their “culture” you may lose them for good.You need to be present in the spaces they most often frequent this is increasingly digital and social, but don’t discount the engagement ads in print magazines get particularly in the buyers guide and other early mags.Their preferences are an ever-moving target you need to listen to their conversations in message boards and social platforms and glean insights into the trends they self-identify with. CROWDSOURCE!! Focus Groups could be increasingly important to understanding the complex tastes of millennials.Fan machine?Dennis Pitta, (2012) "The challenges and opportunities of marketing to Millennials", Journal of Consumer Marketing, Vol. 29 Iss: 2, pp.
- -Life stage introduction: craft beer is something many people in their late 20’s start to experiment with you should focus on this Rapidly Changing Trends:It is extremely important that your brand messaging resonates with your intended target, and this goes hand in hand with appearing Genuine to Millennials.This means that you will need to investigate the places these targets communicate i.e. forums, social media to see what trends they identify themselves through. CROWDSOURCE!!.Ex) BD ad where glove is not covered by sleeve, doesn’t seem like a big deal unless you are a young freeskier where style is everything.
- AMEX:Apps like nextpedition which leverages millennials desire for travel and new experiences while introducing them to the benefits of AMEX travel services.Link Like Love appeals to the desire for deals and having personalized content by delivering deals that are based on likes, interests and social connections of cardmembers on Facebook.maybe focus groups should be more importantEB ad maybe goes here
- http://www.brandamplitude.com/blog/item/gen-y-defined-by-creativity-not-technology
- -------------------------------------------Millennials have grown up in an age of deals and discounts and these offers generate the most sales conversions (56% expect exclusive deals when they interact with brands on social platforms), email updates are also effective in reaching them but remember that scarcity is important as they quickly stop looking at them if they come too often. Pop-Up ads, pre-roll and pre-video ads are all considered intrusive and can generate strong negative feelings for your brand.Millennials are more responsive to Digital messaging than TV baby boomers are index at 85 -106 GEN X AT 75 -103They consider the word of fellow consumers to be up to 12x more credible than magazines and company copy. Online reviews tend to come in from the extremes, but review rewards can help drive more diverse reviews (Amazon has a program that rewards reviewers with a track record of thorough, helpful feedback.)Millennials respond strongly to strong graphics but also place importance on clean layouts a reflection of their creativity and expectation of good design.-----------Millennials strongly engage with media they choose to view.It is increasingly harder for advertising to achieve breakthrough and catch attention with millennials who are notorious for multi-tasking and short attention spans.Strong Creative is often needed and should be tailored to draw Millennials into the story being told.
- Short attention spans and overstimulation mean that you need to have short meaningful messaging and remember that fewer posts is actually better as they appear more genuine and less like spray.Sharing your content happens when someone thinks it will increase their social “currency”Don’t try to pull the wool over their eyes they will see through it and punish you for it.Remember the image you are trying to portray of your brand is one that should resonate with the target’s image of themselves. Strong Graphics are the best way to do this.Source:http://adage.com/article/news/marketing-media-savvy-gen-y-transparency-authenticity/146388/