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We're all millennials now

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We're all millennials now

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Millennials are more than an age cohort or even an influential generation - they are all of us. How Millennials became the arbiters of culture.

Millennials are more than an age cohort or even an influential generation - they are all of us. How Millennials became the arbiters of culture.

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We're all millennials now

  1. 1. We’re All Millennials Now: The Contagious Consumer Mindset Transforming All Ages Carol Phillips Instructor, Marketing, University of Notre Dame President, Brand Amplitude, LLC October 24, 2014
  2. 2. Milking meme went viral in late 2012 and spiked in 2013 Those Crazy Millennials 10/29/2014 Brand Amplitude, LLC All Rights Reserved 2
  3. 3. Ice Bucket Challenge goes viral in 2014 and raises $100 Million for ALS Look Who’s Crazy Now 10/29/2014 Brand Amplitude, LLC All Rights Reserved 3
  4. 4. Source: Google Trends 2007 2010 2013-2014 Interest In “Millennials” Has Exploded 10/29/2014 Brand Amplitude, LLC All Rights Reserved 4
  5. 5. Marketers Were Driven by Fear 10/29/2014 Brand Amplitude, LLC All Rights Reserved 5
  6. 6. Fears Proved Unfounded Source: Harris Worldwide 10/29/2014 Brand Amplitude, LLC All Rights Reserved 6 45% 60% 35% 51% 25% 38% 0% 10% 20% 30% 40% 50% 60% 70% Brands play an essential role in my life It makes me feel good when I see someone I admire using the same brand I use Relationships with Brands by Age 16-34 35-54 55+
  7. 7. Current Focus is On Understanding 10/29/2014 Brand Amplitude, LLC All Rights Reserved 7
  8. 8. Understanding Thwarted by Inconsistency 10/29/2014 Brand Amplitude, LLC All Rights Reserved 8 Portrait of a Split Personality?
  9. 9. What Is a Millennial, Anyway? 10/29/2014 Brand Amplitude, LLC All Rights Reserved 9 Roughly Encompasses Adults 18-34 years in 2013
  10. 10. Do Birth Years Define Us? What Is A Millennial, Anyway? 10/29/2014 Brand Amplitude, LLC All Rights Reserved 10
  11. 11. A Demographic Cohort Group Demographers Say… 10/29/2014 Brand Amplitude, LLC All Rights Reserved 11
  12. 12. A Set of Social and Political Attitudes Social Scientists Say... Source: Pew Resarch 10/29/2014 Brand Amplitude, LLC All Rights Reserved 12
  13. 13. A distinctive set of media habits Media Researchers Say… Source: Pew Research 10/29/2014 Brand Amplitude, LLC All Rights Reserved 13
  14. 14. In the past 24 hours, did you watch more than an hour of television programming? In the past 24 hours, did you read a daily newspaper, or not? In the past 24 hours, did you play video games, or not? Thinking about your telephone use, do you have… In the past 24 hours, about how many text messages, if any, did you send or receive on your cell phone? How important is being successful in a high-paying career or profession to you personally? Do you think more people of different races marrying each other is a… In the past 12 months, have you contacted a government official? Have you ever created your own profile on any social networking site? How important is living a very religious life to you personally? Were your parents married during most of the time you were growing up? Do you have a tattoo? Do you have a piercing in a place other than your earlobe? In general, would you describe your political views as… Any Wonder We’re Confused? 10/29/2014 Brand Amplitude, LLC All Rights Reserved 14
  15. 15. We’re All Millennials Now! 10/29/2014 Brand Amplitude, LLC All Rights Reserved 15
  16. 16. Source: Nielsen, Population by Generation GEN Y Millennial Culture and Influence X Sources of Influence Size Proximity “Youth Positive” Culture Technology Education Economic clout Generation “Contagion” 10/29/2014 Brand Amplitude, LLC All Rights Reserved 16
  17. 17. Demographically defined Set of lifestage-related attitudes and behaviors Likely to change over time with maturity Requires additional segmentation to be meaningful Gen Y is a Target 10/29/2014 Brand Amplitude, LLC All Rights Reserved 17
  18. 18. Culturally defined Symbolic of an identity, purpose, aspirations and values More likely to endure Starting point for culturally relevant marketing that transcends age Millennial is a Mindset 10/29/2014 Brand Amplitude, LLC All Rights Reserved 18
  19. 19. The First Millennial? “Millennial” Is Bigger Than a Generation 10/29/2014 Brand Amplitude, LLC All Rights Reserved 19
  20. 20. Differences in Attitudes Are Blurring Source: Pew Resarch 10/29/2014 Brand Amplitude, LLC All Rights Reserved 20
  21. 21. What is Most Important in Your Life? (Choose Your Top 3) Gen Y 83% 82% 78% Making the most of every single day Supporting my immediate family and loved ones Being as fit and healthy as I can be today Boomers 91% 91% 90% Differences in Values Are Hard to Discern Source: YouGov.com 10/29/2014 Brand Amplitude, LLC All Rights Reserved 21 18% 18% 17% 0% 5% 10% 15% 20% 18-37 38-49 50-68 "A company's reputation for social responsibility has a strong effect on my decisions about what to buy and who to do business with" Source: YouGov.com
  22. 22. Smartphone Uses WHILE Shopping by Age 0% 10% 20% 30% 40% 50% 60% 70% 80% 90%100% Other View my shopping list To alert others to deals or special… To make a purchase To use QR codes To receive or find advertised deals To receive or find digital coupons To read product reviews To take a picture To compare prices 18-34 year-olds (n=573) 35-49 year-olds (n=530) I found these shoes at Nordstrom that were $400 and while I was at the store, I found them on the amazon app for $100. – Caroline, 18-26 Consumer Behavior Is Changing Across the Board Source: Sprint Mobile Moment of Truth Study, 2012 10/29/2014 Brand Amplitude, LLC All Rights Reserved 22
  23. 23. Millennials Want What Everyone Wants 10/29/2014 Brand Amplitude, LLC All Rights Reserved 23
  24. 24. Millennial Mindset Is An Emerging Consumer Ideology 10/29/2014 Brand Amplitude, LLC All Rights Reserved 24 “An ideology is a point of view on an important cultural construct that has become widely shared and taken for granted, and naturalized by a segment of society as a truth....Strong brands sustain ideologies – [they offer] a particular point of view on a cultural construct that is central to the product.” – Douglas Holt & Doug Cameron, Cultural Innovation
  25. 25. Millennials’ Top Brands Are Everyone’s Favorites 10/29/2014 Brand Amplitude, LLC All Rights Reserved 25 starbucks
  26. 26. Brand Losing Millennials Are Losing Overall 10/29/2014 Brand Amplitude, LLC All Rights Reserved 26
  27. 27. Finding Ideological Common Ground • Look to Shared Passions – Music, the Environment, Making a Difference • Focus on Pragmatic Solutions – Faster, Simpler, Frictionless • Aim High! -- Universal Values and Archetypes 10/29/2014 Brand Amplitude, LLC All Rights Reserved 27
  28. 28. Shared Passions 10/29/2014 Brand Amplitude, LLC All Rights Reserved 28 My Interests Define Me – How do you give me social currency?
  29. 29. Pragmatic Solutions Useful is the New Cool – How do you make my life easier? 10/29/2014 Brand Amplitude, LLC All Rights Reserved 29
  30. 30. Universal Values and Archetypes Respect My Aspirations – How do you make me feel more myself? Source: Resource Ammirati 10/29/2014 Brand Amplitude, LLC All Rights Reserved 30 +22% +20% +15%
  31. 31. “Win the Right Way” Heroism 10/29/2014 Brand Amplitude, LLC All Rights Reserved 31
  32. 32. Exploration 10/29/2014 Brand Amplitude, LLC All Rights Reserved 32 “One Bold Choice Leads to Another” https://www.youtube.com/watch?v=8unft7p054Q
  33. 33. “Take the Wheel” Self-Expression 10/29/2014 Brand Amplitude, LLC All Rights Reserved 33
  34. 34. Key Takeaways 10/29/2014 Brand Amplitude, LLC All Rights Reserved 34 • Gen Y is a Target • Encompasses Many Lifestages • Some Unique Generational Characteristics • Millennial is an Emerging Consumer Ideology • Beware Gen Y Stereotypes • Opportunity to Innovate Across Generational Boundaries • To Catch the Cultural Wave… • Market to Commonalities • Aim High What? So What?
  35. 35. Thank you! 10/29/2014 Brand Amplitude, LLC All Rights Reserved 35 Instructor, Marketing Mendoza College of Business cphilli4@nd.edu President carol@brandamplitude.com Carol Phillips @carol_phillips

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