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Who Are The Millennials?

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Backbone Media explores the "millennial" generation and what they mean for you and your brand.

Publié dans : Business
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Who Are The Millennials?

  1. 1. The Millennials aka…
  2. 2. Recent Generations Source: Howe http://www.lifecourse.com/about/method/the-generational-constellation.html
  3. 3. Source: Mccrindle Research: http://www.mccrindle.com.au/
  4. 4. Who are the millennials?
  5. 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. 6. Values
  7. 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. 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. 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. 10. Source: http://www.pewsocialtrends.org/files/2010/10/millennials-confident-connected-open-to-change.pdf,| www.sharelikebuy.com based on research fromBarkley, SMG and the Boston Consulting Group | http://generationopportunity.org/press/young-americans-hit-by-july-12-7-percent-jobless-rate/
  11. 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. 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. 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. 14. Other Brands are leveraging Millennial‟s creative impulses to driveengagement: 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. 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. 16. 4 Takeaways1. 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/