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Marketing to Millennials Understanding the Millennial Mindset

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  • 1. Understanding the Millennial MindsetMarketing to Millennials

2. We say: why? They say why not?Marketing to Millennials 3. Framework: Generations The seminal work done byWilliam Strauss and Neil Howehas clarified the concept ofgenerational cohorts, culturaleras, the events demarking thespecific cohort group and thetime banding of cohort groups. We will avoid reinventing thewheel but also acknowledgethat other thought leaders maydefine their terms differently andbracket the generations slightlydifferently.Marketing to Millennials 4. Live Births by Year Boom Gen-X Gen-YMarketing to Millennials 5. Big PictureCohort A.K.A.Birth Yrs Trigger Characteristics NotablesTraditionals G.I. (early)1922- DepressionCheerful, ObedientJohn Kennedy Silent (late) 1944ConservativeJ.D. Salinger GreatestPast oriented Walter Cronkite Uniform/ConformingJoe DiMaggio Rational/Scientific Billie GrahamBoomersWoodstock 1945- End of WWII Independent,George Bush Me1961Confident, Goal-Bill Clinton GenerationOriented, Value George Foreman Individuality Jay LenoGen-XSlackers1962- Hostage Diverse, Flexible,Dave Matthews 13th1979CrisisTech adept, Michelle Obama Individualistic Jon Stewart Damien HirstMillennialsY 1980- Columbine Adaptable,Lebron James Echo Boom 2000Impatient, Tech Prince Harry Digital Savvy, Mutli-taskers, Andy Roddick Learning oriented Gen NextMark ZuckerburgMarketing to Millennials 6. Percentage of Total Adults34%Sized between the 26%baby boom and theGen-X group. 20%They have thenumbers, the19%education, thetechnology and theattitude to make animpact and like theBaby Boom group,to change theTraditionals Boomers Gen-X Millennial cultural landscape.Marketing to Millennials 7. Eras and their Icons I got you babe The revolution isSteer clear,And its so groovy. over; be happy this is seriousMarketing to Millennials 8. And soBoomersJust do it. Gen-Xwhy do it?MillennialsJust did it.Marketing to Millennials 9. Traditionals The American Dream Boy & Girl Scouts Cheerful, upbeat, obedient Deferential to adults and authority Winston Churchill, FDR, WWII Brand Loyal and Buy American Work Ethic Conservative and Patriotic Belief in Government, Civic Minded Male FixatedFather Knows Best Past OrientedThe Greatest GenerationUniformity and Conformity(won the greatest victories) Rational Thinking, Scientific Method Strict Ideas about what is AppropriateMarketing to Millennials 10. Marketing to Millennials 11. Marketing to Millennials 12. BoomersThe post-war baby-boomFrom hippies to yuppiesGrew up in positive and optimistic timeDr. Benjamin Spock recipe for a childPerceive themselves as individuals85% more meaningful than parents95% grew up with stay-at-home momGoal: be opposite from parents: Spirituality over science Gratification over patience Individuality over uniformity self- over communityNever trust anyone over thirty. Personal growth and self-esteemStay healthy, fitGreatest consuming generation in historyMarketing to Millennials 13. Before there wasGot Milk?There wasGot Mom?Marketing to Millennials 14. Marketing to Millennials 15. Gen-X13th generation (thats unlucky)Most aborted generation in historySlackersIncreasing divorce ratesLatch keyed, neglected & ignoredChildren less valued by societySkeptical of authorityNot threatened by authorityInformal dress codePersonal determinism, self-reliantIndividualized and independent We are not aBelieve in actions over wordstarget marketHands-off supervision I have a lifeMarketing to Millennials 16. Marketing to Millennials 17. Millennials Raised by soccer moms Psychologically impacted by danger in world School desks in pods, not rows Birthdays take entire week Everyone gets a trophy (just for showing up) Early education about pollution, environment New breed of feminism, dont use f word Open minded and multi-cultural Get along with and actually like parents Politically active Extreme tech savvy, digital natives Resilient and not bothered by set backsThe re-valuation ofthe American Child Job satisfaction over money or opportunity Need lots of supervision and structure An echo generationMarketing to Millennials 18. If 7 is the new 17 Then 27 is also the new 17.Marketing to Millennials 19. Goals Gen-XMillennials Most Important Goal in Life %Most Important Goal in Life % Get Rich62 Get Rich81 Be Famous 29 Be Famous 51 Help people who need help 36 Help people who need help 30 Be leaders in their community 33 Be leaders in their community 22 Become more spiritual 31 Become more spiritual 10Marketing to Millennials 20. God"We have dumbed down what it 72% more spiritual than religiousmeans to be part of the church so 65% dont attend church or religiousmuch that it means almost nothing, serviceseven to people who already say they 67% dont read Bible or any religious text are part of the church" (USA Today Survey) 68% do not mention faith or spiritual life when asked what is important in life.Marketing to Millennials 21. Google Google accounts for 65.1% of all internet searches. Google has 88 Billion searches per month Thats about 3 Billion per day, or 2 Million per secondMarketing to Millennials 22. Gadgets 97% 94% 56%Marketing to Millennials 23. GeeksMarketing to Millennials 24. Go GirlsMarketing to Millennials 25. Great KidsIts not so much about howgood you are as much as it isthat you just are.Winning isnt everythingwhen everyone is a winner.Showing up is half the battlefor these kids and theirfamilies. Partly because theyare over-booked but mostlybecause they arejust so darn cute.Marketing to Millennials 26. Good GuysMarketing to Millennials 27. Good at influencing PT BarnumDale Carnegie Don Draper < >Marketing to Millennials 28. Not The Tube, YouTube In 1965, 80% of 18-49 In 2002, it year-olds in the U.S. required 117could be reached withprime-time spots three :60 second spots.to do the same. Jim Stengel, Global Marketing Officer,P&GMarketing to Millennials 29. Social Media and the Internet 81% of 18-21 year olds have a profile on a social media website 31% check it several times per day 24% have posted a video of themselves online 59% get their news from the internet 32% of Millennials have watched a video online in the past 24 hoursMarketing to Millennials 30. The ten things you should know about Millennials if you want to getalong with them, workwith them or maybe even sellsomething to them.Marketing to Millennials 31. #1: They Arent Like YouMillennials are moretechnologically advancedbecause they are digitalnatives.Translation: they ate MP3Players for breakfast. Theyarent about to switch to a box ofWheaties and the morningnewspaper.Implication: you adapt tothemtheir media channels,media habits and preferredmethod of shopping.Marketing to Millennials 32. #2: Team OrientedMillennials grew up on teams.The soccer team, the familyteam and the team in theclassroom. Their desks arearranged in pods to increasecooperation, not rows topromote efficiency. Because ofthis, Millennials value equalityin the workplace and in life.The good news: they are morelikely to accomplish things ona team. The bad news: theywill resist going it alone andneed more interaction tocomplete tasks.Marketing to Millennials 33. #3: Conservative & CollegialMillennials are more conservative spiritually, politically, sexually and behaviorally.They achieve all of this without being particularly judgmental. They are moreaccepting of different cultures, customs and personal styles without managing tocolor outside the lines themselves. This is not The Sixties.Implication: Millennials expect marketers to work with them to avoid riskshowthem the picture, e-mail something, offer liberal return policies.Marketing to Millennials 34. #4: Privacy Paradox Millennials grew up with their own stuff. Personal devices are just that. And, most didnt share bedrooms, computers or even TVs with their siblings. But, they did tolerate intrusions such as security cameras, metal detectors and internet spam. Implication: Millennials value their privacy but, paradoxically, engage liberally in social media free space and blogging. Give them the single room and read their blogs.Marketing to Millennials 35. #5: They Like Their ParentsThere is no generation gapor failure to communicate.Millennials speak to theirparents frequently, eattogether often, travel togetherand seek their advice.Their primary goal is not togain independence from theirparents; to the contrary, theyrely heavily on their parentsfor emotional support, decisionmaking and financial help.Implication: parents are atleast silent partners in theirlives.Marketing to Millennials 36. #6: They Value AuthenticityWith all due respect, Mr. Whipple,your compulsive obsessivedisorder isnt going to sellanything to a Millennial.Millennials grew up with realityshows, a virtual world,cyberspace, the blogosphere andthe digital universe. They knowthe difference between a realityshow and reality. And they knowa cheesy spokesperson whenthey see one.Implication: Your soaking in itisnt going to work. Get real.Marketing to Millennials 37. #7: Theyre ProgrammedFrom a very early age, Millennials are Dude, heresprogrammed, scheduled and the dealcommitted. Not just committed to thetechnology, committed to the cause.If you are expecting 70s style free-spirits, they are not that.Millennials grew up following rigidschedules, going from music lessonsto soccer practice to tutoring. Theyvehad little in the way of down time andhave mastered multitasking.Millennials arent dreamers, they areplanners.Implication: Fit your product into theirplans.Marketing to Millennials 38. #8: Theyre MeasuredTheyve been measured from the start. Notjust measured, assessed, benchmarkedand evaluated beginning with their APGARscore and ending with the SAT. Nogeneration has been more measured thanthe Millennials.They not only accept measurement,theyve become shrewd users of metrics,benchmarks and universal standards.Implication: they accept measurements andmetrics. State your case in quantitativeterms they understand and dont be afraidto put any marketing claim in numericalcontext.Marketing to Millennials 39. #9: Theyre PrivilegedBut they dont see themselves that way. Whatis still a minor miracle to a boomer or even anX-er is the norm for the Millennial. They grewup with their own computers, cell phones anddevices and so these products have becomebasic necessities, not luxuries. Also, they grewup expecting to replace these items everycouple of years.When asked, the possession of these devices--and the privileges that go with them--areviewed as ordinary, expected and necessitiesfor life in the 21st century.Implication: you will need to ramp it up toimpress a Millennial because they also havehigh expectations of technology and theadvancing technology frontier.Marketing to Millennials 40. #10: They Can Change The WorldReallywell why not? Thats what weve taughtthem. And this generation believes they reallycan. Again, not in the way we thought we couldin The Sixties but in a more self-less, team-oriented, community-first kind of way. Not theme generation, the planet generation.Millennials are not rebels; they are collaboratorsand they are wired, or wireless with thetechnology to make it happen. This attitude andthe emerging technology is the basis for thesocial media revolution.Implication: tap their selfless energy nottheir self-importance. Millennials canchange organizations, advocate and go-viral at the drop of a hat (often wornbackwards).Marketing to Millennials