millennials: now seating 80,000,000
DESCRIPTION
If brand marketers want to succeed with the Millennial consumer, they’ll need to understand and influence the trends, concerns and habits of that generation, which has an annual direct spending power estimated at $200 billion and represents 25 percent of the population. Within this presentation, Millennial research from a joint venture by Barkley, The Boston Consulting Group and Service Management Group will be revealed, which includes a wealth of knowledge on the restaurant and retail industries. The keynote will provide attendees with tools to guide their thinking for the future and help ensure they are marketing to this undeniably powerful demographic. Such tools will help measure brand consumer engagement and provide a prospective as to what’s coming next in technology that will prove relevant with Millennials. Likewise, best practices of brands that are getting it right with Millennials will be highlighted as well as those who aren't quite hitting the mark.TRANSCRIPT
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Jeff FrommCo-Author “Marketing to Millennials: Reach the
Largest and Most Influential Generation of
Consumers Ever.”
EVP at Barkley, a fiercely independent ad agency.
Copyright© 2013 by Barkley. All rights reserved.
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#LetsConnect
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Let’s talk Millennial
expectations.
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#settingthebar
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The Definition of Brand Value
We Knew and Loved
DIED.Copyright© 2013 by Barkley. All rights reserved.
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Copyright© 2013 by Barkley. All rights reserved.
The OLD Definition
Brand Value =
Functional + Emotional
PriceΣ
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Copyright© 2013 by Barkley. All rights reserved.
The NEW Definition of Brand Value
Brand Value =
Functional, Emotional & Participative Benefits
PriceΣ
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Images via respective sites.Copyright© 2013 by Barkley. All rights reserved.
MILLENNIAL
MINDSET
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QuickTime™ and aH.264 decompressor
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Copyright© 2013 by Barkley. All rights reserved.
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The Participation Economy
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Creative Excellence to Content Excellence
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CREATIVEEXCELLENCE
CREATIVEEXCELLENCE
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Copyright© 2013 by Barkley. All rights reserved.
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So Here Are The Six Rules:
Engage early adopters of new technology.
Build a listening and participation strategy.
Buying into a brand idea is more powerful.
Design a sense of adventure and fun into your brand.
Embrace disruption.
Keep their loyalty. Copyright© 2013 by Barkley. All rights reserved.
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RULE 1: Engage Early
Adopters of New Technology
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Millennials are 2.5x more likely
to be early adopters of new technology
Source: “American Millennials: Deciphering the Enigma Generation.” Joint research by Barkley, BCG & SMG.Copyright© 2013 by Barkley. All rights reserved.
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Copyright© 2013 by Barkley. All rights reserved.
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RULE 2: Build a Listening
andParticipation
Strategy
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Source: “American Millennials: Deciphering the Enigma Generation.” Joint research by Barkley, BCG & SMG.Copyright© 2013 by Barkley. All rights reserved.
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One-third of Millennials say
they like a brand more when the
brand uses social media
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Taco Bell Joins The Snap Chat Community
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Images via TwitterCopyright© 2013 by Barkley. All rights reserved.
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Taco Bell Shares Secret:Beefy Crunch Burrito is Back
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Copyright© 2013 by Barkley. All rights reserved.
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RULE 3: Buying into a brand
idea is more powerful than
simply buying a product.
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Source: “American Millennials: Deciphering the Enigma Generation.” Joint research by Barkley, BCG & SMG.Copyright© 2013 by Barkley. All rights reserved.
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70% of Millennials are more excited about a decision they’ve made
when their friends agree with them.
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Images via Warbyparker.comCopyright© 2013 by Barkley. All rights reserved.
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Copyright© 2013 by Barkley. All rights reserved.
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RULE 4: Design a Sense of
Adventure and Fun into your Brand
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Source: “American Millennials: Deciphering the Enigma Generation.” Joint research by Barkley, BCG & SMG.Copyright© 2013 by Barkley. All rights reserved.
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69% of Millennials say they consider
themselves adventurous
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Images via Freebirds Facebook PageCopyright© 2013 by Barkley. All rights reserved.
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RULE 5: Embrace Disruption
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Meet Mike
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82,693 25,019 10,087,490
Stats of April 23, 2013Copyright© 2013 by Barkley. All rights reserved.
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Copyright© 2013 by Barkley. All rights reserved.
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RULE 6: Keep Their
Loyalty
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Source: “American Millennials: Deciphering the Enigma Generation.” Joint research by Barkley, BCG & SMG.Copyright© 2013 by Barkley. All rights reserved.
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45% of Millennials will go out of their way to shop at stores offering
rewards programs
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Image via southwest.comCopyright© 2013 by Barkley. All rights reserved.
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Copyright© 2013 by Barkley. All rights reserved.
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What if you have an iconic brand with an older core audience?
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We need to reevaluate how you think of ROI.
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Storytelling to Storydoing
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STORYDOINGSTORYTELLING
STORYTELLING
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THANK YOU
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@ JeffFromm | [email protected] | www.millennialmarketing.com