myths and truths about reaching millennials through marketing

44
Myths & Truths About Reaching Millennials October 2015

Upload: carousel30

Post on 06-Apr-2017

260 views

Category:

Marketing


3 download

TRANSCRIPT

Page 1: Myths and truths about reaching millennials through marketing

Myths & Truths About Reaching Millennials

October 2015

Page 2: Myths and truths about reaching millennials through marketing

About me

•Greg Kihlström, CEO, Carousel30–Started Carousel30 in 2003–On the following Boards of Directors:

•DC Ad Club (DC Chapter of the American Advertising Federation•American Advertising Federation National Board•Trust for the GW Memorial Parkway

Page 3: Myths and truths about reaching millennials through marketing

Introduction

•Who are Millennials?–Born between 1982 and early 2001–Grew up in a more digital age–Sometimes referred to as Gen Y

Page 4: Myths and truths about reaching millennials through marketing

Introduction

• “Information” about Millennials is everywhere:–It’s hard to open a magazine, check your email, or read your favorite blog without running across an article that talks about millennials and what you need to understand to market to them.

•Mixed in with a lot of research, however, is a lot of conflicting ideas, which makes it hard to figure out the truth.

Page 5: Myths and truths about reaching millennials through marketing

Introduction

•What is our goal as marketers?–We want to reach Millennials with a message–We want that message to resonate with them–We want to reach them in a way that is a sustainable method of communication

Page 6: Myths and truths about reaching millennials through marketing

Introduction

•What are some of the major misconceptions?–First, millennials always seemed to be lumped into a single demographic group, despite being very diverse as a generation.

–Then there are many assumptions about their technology habits, their brand affinity and other behaviors.

Page 7: Myths and truths about reaching millennials through marketing

Introduction

•What will we be doing today?–We’re here to clear up some of the misconceptions that have been shared about Millennials and communicating with them.

–Let’s take a look at five lies you’ve been told about millennials and figure out the truth in the process.

Page 8: Myths and truths about reaching millennials through marketing

Myth 1: Millennials all think and act the same

Page 9: Myths and truths about reaching millennials through marketing

Myth 1

Millennials all think and act the same

• This first lie is probably the most important one that we’ll discuss, and once you understand this, you’ll undoubtedly have more success reaching millennials.

• For all the talk about millennials being the most diverse generation in U.S. history, they sure are talked about as a single group of individuals that has the same opinion about everything.

Page 10: Myths and truths about reaching millennials through marketing

Myth 1

“Millennials are the most racially diverse, highly educated generation in history. Their path to purchase isn’t a straight line, so marketers need to keep this in mind and get creative. This means paying attention to their specific needs, ensuring they have the right product mix and customizing their media and messages to be relevant to those needs.”—Robert I. Tomei, president, Consumer & Shopper Marketing, IRI

Page 11: Myths and truths about reaching millennials through marketing

Myth 1

Millennials all think and act the same

• According to Carat’s research study based on 14,000 millennials aged 15-to-34:

– only 42% of this generation can be considered "hyper-connected optimistic digital extroverts.

–By subscribing to that stereotype, you’re missing out on effectively reaching the other 52%.

• The message here is simple: stop thinking of millennials as one big segment, and start trying to understand the subtleties that exist within this large demographic.

Page 12: Myths and truths about reaching millennials through marketing

Myth 1

What do we do?

• Don’t think of Millennials as a single group of people that all think the same

• Think about the different subgroups within this larger generation

• Think about the moments that make up their lives–Take time to understand the similarities they share with other generations at important times in their lives

Page 13: Myths and truths about reaching millennials through marketing

Myth 2: Millennials are always “connected” to the point of lacking interpersonal skills

Page 14: Myths and truths about reaching millennials through marketing

Myth 2

Millennials are always “connected” to the point of lacking interpersonal skills

• Does the millennial you work with always seem distracted by technology and not interested in human interaction?

–This is a common stereotype that is often shared about this generation. –You might imagine a millennial’s dream job is one where they are isolated, and perhaps

surrounded by machines, never having to deal with people.

• While this scenario might sound like the perfect scenario for a millennial, versus Gen X or Boomers, think again.

–A study by Cornerstone uncovered that millennials actually prefer to work in-person, rather than remotely.

Page 15: Myths and truths about reaching millennials through marketing

Myth 2

Source: Fast Company, April 2014

Page 16: Myths and truths about reaching millennials through marketing

Myth 2

Millennials are always “connected” to the point of lacking interpersonal skills

• According to Medallion Retail, maintaining strong personal connections with friends and family is very important to the millennial generation.

–Even though technology and social platforms are a natural part of life, they have a true concern for others.

Page 17: Myths and truths about reaching millennials through marketing

Myth 2

What do we do?

• Understand that Millennials are not as disconnected from the “real” world as it may seem

• Using one on one connections and tactics can work as well as digital ones

• Authenticity is valued above the choice of medium

Page 18: Myths and truths about reaching millennials through marketing

Myth 3: Millennials value technology above all other things

Page 19: Myths and truths about reaching millennials through marketing

Myth 3

Source: CornerstoneOnDemand.com

Page 20: Myths and truths about reaching millennials through marketing

Myth 3

Millennials value technology above all other things

• There is a common stereotype of the millennial consumer, glued to their smartphone, almost oblivious to the world.

• From this image, we can make an assumption that these digital devices are their most prized possession and that they’d have a hard time surviving without them.

Page 21: Myths and truths about reaching millennials through marketing

Myth 3

Millennials value technology above all other things

• According to a research study reported by Fast Company, when asked if they would be willing to give up basic comforts like:

–heating/air conditioning–paychecks–food–cars/public transportation

in exchange for staying “plugged in,” millennials were NOT willing to part with those basic comforts.

Page 22: Myths and truths about reaching millennials through marketing

Myth 3

Millennials value technology above all other things

• While millennials are certainly comfortable with technology and are the first generation of “digital natives,” not all of them can be considered early adopters, nor are they constantly connected.

• According to research in 2015 by IRI, –48% of millennials say they would be able to function without their smartphones

–45% claim to be early adopters of new technology–only 29% regularly use a mobile app to pay for purchases.

Page 23: Myths and truths about reaching millennials through marketing

Myth 3

Millennials value technology above all other things

• This doesn’t change the fact that the typical millennial will feel comfortable on a digital device, but it does mean that they have other priorities as well.

Page 24: Myths and truths about reaching millennials through marketing

Myth 3

What do we do?• While Millennials are certainly more comfortable on digital devices than

other generations:–Reaching them solely through digital devices is not the only approach that works

–They value things other than digital communication

Page 25: Myths and truths about reaching millennials through marketing

Myth 4: Millennials only shop online

Page 26: Myths and truths about reaching millennials through marketing

Myth 4

Millennials only shop online

• You would assume that this digital native generation would do most of their shopping online.

–This is another myth about millennials that we’ve all been told, though it is not completely true.

–It is true that a multi-channel approach is best, though the NPD Group, Inc. reported that:

•81% of Millennials’ retail spending occurs in brick-and-mortar stores•only 19% occurs on Web-based channels

Page 27: Myths and truths about reaching millennials through marketing

Myth 4

Millennials only shop online

• Some of this behavior may be that, generally speaking, millennials are not pre-planners and are less frequent users of a shopping list.

–This translates into the behavior of running to the store when they run out of an item instead of being able to wait for online shopping items to be shipped.

• This applies directly to shopping: –Millennials do more more brick-and-mortar sales than you might think

Page 28: Myths and truths about reaching millennials through marketing

Myth 4

What do we do?

• Remember that Millennials will venture “offline” for their needs• Some of it is driven by necessity (lack of pre-plannign due to budgetary

requirements)• Some of it is part of a misconception that they only shop online

Page 29: Myths and truths about reaching millennials through marketing

Myth 5: Millennials are not brand loyal

Page 30: Myths and truths about reaching millennials through marketing

Myth 5

Millennials are not brand loyal•There has been much talk about millennials and how they do not share the brand affinity that previous generations have had.

•Fortunately, for brands, this simply isn’t true, but there are a couple key lessons that need to be understood in order to effectively reach this audience.

Page 31: Myths and truths about reaching millennials through marketing

Myth 5

Millennials are not brand loyal•While millennials are loyal to brands that provide value, they do also enjoy finding a good deal.

•According to a research study by IRI: –44% of millennials say they are loyal to specific brands

–though 52% will choose quality over price. –Keep in mind, though, that 66% of these millennials are working with limited budgets, so some of this cost-consciousness makes sense.

Page 32: Myths and truths about reaching millennials through marketing

Myth 5

Millennials are not brand loyal•More than ever, brands need to be authentic and take the time and effort to differentiate themselves in order to reach the millennial audience.

•According to Jeff From, make sure that the benefits of a brand are personalized, and embrace “Fairness” in everything that the brand does.

• In essence, millennials are looking for more of a partnership with a brand.

•This includes sharing ideas and communicating.

Page 33: Myths and truths about reaching millennials through marketing

Myth 5

•What do we do?–Millennials show loyalty in a unique way, but they value organizations that do great work with integrity

–When you have a great message to share about fairness and helping others, you have a great chance to get the attention of Millennials

–Be as transparent as possible in your communication to show how you do the good work you do

Page 34: Myths and truths about reaching millennials through marketing

Conclusion: What do we do to reach Milllennials?

Page 35: Myths and truths about reaching millennials through marketing

Overview

•Hopefully this has been an eye-opener as you’ve discovered some of the myths about Millennials that simply aren’t true.

–As with most things of this nature some of what you’ve heard is true in some instances but not in all.

–Understanding this difference will make the difference between effectively targeting your audience and potentially missing the mark.

Page 36: Myths and truths about reaching millennials through marketing

Overview

•While this demographic becomes increasingly important to understand, make sure you keep these myths in mind when approaching your next communication effort.

–Don’t fall victim to stereotypes–Make sure you take time to understand the specific target audience you are trying to reach.

Page 37: Myths and truths about reaching millennials through marketing

Social Media

•Social media

Page 38: Myths and truths about reaching millennials through marketing

Social Media

•Social media–Remember that there are other mediums besides Facebook and Twitter

–These are at the point of being considered “traditional” social media

–That being said, Facebook is still a strong channel to reach younger demographics on...

Page 39: Myths and truths about reaching millennials through marketing

Social Media (beyond Millennials)

Page 40: Myths and truths about reaching millennials through marketing

Websites

•Websites–Make it mobile friendly!–Millennials (along with most of us) are accessing websites from whatever device they happen to have closest to them

–They don’t distinguish between one or the other when choosing to view a website

–Same content should display across all devices

Page 41: Myths and truths about reaching millennials through marketing

Email

•Email–Make it mobile friendly!–Remember that most Millennials have their smartphone close by

–Sending emails can be a great way to engage them and drive them to your website for more information

Page 42: Myths and truths about reaching millennials through marketing

Micro Moments• Another way of looking at how to reach a group as diverse as

Millennials is by focusing on the “moments” in their life which tie them together.

• This can be anything from:–Graduation–New Career–Wedding–New Family–New Home

• Many times it is easier to reach people when thinking about the common experiences we all share, than thinking in terms of a specific age category

Page 43: Myths and truths about reaching millennials through marketing

Conclusion

• It’s never as simple as reaching one homogenous group

•Be transparent and authentic

•Use digital tactics but remember that Millennials spend time in the “offline” world, too!

•Think about the moments and emotions we all share when reaching out to this group

Page 44: Myths and truths about reaching millennials through marketing

Thanks!

•Contact:–Greg Kihlström–CEO, Carousel30–@gregkihlstrom | @carousel30–[email protected]