Motivating and Marketing to Millennials @ The Central Exchange

Challenge of the Millennium: Motivating Gen-Y

Clara MillerThe Central Exchange • Professional Development Series

July 15, 2009

Strategies for managers and marketers

© 2009 Morningstar Communications

“Children now love luxury; they have bad manners, contempt for authority; they allow disrespect for elders...they contradict their parents and tyrannize their teachers...”

- Plato, by Socrates

Today, We Will...

• Discuss attributes of Millennials

• Examine best practices for working with Millennials

• Examine best practices for marketing to Millennials

The Millennials

1977 - 2002

Millennials Matter

• Spending power - $200 billion+

• “Echo-Boomers” - 86 million

• Facebook Election

Researching Midwestern Millennials

• Online study distributed via Facebook, Twitter, Email

• 407 completes, 251 from Midwest• Spanned income ranges• Mix of urban and suburban• College degrees

Echo Boomers

millennials

Trophy Generation

Gen-Why

Gen-Next

Gen-Whine

Gen-Me

ConnectedsGen-Y

iPod generation

personalization generation

the next great generation

restless

ambitiousdreamers

future-oriented

opportunity-driven

confident

optimisticconnected

energeticinnovative

multi-tasking

digital

diverseinclusive

tech-savvy

trendsetters

coddled entitlednarcissistic

self-centered

overly assertive

influential

The Mindset List

• Most of them were born in 1981.

• They owned and operated a Trapper-Keeper.

• They know what “psych” means.

• They can, right now, hum the theme to Inspector Gadget.

• They remember when Saturday Night Live was funny.

• ET, Gremlins and The Hulk provided their lunch box themes.

Beloit University, Mindset List, Class of 2003

Class of 2003

Shaping Events

• Technology: Internet, cell phones

• Entertainment: Reality TV, boy bands

• Violence: 9/11, Columbine, Wars in the Middle East

• Politics: Clinton scandal, 2000 election uncertainty

• Lifestyle: Rise of suburbs, recycling

Midwest Millennial: Home View

• Believe kids and careers are both possible

• 60% consider themselves religious

• 75% participate in philanthropic activities

• Live independently, but don’t own homes

• 17% are blogging

• They aren’t entrepreneurs -- yet

• Almost half make $50,000+ (household)

• Philanthropy also is important at work

• 64% rely on parents for advice

• Satisfied with their jobs and number of hours worked

Midwest Millennial: Work View

Motivating Millennials

at Work

What attributes, benefits and perks are important to you?

• Must Have

• Like to Have

• Will Give Up for Right Job

• Not a Priority

Universal motivators

1.Compensation

2.Health insurance

3.Recognition for a job well done

Enable Impact on Company Outcomes

• 23% must-have, 63% like to have

• Eager to accomplish ambitious goals

Manager Tip: Identify challenges they can help address.

Outline Clear Paths to Advancement

• 60% say it’s a must-have

• Opportunity valued over job security

Manager Tip: Develop and use roadmaps.

Allow Access to Leadership

• 32% must-have, 59% like to have

• Professional development goes both ways

Manager Tip: Foster mentoring.

Evolve Your Culture

• Flexible work hours: 25% must-have, 60% like to have

• Casual dress code, personal space and upbeat culture also valued

Manager Tip: Consider embracing this.

Infuse Authenticityin Communications

• “BS” meters are sensitive

• Peer opinions are key

Manager Tip: Be clear, consistent, customized.

Common Social Media Outlets

• Facebook

• MySpace

• LinkedIn

• YouTube

• Twitter

• Flickr

• Blogging

Keep Social Media Social

• Most consider it a personal space

• Mixed on appropriateness of employer researching them

Manager Tip: Use LinkedIn.

Motivating Millennials At Work

• Universal motivators

• Enable impact on company outcomes

• Outline clear paths to advancement

• Allow access to leadership

• Modify your culture

• Infuse authenticity in communications

• Keep social media social

Marketing to Millennials

Purchase Drivers• Cheap cost with good quality

• Peer recommendations

• Fast service/convenience

• An “experience”

• A little bit on the quirky side

Fast Company, 2008

Information Sources

• EACH OTHER

• Social Networks

• Texting

• Instant Message

• Magazines

Tolerance for Marketing• Direct Mail

• Email

• Facebook message

• Twitter message

• Text message

• Phone call

Most Tolerant

Least Tolerant

Know if Mail Makes Sense

• 73% use coupons from direct mail

• Pay bills via mail vs. internet

Marketer Tip: “Old school” can still be cool.

Give a Reason to Read

• Tolerance is tolerance

• Email needs to evolve

Marketer Tip: Coupons, contests, feedback

Enlist Facebook Fans• Reasons for joining fan pages:

• Getting news or product updates• Having access to promotions• Viewing or downloading music or videos• Submitting opinions• Connecting with other consumers

The Participatory Marketing Network, 2009

Marketer Tip: Create a fan page.

Spare the Ads

• 84% notice ads

• 80% find ads irrelevant

• 36% never click

The Participatory Marketing Network, 2009

Marketer Tip: Tread carefully with ads.

Bolster Customer Service with Twitter

• 25% are on Twitter

• Authentic, personalized communication

Marketer Tip: Empower your staff.

B-to-B Marketing to Millennials

Help Millennials Recommend You

• Researching you online

• Make sure you’re there

Marketer Tip: Keep sites fresh, consider a blog.

Connect on LinkedIn

• Get your foot in the door.

• Position your expertise.

Connect on LinkedIn

• Get your foot in the door.

• Position your expertise.

Marketer Tip: Build a LinkedIn strategy.

Marketing to Millennials• Practice integrated marketing communications

• Know if mail makes sense

• Give a reason to read

• Enlist Facebook fans

• Spare the ads

• Bolster customer service on Twitter

• Help Millennials recommend you

• Connect on Linked In

Today We...

• Discussed a snapshot of Millennials

• Examined manager’s tips for working with Millennials

• Examined trends in marketing to Millennials

Thank YouClara MillerMorningstar Communications

Email: cmiller@morningstarcomm.comLinkedIn: www.linkedin.com/in/ClaraMiller

Blog: www.morningstarcomm.com/LuminaryBlog.aspx