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WHAT’S WRONG WITH THESE KIDS TODAY?
Get Ready for Gen Y
It’s Always about ‘the kids’
@EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck
Intro¨ Elton Mayfield
¤ Co-founder & Principal @ERMarketing¤ Primarily focus on the Building Materials Industry¤ Just named one of the 25 Key Influencers in Marketing¤ Family Business was construction¤ Parent to…Employer of…Experience with…- GenY
@EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck
25+YEARS CREATING DEMAND IN THE BUILDING INDUSTRY
AWARDWINN I NG
ROI DRIVEN CREATIVE CAMPAIGNS
Who am I?
Navigate-the-Channel.comBlog written for marketing professionals in the building materials industry
So Now Let’s Focus on You!
You’re the Most Interesting Man!
The Contractor is the Final Point of Purchase with a Homeowner
You’ve Got the Power
It’s time to leverage that for more sales
@EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck
What do we call them? ¨ Often referred to as Generation Y or Echo
Boomers.¨ Their births coincide with the turn of the century – so
the Millennial reference has become common.
@EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck
When were you born?
1922-1945• Veterans,
Silent, Traditionalists
1946-1964• Baby Boomers
1965-1980• Generation X,
Gen X, Xers
1981-2000• Generation Y,
Gen Y, Millennial, Echo Boomers
@EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck
Gen Y Size
By 2025, 75% of the workforce will be made up of millennials
5 Ways Millenials are changing the workforce
@EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck
Remote Working¨ Millennials are on a
mission to end the traditional 9 to 5
¨ Flex time is almost standard as a company benefit.
45%Choose workplace flexibility over pay.
@EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck
Culture is Important¨ Changing the way company culture works. ¨ Creating a flat hierarchy, and want more autonomy
in their work. ¨ 60% of Millennials who left their company
indicated that the primary indicator was whether the company was a ‘good cultural fit’.
8 out of 10 Millennials want regular feedback from their boss.
@EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck
More Transparency¨ Millennials also love transparency. ¨ Now that everything is out there, it makes sense that
this transparency would translate into the corporate world.
¨ Recent study showed this was one of top four characteristics they want in a leader.
@EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck
79%Want to work for a company that cares about how it impacts or contributes to society.
Count giving back and being civilly engaged as their top priority.
Generosity is Key
70%
Gen Y in the Building Industry
@EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck
Home Buying
Leaving the Nest
In the next 5 years…
During the downturn, an unprecedented share of young adults did choose to live with their parents rather than strike out on their own, hindering household formation and economic activity. As economic prospects improve, however, Millennials will emerge from their parents’ basements. Today, there are just 13.3 million households headed by Millennials, but this number will swell to 21.6 million by 2018, and they will spend more than $2 trillion on rent and home purchases combined – more on a per-household basis than any other “generation” over the next five years.
8.3 million new Millennial households form
Millennials spend $1.6 trillion on home purchases and
$600 billion on rent
Households Headed by Millennials (millions)
Millennial Share of Spending on Housing, 2014-2018
Note: Millennials defined as those between the ages of 18 and 29 in 2013. Millennial household formation is due to multiple factors, including moving out of parental or roommate homes, as well as immigration.Source: 2013 Demand Institute Housing & Community Survey; 2013 Demand Institute Housing Forecasts
RentSpending
HomePurchases
2018
201313.3
21.6
22%
27%
to establish own household
50%
Not So GlumDespite all of the doom-and-gloom reports about their financial situation, Millennials themselves are overwhelmingly optimistic about the future. They expect their finances to improve, and most have plans to move in the next five years. Further, Millennials are looking to upgrade their living situations, whether that means moving into a nicer, more spacious rental or purchasing a home for the first time.
Source: 2013 Demand Institute Housing & Community Survey
79%
74%
Top Reasons to Move...
Expect their financial situation to improve
Plan to move in the next five years
to own, not rent
48%for a better
home/apartment
71%for more privacy
or space
59%
Still an Ownership SocietyNot surprisingly, those seeking to set up a stable family unit want a stable place to live. While most Millennial movers will rent their next home, more than 8 in 10 already own or plan to own their own home someday. Nor has the recent crash in home prices led Millennials to believe home ownership is a poor investment. Based on stated aspirations, there is no indication that this generation will be any less likely than previous generations to own their homes.
Source: 2013 Demand Institute Housing & Community Survey
75%
73%
believe ownership is an important long-term goal
believe ownership is an excellent investment
16%will not purchase
60%plan to purchase
24%already own
@EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck
Home Buying
@EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck
Home Buying
@EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck
Home Buying Criteria¨ Good Schools¨ Home Technology
¤ Media Rooms¤ Technology infrastructure
¨ Smaller, flexible space¤ Everyday use¤ Energy efficiency
@EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck
Gen Y key to Housing Recovery¨ Households in their 30s
should increase by 2.7 million over the coming decade
@EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck
Gen Y as a Customer¨ Don’t insult their intelligence¨ Make it easy to find you online, on mobile
devices and make decisions. ¨ Be online and be on social media if you want
to reach Gen Y¨ Quality and Service are very important.
¤Gen Y demands higher quality and service.
@EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck
Gen Y and Remodeling¨ Understand what Gen Y’s want and have examples. ¨ New Kitchen and bath¨ Open floor plans¨ Home office¨ Low Maintenance¨ Technology¨ Energy efficiency and green
Gen Y and Mobile Technology:
@EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck
1983
Sold for$3,995
@EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck
Mobile Has Come A Long Way
86%OVER
MOBILE USERS USE THEIR DEVICES WHILE WATCHING TV
91%OVER
MOBILE USERS HAVE THEIR DEVICE WITHIN ARMS REACH, 24/7
@EltonMayfield#EGwolfpack
@DigitalOlson
Are you a nomophobic?
Where’s my cell phone????
@EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck
Final Thoughts¨ Authenticity is crucial.
¤ Millennials know when something’s forced or contrived, and they’ll ignore it.
¨ For Millennials, if it didn’t happen on social media, it didn’t happen at all.
¨ Millennials will fiercely support causes they believe in, and will align with brands that share their values.
@EltonMayfield | @ERmarketing | #RMshow | @Remodeling_Deck
Final Thoughts¨ Millennials have a limited budget, but will
pay a premium for brands that resonate with them.
¨ Most brands will find that evolving to a Millennial-friendly, participative marketing model means actual structural reorganization. Lip service won’t work for this generation.
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