Motivating and Marketing to Millennials @ The Central Exchange

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If you haven't already interacted with Millennials, get ready. They're coming to a workplace near you. Contrary to popular belief, Millennials can be some of your best team members and customers. Unlock the secret to motivating and marketing to them. Featuring Midwest-specific research, this presentation was given on July 15 to members of The Central Exchange in Kansas City.

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<ul><li>1.Challenge of the Millennium:Motivating Gen-Y Strategies for managers and marketers Clara MillerThe Central Exchange Professional Development SeriesJuly 15, 2009 2009 Morningstar Communications </li></ul> <p>2. 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 3. Today, We Will... Discuss attributes of Millennials Examine best practices for working with Millennials Examine best practices for marketing to Millennials 4. The Millennials 1977 - 2002 5. Millennials Matter Spending power - $200 billion+ Echo-Boomers - 86 million Facebook Election 6. 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 7. Gen-Next the next great generation iPod generation Gen-Why Echo Boomers Gen-Whine Gen-Y Connectedsmillennialspersonalization generationTrophy Generation Gen-Me 8. overly assertive coddled entitleddigitaloptimistic narcissisticrestlessconnected future-oriented inclusive energeticdiverse ambitiousinnovative dreamers confidentself-centeredinfluential tech-savvy opportunity-drivenmulti-taskingtrendsetters 9. The Mindset ListClass of 2003 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 10. 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 11. Midwest Millennial: Home View Believe kids and careers are both possible 60% consider themselves religious 75% participate in philanthropic activities Live independently, but dont own homes 17% are blogging 12. Midwest Millennial:Work View They arent 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 13. Motivating Millennialsat Work 14. What attributes, benefits and perks are important to you? Must Have Like to Have Will Give Up for Right Job Not a Priority 15. Universal motivators1. Compensation2. Health insurance3. Recognition for a job well done 16. Enable Impact onCompany Outcomes 23% must-have, 63% like to have Eager to accomplish ambitious goalsManager Tip: Identify challenges they canhelp address. 17. Outline Clear Pathsto Advancement 60% say its a must-have Opportunity valued over job security Manager Tip: Develop and use roadmaps. 18. Allow Access to Leadership 32% must-have, 59% like to have Professional development goes both waysManager Tip: Foster mentoring. 19. 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. 20. Infuse Authenticityin Communications BS meters are sensitive Peer opinions are key Manager Tip: Be clear, consistent, customized. 21. Common Social Media Outlets Facebook Twitter MySpace Flickr LinkedIn Blogging YouTube 22. Keep Social Media Social Most consider it a personal space Mixed on appropriateness of employer researching them Manager Tip: Use LinkedIn. 23. 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 24. Marketing to Millennials 25. Purchase Drivers Cheap cost with good quality Peer recommendations Fast service/convenience An experience A little bit on the quirky side Fast Company, 2008 26. Information Sources EACH OTHER Social Networks Texting Instant Message Magazines 27. Tolerance for Marketing Direct MailMost Tolerant Email Facebook message Twitter message Text message Phone call Least Tolerant 28. Know if MailMakes Sense 73% use coupons from direct mail Pay bills via mail vs. internetMarketer Tip: Old school can still be cool. 29. Give a Reason to Read Tolerance is tolerance Email needs to evolveMarketer Tip: Coupons, contests, feedback 30. 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 consumersMarketer Tip: Create a fan page. The Participatory Marketing Network, 2009 31. Spare the Ads 84% notice ads 80% find ads irrelevant 36% never click Marketer Tip: Tread carefully with ads. The Participatory Marketing Network, 2009 32. Bolster Customer Service with Twitter 25% are on Twitter Authentic, personalized communication Marketer Tip: Empower your staff. 33. B-to-B Marketingto Millennials 34. Help MillennialsRecommend You Researching you online Make sure youre thereMarketer Tip: Keep sites fresh, consider a blog. 35. Connect on LinkedIn Get your foot in the door. Position your expertise. 36. Connect on LinkedIn Get your foot in the door. Position your expertise. Marketer Tip: Build a LinkedIn strategy. 37. 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 38. Today We... Discussed a snapshot of Millennials Examined managers tips for working with Millennials Examined trends in marketing to Millennials 39. Thank You Clara Miller Morningstar Communications Email: cmiller@morningstarcomm.com LinkedIn: www.linkedin.com/in/ClaraMillerBlog: www.morningstarcomm.com/ LuminaryBlog.aspx </p>

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