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Page 1: Marketing to Millennials: A Case Study - cpcusociety.org · Marketing to Millennials: A Case Study . You have been assigned to a team that will be bidding to develop the marketing
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Marketing to Millennials: A Case Study

You have been assigned to a team that will be bidding to develop the marketing campaign for the latest policy that your employer has decided to offer. Recognizing that millennials have recently become the largest demographic group in addition to the fastest growing segment within the company, your boss has asked for a plan that specifically targets this group of insureds. Please read the handouts at your table for product details and questions to be discussed.

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•Price Waterhouse Coopers: – Born between 1980-1995

•United States Chamber of Commerce: – Born between 1980-1999

•Pew Research Center: – Born between 1981-1997

•Cisco: – 2014 Connected World Technology Report: 18-30 years old (1984)

•Deloitte: – 2015 Survey: Born 1983+, college educated, employed FT – 2013 Survey: Born 1982+, college educated, employed FT

What *IS* a Millennial (by the Survey)

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•Time in current industry: 4 years •Time with current employer: 4 years •Highest level of education: master’s degree •Number of careers: 2; jobs: 3 •Divorced/remarried, 4 children, homeowner

•Time in current industry: 10 years •Time with current employer: 9 years •Highest level of education: bachelor’s degree •Number of careers: 2; jobs: ? •Unmarried, committed relationship, 1 child, homeowner

•Time in current industry: 6 years •Time with current employer: 4 years •Highest level of education: bachelor’s degree •Number of careers: 2; jobs: 5 •Divorced, no children, renter

Spot the Millenial!

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Millennials are not a homogenous group. Selecting a variety of millennial targets diversifies your risk while your company works to better define its methods of millennial interaction.

The Value of Diversity

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“I hear so many people criticize our generation and in the next sentence talk about how it is at least partially my parents’ fault. I had an employer who did this and called some of us too ‘gadgety’ and said we didn’t know how to function without our electronics. Stop blaming my parents for something that is not only not their fault but is only a problem in your eyes. I sometimes wonder if the real problem isn’t slow adoption of technology among aging employers.” --Jennifer, 24 “I’m not entitled, or lazy. My mom immigrated here from Mexico, and when I started college, I did not yet have my citizenship. My college made an error in processing my scholarship application and did not take this into account—I had to take time off and work to pay back my scholarship. In that time we became citizens, and afterwards, I resumed school (without scholarship), which I paid for from multiple jobs I worked. I have worked hard to get where I am, and I’m not asking for a handout when I ask for you to treat me with the same respect as my older peers.” --Gloria, 30 “I keep reading about how irresponsible millennials are, but I don’t see it. All of those I count as friends work hard, own homes and cars, and it seems that all of us are getting married or having kids lately. I’ve been with the same company for the past four years and I don’t picture myself leaving, and yet somehow I am going to go through 15 more jobs?” --Kyle, 26

From the Mouths of Millennials

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“The now generation has become the ‘ME’ generation”

"They have trouble making decisions. They would rather hike in the Himalayas than climb a corporate ladder… They crave entertainment, but their attention span is as short as one zap of a TV dial… They postpone marriage because they dread divorce." “The ME, ME, ME generation: …lazy, entitled narcissists who still live with their parents.”

What Is Said About the Youngest in the Workforce

Spoken about Baby Boomers New York Times, October 17, 1976

Spoken about Gen X Time, July 16, 1990

Spoken about Millennials Time, May 20, 2012

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“Generational characteristics—those that are common to members of a particular generation despite life-stage differences—should not change over time”

Characteristics of Millennials

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Hip-ennial (29%)

•Cautious consumer, global, charitable, information hungry •Uses social media for entertainment but not to push/contribute content •Female dominated

Old-School (10%)

•Disconnected, cautious consumer, charitable •Confident, independent, and self directed •Spends less time online in most activities, reads printed media •Over-indexed to Hispanic and older

Gadget Guru (13%)

•Successful, wired, confident, at ease •Now is “best decade” •Greatest device ownership, pushes/contributes to online content •Male dominated, above average income, fewer married

Clean & Green (10%)

•Impressionable, cause driven, healthy, green, positive •Greatest contributor of digital content, usually cause related •Makes dominated, youngest segment, above average student population, above average Hispanic share

Millennial “Mom” (22%)

•Wealthy, family oriented, exercises, confident, digitally savvy •High online intensity in terms of time, activities, and shopping •Highly social •Female dominated, a little older, highest income of segments, above average Hispanic share

Anti-Millennial (16%)

•Locally minded, conservative •Does not spend more for “green” •Seeking comfort, familiarity over excitement, expansion, and interruption •Slightly more female, lowest Hispanic share of the segments

Millennial Segmentation

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Evan Spiegel, Snapchat—valued at $19B Ryan Smith, Qualtrics—valued at $1B Trip Adler, Scribd—valued at $145M

Nic Borg, Edmodo—anticipates $140M/yr

Elliot Bohm, CardCash—anticipates $100M/yr

Re-Thinking the “How”

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Survey Data: Deloitte 2015 Millennial Survey

This image is a partial representation of a larger chart adapted from the 2015 Deloitte Millennial Survey. The participants were asked to indicate the choices that aligned with their beliefs as to what a business should try to achieve, and in a separate question they were asked to indicate their beliefs as to where businesses today make the most impact.

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•For those who felt their companies had a “strong sense of purpose,” 69 percent of millennials reported that their companies performed well financially in the most recent fiscal year, and 57 percent felt their companies had a high level of employee satisfaction. Those who felt their companies lacked a strong sense of purpose were at 41 percent and 23 percent for the same metrics.

•Despite the onslaught of start-ups, most millennials would prefer to go to either a large-scale, well established, global business or a medium-sized, less well-known business if changing companies

•The descriptions given for a “true leader” by millennials included:

Survey Data: Deloitte 2015 Millennial Survey

Strategic thinker: 39% Inspirational: 37% Interpersonal skills: 34%

Visionary: 31% Decisive: 30% Passionate: 30%

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Survey Data: Deloitte 2015 Millennial Survey

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Despite the misconception that millennials do not intend to stay with their employers for very long:

65% of millennials surveyed indicated that their goal is to get to a

senior position in their current organizations.

Survey Data: Deloitte 2015 Millennial Survey

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Survey Data: Deloitte 2015 Millennial Survey •Some of the areas that millennials

feel businesses value most are some of the same that they feel they are weakest on at graduation.

• Leadership presents the biggest gap for new millennial employees (as well as those who have been in the workforce without strong leadership development).

•Millennials feel strongest in personal traits (i.e. integrity, academic knowledge, team working, flexibility, analytical skills, creative thinking and professionalism).

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As millennials age, the differences between the generation and its predecessors become less apparent. This is because many of the things attributed as “traits of millennials” are not actually traits of a generation but are more accurately described as traits of an age group. Millennials have (or desire to have) children, as revealed by 80 percent of the 4 million annual U.S. births being to millennial parents. While they may be waiting longer, the “Monitoring the Future” report found that 78 percent of female high school seniors and 70 percent of males (the very youngest of millennials) say that having a good marriage and family life is “extremely important” to them—numbers that are virtually unchanged since the 1970s.

Similarities

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•In fact, in a recent twist, those aged 30 with a degree are actually more likely to marry or have been married than those without!

• Age is the same regardless of education.

Similarities

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– One-fifth of all workers (millennial or not) cite “making a difference” as important to job satisfaction.

– 2 percent more nonmillennials cite achieving work/life

balance as important to job satisfaction. – Research indicates that while millennials are not as

financially motivated, they are highly motivated (like others in the workforce) to meet career goals and meet goals for advancement.

Similarities

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•Technology usage is not unique to millennials, just the manner in which it is used and the rapid adoption rate of new technology •While older generations are more likely to utilize technology in a more informative or passive manner, those aged 50-64 utilizing social networking continues to grow at a rate that is now exceeding other groups. •Millennials utilize their mobile devices for a greater number of life functions: banking, shopping and even as a daily alarm clock.

Similarities: Technology

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The similarities will never be found in the “how” or “what;” instead look for the WHY.

Similarities

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Example: Rather than simply trust the car salesperson and her own initial impression, a millennial asks her friends (via social media) for their opinions on a particular vehicle. The solicited advice helps her make a decision to go with her second choice over her first. The how (social media) and the what (soliciting advice of nonprofessionals) are not likely the actions of a nonmillennial but the why… that intention, most certainly is. Wanting to make an informed decision—Who doesn’t want to do that?

Example 1:

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A young employee in an insurance call center applies for several jobs that he feels would allow him to use his various skills obtained through his degree attainment and past work experience. After several rejections, he decides that he will take advantage of his employer sponsored education opportunities and work on his Chartered Property Casualty Underwriter (CPCU®) designation to become more educated in the industry and to help with his career progression. He elects to self study and take classes and sets a goal to complete the designation in one year. He heavily utilizes the mobile app and studies with a couple of other people trying to do the same things. He spends two nights a week in classes and is often at work until 8 p.m. on those days before finally going home. Is his “why” much different from yours?

Example 2:

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•Marketers are now suggesting different segments of millennials.

• percent of millennials want to hold a senior position within their companies.

• appears to be the biggest gap that millennials have in perceived employer needs and millennial’s perceived ability to deliver.

•One-fifth of all workers cite as important to job satisfaction

Let’s Review!

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In her book Rookie Smarts: Why Learning Beats Knowing in the Game of Work, Liz Wiseman asserts that while a more experienced employee has accumulated a repertoire of tools, techniques and resources as well as overall better intuition “…studies have shown that a group of rookies can outperform individual experts.” It has been indicated by studies that the ability to mobilize the skills and competencies of those around us has a bigger impact on our performance than the amount of experience we have.

“Sometimes the more you know, the less you learn.”

Rookie Smarts: Can You Recognize Them?

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After being drafted by the Lakers in 1979, Magic Johnson indicated that life was “a joyous journey” and that the opportunity to play on the Lakers and learn from Kareem Abdul Jabbar was a thrill. • 1979, the Lakers had not won an NBA title in eight years. • Kareem Abdul Jabbar was considered by most to be the greatest player of all time. • “Magic” Johnson, a 6’8” point guard was drafted after two seasons at Michigan. • Near the beginning of the season, the coach suffered an injury and the assistant coach had to step in—he led them to the finals. • In game five of the finals, Abdul-Jabbar suffered an injury to his ankle. • The decision was made to put Magic in at center instead of point guard. • Magic approached the game not as himself, but instead as his counterpart—even sitting in his seat on the plane ride. • His willingness to change his mindset and step outside of himself led him to score 42 points (playing center, forward, and guard), and his team ultimately clinched the win 123-107. • It was the greatest rookie performance in NBA history and a much stronger team was beaten by a “flash of rookie brilliance.”

A Familiar “Rookie” Example: Magic Johnson

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What now?

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“People don’t buy what you do, they buy why you do it.”

--Simon Sinek

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77% Of millennials surveyed reported that their company’s

purpose is part of the reason they chose to work there.

47% Of millennials stated that the purpose of business is to

improve society/protect the environment.

What’s Your Purpose?

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•Are you targeting millennials based on what you have to offer them or based on what they can offer to others through your company? •Are you focusing on your goal (lower attrition, more functional relationships) with millennials or on their needs? •Are you looking at “millennials” or at specific groups within millennials? •Are you focused on the “how” and the “what” or on the “why”? •Have you asked yourself why you have the perceptions you do about millennials—is it their methods or their goals? •Have you taken inventory of things you have learned from millennials? •Do you know the difference between what you want for your company and what your company is good at providing?

All Things Considered

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“Is it possible that the rookies inside our companies might be our most valuable players?” -Liz Wiseman

Mode Mindset Mode Mindset

Backpacker Unencumbered Caretaker Protecting

Hunter-gatherer Alert and seeking Local guide Advising

Firewalker Cautious and Quick Marathoner Steady pace

Pioneer Hungry and relentless Settler Comfortable and consuming

Rookie Smarts Veteran Comfort Zone

Rookie Smarts: Why Learning Beats Knowing in the New Game of Work by Liz Wiseman

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“The people who get ahead in the world are the ones who look for the circumstances they want and if they can’t find them, they make them.” --John Maxwell

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In his book The 15 Invaluable Laws of Growth, John Maxwell discusses what I consider an essential law for your millennial efforts: the Law of Intentionality. In this law, he outlines the following common gaps that prevent people from intentional action: 1. The Assumption gap—“I assume that I will automatically…” 2. The Knowledge gap—“I don’t know how…” 3. The Timing gap—“It’s not the right time…” 4. The Mistake gap—“I’m afraid of making mistakes…” 5. The Perfection gap—“I have to find the best way before I start…” 6. The Inspiration gap—“I don’t feel like doing it…” 7. The Comparison gap—“Others are better than I am…” 8. The Expectation gap—“I thought it would be easier…”

Intentionality

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Never ever assume that your company will automatically do

anything exceptional.

“I Assume That I Will Automatically…”

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There is no one “right” way, the most successful are not those who can acquire knowledge, but those who can manipulate what they learn and use it in new and different ways.

“I Don’t Know How…”

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It isn’t the right time, the oldest millennials turn 35 this year…You are late.

It’s Not the Right Time…”

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Mistakes provide an opportunity for us to share knowledge and grow. Inaction is the largest mistake with the hardest lesson learned.

“I’m Afraid of Making Mistakes…”

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If you are looking down the road and trying to find the best way to go from your current spot, you won’t see the turns ahead. You cannot know the best “way” until you choose to start.

“I Have to Find the Best Way Before I Start…”

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As you start the work and see initial results, you will find that your motivation increases as you see small successes– again, GET GOING!

“I Don’t Feel Like Doing It…”

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Different does not mean better. What works for one company most certainly will not for another. Find your company’s best rather than attempt to be “as good” as the next.

“Others Are Better Than I Am…”

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There is a difference between changing your direction and changing your destination.

“I Thought It Would Be Easier…”

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•Millennials are all different, just as companies are all different—Be willing to diversify your target to see the optimal return. •Build relationships—Millennials are relational and are nothing if not flexible, be willing to build relationships and to try new techniques. •It is not about what you give a millennial, it is about the experience. •Don’t be afraid to rethink and learn as you discover what is best for your company. •It is all about the why.

Takeaways

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Questions?

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