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by Ryan Jenkins
NEXT GENERATION marketing
KEYS TO MARKETING TO THE MILLENNIAL BUYER
[email protected]/toyota
millennialsthe who & why
of millennials say they plan to buy a car in the next 1 to 5 years.
largest generation digitally dependent
52%
of dealership workforces are Millennials. National average is 38%.
42%
trillion annually is the estimated
spending power of U.S. Millennials
by 2020.$1.4
75%
20-36 yrs old
most educated
of the 2025 workplace will be
millennials and generation z.
marketing employee
today’s roadmapbuckle up
overviewMillennial Q&A and
recapengagement& retaining
Millennial marketingby the numbers
63%
of Millennials stay updated on brands
through social networks.
60%
of millennials are engaged with
rating products and services.
95%
of millennials say that friends are
the most credible source for product
information.
marketing to Millennialsthe benefits
Loyalty Limbo
1vast Value
2Peer Persuaded
3
first time buyers and aren’t loyal to the
same brands of their parents.
They carry a high lifetime value because
they are young consumers.
turn to social networks to crowd-source decisions and
evaluate options.
Millennial car buyingby the numbers
25%
of all consumers getting vehicle
repair or service are Millennials.
55%
of Millennials visited additional dealerships
as a direct result of researching vehicles
or dealerships on their mobile device.
<8%
of millennials say they decided to use
ride-hailing services to avoid or postpone a car
purchase.
$1,206
is how much more millennials are
willing to spend on car technology over
other generations on average.
builders boomers gen X millennials
Recommendations matters
Credibility matters
value matters
social proof matters
Proximity & Timing
relationship building
Bottomline & product focused
Peer persuaded, collaborative,
visual & Convenience
what’s the research
share the research
demonstrate the research
already did the research
sum
mar
yat
titu
de
buyingshifting perspectives across generations
rese
arch
who are they?want affordable, environmentally
friendly, sleek design, and high-
tech features
Lowest tolerance for errors, waiting, flaws and delays.
Won’t buy for status, image, or brand loyalty
most desirable features are touch screen interfaces (73%), smartphone applications (72%)
and in-dash technology (59%)
the millennial car buyer
not interested in raw engine horsepower and torque as previous generations
Want vehicles that are
extensions of their digital
lifestyles
Half of Millennial car shoppers are
open to any brand
view cars as a practical need vs
an emotional want
Millennials are a criticalmass of change agents
technology
millennials
internet
exponentialtimes
why Is today different?a bigger story
technology
millennials
internet
exponentialtimes
millennials have…elevated expectations
marketing& retaining
employee
buckle up
overviewMillennial Q&A and
recapengagement
today’s roadmap
marketing tokeys for4& retainingmillennials
Millennial customers
1
65%of Millennials use a smartphone prior to visiting a dealership.
mobileprioritize
marketing & retaining
Mobile uses: get pricing, find listings,locate a dealer, look up specs, & read reviews
Millennials use mobile devices during the car shopping process 2.5x more frequently than any other generation.
74% of consumers will wait 5 seconds for a web page to load on their mobile device before abandoning the site.
70% of consumers delete emails immediately that don’t render well on a mobile device.
Nearly half of consumers say they won’t return to a website if it doesn’t load properly on their mobile devices.
prioritize mobilewhy it matters
Ensure mobility throughout Marketing, sales process and all post-sales communications.
action item1
marketing & retainingprioritize mobile
(hack it yourself by testing on your mobile)
247%is how much more likely Millennials are to be influenced by blogs or social media than other generations.
prospectattract vs2
marketing & retainingMillennial customers
sales process shift
start end
approach
then
offervalidate Need closeprospect solution
offer closesolution
now
attract Approachseller
needsanalysis
buyer action seller action
Deliver valuable, compelling content for current and potential Millennial customers.
action item2
attract vs prospectmarketing & retaining
57%is now how much of the way through the buying process Buyers are before actually engaging with a seller.
adaptationroutine buyer3
marketing & retainingMillennial customers
educated Millennial buyerHow to adapt?
32
1 Listen: What do they already know?
Ask: What do they need to know?
Assist: Help Millennials make the best car-buying
offer closesolutionattract Approachseller
needsanalysis
decision that fits their specific needs.
adjust yesterday’s processes to adapt to tomorrow’s buyer.
action item3
marketing & retainingroutine buyer adaptation
“This is always how we’ve done it,”is a slippery slope to irrelevance.
3.5xis how much more usage time Millennials spend using messaging apps than those over 45 years old.
4communicationdefer your
marketing & retainingMillennial customers
voicemails & millennialsthe dilemma
99+
what’s up?
what’s up?
just left u a vm
use generations as a hint and defer to the customer’s communication preference.
action item4
marketing & retainingdefer your communication
marketing & retainingbonus keys
73% of Millennials say it’s important to read others’ opinions before purchasing.
50% of Millennials would be more willing to make a purchase from a company if their purchase supports a cause.
4x as many Consumers prefer digestable video content over text.
Ask current Millennial customers to create proof-packed testimonials.
Help Millennials visualize themselves doing business with you.
Provide proof
Help the socially-minded Millennial customer to see the big picture behind the product/service.
paint the big picture
prompt visualization
marketing employee
buckle up
overviewMillennial Q&A and
recapengagement& retaining
today’s roadmap
engagingkeys for3millennials
Millennial engagementby the numbers
$20k
is the average cost to replace a millennial
employee.
60%
of all new hires at dealerships were
Millennials.
52%
of dealership workforce turnover
was millennials vs 35% for Gen X & 26%
for boomers.
of Millennials are disengaged at work,
the most of any generation.
71%
#1 INNOVATION
78%of Millennials were strongly influenced by how innovative a company was when deciding if they wanted to work there.
66%of Millennials work in organizations that actively encourage/reward its people for innovative ideas.
keys for engaging Millennials
Intrapreneurshipinfuse
(the permission and power to innovate will engage Millennials)
#1 INNOVATIONstrategy
#2 Feedback
50% is how much more often Millennials want feedback over other employees.
42%of Millennials want feedback every week, twice the percentage of every other generation.
keys for engaging Millennials
self reviewsconsider
#2 feedbackstrategy
#1 - Millennials are more critical#2 - Ownership is taken#3 - Managers turn into coaches
#3 development
#1reason Millennials leave organizations is lack of career opportunity.
71%of Millennials likely to leave a company within 2 years believe their leadership skills are not being fully developed.
keys for engaging Millennials
#3 developmentstrategy
reverse mentoring(creates opportunities for Millennials to develop communication skills)
implement
#3 developmentbonus strategy
career pathsOffer Options
define
#1 reason for dealership workforce turnover in millennials is “poorly defined career paths.”
/ Provide Hints / Deliver Training / Highlight ProgressGamify the Career Path:
marketing employee
buckle up
overviewMillennial Q&A and
recapengagement& retaining
today’s roadmap
STAY CONNECTEDand much more
Bonus Materialwww.ryan-JENKINS.com/toyota(get today’s slides, free resources & more)
Presentation surveywww.ryan-jenkins.com/survey Free
book!
ignorance
5
4
32
1Denial
responsibility
resolve
Progress
5 phases of changestay overwhelmed
Thank youy’all rock!
“Don’t let your learning
lead to knowledge.let your learning
Jim Rohnlead to action.
references
The logos used in this presentation are the property of the respective third parties.
disclaimer
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Barkley, The Boston Consulting Group (BCG), and Service Management Group (SMG), 2011-2013
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27 Stunning Millennial Stats About Our Future Employees, Leaders, Consumers, & Parents http://ryan-jenkins.com/2014/10/27/27-stunning-millennial-stats-about-our-future-employees-leaders-consumers-and-parents/
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22 Shocking Stats About Millennials To Help You Chart Tomorrow’s Changehttp://ryan-jenkins.com/2013/09/16/22-shocking-stats-about-millennials-to-help-you-chart-tomorrows-change/
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references continued
The logos used in this presentation are the property of the respective third parties.
disclaimer
ReportLinker, Mobility Services: http://www.reportlinker.com/insight/mobility-services.html
Ypulse, Riding in Cars with Millennials, How Brands are Trying to Hook Next Generation Drivers: https://www.ypulse.com/post/view/riding-in-cars-with-millennials-how-brands-are-trying-to-hook-next-gen-driv
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HubSpot, Marketing to Millennials: https://blog.hubspot.com/marketing/marketing-to-millennials#sm.0001yd5rebc67dyvs432basxwr2pl
Animoto, Video Marketing Cheat Sheet Infographic: https://animoto.com/blog/business/video-marketing-cheat-sheet-infographic/
The DMA, 7 Trends that Should Shape your 2017 Marketing Budget: https://thedma.org/blog/data-driven-marketing/7-trends-that-should-shape-your-2017-marketing-budget/Barker Tilly, How to Market and Sell Vehicles to Millennials: http://bakertilly.com/uploads/how-to-market-and-sell-vehicles-to-millennials.pdf
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