Markets and DisruptionThe Millennials and What Makes Them Different
CII Brand Summit, 2010Bangalore
Dave Evans, Consulting Director, 2020Social
T itt @ dTwitter: @evansdaveGoogle: “dave evans social media”
Who are the Millennials?Born 1982 – 1994, +/- 6
(For Marketers, 15 – 34 years of age)
India has Millennials, aka ‘Gen Y’
Source: http://www.un.org/esa/socdev/unyin/documents/ydiSergueyIvanov_Demographicindicators.pdf
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What makes them different?(Aside from being young…)
Driven by Values
“Millennials can be defined both by their strongly held values and their strong intention to live by them. Generation Y is passionate about making a difference in the world. This is a common thread through
dozens of values studies conducted globally.”
Source: MillennialMarketing.com
Social Web Val es ConnectionSocial Web = Values Connection
Less of a Television Channel Bringing Friends and
A Sea of Shared KnowledgeColleagues Closer A Sea of Shared KnowledgeMisunderstandings Cause Many of the World's Woes Coming to Better Understandings We Leave for Those Who
Follow A Friendly Environment For Them to Adopt or CorrectWorking on Knowledge Together Our Reasoning and Assumptions
Made of Things We Have Seen or Figured Out Having Worked Them Out We Can Work Them Out in Cyberspace
Excerpted, Tim Berners-Lee, 1995 MIT Vannevar Bush Symposium
Shared Values power Communities
Online Communities– Passion– Cause– LifestyleLifestyle
Source: http://gauravonomics.com/
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Shared values connect PEOPLEOnline conversations around breast cancer
l t awareness relate on a personal level with this author, whose grandmother is a grandmother is a survivor
Source: http://perniciously.blogspot.com/2010/01/black-almost-always.html
Influenced by PeersInfluenced by Peers
Bringing Friends and Colleagues Closer A Sea of Shared Knowledge Less of a Television Channel Misunderstandings Cause Many of the World's
Woes Coming to Better Understandings We Leave for Those Who Follow A Friendly Environment For Them to Adopt or Correct
Working on Knowledge Together M d f ThiWorking on Knowledge Together Made of Things We Have Seen or Figured Out Our Reasoning and Assumptions Having Worked Them
Out
We Can Work Them Out in Cyberspace y p
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Millennials are Peer Driven
Early Youth Middle Youth Late Youth
Millennial Gen X
y(13-21) (22-28) (29+)
Focus on Education and Career
Focus on Career and Relationships
Focus on Family and Career
Advancement
Influenced by Parents & Peer
Influenced by Peer Group and
Workmates,
Influenced by Spouse, Children, W k t P Parents & Peer
GroupWorkmates, somewhat by
Parents
Workmates, Peer Groups, SELF
Peer Influence Self, FamilySource: http://www.businessworld.in/index.php/Aliens.html
Peer Influence Self, Family
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With a Disproportionate Impact
Consumption and participation are indicators of the clear trend.
The Collective Intelligence…
…leads to Collaborative Design
http://www.20adoptioncouncil.com/http://www.socialmedia.org/
Out to Make a DifferenceOut to Make a Difference
Less of a Television Channel Bringing Friends and Colleagues Closer
Misunderstandings Cause Many of the World's WoesComing to Better Understandings A Sea of Shared Knowledge
We Leave for Those Who Follow A Friendly Environment For Them to Adopt or CorrectWorking on Knowledge Together Our Reasoning and Assumptions
Made of Things We Have Seen or Figured Out Having Worked Them Out
We Can Work Them Out in Cyberspace y p
Discontent with Status QuoThe author is unhappy about the
th l apathy people have towards the sacrifice made by Indian soldiersIndian soldiers
Source: http://indyeahforever.wordpress.com/2009/07/26/a-nation-forgets/
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Still Seeking SecurityHUL and P&G are considered “dream
i ” b companies” by +60% of graduating students due to the security of the the security of the FMCG sector.
Source: http://lt.nielsen.com/main/news/global_news_releases/fmcg_the_most_preferred
A Love Affair with Social MediaIt’s no longer just a CRUSH. Youth LOVE i LOVE using new media channels.
Source: http://candidreflection.blogspot.com/2009/07/well-i-am-clearly-wasting-my-time.html
…and Cricket.Consumer created opinion on the
f f th performance of the national cricket team and the game in generalin general
Source: http://cricketvillage.blogspot.com/Source: http://obnoxiousmind.blogspot.com/2009/12/some-cricketing-thoughts.htmlSource: http://cricket24x7.blogspot.com/
Why Does This Matter?(Think “disruption”)
We Grew up with Sarnoff’s Law
Broadcast: One-to-Many.Value related directly to subscriber base.
Facilitates interruptions.
0:15
Millennials Grow Up with Reed’s Law
Credit: Darren Barefoot, Robert Scoble
A place to meet, connect, collaborate, and solve problems. Interruptions are significantly harder.
“If you couldn’t interrupt me, how would you reach me?”
Hooked to the ‘Net
Age 15-24 are the heaviest Internet users among all age segments.
Source: http://globalcc.wordpress.com/2009/07/05/indian-youth-the-future-of-the-internet/
‘Net Usage is currently Skewed
Rural Indians
Urban Indians
Global IndiansIndians
67% of Youth P l ti
Indians
31.5% of Youth P l ti
Indians
1.5% of Youth P l tiPopulation
Least influenced
Population
Moderately i fl d b
Population
Highly influencedLeast influenced by global trends
Hi h T diti l
influenced by global trends
Deeply rooted in
Highly influenced by global trends
Affluent and High Traditional Values
eeply rooted infamily values,
customs and ethos
Affluent andambitious but Indian at heart
Source: http://www.slideshare.net/kaustavsengupta/insightyoung0910-indian-youth-trend-report
Phones are ubiquitousAlmost 80% of youth in India have th i M bil their own Mobile phones. This approaches 90% in the metrosthe metros.Home PC. iPod/Digital Music Player and Digital Player and Digital Cameras are other popular gadgets among Millennials.among Millennials.
Source: http://www.tcs.com/SiteCollectionDocuments/TCS_News/TCS_PR_Generation_Web2.0_Survey_07_09.pdf
India is months away from its first 3G auctions.Data services are set to explode.
Th f th I t t i h dThe power of the Internet, in your hand.
The Indian Audience Post 3GSocial Networking Services drive mobile web usage worldwide
Mobile will be part of the platform for the Social Web, moving social media “beyond English and the young/tech-savvy.”
Proud to be TechnophilesIndian Millennials are increasingly
i th i h using their phones to get online and participate on social platforms: social platforms: Twitter, Orkut, Facebook, Flickr…
Source: http://pinkandpop.blogspot.com/2009/10/materialistic-lil-me.htmlSource: http://pinkandpop.blogspot.com/2010/02/testing.html
What does this mean for my business?
Interesting. Now how do put this into practice?
1:150:10
The Purchase Funnel
Awareness Consideration Purchase
SSocial Media
The Operations Connection
Operations Marketing
The challenges that CMOs are tasked with are often more operational than “marketing ”often more operational than marketing.
“Take the reins of the brand experience and ensure that all of the touch points in the company -- operations, retail, sales teams, the call center -- adhere to and promote the brand experience consistently.”
--Mary Beth Kemp, Forrester Research
Why?yBecause Millennials will talk about it.
Interesting. Now how do put this into practice?
1:150:06
They have High ExpectationsWith high aspirations come h i ht d heightened expectations of products and services with a well services with a well known Western benchmark already set in their minds.set in their minds.
Source: http://dragonswerehere.blogspot.com/2009/04/end-of-days.html
Sharing moments of triumph…Announcing one’s first taste of
i success in career –no matter how small it may seem
Source: http://mypurpleprose.blogspot.com/2010/01/day-i-never-want-to-forget.html
…and personal accomplishmentTelling the story of the first time she t k t took a car out on her own
Source: http://utopia18883.blogspot.com/2010/01/im-alive.html
Your Brand Is Part Of It
MillennialsMillennialsTransparencyp y
RelevanceBrevity (140 characters)Brevity (140 characters)
Participate (before the sale)--Peter Shankman@skydiver
DhanyawadThe Millennials and What Makes Them Different
CII Brand Summit, 2010Bangalore
Dave Evans, Consulting Director, 2020Social
T itt @ dTwitter: @evansdaveGoogle: “dave evans social media”