Challenge of the Millennium: Motivating Gen-Y
Clara MillerThe Central Exchange • Professional Development Series
July 15, 2009
Strategies for managers and marketers
© 2009 Morningstar Communications
“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
Today, We Will...
• Discuss attributes of Millennials
• Examine best practices for working with Millennials
• Examine best practices for marketing to Millennials
The Millennials
1977 - 2002
Millennials Matter
• Spending power - $200 billion+
• “Echo-Boomers” - 86 million
• Facebook Election
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
Echo Boomers
millennials
Trophy Generation
Gen-Why
Gen-Next
Gen-Whine
Gen-Me
ConnectedsGen-Y
iPod generation
personalization generation
the next great generation
restless
ambitiousdreamers
future-oriented
opportunity-driven
confident
optimisticconnected
energeticinnovative
multi-tasking
digital
diverseinclusive
tech-savvy
trendsetters
coddled entitlednarcissistic
self-centered
overly assertive
influential
The Mindset List
• 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
Class of 2003
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
Midwest Millennial: Home View
• Believe kids and careers are both possible
• 60% consider themselves religious
• 75% participate in philanthropic activities
• Live independently, but don’t own homes
• 17% are blogging
• They aren’t 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
Midwest Millennial: Work View
Motivating Millennials
at Work
What attributes, benefits and perks are important to you?
• Must Have
• Like to Have
• Will Give Up for Right Job
• Not a Priority
Universal motivators
1.Compensation
2.Health insurance
3.Recognition for a job well done
Enable Impact on Company Outcomes
• 23% must-have, 63% like to have
• Eager to accomplish ambitious goals
Manager Tip: Identify challenges they can help address.
Outline Clear Paths to Advancement
• 60% say it’s a must-have
• Opportunity valued over job security
Manager Tip: Develop and use roadmaps.
Allow Access to Leadership
• 32% must-have, 59% like to have
• Professional development goes both ways
Manager Tip: Foster mentoring.
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.
Infuse Authenticityin Communications
• “BS” meters are sensitive
• Peer opinions are key
Manager Tip: Be clear, consistent, customized.
Common Social Media Outlets
• MySpace
• YouTube
• Flickr
• Blogging
Keep Social Media Social
• Most consider it a personal space
• Mixed on appropriateness of employer researching them
Manager Tip: Use LinkedIn.
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
Marketing to Millennials
Purchase Drivers• Cheap cost with good quality
• Peer recommendations
• Fast service/convenience
• An “experience”
• A little bit on the quirky side
Fast Company, 2008
Information Sources
• EACH OTHER
• Social Networks
• Texting
• Instant Message
• Magazines
Tolerance for Marketing• Direct Mail
• Facebook message
• Twitter message
• Text message
• Phone call
Most Tolerant
Least Tolerant
Know if Mail Makes Sense
• 73% use coupons from direct mail
• Pay bills via mail vs. internet
Marketer Tip: “Old school” can still be cool.
Give a Reason to Read
• Tolerance is tolerance
• Email needs to evolve
Marketer Tip: Coupons, contests, feedback
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 consumers
The Participatory Marketing Network, 2009
Marketer Tip: Create a fan page.
Spare the Ads
• 84% notice ads
• 80% find ads irrelevant
• 36% never click
The Participatory Marketing Network, 2009
Marketer Tip: Tread carefully with ads.
Bolster Customer Service with Twitter
• 25% are on Twitter
• Authentic, personalized communication
Marketer Tip: Empower your staff.
B-to-B Marketing to Millennials
Help Millennials Recommend You
• Researching you online
• Make sure you’re there
Marketer Tip: Keep sites fresh, consider a blog.
Connect on LinkedIn
• Get your foot in the door.
• Position your expertise.
Connect on LinkedIn
• Get your foot in the door.
• Position your expertise.
Marketer Tip: Build a LinkedIn strategy.
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
Today We...
• Discussed a snapshot of Millennials
• Examined manager’s tips for working with Millennials
• Examined trends in marketing to Millennials
Thank YouClara MillerMorningstar Communications
Email: [email protected]: www.linkedin.com/in/ClaraMiller
Blog: www.morningstarcomm.com/LuminaryBlog.aspx
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