Embed Size (px)
Citation preview
Marketing to Millennials and the New Marketing PlaybookUnderstanding the market, the changes, the needs.
Jeff ErnstCEO | Co-founder
Smync
“The Millennials”
• Who they really are
• Where they are in life
• What motivates, connects them
• How they perceive brands
• Where marketing fails
• How to successfully connect, develop and market for real business impact
What You’ve Been Told Is Dated or Just Plain Wrong• The image created by media and marketing hasn’t shifted…
• Incorrectly portrayed as 16-24, unemployed, disaffected, high debt, living at home, etc...etc...
• Economic impact and size has been secondary in the discussion.
Who The Millennials Really Are• Entered adulthood as
the clock struck 2000…age 35
• As of 2015, largest demographic 75.3 MM in US
• $200B in US purchasing power, $2.5T globally
• $30B in US wealth transfer coming soon...
• 11MM households have “The Great Disruptors” - Children
How they connect and
consume media• 1 day per week on mobile • 3.2 hours per day• 2.4 hours per day on social• 1.9 hours per day online
video
• Only .2 hours per day on radio, only .1 with print media, 1.2 hours on television
It’s about Trust• Only 1% say their trust in a brand will be swayed by a compelling ad
• Trust from personal connection 4x more than from a brand 92% vs. 23%
• Trust celebrity endorsers even less than brands
• Turn to trusted sources for buying decisions – social media, blogs
• You must build trust
It’s about Co-Creation
• Co-creation is a trend that is here to stay. 63% want to be involved with helping brands create new products.
• Provides true customer-centric products, improves speed-to-market
• Helps brands improve communication and maintain relevance
It’s about Authentici
ty• Almost half value authenticity before quality of content.
• Authenticity creates trust…if they don’t trust, they don’t care
• How a brand fits into life vs. having identity wrapped up in a brand
It’s about Tribes• Not the old school
marketing definition
• Inclusive, building community, diverse–the people around you
• Experiences before Things
• Connecting, sharing via social, messaging
It’s about Tribes• Over 75% believe it is their
DUTY to help their friends make smarter purchasing decisions
• Over 60% are brand loyal
• Sharing their experience with brands becomes central to success.
How do you successfully market to Millennials?
• Traditional marketing methods don’t work
• Organic reach is dead
• Brand trust is low
• Growth hacking is real
The New Marketing Playbook -
Engage• Mobile and Social
First
• Start customer-centric
• Think human
• Be authentic
• Get feedback
The New Marketing Playbook - Experience
• Provide an experience worth sharing
• Identity is not wrapped up in the brand, but how it fits in to their lives
• Build Authentic Social Word-of-Mouth and Brand Advocacy
The New Marketing Playbook – Embrace
Change• Engagement,
relationships, experience become crucial
• Traditional channels continue to lose impact – person-to-person, direct channels
• The perceived control of marketing message is finally lost – authentic, transparent, shared
• Measurable Business Impact
1 authentic advocate reaches 8! deep – 40,000 people
WOM Impression shared up to 24x more, triggers purchase up to 50x more
Word-of-Mouth is involved in over 75% of first-time purchases, drives up to 27% of overall revenue
Referred customers are up to 20% more loyal, 20% greater lifetime value
The word-of-mouth impression is worth up to 200x a paid impression, WOM drives up to 10x return of paid media, amplifies effect of paid 15%
The Facts about SWOMand Brand Advocacy
