millennials by todd metrokin

Key insights into America’s most promising generation. BY TODD METROKIN

Todd Metrokin linkedin.com/in/tmetrokin @tmetrokin

© TODD METROKIN 20162

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WHAT WE’LL COVER

1. Quick reset on past assumptions

2. A look at where U.S. Millennials are at the present with tips on how to engage them

3. Explore three emerging macro trends and what they

could mean for the future of businesses and brands

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THEPAST Early researchwas misleading

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MEDIA AMPLIFIED FLAWED RESEARCH

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CONTRIBUTING TO A NEGATIVE STEREOTYPE

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In 2004, Howe and Strauss forecasted that Millennials are in line to be the next “hero” generation because they follow a pattern common to the last four hero generations in American history. The pattern early in life is as follows: A hero generation arrives just after an era of society-wide upheaval in values and culture that many historians call a “spiritual awakening” and passes through childhood during a time of decaying civic habits, ebbing institutional trust, and resurgent individualism.

A DIFFERENT PERSPECTIVE

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“ Millennials are increasingly acting as the agents of change in society, calling for institutions that are more responsive not only to their needs, but to national or global concerns, and providing the energy, creative ideas and determination to drive reform.”

- UNITED NATIONS REPORT, 2012

A DIFFERENT PERSPECTIVE

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CLOSER TO REALITY

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THEPRESENT WHAT ALL THE DATA TELLS US

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57% are non-Hispanic

white

BORN 1981-1997 78 MILLION

Spending power of over $200 billion

annually starting in 2017, which translates into roughly $10 trillion in

their lifetimes Population will peak in

2036 at 81 million

Median age of the first time

home buyer is 31

29% are religiously unaffiliated

50% are Independents

(27D/17R)

83% of babies born in 2015

were to Gen Y & Z parents

Millennials will be 50% of the workforce

by 2020

Spirited Entrepreneurs

Savvy Individualists

Challengers of Status Quo

Access Seekers

Optimistic RealistsTHESE ARE

OVERALL OBSERVATIONS. SEGMENTATION IS KEY

TO UNDERSTANDYOUR AUDIENCE.

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EMERGING TRAITS & BEHAVIORS

It’s not what you sell, it’s

why you sell.

Social is essential but

traditional tactics matter.

Invite experiences.

Be clear. Value feedback.

Provideaccess.

Harness theinnovation

engine.

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ENGAGEMENT OPPORTUNITIES

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THEFUTURE THREE TRENDSTO WATCH

#1THE RISE OF FAMILY FLUENCY

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#1THE RISE OF FAMILY FLUENCY

• 50% say they see their parents in person every day, and nearly as many (45%) talk with their parents on the phone daily

• 46% of all Millennial women are moms and Millennial parents account for 80% of the 4 million annual U.S. births

• Population will peak at 81 million in 2036 due to an expected increase in the foreign-born population segment (15-18%)

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71% already believe work demands

interfere with their personal lives

Increased focus on the demands of the family

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LEVERAGING THE TREND

71% already believe work demands

interfere with their personal lives

Increased focus on the demands of the family

Brands and businesses that help resolve this tension are likely to gain favor among working Millennial parents

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LEVERAGING THE TREND

#2A NEW EQUALITYSTANDARD

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#2A NEW EQUALITYSTANDARD

• Inequality—racism, sexism, intolerance, and human rights —is a top concern for Millennials

• 45% are more likely to do repeat business with an LGBT-friendly company and more than 54% also say they’d choose an equality-focused brand over a competitor

• 47% of consumers under 24 are more likely to support a brand after seeing an equality-themed ad (compared with 30% of all age groups combined)

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REMEMBER: Be prepared. When engaging on issues of inequality, there is always someone on the other side of the issue.

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LEVERAGING THE TREND

#3POWERTO THETRUSTMAKERS

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#3POWERTO THETRUSTMAKERS

• Institutions like the federal government, organized religions, political parties and banks are struggling to engage

• All four of the leading banks are among the ten least loved brands by Millennials and 73% would be more excited about a new offering in financial services from Google, Amazon, Apple, Paypal, or Square than from their own nationwide bank

• Detachment and distrust has created a vacuum, contributing to a climate where disruption is now the norm

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OPEN INNOVATION encourages sharing resources and bringing together ideas from the public- and private-sectors.

Applying this concept to R&D and product testing phases similar to a beta-testing approach brings customers and partners together “behind the curtain” to provide a better understanding of the brand as well to help drive trial and adoption of new products and services.

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LEVERAGING THE TREND

EMPLOYEE BRAND AMBASSADORS Harness the social nature of networked Millennial employees to support their companies’ brands. Empowered with tools and guidance, they can become powerful advocates and enable more authentic engagement as well as increase perceptions of transparency.

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LEVERAGING THE TREND

ABOUT THE AUTHOR Todd Metrokin is a marketing executive, creative strategist, writer and speaker living in Washigton, DC. You can contact him or read more about reaching Millennials at:

linkedin.com/in/tmetrokin

@tmetrokin

MILLENNIALS