common myths of marketing to millennials · millennials are happy to share, subscribe and rent if...
TRANSCRIPT
Address
Suite 2, Level 5, 162 Goulburn StreetSurry Hills NSW 2010, Australia
Phone + Email
+61 2 8094 [email protected] rubychacha.com.au
COMMON MYTHS OF MARKETING TO MILLENNIALS
MILLENNIALS know it all
Millennials have all the
answers they need right
at their finger tips…
There are gaps in reliable knowledge out there.
Sometimes millennials need advice on tricky subjects
from sources they can trust
1Facebook IQ Millennials + Money 2015
83% say they are actively seeking financial
guidance…
Over halfsay they have
no one to turn to for
trusted financial advice
…and only
36% talk to their
parents about money.1
MILLENNIALSMass mutual – created the Society of Grown ups
• No selling, just financial advice, with engaging, funny young staff
• Short sessions or dinner events and lessons to help repay
student loans
The Mint Grad
• Online tools to help millennials learn how to budget and save
• Enter the workforce
• Introduction to investing
Who is getting it right?
MILLENNIALS want it all now
The traditional model
of waiting and saving
for big purchases must
apply to millennials
too…
Millennials are happy to share, subscribe and rent if
it means they can get what they want at the price
they want!
2Elite Daily Millennial Consumer Study 2015, 3Airbnb National Survey 2016
59% of Millennials
would rather rent a house
than buy one2
¾ of Americanmillennials have
a positive view ofthe share economy3
MILLENNIALS
Millennials are driving the sharing economy
• New mindset about consumerism driven by brands like GoGet,
Uber and Airbnb
• Sharing and being frugal are now perceived as cool and clever as
ownership is not a necessity anymore; who wants the care and
maintenance ?
• Not just about cars, Google drives and cloud based sharing is
part of who they are
Who is getting it right?
MILLENNIALS driven by FOMO
Millennials spend all their time
online and never miss a thing
on social media…
Millennials spendon average
18 hours a dayconsuming media of various forms…
but 59%of millennials feel overloaded with
digital brand communications
…and 44% of Millennials are likelyto unfollow a brandon social media or unsubscribe from newsletters if theyfeel overwhelmed
with digitalcommunications4
There is too much information out there to
even scratch the surface, make it easy for your
brand/content to be found!
4Amia Digital Research Report 2014
MILLENNIALSBuzzfeed – short format, list style content, makes it easy to find something
a bit niche and relevant to share.
In the moment: Noticed audiences seeking ‘comforting’ content in the
aftermath of a school shooting and tailored their content
Taco Bell – huge social media strategy run by young people and social
influencers (new breed of brand ambassadors) to reach their fans.
They created a snapchat filter for cinco de mayo; traces follower hashtags
to deliver more targeted content that appeals to their audience
Who is getting it right?
MILLENNIALS are just consumers
THEY ARE CO
CREATORS: A ‘One size fits
all’ approach to products
has worked for previous
generations, millennials will
be fine with it too…
5Marketing Charts 2012, 6State of the connected consumer 2016
40% of millennials
want to co-createwith companies5
63% of Millennial consumers are
willing to share datawith companies in
exchange forpersonalized offers
and discounts6
Millennials have seen customisation
done well by a range of brands, it is now the
rule, not the exception.
MILLENNIALSMillennials are doers. Participators and Creators.
Oreos co-branded to good effect when it turned tweets into treats.
Festival-goers were able to create personalised cookies, based on trending
Twitter topic and a 3D printer. The concept was a huge hit with queues of up to
three hours.
Brands and Millennials both want to be heard
Consider hooking up with social influencers to drive authenticity like Nadia
Fairfax or the Friendlyjordies – but the key to this is mutual participation where
everyone gets in on the action or the payoff
Who is getting it right?