Marketing to Millennials and the New Marketing Playbook Understanding the market, the changes, the needs. Jeff Ernst CEO | Co-founder Smync
Welcome message from author
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
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
Related Documents
