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Milennial Whitepaper 7.22

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Milennial Whitepaper 7.22

  1. 1. Everything you need to know about this technology- driven, constantly connected generation. A Marketer’s Guide To Millennials:
  2. 2. Table of Contents Who are Millennials? 3 Technology Outbreak 5 Millennials Crave Media 6 Digital Media 6 Traditional Media 9 Shop ‘tilYou Drop 12 Only the Best Brands 14 Working Hard or HardlyWorking? 15 What’s the Big Deal? 16
  3. 3. 3 | A Marketer’sGuide to Millennials www.MediaHorizons.com Who are Millennials? Millennials are digital natives, raised during a period where laptops, social media and the internet were part of their everyday lives. They’re the first to adopt new technology and can’t seem to get enough of it – but still rely on traditional media to supplement their digital behaviors. Silent Generation Baby Boomers Gen X Millennials Gen Z 1928-1945 1946-1964 1964-1980 1980-2000 2000-current Millennials were born roughly between 1980 and 2000, making them currently ages 15 to 35 years old. Other generations consist of the Silent Generation (1928-1945), Baby Boomers (1946- 1964), Gen X (1964-1980), and Gen Z (2000-current.) Millennials make up about 25% of the U.S. population, and they’re reaching the point in their lives where bigger decisions must be made and important things are beginning to happen in their lives. They have been raised in a much different era than the previous generations and how they choose to incorporate media into their lives differs from the these groups.
  4. 4. 4 | A Marketer’s Guide to Millennials www.MediaHorizons.com Who are Millennials? Below are percentages of some major life milestones of Millennials, according to Experian. Whether they are applying for colleges, graduating college and searching for a job, purchasing a new home or even starting a family, they always find a way to tie technology into their daily lives. Millennials matured in tandem with laptop computers, the Internet, social media and technology in general which brought along constant updates and improvements. This has led Millennials to adapt quickly to new products and tech upgrades. Millennials have a tendency to multitask and are able to perform tasks through devices and programs much quicker than other generations. A significant number of Millennials feel the need to constantly be connected to some form of technology or social media daily. The use of technology is no longer a want – it is a need. Without the use of technology, many Millennials tend to feel overwhelmed, confused and lost. 33% married 62% never married 5% divorced 58% own a home 37% rent a home 5% rent- free 36% are parents 10% un- employed 19% students Average of 3.2 per household
  5. 5. Technology Outbreak Millennials don’t just use the devices – they have merged their social lives with them. Smartphones have become very popular with Millennials because they’re convenient and helpful. Smartphones also help Millennials connect with their personal and social lives. Facebook emerged in 2004 with the iPhone following shortly thereafter in 2007. Both of which have had a major impact on the lives of Millennials. This generation essentially founded the social media eruption. They believe that technology leaves a long-lasting impact and makes their lives easier than other generations. Technology is evolving everyday and Millennials have adjusted to its continuous changes. Millennials are digital natives, meaning they’re the first generation to adopt new forms of technology such as laptops, smartphones and other mobile devices. Techopedia indicates that this exposure to technology in their early years has given Millennials a greater familiarity with technology compared to generations born before it was widespread. Millennials rack up18 hours of various media use per day. The use of social media by Millennials has significantly exceeded every other generation. A study conducted by the Pew Research Institute indicates that three quarters of Millennials have created a profile on a social networking site. Millennials are constantly connected socially. Whether they are connecting to their friends through Facebook or Twitter, making shopping purchases through their tablets, or paying bills online with their smartphones. 5 | A Marketer’sGuide to Millennials www.MediaHorizons.com use tablets use smartphones use theTV use laptops/pc 58%77%77%30%
  6. 6. Millennials Crave Media Digital Media 6 | A Marketer’s Guide to Millennials www.MediaHorizons.com Millennials are in the now of technology – they have adapted to it so well that they cannot have just one form. Millennials will have their laptop in their book bag, an iPod in their pocket, their cell phone in their right hand scrolling through today’s top trends and their tablet in their left hand, usually with a coffee balanced on top. Still, many believe that digital media is the only form of media Millennials use. According to ComScore, Millennials still have a habit of using traditional publications through desktop and mobile platforms. When The New York Times reached more than 64 million visitors across desktop and mobile platforms, over 20 million (32%) of those viewers were Millennials. On a weekly basis 94% of Millennials consume media on their smartphones, 93% watch TV, 83% listen to the radio, 66% read traditional hardcopy newspapers and 62% read hardcopy magazines. However, when all forms of media are combined, Millennials use up about 18 hours of their day. Sixty percent of Millennials are interested in consuming news related media. A lot of Millennials’ information has a tendency to come through their emails. According to a Pew study, 90% of Millennials use the web to send and receive email. Yet, many wonder how they use it. Email When in need of a one-to-one contact with a brand, Millennials immediately choose email. The study by Pew also mentioned that email came in as the number two preferred means of doing product research in retail segments. Millennials often check email on their mobile devices, according to a Pew study, which states that 51% of Millennials have opened up their emails on their mobile devices.
  7. 7. Millennials Crave Media 7 | A Marketer’sGuide to Millennials www.MediaHorizons.com Mobile applications are a part of Millennials’ everyday lives. Mobile apps help to make print media publications available on-the-go, in addition to Snapchat, Instagram and other popular apps. Facebook ranks highly with about 88% of Millennials using it for news and information. The types of apps are endless and are a large part of media consumption. Instead of grabbing the newspaper, Millennials can check their “The New York Times” app and receive the exact information as if it were in print. Below is a list of the top 10 apps that Millennials are using the most: The Media Briefing mentioned that among the younger Millennial generation, smartphone ownership is now 77%, which is more than 50% higher than the population as a whole. Millennials check their phones at least 45 times a day and can use up to 18 hours a day on various forms of media. Mobile Apps Video Millennials are focusing more on online videos instead of traditional television. About 91% of Millennials have accessed some sort of online video and are now spending more time watching videos online than on TV, according to The Media Briefing. Sling TV, Netflix and Hulu are popular video-on-demand services that can be viewed on computers, tablets and even smartphones. Smartphones 1 2 3 4 5 6 7 8 9 10 seamless
  8. 8. According to eMarketer, Millennial smartphone owners send and receive more than 4,000 text messages per month and 43% of them say that texting is just as meaningful as an actual conversation. What is even more remarkable is how the younger crowd of Millennials have created their own form of millennial lingo. The way Millennials text is not how they speak to others in person. These phrases are sent out to be smart or funny, show originality, and even incorporate a sense of drama about their lives. Millennials typically abbreviate words and sayings such as LOL (laughing out loud) or OMG (oh my God). Millennials also tend to create different phrases and sayings for other terms. Examples of terms Millennials have created to replace other words are BAE, TURN UP, THIRSTY, YAS, WCW or MCM. If marketers take the time to understand the everyday lingo that Millennials use they would be able to speak to them more directly and attract a larger target audience. Millennials Crave Media 8 | A Marketer’sGuide to Millennials www.MediaHorizons.com Texting 1) BAE 2) Turn Up 3) Thirsty 4) YAS 5) WCW 6) MCM 1) Before anyone else 2) Go wild/party 3) Extremely desperate 4) Yes with extra emphasis 5) Woman Crush Wednesday 6) Man Crush Monday
  9. 9. 9 | A Marketer’s Guide to Millennials www.MediaHorizons.com Millennials Crave Media Traditional Media When smartphones, laptops and other forms of technology are finally detached from the hands of Millennials, they gravitate towards other forms of media. Despite all the rumors of the lack of traditional media use, Millennials still choose to consume media via these “old school” channels. They spend roughly 100 hours a week using media, however 32 of those hours are dedicated to traditional media. Since technology has made news much easier to find, it is difficult to go back to the traditional ways. However, Millennials still tend to listen to the radio, watch the news and even read magazines and newspapers. 93% of Millennials have read a magazine in the last 60 days 93% listen to AM/FM radio at least once per week 23% of Millennials read a newspaper in one day TV is still the #1 media activity for Millennials
  10. 10. Millennials still find direct mail to be useful and trustworthy. In fact, according to a study from Research Now, 90% of Millennials say they think direct mail is reliable and 87% enjoy receiving information and offers from retailers in the mail. The only dilemma with direct mail is grabbing their attention. Thirty-three percent of Millennials look to direct mail for information on special offers and deals. Below are three strategies to keep in mind when trying to market to Millennials with direct mail. Millennials Crave Media Make it Personal Millennials enjoy connecting socially and expressing their achievements through social media. However, they also enjoy receiving things that they consider personal. They have specific idea on what they want, need and like, therefore it is important to have a creative message that is personalized to that exact Millennial’s interests. Make Them Feel Important Everyone loves feeling special and exclusive, however, when it comes to Millennials, 51% say when they receive rewards, they desire exclusive access. They enjoy receiving rewards programs with special deals, products and insider information. Drive to Online Making direct mail more effective is best achieved by tying it into something of higher value. Millennials are online for a large part of their day so grabbing their attention through direct mail and then driving them to the brand’s website can be beneficial. Direct mail influences 76% of internet users to buy a product or service online. Direct Mail 10 | A Marketer’sGuide to Millennials www.MediaHorizons.com
  11. 11. Millennials are still picking up print newspapers and reading them. According to a survey conducted by the American Press Institute, about 16% of Millennials paid for a hard copy newspaper subscription. When it comes to newspapers or reading a book, they value the physical touch over the electronic. The study also noted that 68% of Millennial consumers react to advertisements in print newspapers, including coupons. Millennials Crave Media 11 | A Marketer’sGuide to Millennials www.MediaHorizons.com Millennials still find the mail they receive to be valuable and they trust the information given to them by local newspapers. When they are looking for the touch value they lean towards traditional hardcopy however, with the technology today, it has allowed them to access this traditional media through their smartphones. Print Newspapers 56% of Millennials still want their newspapers. It’s a common misunderstanding that the Millennial generation doesn’t read print media because they are too consumed with their social media lives. However, studies have proved that Millennials still rely on print media such as newspapers and magazines for their information. Magazines A study conducted by MPA found that nearly all Millennials read magazines – 93% of those who were surveyed said they have opened a magazine in the past 60 days. Millennials enjoy the physical relationship with magazines. Magazines can include discounts, coupons, special promotions and even contests that Millennials can participate in.
  12. 12. Shop ‘til You Drop Did you know? 64% of Millennials follow companies or brands on Facebook for coupons or discounts and 66% do the same throughTwitter. Millennials are always searching for deals and ways to save on their brand purchases. Millennials believe money is everlasting, nonetheless their spending habits and bills are increasing. A recent survey from the American Institute of Certified Public Accountants noted that over 3 quarters of younger Millennials want to have the same clothing, cars and techy gadgets as all of their friends.To do so, they swipe their credit cards. Millennials use credit cards to pay for almost all of their basic daily needs such as food and utilities. However, over 25% of Millennials have had late payments and are dealing with bill collectors. Those who are not dealing with late bills believe that being able to pay off their bills each month defines them as financially stable. About 37% of Millennials love to shop and out of all generations, Millennials are 52% more likely to make impulse purchases. Below is a chart of the recent purchases of Millennials over a 6 month time period: Grocery & Food Apparel Shoes Entertainment Household Items Health & Beauty Accessories Electronics Pet Supplies Baby & Kids Sport/Fitness Furniture Auto 0% 20% 40% 60% 80% 100% 12 | A Marketer’sGuide to Millennials www.MediaHorizons.com
  13. 13. Shop ‘til You Drop The older range of Millennials, approximately 25 and older, tend to be more geared towards saving money, whether for retirement or personal activities. Instead of investing in a new luxurious car, they’d rather save for a personal experience such as traveling. Many are currently in the process of paying off their student loans and experiencing a time period with a difficult job market. About 4 in 10 worry about money at least once a week. Millennials One way Millennials have been able to take their minds off of money budgeting has been through the use of apps. Certain apps have been used to help manage money and show how much has been spent or saved daily, weekly, monthly and even yearly. A popular money budgeting app is Mint, which provides tools to manage spending, savings, budgeting and earnings by synching to bank accounts. Other common money saving apps include GoodBudget, Mvelopes, BillGuard, and Pocket Expense. All of these apps have the same focus to help consumers save and budget their money. 13 | A Marketer’s Guide to Millennials www.MediaHorizons.com
  14. 14. Only the Best Brands Millennials are very specific when it comes to brands they want and need – they only want the best. Millennials prefer high-quality products that fit their personalities and high expectations. Here are Millennials top 10 favorite brands according to Business Insider: Millennials love deals and follow numerous social media accounts to receive freebies and coupons. According to AdWeek 57% of Millennials follow brands on social media exclusively for contests and free items. Many of them even use social media to browse through reviews, product information and price comparison. When making a purchase decision, 57% turn to the brand with the lowest cost. Their main concern is to spend the least amount of money possible and enjoy what they receive. The figure below shows why Millennials said they follow brands on social media: 57% Contests & free items 39% Product recommendations 30% Entertaining pictures/video 15% Funny conversation 14 | A Marketer’sGuide to Millennials www.MediaHorizons.com 1 2 3 4 5 6 7 8 9 10
  15. 15. Working Hard or Hardly Working? Millennials are the largest generation in the workplace and they are changing how work is being done. According to Ivey Business Journal, Millennials are well educated, skilled in technology, very self-confident, able to multitask and have plenty of high energy. They have very high expectations for themselves and strive for challenges. While in the workplace Millennials are increasing the use of technology, are quicker with sharing information as a team and are more comfortable in a work environment than other generations. What makes Millennials so different from the current baby boomer generation are their work preferences. Many prefer working in teams over working individually and they need to be engaged in what they are working on. Being sociable and creative are top priorities when it comes to Millennials in the workplace. Their overall performance and communication differs strongly from other generations. According to Forbes, 74% of Millennials want flexible work schedules and 72% of them would like to be their own boss. Millennials also believe that they do not earn enough money for the work they are doing. There are many differences between Millennials and Baby Boomers in the workplace. Companies are currently adjusting their policies and procedures to accommodate the growing number of Millennials entering the workforce. How Millennials view themselves in the workplace compared to how other generations view them: 64% People-savvy 35% Tech-savvy 82% Loyal to employees 14% Fun-loving 86% Hard working 14% People-savvy 86% Tech-savvy 1% Loyal to employees 39% Fun-loving 11% Hard working 15 | A Marketer’sGuide to Millennials www.MediaHorizons.com Millennials View Other Generations View of Millennials
  16. 16. What’s the Big Deal? So what is it that makes people so infatuated with Millennials? They are a unique generation that cause advertisers to adapt their marketing strategies, stores to tailor their products and companies to appeal to their wants and desires. Many feel the need to engage with Millennials to understand their overall media consumption habits and differences – making them nearly impossible to ignore. It is important for individuals – including marketers, to acknowledge that Millennials’ behavior will evolve over time. When focusing on social media, The American Press Institute states that 86% of Millennials say that they have changed how they use social media in some way compared to the past, whether it is due to their age or their attitude towards social networks. According to The Future Cast, the way Millennials are fixating themselves to brands strongly influences how our entire consumer market works. The millennial generation has become so large that they are redefining the economy. The millennial population has grown to 75.3 million, surpassing every other generations population so far. Millennials have made such a great impact that we no longer study their behavior and trends, we live it. 16 | A Marketer’sGuide to Millennials www.MediaHorizons.com
  17. 17. Sources • http://www.adweek.com/socialtimes/4-social-millennials-tips/494940 • http://www.americanpressinstitute.org/publications/reports/survey-research/millennials-social-media/ • http://www.americanpressinstitute.org/publications/reports/survey-research/millennials-news/single-page/ • http://www.bizzuka.com/company-blog/we-never-talk-any-more-why-text-messaging-has-replaced-the-phone-for-communication • http://www.businessinsider.com/top-50-millennial-brands-2015-5 • http://digiday.com/brands/2014-year-millennial-media-consumption/ • http://www.dmnews.com/direct-line-blog/the-dm-train-to-engagement-land/article/314123/ • http://www.edelman.com/post/millennials-hate-traditional-media-or-do-they/ • http://www.experian.com/assets/marketing-services/reports/ems-ci-millennials-come-of-age-wp.pdf • http://www.forbes.com/sites/robasghar/2014/01/13/what-millennials-want-in-the-workplace-and-why-you-should-start-giving-it-to-them/ • http://www.investopedia.com/articles/personal-finance/021914/money-habits-millennials.asp • http://iveybusinessjournal.com/publication/the-millennials-a-new-generation-of-employees-a-new-set-of-engagement-policies/ • http://marketingland.com/speak-millennial-use-email-124811 • http://nameless-the-movie.com/blog/do-millennials-read-newspapers-and-magazines/ • http://www.pewsocialtrends.org/2010/02/24/millennials-confident-connected-open-to-change/ • http://www.pewresearch.org/fact-tank/2015/01/16/this-year-millennials-will-overtake-baby-boomers/ • http://socialmediaweek.org/blog/2014/12/13-apps-millennials-use/ • http://www.techopedia.com/definition/28094/digital-native • http://www.thefuturecast.com/who-are-millennials/ • http://www.themediabriefing.com/article/know-your-audience-how-digital-native-millennial-generation-consume-media 17 | A Marketer’sGuide to Millennials www.MediaHorizons.com Information Provided By:
  18. 18. About Media Horizons Inc. Media Horizons, Inc., an award-winning direct marketing agency located in Norwalk, CT, helps companies cost effectively generate new customers and maximize their lifetime value. Founded in 1988, MHI is an entrepreneurial, independently owned direct marketing agency that offers a complete suite of services to provide measurable marketing solutions in offline and digital media. Capabilities include Strategic Planning, Creative Development, Media Planning & Buying, Data & Analytics and Customer Database Marketing, Project Management and Process Mapping. Media Horizons, Inc. www.mediahorizons.com 203.857.0770 info@mediahorizons.com 40 Richards Avenue Norwalk, CT 06854 Contact Us: Thank You 18 | A Marketer’sGuide to Millennials www.MediaHorizons.com