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From the Introduction - What We Uncovered
When our study first began to take shape, we spent a long time looking at earlier findings. Most—-if not all—-publications tended to view Millennials as a homogeneous group.
Not only did our joint research unequivocally prove this wrong, but BCG went one step further by developing a segmentation model that divides Millennials into six major subgroups.
This information is invaluable to any company that wants to target its marketing efforts more efficiently and effectively to this generation’s tastemakers and influencers.
Another key focus of our study was to identify how behaviors and attitudes differ between Millennials and non--Millennials—and to determine which of those differences are truly characteristic of the generation and not simply related to Millennials’ youth or their relatively early stage of life.
Beyond their widely recognized affinity for technology, our research identified specific behaviors and attitudes that the Millennials are likely to bring with them into their next life stages. Each of these characteristic attitudes—explained in detail in the first several -chapters—-has implications for companies, their brands, and the leaders, who will need to adapt to an era of cocreation and -two--way communication in which the new consumer clearly has a strong voice.
Our research also found that Millennials are leading indicators (if not the drivers) of media consumption, advocacy, and social media usage among all generations. For instance, Facebook—created by Mark Zuckerberg, one of the most famous Millennials—began as a college--based social network. Today, it has a diverse pool of users with an average age of 38, not 18. The bottom line: Brands, old and new, cannot afford to ignore this generation.
Here’s a quick snapshot of what else you can expect to find in this book:
Who they are. You’ll hear directly from the influential and characteristic members of this generation, providing an intimate look at Millennial consumers.
The New Rules of Marketing to Millennials. Brands are no longer in control of their own image and message with this generation. Indeed, a key finding from our study was that Millennials derive value from being engaged in product development, advertising, social interactions, and other facets of the marketing process. Because their participation and cocreation are likely to result in completely new marketing disciplines that tie in to Millennials’ fast--paced lifestyles, we’ve laid out the new rules of marketing with this generation.
Case studies. From long--established youth brands like MTV to fresh start‑up concepts like Dollar Shave Club, we’ve identified several organizations that are getting it right when it comes to marketing to Millennials.
Ready to cast aside the old rules of marketing at these consumers? When it comes to Millennials, the new rules of engagement reign.
Excerpted from MARKETING TO MILLENNIALS by Jeff Fromm and Christie Garton. Copyright © 2013 by Barkley, Inc. Published by AMACOM Books, a division of American Management Association, New York, NY. Used with permission.
All rights reserved. http://www.amacombooks.org.
List of Figures xi
Influential and Active Consumers 2
What We Uncovered 4
Who Are They? 7
The Participation Economy 8
The Old Framework vs. the Participation Framework 9
Friends Have Influence 16
Birth of the “Digital Native” 19
Optimistic Despite the -Roller--Coaster Economy 20
The Millennial Mindset 23
Chapter 1: Key Takeaways 27
The New Rules of Marketing to Millennials 29
The “What” Generation? 30
An Enigma Generation? 32
Begin a Relationship Now, If You Haven’t Already 34
Younger and Older Millennials: A Difference? 37
Six Distinct Millennial Segments 39
Millennial Guys and Gals 47
Chapter 2: Key Takeaways 51
Engage These Early Adopters of New Technologies 53
The Household CTO 55
“I Know More Than My CEO” 57
The Mobile Moment of Truth 61
Chapter 3: Key Takeaways 73
Build a Listening and Participation Strategy 75
The Participation Economy 81
The “Right” Strategy 83
Engagement (New) vs. Interruption (Old) 85
Interaction (New) vs. Reaction (Old) 90
Engaged Participants (New) vs. Heavy Users (Old) 96
Personal Gestures (New) vs. Big Promises (Old) 98
Active Cocreators (New) vs. Passive Consumers (Old) 100
Chapter 4: Key Takeaways 104
Make Them Look Good Among Their Peers 107
Hyperconnected and Always On the Go 110
Information Hungry 112
Gotta Look Good! 118
People Care About What I Say, Where I Am, and
What I’m Doing 120
So What Does This All Mean? 122
Chapter 5: Key Takeaways 124
Design a Sense of Fun and Adventure 127
Market Disrupters Win Big 132
Comedy Natives 135
Generation Innovation 137
The Parent Trap 140
Chapter 6: Key Takeaways 143
Don’t Give Them a Reason to Cheat on You 145
The Price Needs to Be Right 147
What Ever Happened to Brand Loyalty? 149
Up the Fun Factor 150
Rewards Work 155
Coupons Are King 158
Excellent Customer Service Matters, Too 159
Take Their Feedback to Heart 162
Brands That Care 163
Chapter 7: Key Takeaways 167
Keep Up with Technology Trends 169
Engage Millennials in Everything You Do 170
Strive for Content Excellence 172
Good Content Is Key 173
No Brand Can Afford to Ignore Millennials 175
About the Authors 201