Presentation on theme: "2 *Supplemental findings from The Cassandra Report. There are approximately 72 million Gen Ys – Born between 1980 and 1995 and influence both generations."— Presentation transcript:
2 *Supplemental findings from The Cassandra Report. There are approximately 72 million Gen Ys – Born between 1980 and 1995 and influence both generations before and after them (Gen X and Gen Z) – Optimistic – View the internet and social media as an extension of themselves They are what they share They live in a fast-paced 24/7 society and have a fear of missing out (FOMO) – Group-oriented They want to interact and share with all of their friends but also want to be recognized as an individual – Demand control Actively give their opinions and want outreach to be customized to them and their feedback
Macro Trends are large societal trends that mark key shifts in Gen Ys attitude and behaviors. These trends are often highly influential in their purchasing decisions. Life Hacking is a direct result of Gen Ys interest in repurposing existing products to fit their individual needs. It reflects their increasing desire to express their creativity and resourcefulness. Real-Time Reflex is a reflection of the society Gen Ys live in. They expect and anticipate products and experiences to imitate their fast-paced lives. The Milleniamalists is a reaction to their overloaded lives. Gen Ys are looking to simplify and de-clutter. A Curated Life demonstrates Gen Ys need to be their own curators, both in their purchases and lives.
Implications Provide opportunities for consumers to manipulate products in new and creative ways. Give them a voice by allowing them to contribute ideas. Create guides and instructional manuals for how consumers can hack your products in order to make their own lives easier. Build a platform for consumers to share their hacks with each other. Hacking is a community exercise and an opportunity to encourage brand evangelism. MACROS – LIFE HACKING IKEA HACKERS TOSS THE INSTRUCTIONS AND CREATE NEW FURNITURE ALL THEIR OWN THE RELEASE OF XBOX KINECT HAS UNLEASHED A CREATIVE GROUP OF HACKERS TIK TOK, A GROUP THAT RECEIVED FUNDING THROUGH KICKSTARTER, CREATED A WATCH TO HOLD THE IPOD NANO P.S. I MADE THIS BLOG AND BOOK FEATURES EASY PROJECTS TO RECREATE ICONIC FASHION PIECES THE NEW YORK TIMES HOSTED A TIMES OPEN HACK DAY THAT CHALLENGED DEVELOPERS TO DEPLOY, HACK, CREATE, AND CODE IN 14 HOURS WORLD OF FOURCRAFT TURNED NEW YORK CITY INTO A GIANT GAME OF RISK WITH THE USE OF FOURSQUARE AND GOOGLE MAPS
Implications Gen Ys have FOMO, (Fear of Missing Out) find ways to help them live in the moment and get a jump start on noteworthy events and products. Develop your own real-time reflex to keep up with consumer conversations – monitor what they are saying and communicate to them directly. Layer real time conversations, ideas, information and pictures into products, entertainment and marketing communications. MACROS – REAL-TIME REFLEX KATY PERRY ANNOUNCED HER LATEST TOUR SCHEDULE ON A FACEBOOK LIVE CHAT AND HAD AN HOUR OF AIR-TIME RATHER THAN A FEW MINUTES ANYWHERE ELSE THE CANADIAN TOURISM BOARD INSTALLED LIVE VIDEO AND TWITTER FEEDS IN TIMES SQUARE TO SHOW WHAT WAS HAPPENING IN CANADA, IN REAL TIME AUDIS PROGRESS IS TWITTER CONTEST ASKED PARTICIPANTS TO DEFINE PROGRESS USING #PROGRESSIS. THE CONTEST INSERTED AUDI INTO THE REAL TIME STREAM MADDENS FOOTBALL VIDEO GAME CAN REFLECT PLAYERS LOCAL WEATHER IN THE GAME WHEN THEY ENTER THEIR ZIP CODE NET-A-PORTER & ZAPPOS HAVE ONLINE FEATURES THAT SHOW USERS WHAT PEOPLE AROUND THE COUNTRY ARE BUYING IN REAL TIME FOR HIS GOOD FRIDAY ALBUM, KANYE WEST RELEASED A NEW TRACK EVERY FRIDAY TO INCREASE RELEVANCE
Implications Gen Y is overwhelmed by information- provide simple and straightforward packaging, clean websites and clear messaging that is easily understood. Quality over quantity is important- products that are multifunctional, meaningful and have a low environmental impact will appeal to the Milleniamalist mindset. Products that boast few ingredients and feel intuitively good will continue to gain popularity. As Gen Y streamlines their life they are looking for added value that supports their decision to purchase. THINGS ORGANIZED NEATLY IS A POPULAR TUMBLR THAT FEATURES UNIQUE ITEMS ORGANIZED INTO INTERESTING DISPLAYS LOGOS ARE GETTING A REDESIGN WITH MANY BRANDS SUCH AS STARBUCKS MAKING THEIRS MORE STREAMLINED AND SIMPLE FOOD PRODUCTS ARE TOUTING THEIR MORE NATURAL FLAVORS AND INGREDIENTS. HÄAGEN-DAZS FIVE FEATURES ONLY FIVE NATURAL INGREDIENTS MILINALISM HAS BEEN HITTING THE RUNWAY WITH DESIGNERS SUCH AS CALVIN KLEIN AND STELLA MCCARNETY FOCUSUING ON CLEAN, NUETRAL LOOKS COOKBOOKS ARE BEING REVAMPED IN A VISUAL STYLE WITH WRITTEN DIRECTIONS BEING REPLACED BY PHOTOS FASHION DIETS CHALLENGES CONSUMERS TO FOREGO SPENDING OR TO RELY ON A SPECIFIED ITEM OF CLOTHINGS FOR AN ALLOTTED TIME MACROS – THE MILLENIAMALISTS
Implications Be a source of inspiration and expertise. Help your fans by delivering expert advice, opinions, and ideas that enable them to create A Curated Life. Encourage consumers to show off their skills. Provide opportunities for shoppers to express their creativity through various social media platforms. Be visible. Inject your brand into a variety of curated spaces both online and offline, such as popular blogs, online shops, galleries, or pop-culture events. SHOPPING SITE, NUJI, LETS USERS COMPILE WISH LISTS INTO A COLLECTION AND SHARE WITH OTHER USERS WHO HAVE SIMILAR TASTE TRUNK CLUB IS A MENS SHOPPING SERVICE THAT SENDS CURATED OUTFITS BASED ON VIDEO STYLING CONSULTATIONS HUNCH CREATES CUSTOMIZED PREDICTIONS BASED ON USERS INTERESTS SOCIAL SHOPPING SITE, SVPPLY, ALLOWS USERS TO ASSEMBLES PRODUCTS INTO WISH LISTS AND COLLABORATE WITH OTHER TASTEMAKERS OPENSKYS NETWORK OF CURATORS HANDPICKS AND SUGGESTS SALE ITEMS BASED ON THE USERS FOOD, STYLE, HEALTH AND DESIGN INTERESTS PERCOLATE FILTERS TRENDING SOCIAL MEDIA CONTENT AND PRESENTS THE MOST INTERESTING INFORMATION FOR INDIVIDUALS TO CREATE CONTEXT AROUND
While the Macro Trends provide background for understanding the behavioral and cultural mindset of young consumers, the following trends focus on innovations in the digital space. Facebook is constantly evolving and leveraging the social graph to provide customer experiences. Crowdsourcing is a growing movement that impacts areas from fashion to nonprofit. This movement allows consumers to contribute their thoughts and ideas to peers and businesses alike. Web and Mortar is the increasing evolution of physical stores integrating their environments with digital innovations. Augmented Reality is helping to connect brands with consumers in new and increasingly unbordered ways.
FACEBOOK Implications Used correctly, Facebook can be a powerful platform for building brand equity and nurturing brand evangelists. Use Facebook to provide experiences that are unique and different from your other online/offline offerings. Give current and potential fans a reason to engage with you on Facebook. Let your fans know you hear them. Reward them with insider information, real-time feedback, and opportunities to receive special products, discounts, and experiences. AMERICAN EXPRESS CARDHOLDERS THAT ARE FANS OF THE AMEX FACEBOOK PAGE RECIEVE SPECIAL DISCOUNTS BASED ON THEIR LISTED LIKES AND INTERESTS OSCAR DE LA RENTA DISTRIBUTED FREE SAMPLES OF A NEW FRAGRANCE THROUGH ITS FACEBOOK PAGE AND 25,000 SAMPLES WERE DELIVERED IN 3 DAYS AFTER THEIR SUCCESSFUL FENDI CAMPAIGN, BERGDORF GOODMAN IS SEARCHING FOR THE FACE OF THEIR 5F COLLECTION USING FACEBOOK NEIMAN MARCUS LAUNCHED RACHEL ZOES NEW COLLECTION AND ALLOWED FACEBOOK FANS TO ASSEMBLE VIRTUAL OUTFITS FROM THE INDIVIDUAL PIECES LEVIS FRIENDS STORE USES FACEBOOK CONNECT TO ALLOW SHOPPERS TO SHARE AND EXCHANGE THEIR FAVORITE PRODUCTS WITH THEIR FACEBOOK FRIENDS FLAIR, THE BELGIUM MAGAZINE, INTRODUCED FASHIONTAG, WHICH LETS SHOPPERS TAG THEIR FRIENDS CLOTHING AND ACCESSORIES IN FACEBOOK PICTURES AND ASK RELATED QUESTIONS
CROWDSOURCING Implications Tap into the power of the crowd to build a heightened level of collective engagement from customers. Give your fans the power of influence. Allow them to contribute ideas and opinions for real products or services to be produced. Provide a platform for participants to achieve something, whether its admiration for their skills, job opportunities, or a fantastic branded experience. Give consumers a reason to contribute. WHERE TO GET IT IS THE SHAZAM OF THE FASHION WORLD. IT ALLOWS USERS TO POST FASHION LOOKS THEY LOVE AND THEN CROWDSOURCE THE SITE TO DISCOVER WHERE THEY CAN PURCHASE IT FASHION SITE FASHISM ALLOWS USERS TO POST QUESTIONS ABOUT THEIR OUTFITS TO THE BLOGOSPHERE FOR FEEDBACK DESIGNER DEREK LAM PARTNERED WITH EBAY TO ALLOW CONSUMERS TO VOTE ON THEIR FAVORITE LOOKS AND DETERMINE WHICH WOULD BE SOLD ON THE SITE IKEA INVITED ASPIRING FASHION DESIGNERS TO SUBMIT THEIR WORK TO WIN A FASHION SCHOLARSHIP WRANGLERS NEXT BLUE CONTEST ASKED PARTICIPANTS TO SUBMIT IDEAS FOR A NEW JEAN STYLE AND VOTE ONLINE TO CHOOSE THE WINNER PRIZES IS A SOCIAL CONTEST SITE THAT LETS PEOPLE OFFER REWARDS FOR QUALITY FEEDBACK TO USER SUBMITTED QUESTIONS
WEB + MORTAR Implications Maximize your brands reach among influencers. These digitally savvy shoppers will respond to tech-centric experiences and will be more likely to become brand evangelists. Provide added value through unique, tech- enabled in-store experiences. Find innovative ways to reach connected shoppers. Play up customer service. Utilize real world and virtual expertise, assistance, and inspiration to provide the best in-store shopping experience possible. MEIJER HAS CREATED AN APP THAT HELPS SHOPPERS LOCATE OVER 100,000 ITEMS SOLD IN THEIR STORES FOR DEBENHAMS MEGADAY SALE, TWITTER ASSISTANTS ROAMED THE STORE WITH MOBILE DEVICES, RESPONDING TO SHOPPER INQUIRIES VIA TWITTER HASHTAGS SEPHORA CREATED AN IN-STORE BOUTIQUE THAT PROVIDES IPADS WITH HOW-TO VIDEOS AND ACCESS TO FACEBOOK, TWITTER, AND FOURSQUARE USING MICROSOFT KINECT, TOPSHOP INSTALLED A SPECIAL KIOSK THAT LETS SHOPPERS TRY ON CLOTHING VIRTUALLY AT THE START OF THE JULY ANNIVERSARY SALE, NORDSTROM BEGAN USING MOBILE CHECKOUT DEVICES STARBUCKS MOBILE APP ALLOWS USERS TO CHECK AND TRACK THEIR STARBUCKS CARD BALANCE AND PAY FOR THEIR DRINKS, DIRECTLY FROM THEIR PHONES
AUGMENTED REALITY Implications Augmented reality provides high-impact, memorable experiences that can be leveraged to break through the clutter and enter the social conversation. Simplifying and personalizing the shopping experience helps build brand loyalty and increase consumer engagement. Create opportunities for consumers to build social capital by providing content that they will want to share across social media platforms. CONVERSE CREATED THE SAMPLER IPHONE APP, WHICH LETS SHOPPERS TRY ON SHOES THROUGH AUGMENTED REALITY CB2 FURNITURE GIVES USERS THE CHANCE TO VISUALIZE FURNITURE IN THEIR HOMES USING AN AUGMENTED REALITY MOBILE APP AIRWALK USED AUGMENTED REALITY TO CREATE VIRTUAL POP-UP STORES BARNES & NOBLE PARTERNED WITH ESQUIRE MAGAZINE AND GOLDRUN TO CREATE A PROMOTION WHERE USERS TOOK THEIR PICTURES WITH BROOKLYN DECKER USING AUGMENTED REALITY AURASMA IS A MOBILE APP THAT USES IMAGE RECOGNITION TO BRING PRINT AND IMAGES TO LIFE USING A MOBILE APPLICATION, LUXURY RETAILER ZEGNA HAS CREATED A 3D VIRTUAL STORE WHICH CREATES A MORE INTIMATE ONLINE SHOPPING EXPERIENCE
TRUNK CLUB Applying Gen Y Macro Trends to Retail HUNCH SVPPLY NUJI CONVERSE SAMPLER AURASMA BERGDORF GOODMAN 5F SEARCH AMEX DEALS OSCAR DE LA RENTA FRAGRANCE NEIMAN MARCUS STYLING LEVIS FRIEND STORE AIRWALK POP UP STORES CB2 B+N BROOKLYN DECKER FASHISM IKEA GARDEROBE DEREK LAM EBAY COLLECTION NEXT BLUE JEANS WHERE TO GET IT SEPHORA IN- STORE BOUTIQUES NORDSTROM MOBILE CHECKOUT TOPSHOP KINECT TWITTER ASSISTANTS MEIJER STORE LOCATOR NY TIMES HACK DAY life hacking P.S. I MADE THIS TIK TOK NANO IPOD WATCH IKEA HACKERS KINECT HACKS a curated life augmented reality web + mortar crowd- sourcing facebook WORLD OF FOURCRAFT ZEGNA 3D STORE PRIZES.ORG PERCOLATE OPENSKY FLAIR FASHIONTAG STARBUCKS MOBILE PAY
As weve studied youth trends, behaviors, and preferences consistently over the past year, it has become clear that navigating the fast changing landscape has become increasingly challenging. From daily deals and group buying, and virtual dressing rooms to Twitter assistants, the new ways in which young consumers are making their purchasing decisions are evolving quickly, making them more unpredictable and elusive than ever. Accumulating Facebook likes is one thing, but do you know how to keep brand advocates engaged beyond that initial click? What about crowdsourcing and augmented reality, taste graphing, life hacking, micro-funding, and image recognition apps? The means to consider creative new strategies are emerging quickly and constantly. Our Insights into Gen Y presentation is designed to educate you on up-to-the-minute innovations and inform you of far- reaching Macro Trends that affect consumer behavior across all sectors of commerce. Covering the digital landscape and beyond, including best-in-practice marketing examples, the presentation is conceived specifically with the intent of inspiring you to conceive your own new ideas for how to deepen your businesss unique customer relationships. Want to know more about The Intelligence Group? Contact Jamie Gutfreund at firstname.lastname@example.org@intelg.com