Presentation on theme: "Strategies for Effective Interaction with the Millennial Generation Global Insight Derek Longmeier and Linda Ross."— Presentation transcript:
Strategies for Effective Interaction with the Millennial Generation Global Insight Derek Longmeier and Linda Ross
Definition of the Millennial generation A look at the origins of the generation Who they are in today’s society What society might expect from this generation General implications for working strategically with Millennialism
Decrease the number of 18 to 25 year olds engaged in high risk use of alcohol Decrease the number of 18 to 25 year olds engaged in the use of illicit drugs Decrease the number of 18 to 25 year olds misusing prescription medications
Dictionary.com - a term used to refer to the generation, born from 1980 onward, brought up using digital technology and mass media; the children of Baby Boomers. Wikipedia - describes the demographic cohort following Generation X. The term was coined in Urban Dictionary - they are named as such due to their coming-of-age at around the turn of the millennium in some way, shape, or form.
Generation Y Generation XX Generation Now Generation Next Generation Tech Net Generation
Life Cycle Effects – Millennials may differ from other generations today, but may normalize as they have similar experiences Period Effects – Major events (war, technology, economy) affect all age groups at the same time Cohort Effects – Period events typically impact the younger generations more prevalently because they have not solidified their beliefs
Generational analysis can be challenging Many differences within a generation Difference between birth in December of 1979 and January of 1980 does not necessarily mean they are from different generations Timelines are set because they have to begin somewhere (what about events and natural life cycles?)
G.I. Generation: Silent Generation: Boomer Generation: Generation X: Millennial Generation: * Based on live births with no generation spanning beyond 21 years
G.I. Generation: 59.6 Silent Generation: 55.4 Boomer Generation: 75.9 Generation X: 51.5 Millennial Generation: 77.9 *Based on live births with no generation spanning beyond 21 years
MillennialsGen XBoomerSilent Technology use (24%) Technology use (12%) Work ethic (17%) Depression, WWII (14%) Music/Pop culture (11%) Work ethic (11%) Respectful (14%) Smarter (13%) Liberal/ tolerant (7%) Conservative/ traditional (7%) Values/Morals (8%) Honest (12%) Smarter (6%) “Baby Boomers” (6%) Work ethic (10%) Clothes (5%)Respectful (5%)Smarter (5%)Values/Morals (10%)
Early Affects Result in Lifelong Behaviors GI Generation – May re-use tea bags Generation X – May favor assertive national security policy as a result of the Cold War Baby Boomer – May still have a pony tail from his experiences in the 60s What Will Define Millennials?
Cell phones have always existed Harry Potter could be a classmate, playing on their Quidditch team. GPS satellite navigation systems have always been available. Electronic filing of tax returns has always been an option Martha Stewart Living has always been setting the style WWW has never stood for World Wide Wrestling Lenin’s name has never been on a major city in Russia Beloit College
Schools have always been concerned about multiculturalism IBM has never made typewriters Balsamic vinegar has always been available in the U.S. Caller ID has always been available on phones Soft drink refills have always been free The Hubble Space Telescope has always been eavesdropping on the heavens Beloit College
More ethnically and racially diverse Diversity (racial, ethnic, sexual orientation) is not an issue Less likely to have served in the military (2% of males compared to 6% Gen X, 13% Boomers, 24% silent) 90% of Millennials feel it is their responsibility to make a difference Teachers/Parents told them they can make a difference – they not only believe it, but desire it too
Special – national attention shifted from politics to enhancing development of children Sheltered – Sheltered from harm Confident – Rewarded for achievement and expect to have the ‘American Dream’ Conventional – Strong connection to parents Team Oriented – Contrast to Gen-Xers, values teams and cooperation Achieving – Highest achieving generation in history Pressured – Feelings of need to continue high achievement for long-term success Reynol, Mastrodicasa; Connecting to the net.generation
Source: Pew Research Center
Internet Behaviors MillennialGen XBoomerSilent Created social networking profile Wireless internet away from home Posted video of themselves online Use Twitter Cell Phones and Texting MillennialGen XBoomerSilent Use cell to text Texted in past 24 hours Texted while driving Have a cell phone/no land-line Median # of texts (in 24 hrs)
Never leave home without it Sole means to quickly reach them Can always be reached With caller I.D., can always be screening Texting/Facebook is the preference Mobile phones are their way to: Talk, Text, Schedule appointments, read s, listen to music, get their news, wake up in the morning, order food Over 80% of Millennials sleep with their cell phone by their bed
Television – Provide unique perspectives on ‘family’ Cosby Show The Fresh Prince of Bel Air Family Matters Home Improvement Full House
Jersey Shore (Reality) Community (Other Millennials) Modern Family (Family life) The Daily Show (News) Weeds (Drug Business)
News – Non-trusting pessimistic view CNN & Fox News cover the same story, but each have their own angle Do not read ‘paper’ – electronic sources Belief that if the news is that important, it will find them – Tim Tebow’s 9,420 Tweets/sec. ‘There’s an app for that’
Does anyone (other than Millennials) know what all these symbols are?
75% have an account on a social networking site Media is the method of communication, if no information is being transmitted, it fails to be media Ways in which Millennials interact with friends and family, even if they are miles apart Anything in print format is not fast enough Facebook is the choice of connecting The higher the education, the greater likelihood of internet and social media use Rainer & Rainer, Chap.8
Family Friends Education
% of Year Olds Married 1970 – 44% 2010 – 15% Women 1970 – – 20.8 Men 1970 – – 25.7
88% say their parents have a positive influence on them Learning from parents experience and wisdom is important 60% look to their parents for advice and guidance Parents stay engaged and consult on all matters (garbage disposal to finance)
Millennials want a connected family Blended families are commonplace 80% believe they will only marry once Frequently connect with family members through social media 63% believe it is the adult child’s responsibility to allow an elderly parent to live in their home
2007 – 30% of year olds had attained a college degree 2008 – 39.6% were enrolled in college Education is cool & a requirement to advance in life Education is more accessible (community colleges, e-learning, financial aid, etc.) Parental factors contribute – focus on education & placement tests Helicopter parenting Highest SAT/ACT scores of any generation
Family Friends Education What is Missing?
Continued Gradual Shift: Religion is less important to each subsequent generation Reluctance to identify with a specific religion - 75% spiritual, but not religious 35% attend church regularly 20% are involved in Bible study
911 Obama Campaign The Great Recession Technology
Greatest impacted, but most hopeful about the future
Work/Life Balance Important Not Defined by their jobs The Great Recession greatly impacted ability to begin their careers 37% are unemployed or out of the workforce Lack of employment contributes to most educated – can’t find a job, so go back to school
Pensions are a thing of the past Too many choices (401 (k) or IRA? If IRA traditional or Roth? Stocks, Bonds, Mutual Funds? How much needs to be saved? Nearly 70% believe the Govt. should provide for their retirement
Go to a place where Millennials often frequent (Starbucks, etc.) Examine their behaviors and interactions.
Take a few minutes to complete the Millennial Quiz at hp hp
Knowledge of how the Millennials think is essential Millennials want to learn and be heard They want mentors(40% have mentors in the work place) Millennials want to make a difference and we will need to understand how they see this and listen Their search for meaning makes support for volunteering among the benefits (Deloitte survey) Coalition attraction and retention will need to apply similar tactics as an employer when seeking the participation of Millennials We will all need to work at adapting to values and demands of our newest colleagues, before long they will be the leaders
Developing Marketing Strategies Millennial Generation February 6, 2012