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Millennials: A New Marketing Mindset By: Shannon Benolken Director of Business Development Itasca Economic Development Corporation 1 Small Business Development Centers Northwest Region 218-755-4255 Northeast Region 888-387-4594 West Central Region 218-299-3037 North Central Region 218-855-8140 Central Region 320-308-4842 Southwest Region 507-537-7386 South Central Region 507-389-8875 Southeast Region 507-285-7536 Twin Cities Metro Region 651-962-4500 Http://mn.gov/deed/business 2 The Generations Seniors Baby Boomers Generation X 25% Millennials Linksters Before 1946 1946-1964 1965-1978 1979-1995 1996 – on 3 Characteristics of Millennials • • • • • • • • • • • • They have been told they are special and can do anything They got participation trophies They like recognition They have a high self esteem They are exceptionally resilient They are technology natives and are technologically advanced They crave change and challenge Self expression is more important than self-control They fear living poorly They are easily accepting of diversity They LIKE social Media They DISLIKE face-to-face interaction 4 How are Millennials viewed? 5 Why do we care about the Millennials? • They are 80 million strong comprising 25% of the US population • Their collective buying power is estimated at $200 billion annually • Their indirect annual spending power is estimated to be $500 billion • They already have 21% of consumer discretionary purchasing power • The Millennial mindset has taken hold of American culture 6 Segments within Millennials 7 8 Old School Participation Economy OLD MARKETING MODEL NEW MARKETING MODEL Interruption Engagement Reaction Interaction Heavy Users Engaged Participants Big Promises Personal Gestures Passive Consumers Active Cocreators 9 What is Content Marketing? The Content Marketing Institute defines content marketing as, “A marketing technique of creating and distributing valuable, relevant and consistent content to attract and acquire a clearly defined audience – with the objective of driving profitable customer action.” www.contentmarketinginstitute.com MOZ.com/beginners-guide-to-seo 10 The new definition of “Brand Value” Brand Value = ∑ (Functional, Emotional & Participative Benefits) Price 11 Do Build Relationships Do Not Bombard! Instead Listen and Respond! 12 Rule of Thumb We Don’t market to… We market with... 13 After they’re Hooked, Reel ‘em in! • 54% of travelers are excited when booking travel. Unfortunately properties are not doing enough to capitalize on those feelings. • Only 16% of all properties try to make the traveler feel like there vacation has already started • Only 27% provide travel suggestions before arrival 14 Tids and Bits • Millennials use a shorter booking window consisting of 75 days compared to 93 days of the older generations. • Other than a clean bed, wifi is the number one item Millennials look for when booking accommodations. • Green, eco-friendly or sustainable practices appeal to millennials. 15 More Tids Millennial Travelers are looking for • Authenticity • Experiential • Off-the-beaten-path 16 More Bits • 25% of online travel revenues will come from Mobile devices in 2015 • 170 million reviews on TripAdvisor, 77% of users will seek reviews for accommodations • 68% started researching online before deciding where to travel • US travelers average 38 travel site visits before booking a trip 17 18