Marketing to Millennials For Dummies. Padveen Corey

Чтение книги онлайн.

      In addition to what you’re reading right now, this product also comes with a free access-anywhere Cheat Sheet that gives you pointers on the topic of marketing to Millennials. To get this Cheat Sheet, simply go to www.dummies.com and search for “Marketing to Millennials For Dummies Cheat Sheet” in the Search box.

      You can read this book in any order. The chapters don’t have a linear structure. Cross-references throughout the book refer you to important concepts in other chapters.

      If you’re wondering which chapter to start with, I strongly recommend Chapter 2. Chapter 2 is designed to provide you with an outline of how modern marketers see Millennials and how the view of Millennials needs to change to foster lasting relationships.

      Part 2 focuses largely on strategies that take different media and practices into account to create a Millennial-facing program. Part 3 dives into some of the more specific markets and economies that Millennials occupy in significant numbers. Any chapter or section you choose to read, however, will provide you with the steps and information necessary to create effective communications strategies that cater to the increasingly relevant and influential Millennial audience.

      Part 1

      Getting Started with Marketing to Millennials

      Discover the importance of Millennials in terms of their economic impact and their influence.

      Provide a clear definition of Millennials that stretches beyond simple age brackets.

      Build out segmented, detailed audience pockets and analyze the behaviors of audience members.

Chapter 1

      Getting to Know Millennials

      Familiarizing oneself with the intricacies of Millennials is one of the most crucial steps a marketer can take. Today, personalization is the name of the game. The tailored experience that you want to create starts with getting to know the Millennial mind: how they operate and why they matter so much to your business.

      In this chapter, you discover the short and long-term value Millennials bring to your organization. You see how they interact with brands across various media. You also find out ways you can connect with them.

      Millennials are consumers, just like the generations that have come before them. However, circumstances, technology, and a changing global landscape have created a unique Millennial mindset.

      Discovering Why Millennials Matter

      Millennials are valuable because they now make up a major part of the global economy. Therefore, marketers need to focus on this group to develop effective, successful strategies that reach, engage, and convert Millennial consumers.

      For our purposes, the term Millennial refers to consumers born between 1980 to 2000. The term Millennial can extend far beyond those age barriers, though, as I discuss in more detail in Chapter 2.

      

When creating a marketing plan, it can be quite effective to not define Millennials strictly by age. However, you’ll want to make this distinction when analyzing the physical size of the market

      In 2015, Millennials edged out Baby Boomers as the largest demographic in the United States. Immediately, without any additional information about the demographic, they become important to your business. Volume alone makes them a highly coveted group. They’re all independent consumers, and the vast majority have a steady income. There are very few brands that wouldn’t be interested in marketing to the largest group of consumers in the country.

      The Millennial cohort provides plenty of opportunities for marketers. As the largest demographic in the American economy, you ignore Millennials at your own peril. Millennials currently have tremendous buying power and over time will become wealthier.

      Here are several reasons why the size of the market is a particularly important consideration:

      Millennials have a tremendous influence over the national and global economy. The Fung Business Intelligence Centre (www.funggroup.com/eng/knowledge/research.php) estimates that by 2020, Millennials will control 30 percent of retail spending in the United States, up from 13.5 percent in 2013. That 30 percent, according to Standard & Poor’s, accounts for about $1.4 trillion per year – and that number will undoubtedly grow.

      Millennials are poised to receive the greatest transfer of wealth in economic history. Estimates from major American financial institutions, like Morgan Stanley, and research firms suggest that over the next several decades, Millennials will receive somewhere near $30 trillion from the generations that preceded them. That is a startling figure, and one that undoubtedly whets the appetite of marketers in any field.

      To determine where that money is likely going to go, marketers should become aware of the spending habits of Millennials. This knowledge will help them build effectively targeted campaigns.

      Goldman Sachs has provided key СКАЧАТЬ