Category: millennial
According to the third annual Deloitte LLP Ethics & Workplace survey, 60 percent of business executives believe they have a right to know how employees portray themselves and their organizations in online social networks.
However, employees disagree, as more than half (53 percent) say their social networking pages are not an employer's concern. This fact is especially true among younger workers, with 63 percent of 18-34 year old respondents stating employers have no business monitoring their online activity.Read more
A just released survey from Deloitte, "Connecting with Gen Y: Making Cars Cool Again,” sheds insight into what captures the automotive imagination of Gen Yers.
The majority of respondents felt a vehicle reflects a person's style, status and values, and the factors named most often as among the top three reasons that a vehicle is cool were exterior styling, affordability and being environmentally friendly. Forty four percent said exterior styling was the most important factor in selecting a vehicle, 40 percent said affordability and 35 percent said environmentally friendly. The survey results offer an opportunity for auto manufacturers and suppliers to be creative and turn their new business models into customized programs tailored to reach this diverse market.
The survey also found that roughly 70 percent of this age group would not consider working in the automotive industry, a challenge that automotive employers will need to resolve if they wish to recruit and retain the best Gen Y workers. Source: Deloitte 01/10/09
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An increasing number of Japanese workers in their 20’s and 30’s are eschewing promotions and raises in favor of jobs with minimal responsibilities says the Wall Street Journal. Employment experts say the phenomenon, referred to as hodo-hodo zoku, the "so-so folks," is a result of rebellion against loss of personal time and cynicism driven by the job and pay cuts faced by previous generations. The growing trends has some companies facing reduced productivity and others investigating if workers can be fired for refusing a promotion.
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Banks Must Shift Gears to Attract and Retain Gen X and Gen Y
Banks' most loyal customers are their oldest customers, while Gens Y and X are the retail banking customers of the future. They're also the least loyal and hardest to please, according to a recent Maritz(R) Poll. The results revealed more than half of Gen Y (61 percent) and Gen X (53 percent) respondents have considered changing or actually have changed their primary banking institutions in the past two years, compared with 20 percent of Silent Generation and 37 percent of Baby Boomer customers.
"For the most part, the current customer experience model at banks caters to the Silent Generation and Boomers, who more frequently bank in-person at branches. But, younger generation customers are much more mobile and rely more heavily on online interactions," says Thad Peterson, division vice president, sector strategy and solutions for Maritz' financial services sector. "Banks looking to build long-term relationships with Gen Y and Gen X customers need to think about three basic steps:
- Locational convenience has always been the primary tool for attracting new banking customers but Gen X and Gen Y customers also expect online, mobile nd anytime/anywhere banking. Banks need a strategy to attract and retain prospective customers who rarely step into a banking office.
- Identifying and offering products and services that give young people roots at the bank -- like providing incentives for online bill paying services and debit rewards programs.
- Treating them the way they want to be treated. Ensure that the customer experience is appropriate for Gen X and Gen Y, and consistent at all major bank touch points."
In general, the survey results show that younger people can be more impatient, less tolerant and just plain harder to please than their Baby Boomer and Silent Generation cohorts. The survey, which looked at customer satisfaction and loyalty among retail banks, found that younger customers also are more likely than older customers to find fault or have problems with their primary banking institutions:
- 37 percent of Gen Y and 36 percent of Gen X believe they would get better customer service at a different bank, compared with only 24 percent of Boomer and 16 percent of Silent Generation respondents
- 22 percent of Gen Y and 21 percent of Gen X reported being upset in the past year about high fees, whereas only 14 percent of Boomer and six percent of the Silent Generation respondents reported the same.
- 18 percent of Gen Y and 17 percent of Gen X reported being upset about a lack of ATM locations, compared with only 11 percent of Boomer and three percent of Silent Generation respondents.
So How Do You Woo the Gen X and Gen Y Customer?
It is no longer uncommon practice for businesses to reach out via social media in an attempt to attract these younger customers. Even companies like American Express and Bank of America are using social media networks like Facebook to try to connect with Gen Ys. Peterson advises companies against relying too heavily on social media as a way to initially reach younger customers.
"Using Facebook to attract new customers is like standing in a corner passing out business cards at a cocktail party," says Peterson. "If you don't have a genuine relationship with them, all you are going to accomplish is to diminish the value of your brand to that individual."
If social media isn't the way to the "promised land" of Gen X and Y's loyalty, then what is? Peterson has some suggestions:
- Be the source for their first primary debit card - Gen X and Y comprise the debit card generation.
- Highly incent them to migrate to online banking with a significant reward for paying bills online.
- Make sure front-line employees are treating Gen X and Y the way they want to be treated and can solve problems on the spot -- a key to securing lifelong patrons.
- Stay in tune with how younger customers want to connect -- online banking, bill pay and mobile banking are three customer touchpoints that must be state-of-the-art and part of every bank's overall customer experience.
Peterson notes that Washington Mutual is one institution that successfully caters to the needs of younger customers. WaMu no longer requires a signature to open a checking account. The bank simply uses the first signed check as the authorization signature -- incenting new customers to do business with the bank by simplifying the process and eliminating a trip to the bank. It appeals to the Gen X and Y customer desire to just "get it done," says Peterson.
”Banks need to listen to the younger generations," says Peterson. "It's critical for them to stay ahead of the curve and build good relations with younger customers. After all, they're the future of the bank."
Source: Martitz/PRNewsire
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NeoEdge Networks provides game publishers, portals and advertisers with safe, simple and profitable ad-supported game play through its NeoARM™ technology suite and NeoAds™ Game Advertising Network.
The company offers advertisers rich video game commercials and enables a new ad-supported business model for game publishers and portals. The company also offers a ‘free to play’ casual games website at MostFun.com.
Burgeoning trends in mass customization and do-it-yourself, as well as user-generated content on blogs, YouTube, and social networks, reflect consumers’ growing interest in brands and products that reflect their unique personalities. Here are two examples of companies that leverage consumer interest in brands that enable self-expression.
Scion hopes to attract “younger, stylish drivers” by hopping on the social network bandwagon with ScionSpeak, a website enabling Scion owners to express themselves by creating their “personal ‘coats of arms’.”
Scion owners can choose from “hundreds of symbols, all designed by a professional graffiti artist,” to create their crest. Then, if they choose, they can pay to have it rendered by an auto-shop.
Self-expression with a generous dose of irreverence is the core equity of Durtbagz ---bags that purchasers can customize with witty sayings masquerading as ‘street signs,' such as “Don’t Drive Durnk.” Website copy informs potential purchasers:
“some bagz are offered in multiple colors, some are not. it's what we've got at the moment. we only print 12 of each sign; WHEN WE'RE OUT, WE'RE OUT. that's how we roll.”
Erin Atherton, head bag lady and owner of Durtbagz, helpfully points out that Durtbagz bags can be used for overnights, shopping, or to carry around a severed head. The “Just Dust” page offers “all you durtbagz” an opportunity to “speak your minds, assuming you have one.” The Durtbag who posts the best ‘durt’ could win a free Durtbagz bag.
“Durty Laundry” is the company blog where
Erin recounts imagined interviews with celebrities such as Amy Winehouse and Avril Lavigne, as well as the day-to-day challenges of growing her own company. The blog is authentic, funny and down-to-earth, which should resonate with a young target audience and reinforce her brand.
Is the desire for self-expression a core attribute of your target audience? Strengthen your relationship with them by providing opportunities for them to express themselves and make the brand uniquely their own.
Source for ScionSpeak: International Herald Tribune
Generational Marketing is based on the premise that marketers must understand the underlying drives associated with different generations and how those generations interact with each other to be able to effectively market to them.
Generational marketing proponents believe that the generation in which people are born significantly influences who they are, what they believe, what their values are, life skills, and ultimately, what they buy. Members of a generation share the experiences of their formative years, including cultural, economic, global, political, and technological influences.
The chart below displays the birth dates and key influences of each generation.
| Generation |
Key Influences |
Birth Dates |
|
Matures
“The Greatest Generation”
|
Depression, New Deal, World War II, GI Bill |
1909 - 1945
|
Boomers
The nation’s largest generation
|
Great Society, Economic Prosperity, Suburban Expansion, Sexual Revolution, Rock ‘n Roll, Drugs
|
1946 – 1964
Early Boomers (1946 - 1955)
Late Boomers (1956-1964)
|
Generation X
|
Divorce, Aids, Sesame Street, MTV, Crack, Game Boy, PC |
1965 – 1976
|
Generation Y, Millennials
Echo Boomers
The nation’s second largest generation
|
The Internet, eCommerce, Boomer Parent Indulgence, 9-11, Oklahoma Bombing, Reality TV, Digital Music |
1977-1994
|
Notes
- Since there are no hard and fast rules defining birth dates for each generation, numerous researchers and writers have redefined the dates based on their beliefs and particular purposes. Thus, other sources may cite different birth dates for generational segments that are different from those cited here. For example, Baby Boomer birth dates have also been listed as 1945-1964, Generation X birth dats as 1965-1984, Generation Y as 1985-Present (2008).
- Matures are sometimes broken into additional groups: "The GI Generation", 1905-1924, defined by its participation in WWII, and "The Silent Generation" 1925-1944.
- Generational time spans vary because they are based on key influences during the formative years of that generation. Thus, the 1909-1945 birth dates of Matures span a 36 year period, while the 1946-1964 time span of Boomers is an 18 year period.
Sources:
MRI 2008
AdAge 060208
Rocking the Ages: The Yankelovich Report on Generational Marketing
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