The 18-30 year old Millennial market is one of the most sought after by marketers and their ad agencies. Read on about an upcoming conference to help you get smart.
Millennials create their own messages and talk on their own channels. They decide what to buy based on snarky twitter posts, excitable blogger reviews, aggressive customer ratings, capricious likes and dislikes. They communicate on a network nobody owns.
I'm particularly intrigued by the potential insights from the report that will be available to all registrants. It's based on a study group of 4,000 millennials and 1,000 of their parents, which was conducted by Boston Consulting Group, Service Management Group and Barkley. It's titled, “American Millennials: Deciphering the Enigma Generation."
If you're a new business director, account exec, demographic researcher, in agency leadership, or a brand marketer, this conference holds the potential for you to significantly ramp up your knowledge about this large and influential demographic group.
The conference will be held in San Francisco in September. For more information, the website is ShareLikeBuy.
Full disclosure: Our company, The List, was approached to help promote the conference, but we have no financial stake in it's success.
What's the best way to reach your ad agency's new business prospects? It may depend on how old they are.
New research from the Center for the Digital Future at USC's Annenburg School, was presented by Jeffrey Cole, Director, at the recent 4As Transformations conference.
Cole broke Boomers down into two groups: late boomers are those 47-56 years old; classic boomers are now 57-65 years old. The former are most likely of interest to new business people targeting the most-senior marketing executives (naturally, depending on their age).
Key points about late boomers
Boomers are the first generation to take digital with them into older age.
They are the heaviest users of social - to stay in touch, to learn, and to get help.
They are less interested in hanging out their business shingle on social networking sites.
They care greatly about the source of the information they receive.
They are the heaviest readers of newspapers (online and paper).
They use email the most, texting and IMing much less.
Impact on new business prospecting Consider the following tactics:
Use agency PR to build relevance and to get your name in print - in newspapers your prospects are likely to read.
Use email to build your agency's brand recognition, with links to microsites that contain testimonials and case studies. You might consider services like Marketing Mine, Agency ComPile, or Adforum to help with this.
Focus on referrals. Build your agency's "friends and family" program to make it as impactful as possible to the widest possible audience.
If your prospect happens to maintain a profile on a social networking site like LinkedIn (despite the research saying they care less about this), have someone who knows you provide an introduction.
"If you spend any time at all talking about online communities, you’re bound to stumble across the 90-9-1 Principle," says Jake McKee. "The idea is simple: In social groups, some people actively participate more than others." The question is, how can you leverage this for your ad agency's blog and new business program?
Here's the diagram that explains the principle:
Jake goes on to say that,
"It’s typically not possible to change the distribution in significant ways, as the more people added into one group directly drives the growth of the other two groups, maintaining something close to a 90-9-1 split."
Participation tends to follow this rule, where:
90% are the “audience”. They tend to read or observe, but don’t actively contribute.
9% are “editors”, sometimes modifying content or adding to an existing thread, but rarely create content from scratch.
1% are “creators”, driving large amounts of the social group’s activity. More often than not, these people are driving a vast percentage of the site’s new content, threads, and activity.
How might this principle impact your new business efforts? Here are three ideas:
If you have an agency blog, recognize that the vast majority of your readers will be the "audience", so don't expect higher participation from them than you're likely to get. In other words, set realistic expectations.
The larger your blog's audience, the more creators and editors will join the conversation. So, work at increasing the size of your blog's email newsletter list to attract more readers.
Leverage the power of Twitter and Facebook to expand the conversation. Michael Gass is a great resource to learn how to do this.
How else might you use this principle to your advantage?
I recently read the just-released Intelligence Report from DailyVista, "Marketing to Millennials", which gets inside the minds of the Millennial market. It provides revealing facts and figures as well as suggestions on how companies and brands can effectively reach this high-value demographic group.
The report features interviews with marketing execs from companies such as Innovative Beverage, State Farm, and Gather.com, Millennial expert Carol Phillips, as well as a few real-life Millennials.
Compared to our last report – an overview of Web 3.0 and how it can be used to market effectively – this white paper goes even further, digging deeper for more information about a very complex consumer group. Millennials are an important aspect of today’s marketing trends, especially given their extensive buying power and influence on other end users, both young and old.
If your ad agency has expertise marketing to this demographic group and your new business efforts target companies who want to better tap it, this is a report to check out.
[Full disclosure: DailyVista is a division of my company, The List.]