Wednesday, July 25, 2012

M³ – Mobile Millennial Marketing


Blink:
According to the United Nations Department of Economic and Social Affairs, Millennials, currently the number one U.S. demographic group, by the year 2030 will outnumber non-Millennials by 22 million.  Marketing Alert: Prepare your brand for the mobile future!

Read On:
In the past thirty days I have attended two conferences and been afforded the opportunity to conduct two educational sessions.  The spine of my presentations has been about Millennials.  To me, this group typifies the early indicators of future trends and represents tomorrow’s consumer opportunities.  This much I know:

1.    Not all Millennials are “slackers” or “entitled.”  Back in April, the Boston Consulting Group surveyed four thousand Millennials (ages 16 to 34) and one thousand non-Millennials (ages 35 to 74).  Their findings set the record straight and revealed that companies will miss the opportunity of cultivating strong brand relationships by stereotyping this demographic group.  BCG went on to reveal that not all Millennials are homogenous, thus identified six defining brackets:


Defining Bracket
Personality Traits

Hip-ennial
Globally aware (“I can make the world a better place”), cautious consumer, heavy social media user – predominately female.

Millennial Mom
Wealthy, healthy, family oriented, tends to be in the older range of the age group.  Knowledgeable, mobile information hunter.

Anti-Millennial
Only interested about themselves and family; not concerned about anything beyond their immediate community.  Conservative vs. thrill seeker. 

Gadget Guru
Male dominated, high income, confident, free-spirited.  Gizmos are the epicenter of their lives.

Clean & Green
Healthy, cause driven (“I take care of myself and world around me.”).  Most likely they are still in college.

Old School Millennial
Not wired, confident, tends to be older, cautious consumer.  “Facebook is too impersonal, let’s meet for coffee.”


2.    Millennials have been labeled “Digital Natives.”  On average they own 2.4 devices (source: JiWire) to stay connected.  Nielsen reported that 62% own a smartphone.  Currently one-third of the 54.8 million tablet owners are in this group.  Bottomline, they are a 24/7, wired generation.  Going mobile is their mantra!

Smart marketers, it is time to think about your brand’s future and better understand the consumer habits of Millennials.  By 2030 this group will be ages 34 to 52.  Remember, they will outnumber non-Millennials by 22 million.  Their purchasing power will be a huge driving force behind our future economy.  A great starting point is to research/identify their consumer touch points (note: subject of my June 22ndFARE Digest article).

Is your brand prepared to capture its fair share of the Millennials’ mobile wallet?

4 comments:

  1. This is GREAT stuff! I love it. I would like to use it for my next newsletter with your permission. We are introducing Moble App development for our clients as a part of our SMM line up.

    I would also really love to share it on LI if you are okay with that. : )

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  2. Interesting stats. Mobile payment convergence will take place over the next year or two, better preparing consumer brands to take advantage. In addition to purchase, mobile can also develop and support brand. New technologies we haven't yet visualized will focus on the next wave of consumer branding and purchase. I'll be dead, however.

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  3. Tom,you will be live and kicking! Jim, great chart. Thanks for sharing. Mobile is it. ALSO a footnote: if someone still has flash embedded in their website, millions of Apple users cannot view it on a mobile device.

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  4. Love the statistics... Phones are the NOW & the FUTURE to all connections. BTW, there is an app for $5. that will allow you to see Flash on phone & IPad. Apple has stepped up to the plate.

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