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Multicultural Millennials: Connect for Growth
- 1. CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION A P R E S E N T A T I O N F O R DIGITAL CROSSROADS 2017 11 | 0 3 | 2 0 1 7 P R E P A R E D B Y CONNECTING FOR GROWTHMU LTIC U LTU R AL MILLEN N IALS
- 2. 2 CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION AGENDA WHY MULTICULTURAL MILLENNIALS MACRO-TRENDS • URBAN RENAISSANCE • MULTICULTURAL AFFLUENTS ACTIONABLE WAYS TO ENGAGE
- 3. 3 CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION WHY MULTICULTURAL MILLENNIALS MATTER
- 4. 4 CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION MAJORITY OF FUTURE GROWTH IS DRIVEN BY HISPANICS
- 5. CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION Found in: Nielsen – The Multicultural Edge: Rising Super Consumers OVER 106 CITIES ACROSS US NOW MINORITY-MAJORITY MARKETS INCLUDING 22 MAJOR MARKETS 5
- 6. CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION YEARS OF EFFECTIVE BUYING POWER STRONGEST AMONG LATINO CONSUMERS
- 7. 7 CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION #MILLENNIALSRISING 75M REPRESENTING 27% OF THE US POPULATION Millennials 27.4% Gen X 26.6% Baby Boomers 26.4% Silent GI Gen 13.0% Other 6.6% Total US Population
- 8. 8 CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION MOST DIVERSE GENERATION EVER 42%OF US MILLENNIALS ARE OF AFRICAN-AMERICAN, ASIAN-AMERICAN AND HISPANIC HERITAGE 58% 14% 6% 22%Non-Hispanic White African American Asian American Hispanic
- 9. 9 CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION Found in: Nielsen – The Multicultural Edge: Rising Super Consumers URBAN RENISSANCE IS AS MUCH A MINDSET AS IT IS A POINT IN TIME
- 10. 10 10 CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION TREND INSPIRED, FORWARD THINKING, CREATIVE INDIVIDUALS LEAVE YOUR LABELS BEHIND THEY LOVE THEIR CITY, THEIR NEIGHBORHOOD, THEIR NEIGHBORS
- 11. 11 11 CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION THEIR OASIS, A PLACE OF CONSTANT DISCOVERY OPTIMISM RUNS HIGH FINANCES FOLLOWS
- 12. 12 12 CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION They are The trendsetters, The innovators, The risk takers Legacy as much as their destiny They don’t take themselves too seriously But they take their world very seriously They are The dreamers, The doers, The makers Digital natives with access in the palm of their hands
- 13. 13 13 CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION URBAN RENAISSANCE CONSUMERS DRIVE & ARE DRIVEN BY THE EXPERIENCE ECONOMY* *1998 Pine and Gilmore argue that businesses must orchestrate memorable events for their customers, and that memory itself becomes the product — the "experience".
- 14. 14 Source: Fast Company magazine, wsj 2015 CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION 69% MORE CONNECTED 77% BEST MEMORIES 78% SPEND $ ON EXPERIENCE VS THINGS 8 IN 10 LIVE EXP. PARTICIPATION Fueling the EXPERIENCE ECONOMY 7in 10 SUFFER FROM FOMO 55% SPENDING + 72% SPENDING
- 15. 15 15 2008 RECESSION LAW OF SCARICITY CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION WHY the shift?
- 16. 16 16 LONGER-LASTING EFFECTS DEPRESSED STARTING SALARIES HOLDING ONTO LOW PAYING JOBS FORESAKEN THE STOCK MARKET DROWNING IN STUDENT DEBT Source: Bloomberg business, 2015
- 17. 17 Y o l o
- 18. 18 “Ownership just isn’t hard anymore. We can now find and own practically anything we want, at any time, through the unending flea market of the Internet. Because of this, the balance between supply and demand has been altered, and the value has moved elsewhere.” - Josh Dykstra, Fast Company CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION END OF scarcity AS WE KNOW IT
- 19. 19 1. WHAT CAN THEY DO WITH THE PRODUCT? 2. WHAT THEY CAN TELL OTHERS ABOUT THE PRODUCT 3. WHAT HAVING THE PRODUCT SAYS ABOUT THEM CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION VALUE LIES IN DOING
- 20. CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION 20 ACTIONABLE WAYS TO ENGAGE
- 21. 21 CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION 1. GO BEYOND THE MIRROR 2. DON’T TELL THEM WHAT OR WHEN TO BUY 3. SHARE YOUR STORY 5 WAYS TO ENGAGE today
- 22. 22 CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION 4. CHANGE THE RULES OF MARKETING: REACH • RELEVANCE • REPUTATION • RELATION • REFERRAL 5. JOIN THEIR CONVERSATION 5 WAYS TO ENGAGE today
- 23. 23 CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION JOIN THEIR CONVERSATION
- 24. QUESTIONS? CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION
- 25. THANK YOU FROM YOUR FRIENDS AT CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION FOR MORE INFORMATION CONTACT: BECKY@MERCURYMAMBO.COM
Hinweis der Redaktion
- Good afternoon everyone and thank you for joining us today. My name is Becky Arreaga, President of Mercury Mambo, a multicultural marketing agency based in Austin, TX and this is my business partner Liz. Over the past 16 years, our agency has worked across various industries to develop campaigns and programs designed to reach and resonate with multicultural audiences. And over those years, we’ve seen this segment continue to change and evolve not only in terms shear numbers, but also in attitudes, perceptions and influence. And we will be highlighting some of those for you today.
- We’ll start off setting the landscape for today and for what our near tomorrow will look like. Then highlight two important Macro-trends that can impact your business today. And wrap up with a few steps you can take now to set the foundation for future efforts and future success.
- Every large metro area in the US has seen a decline in the % of whites. 25% of all new births are Hispanic Blacks are migrating from city to suburban lifestyles Asian population itself grew 43% from 2000 to 2010 and is concentrated in 3 major markets – LA, NY and SF
- Based on an analysis of the latest data from a survey of US consumer expenditures by the Bureau of Labor Statistics, the profile of the biggest spender on fine jewelry in 2013, is:
- This year, the “Millennial” generation is projected to surpass the outsized Baby Boom generation as the nation’s largest living generation, according to the population projections released by the U.S. Census Bureau last month. Millennials (whom we define as between ages 18 to 34 in 2015) are projected to number 75.3 million, surpassing the projected 74.9 million Boomers (ages 51 to 69). The Gen X population (ages 35 to 50 in 2015) is projected to outnumber the Boomers by 2028. The Millennial generation continues to grow as young immigrants expand their ranks. Boomers – a generation defined by the boom in U.S. births following World War II — are older and shrinking in size as the number of deaths exceed the number of older immigrants arriving in the country. The top buyers of fine jewelry and watches at any time of the year are married people without children between the ages of 55 and 64. However, when one removes watches from the equation, it is the 25-34 age group, the millennials, who buy more jewelry than anyone else.
- This year, the “Millennial” generation is projected to surpass the outsized Baby Boom generation as the nation’s largest living generation, according to the population projections released by the U.S. Census Bureau last month. Millennials (whom we define as between ages 18 to 34 in 2015) are projected to number 75.3 million, surpassing the projected 74.9 million Boomers (ages 51 to 69). The Gen X population (ages 35 to 50 in 2015) is projected to outnumber the Boomers by 2028. The Millennial generation continues to grow as young immigrants expand their ranks. Boomers – a generation defined by the boom in U.S. births following World War II — are older and shrinking in size as the number of deaths exceed the number of older immigrants arriving in the country. The top buyers of fine jewelry and watches at any time of the year are married people without children between the ages of 55 and 64. However, when one removes watches from the equation, it is the 25-34 age group, the millennials, who buy more jewelry than anyone else.
- Point in time – urban renewal, restoration,
- When you're desperate for a paycheck, you take whatever you can get. During periods of economic turmoil marked by high unemployment, job-seekers are more likely to take roles at lower paying companies, because that's what's available to them, according to a National Bureau of Economic Research paper by Yale Economist Lisa Khan. The pool of talent is bigger and more competitive, allowing employers to cut salaries. A depressed starting salary could mean less income for decades, Khan's research showed. Setting a low bar on your payscale to begin your career makes it harder to climb the ladder.
- The result is a resounding belief in the YOLO philosophy – YOU ONLY LIVE ONCE
- One Fast Company article “Why Millennials Don’t Want To Buy Stuff” explains it well by looking at how the end of “scarcity” changes our urge to own. Even in this strange new world, the economic laws of scarcity apply, and they are precisely what’s shifting.
- In other words, the reason we acquire "stuff" is becoming more about what we get from the acquisition. Purchasing something isn't really about the thing itself anymore. Today, a product or service is powerful because of how it connects people to something—or someone—else. It has impact because we can do something worthwhile with it, tell others about it, or have it say something about us. As leaders and entrepreneurs, we can intentionally use this knowledge to our advantage. We just have to think about the "stuff" we sell in a slightly new way.
- • Go Beyond the Mirror - ads that reflect now just what they are but who they are Over half of both AA and Latino consumers believe that ad that reflect different ethnicities are more likely to connect versus ads featuring just AA or just Latino consumers For Latinos, it's not just the language, although that offers a "cue", values, collectivism and spirituality are important • Don't tell them what or when to buy. Traditions and holidays are still important to this consumer but they are throwing conventions out the window. Multicultural Millennials want and expect a mutual relationship and respect from companies. • Share your story. Storytelling and storytellers deepen connections. • Change rules of marketing! Reach, (our consumers are multi-tasking digital natives, be visible where they are) Relevance (what are the cultural nuances, life stages, mindset of the consumers you hope to reach, how can you connect with them there. Need to meet them where they are) Reputation (how does your brand reinforce and reflect the traits, personalities, values and causes that are important to them) Relation (this refers to the two-way conversation that this consumer expects, The questions for you are how do you address feedback or reward them for their loyalty) Referral - (And finally referrals rule. How can you build upon the relationship you have built , encourage and enable positive referrals to their networks
- • Go Beyond the Mirror - ads that reflect now just what they are but who they are Over half of both AA and Latino consumers believe that ad that reflect different ethnicities are more likely to connect versus ads featuring just AA or just Latino consumers For Latinos, it's not just the language, although that offers a "cue", values, collectivism and spirituality are important • Don't tell them what or when to buy. Traditions and holidays are still important to this consumer but they are throwing conventions out the window. Multicultural Millennials want and expect a mutual relationship and respect from companies. • Share your story. Storytelling and storytellers deepen connections. • Change rules of marketing! Reach, (our consumers are multi-tasking digital natives, be visible where they are) Relevance (what are the cultural nuances, life stages, mindset of the consumers you hope to reach, how can you connect with them there. Need to meet them where they are) Reputation (how does your brand reinforce and reflect the traits, personalities, values and causes that are important to them) Relation (this refers to the two-way conversation that this consumer expects, The questions for you are how do you address feedback or reward them for their loyalty) Referral - (And finally referrals rule. How can you build upon the relationship you have built , encourage and enable positive referrals to their networks
- And finally, we love sharing this slide because it really brings to life the previous point about changing the game when it comes to your marketing mix. Traditional print and even television for that matter are practically non-existent for this consumer. Social media, influencer campaigns and just a strong digital presence can win the game with multicultural millennials. And many of you may be using many of these channels, which is great. Your opportunity is to revisit your content for opportunities to integrate culturally relevant messaging.