Friday, 29 September 2017

60 Key Insights From the Millennial Marketing Conference

It may be mid-semester breaks for the University of Sydney’s Business School, but for four keen Master of Marketing students, yesterday was an opportunity to learn from some of the best Australian marketers in the industry at the Millennial Marketing Conference 2017. With speakers such as Stig Richards (Junkee Media), Adam Cadwallader (oHh!). Sam, Taunton (MTV), David Nemes (Buzzfeed), the day was an invaluable experience for all.

Lucky for those who missed out, MoM has got you covered. After eight hours of ‘actively listening’, sitting behind enemy lines in a UNSW auditorium, and developing a hand cramp from filling up half a notebook, I’m pretty sure my notes are solid. I learned A LOT and I hope these takeaways can help you too.

1. We live in a scrolling economy. #stopthethumb

2. The term ‘millennial’ covers a broad spectrum. From 20 y/o students to 37 y/o employees.

3. Millennials are getting older and so marketers must grow with them

4. We live in a world of post truth and biased reporting. Don’t lie to us because we already distrust you.

5. The world is going to hell but millennials remain positive. We care about climate change, social equality, refugees and foreign aid.

6. Marketing to mobile natives means mobile first. Who owns a laptop these days anyway? Isnt that for Netflix?

7. Facebook may not be cool but it is useful. We use is for getting the news and watching cute cat videos.

8. Visual messages are the strongest. Also they make it harder to lie.

9. Vertical videos for vertical devices. Urgh rotating is such a drag.

10. Younger millennial students are spending more time on campus. Urban hubs represent BIG marketing opportunities.

11. Campaigns launched on-campus are great local testing zones.

12. Students make great brand ambassadors (SBAs).

13. SBAs achieve access and identify trends that brands can’t. #coolhunting

14. SBAs can look to consumers of tomorrow, and capture loyalty early.

15. Millennials would rather save than be in debt. They have around 5-6.5K in savings, that will probs be spent travelling overseas.

16. Saving for the mid-term, means spending on travel, fashion, food and entertainment.

17. Millennials really like to connect socially over food. Then photograph it, whack on a filter and publish on Instagram.

18. Millennials are extending their adultification. Because adulting is hard and overrated. #YOLO

19. Millennials are a generation of side hustlers and entrepreneurs. 9-5 desk jobs hold absolutely no allure.

20. Credit is scary and so millennials would rather just save up.

21. Except for micro-credit options like Afterpay. #treatyoself

22. Grocery shops are done in bulk, with ready-to-eat and premium preferences. #SuperSunday is adult day. How can brands capitalise?

23. Video content should be ‘optimised’ or translated for a Gen Y audience with a short attention span. 40 seconds and you’ve lost me. #FUautoplay

24. The most liked videos are those that are simple, straightforward, contain stunts or keep the audience in suspense.

25. Content that has a utility or emotional function creates purpose in millennials lives. Scrolling should feel like time well spent. #timemanagement #wereNOTlazy

26. Most popular hits involve brands, especially FMCGs. Mmmm Tasty videos with Nutella. Yum!

27. ‘Dark social' or messaging apps are the future of customer experience.

28. Mastering messaging apps will pose a challenge, but bring about great rewards. You can’t track us, and that’s how we like it.

29. Brands MUST have a dark social strategy or eventually cede ground to new entrants who do.

30. Millennials live through the lens of music, making music videos the most watched.

31. Millennials are digital consumers through and through. Foxtel and FTA sucks. We are the ‘we want it now’ generation. TV has too many ads.

32. An average of 10 devices are connected per Gen Y household, making millennials the most connected humans in history.

33. Millennials are watching videos on PC for escaping, TV for relaxing and mobile for snacking. Make shorter videos.

34. Video creates an emotional connection, engages more and is more believable.

35. Quality matters most to millennials. Pop videos are fun, but only if image quality is good.

36. Millennials understand the reason for playing ads before videos, but like to skip them.

37. Musicians make the best influencers.

38. Content should be co-created and not prescribed to influencers.

39. Brands should be selective of their choice in ‘influencer’ and make sure they share the same brand values.

40. Influencers hate the word ‘influencer’ and prefer to be called ‘brand ambassadors’. #respect

41. Push selling never works. Millennials hate being sold to. We will block brands out if they scream at us.

42. Influencers don’t have to have a tonne of followers, they can be a voice of authority.

43. Snapchat is for private messaging between family and friends, so marketers should back off.

44. Branded content should ALWAYS be disclosed. #trust

45. Content should always be reflective of the brand values.

46. Boomerang and post-production overlays work better than professionally produced video.

47. Millennials trust real people, not brands. Truth, honesty and transparency build trust and brand advocacy.

48. Millennials expect more from brands, demanding new, useful, meaningful and interesting content delivered a the right time, through the right channel to the right audience.

49. PR stunts and experiential marketing creates mass awareness of a brand and a reason to talk about it.

50. PR stunts should be visually led activations, interactive (translatable online and offline), or newsjacking trends on social.

51. Brands should think like publishers and generate more and more content. Blogs are far from dead.

52. Saying that, we live in an age of user-generated content (UGC), so create an army of storytellers.

53. Connect content to things millennials care about to convert an already enagaged audience into loyal advocated.

54. Millennials are more likely to buy if that brand produces educational content.

55. They are 247% more likely to buy from an influencer blog.

56. Focus on the story and then think about the brand. #storyfirst

57. Speak a visual language. Develop a visual first strategy. A picture tells a thousand words.

58. Content should make your audience laugh, feel emotion and learn. #LEL

59. Keep it simple. 41% of Gen Y struggle with information overload.

60. Create content that people want to watch and share. That means always provide value.

**The MMC17 was presented by Growth Tank, a strategic marketing consultancy specialising in millennials. For more information on the points brought up in this blog, stay tuned for more detailed discussions and slides from the conference.

Alyce Brierley
Current student in the Master of Marketing program at the University of Sydney Business School

No comments:

Post a Comment