Talking to Strangers: Millennials Trust People over Brands
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Millennials expert Jason Dorsey and Bazaarvoice CMO Erin Nelson show you how this socially-dependent generation will change the way you do business.
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Talking to Strangers: Millennials Trust People over Brands
- 2. Jason Dorsey CEO of The Center for Generational Kinetics Erin Nelson CMO of Bazaarvoice Confidential and Proprietary. © 2012 Bazaarvoice, Inc.
- 3. • 1.6 billion worldwide1 • Ages 17-34 currently • 2017: more spending power than any other generation2 • Early social adopters 1. US Census Bureau 2. Kit, Yarrow and O’Donnel, Jayne. Gen BuY: How Tweens, teens, and Twenty-Somethings Are Revolutionizing Retail Confidential and Proprietary. © 2012 Bazaarvoice, Inc.
- 4. Confidential and Proprietary. © 2012 Bazaarvoice, Inc.
- 5. ’ ’ Confidential and Proprietary. © 2012 Bazaarvoice, Inc.
- 6. • Encourage conversations • Spread UGC to all Millennial shopper touch points Confidential and Proprietary. © 2012 Bazaarvoice, Inc.
- 7. Millennials are 3x as likely to turn to social to get opinions on products to buy Confidential and Proprietary. © 2012 Bazaarvoice, Inc.
- 8. Display content from strangers, friends – People they know, social connections (social graph) – Strangers like them, experts (interest graph) Make it easy to filter, sort, and search Confidential and Proprietary. © 2012 Bazaarvoice, Inc.
- 9. Confidential and Proprietary. © 2012 Bazaarvoice, Inc.
- 10. 1. Respond to input 2. Answer questions 3. Facilitate conversations between consumers 4. Act on feedback (and let them know) Confidential and Proprietary. © 2012 Bazaarvoice, Inc.
- 11. ’ 1. Add UGC to homepage, and anywhere products/services are featured—or risk losing their business 2. Don’t delay responses 3. Don’t be afraid to ask Confidential and Proprietary. © 2012 Bazaarvoice, Inc.
- 12. • Connect with Millennials where they live—and connect them with each other • Use their words to drive purchases and loyalty • Let them know you care what they thing—respond and act on feedback Confidential and Proprietary. © 2012 Bazaarvoice, Inc.
- 13. • Full report: PeopleOverBrands.com • Methodology: – Bazaarvoice survey conducted by Kelton Research between 8/25/11 and 9/05/11 – 1,013 Americans 18+ Confidential and Proprietary. © 2012 Bazaarvoice, Inc.
Notas del editor
- ERIN:Jason Dorsey is passionate about Millennials and Gen Y. He studies why they buy, how they interact, and what motivates them to tell their friends. A Millennial himself, his talent is applying his generation’s buying habits to grow clients’ companies. Now The Chief Strategy Officer at The Center for Generational Kinetics, Jason speaks and consults around the world. A bestselling author at age 18, his newest book is Y-Size Your Business. Jason has been featured on 60 Minutes, 20/20, The Today Show and The View.Erin introduces herself and a little about Bazaarvoice.
- JASON: More than 1.6 billionMillennials WW, according to US census bureauBetween ages of 17-34 (but our study looked at 18-34)By 2017, they’ll have more spending power than any other generationThey’re among the earliest social adopters, and they insist on sharing and gathering opinions online
- JASON:84% of Millennials say UGC plays a significant role in their purchase decisions, vs. 70% of Boomers
- JASON:44% of Millennials won’t buy major electronics without UGC40% won’t buy cars39% won’t rent hotel rooms32% won’t book travel accomodations29% won’t sign up for credict cards29% won’t buy insurance
- ERINEncourage conversations about your brand and productsSpread their feedback everywhere they get informationBrand & retail websitesSearch enginesAdsIn-storeMobileAcross the social webLEFT: Urban Outfitters: This picture is from The Way You Wore It contest. They asked their customers to send in photos of how they were “rocking” their clothes, and published the best ones on their blog. Millennials influencing Millennials!RIGHT: BestBuy puts customer content everywhere—in their mobile app, and even next to the price tags on store shelves
- JASON: 51% of Millennials say consumer opinions found on a company’s website have a greater impact on their purchase decisions than recommendations from friends and family—only 34% of boomers agree. Millennials are more than three times as likely as boomers to turn to social channels for opinions to inform their buying choices.
- ERIN: Since Millennials (and Boomers) are relying on strangers, friends and family for product information, brands should feature content from all groups……make it easy for users to find the type of information they’re after, from the people they prefer to listen to. Imagine a Millennial shopping for music. They’re probably more interested in what people like them are listening to, and not so much what their parents are liking these days. Put the right UGC in front of them, and they’re likelier to buy. TOP: Netflix: Recommendations are based on what you like, and people with similar viewing histories like--not what your friends like.BOTTOM: Travelocity: They make it easy to filter for UGC from strangers with similar travel preferences—like who you typically travel with, how often you travel, etc.
- JASON: Millennials are in it for other consumers. 73% of them think that other consumers care about their opinions more than companies do.71% of them share because they believe that other consumers care what they think.Only 29% of Millennials believe companies truly want to know what customers think, but 64% of Millennials still want companies to give them more ways to share this feedback
- ERIN:Respond openly to the feedback you’re gettingPromptly answer the questions they haveMake changes based on their feedback, and let customers know when you haveAll of these actions encourage more feedback, giving you more data to use for improvements. You’re also creating a powerful loyalty cycle, as customers see the impact of their words, then return for more. LEFT: Benefit Cosmetics is constantly answering customer questions on their FB page. Customers are typically thrilled to get a response, and their fan base continues to grow like wildfire. RIGHT: Samsung’s Q&A center: You’ll see a lot of customer interactions like this one—a question about 3D glasses, followed by 9 answers from other customers.
- JASON: 1. Add UGC to your homepage or directly next to the product or service you’re providing. This is critical b/c Millennials don’t want to go look for it somewhere else—and if they do they may not find what you want them to see to give an accurate impression. Don’t make them go find you because they might end up somewhere else. 2. Respond to your UGC — even if you don’t know the answer. Gen Y wants to see you care enough to read their comments and have a response. If you don’t know the answer that’s okay. The honesty and attempt to go find the answer builds their trust and belief in your brand. Don’t be scared about responding. If you don’t there issue is not really addressed just broadcast. 3. Ask people to respond to your product, service, and experience. Gen Y wants to respond but wants you have to ask them first. You should do this through all of your outreach not just your web site but in-store, mobile, product packaging, etc. Here are some examples....
- ERIN:Millennials live online, so that’s where brands need to connect with them to build loyalty. But they want to hear from each other, not just brands—so make sure you’re connecting them to the people and information they’re looking for. Put their feedback to work in your online and offline marketing, and feature it heavily where they’re researching purchases.
- At this point, you’ll both answer questions from viewers. Mention that they can get the full report at peopleoverbrands.com. No need to talk about methodology.