by Ryan Jenkins

NEXT GENERATION marketing

KEYS TO MARKETING TO THE MILLENNIAL BUYER

rj@ryan-jenkins.comwww.ryan-jenkins.com/toyota

millennialsthe who & why

of millennials say they plan to buy a car in the next 1 to 5 years.

largest generation digitally dependent

52%

of dealership workforces are Millennials. National average is 38%.

42%

trillion annually is the estimated

spending power of U.S. Millennials

by 2020.$1.4

75%

20-36 yrs old

most educated

of the 2025 workplace will be

millennials and generation z.

marketing employee

today’s roadmapbuckle up

overviewMillennial Q&A and

recapengagement& retaining

Millennial marketingby the numbers

63%

of Millennials stay updated on brands

through social networks.

60%

of millennials are engaged with

rating products and services.

95%

of millennials say that friends are

the most credible source for product

information.

marketing to Millennialsthe benefits

Loyalty Limbo

1vast Value

2Peer Persuaded

3

first time buyers and aren’t loyal to the

same brands of their parents.

They carry a high lifetime value because

they are young consumers.

turn to social networks to crowd-source decisions and

evaluate options.

Millennial car buyingby the numbers

25%

of all consumers getting vehicle

repair or service are Millennials.

55%

of Millennials visited additional dealerships

as a direct result of researching vehicles

or dealerships on their mobile device.

<8%

of millennials say they decided to use

ride-hailing services to avoid or postpone a car

purchase.

$1,206

is how much more millennials are

willing to spend on car technology over

other generations on average.

builders boomers gen X millennials

Recommendations matters

Credibility matters

value matters

social proof matters

Proximity & Timing

relationship building

Bottomline & product focused

Peer persuaded, collaborative,

visual & Convenience

what’s the research

share the research

demonstrate the research

already did the research

sum

mar

yat

titu

de

buyingshifting perspectives across generations

rese

arch

who are they?want affordable, environmentally

friendly, sleek design, and high-

tech features

Lowest tolerance for errors, waiting, flaws and delays.

Won’t buy for status, image, or brand loyalty

most desirable features are touch screen interfaces (73%), smartphone applications (72%)

and in-dash technology (59%)

the millennial car buyer

not interested in raw engine horsepower and torque as previous generations

Want vehicles that are

extensions of their digital

lifestyles

Half of Millennial car shoppers are

open to any brand

view cars as a practical need vs

an emotional want

Millennials are a criticalmass of change agents

technology

millennials

internet

exponentialtimes

why Is today different?a bigger story

technology

millennials

internet

exponentialtimes

millennials have…elevated expectations

marketing& retaining

employee

buckle up

overviewMillennial Q&A and

recapengagement

today’s roadmap

marketing tokeys for4& retainingmillennials

Millennial customers

1

65%of Millennials use a smartphone prior to visiting a dealership.

mobileprioritize

marketing & retaining

Mobile uses: get pricing, find listings,locate a dealer, look up specs, & read reviews

Millennials use mobile devices during the car shopping process 2.5x more frequently than any other generation.

74% of consumers will wait 5 seconds for a web page to load on their mobile device before abandoning the site.

70% of consumers delete emails immediately that don’t render well on a mobile device.

Nearly half of consumers say they won’t return to a website if it doesn’t load properly on their mobile devices.

prioritize mobilewhy it matters

Ensure mobility throughout Marketing, sales process and all post-sales communications.

action item1

marketing & retainingprioritize mobile

(hack it yourself by testing on your mobile)

247%is how much more likely Millennials are to be influenced by blogs or social media than other generations.

prospectattract vs2

marketing & retainingMillennial customers

sales process shift

start end

approach

then

offervalidate Need closeprospect solution

offer closesolution

now

attract Approachseller

needsanalysis

buyer action seller action

Deliver valuable, compelling content for current and potential Millennial customers.

action item2

attract vs prospectmarketing & retaining

57%is now how much of the way through the buying process Buyers are before actually engaging with a seller.

adaptationroutine buyer3

marketing & retainingMillennial customers

educated Millennial buyerHow to adapt?

32

1 Listen: What do they already know?

Ask: What do they need to know?

Assist: Help Millennials make the best car-buying

offer closesolutionattract Approachseller

needsanalysis

decision that fits their specific needs.

adjust yesterday’s processes to adapt to tomorrow’s buyer.

action item3

marketing & retainingroutine buyer adaptation

“This is always how we’ve done it,”is a slippery slope to irrelevance.

3.5xis how much more usage time Millennials spend using messaging apps than those over 45 years old.

4communicationdefer your

marketing & retainingMillennial customers

voicemails & millennialsthe dilemma

99+

what’s up?

what’s up?

just left u a vm

use generations as a hint and defer to the customer’s communication preference.

action item4

marketing & retainingdefer your communication

marketing & retainingbonus keys

73% of Millennials say it’s important to read others’ opinions before purchasing.

50% of Millennials would be more willing to make a purchase from a company if their purchase supports a cause.

4x as many Consumers prefer digestable video content over text.

Ask current Millennial customers to create proof-packed testimonials.

Help Millennials visualize themselves doing business with you.

Provide proof

Help the socially-minded Millennial customer to see the big picture behind the product/service.

paint the big picture

prompt visualization

marketing employee

buckle up

overviewMillennial Q&A and

recapengagement& retaining

today’s roadmap

engagingkeys for3millennials

Millennial engagementby the numbers

$20k

is the average cost to replace a millennial

employee.

60%

of all new hires at dealerships were

Millennials.

52%

of dealership workforce turnover

was millennials vs 35% for Gen X & 26%

for boomers.

of Millennials are disengaged at work,

the most of any generation.

71%

#1 INNOVATION

78%of Millennials were strongly influenced by how innovative a company was when deciding if they wanted to work there.

66%of Millennials work in organizations that actively encourage/reward its people for innovative ideas.

keys for engaging Millennials

Intrapreneurshipinfuse

(the permission and power to innovate will engage Millennials)

#1 INNOVATIONstrategy

#2 Feedback

50% is how much more often Millennials want feedback over other employees.

42%of Millennials want feedback every week, twice the percentage of every other generation.

keys for engaging Millennials

self reviewsconsider

#2 feedbackstrategy

#1 - Millennials are more critical#2 - Ownership is taken#3 - Managers turn into coaches

#3 development

#1reason Millennials leave organizations is lack of career opportunity.

71%of Millennials likely to leave a company within 2 years believe their leadership skills are not being fully developed.

keys for engaging Millennials

#3 developmentstrategy

reverse mentoring(creates opportunities for Millennials to develop communication skills)

implement

#3 developmentbonus strategy

career pathsOffer Options

define

#1 reason for dealership workforce turnover in millennials is “poorly defined career paths.”

/ Provide Hints / Deliver Training / Highlight ProgressGamify the Career Path:

marketing employee

buckle up

overviewMillennial Q&A and

recapengagement& retaining

today’s roadmap

STAY CONNECTEDand much more

emailrj@ryan-jenkins.com

Bonus Materialwww.ryan-JENKINS.com/toyota(get today’s slides, free resources & more)

Presentation surveywww.ryan-jenkins.com/survey Free

book!

ignorance

5

4

32

1Denial

responsibility

resolve

Progress

5 phases of changestay overwhelmed

Thank youy’all rock!

“Don’t let your learning

lead to knowledge.let your learning

Jim Rohnlead to action.

references

The logos used in this presentation are the property of the respective third parties.

disclaimer

Ford, Trend Report 2015: http://www.at.ford.com/SiteCollectionImages/2014_NA/Dec/Ford-2015-TrendReportBook.pdf

Boston College Center for Work & Family, Creating Tomorrow’s Leaders: the Expanding Roles of Millennials in the Workplace, Lauren Stiller Rikleen, 2011, http://www.bc.edu/content/dam/files/centers/cwf/pdf/BCCWF%20EBS-Millennials%20FINAL.pdf

Boston College Center for Work & Family, Millennial Careers: http://www.bc.edu/content/dam/files/centers/cwf/pdf/BCCWF%20Millennial%20Careers%20FINAL%20for%20web.pdf

UpWork, Millennial Majority Workforce Study: http://www.elance-odesk.com/millennial-majority-workforce-infographic

Jason Ryan Dorsey, Y-Size Your Business: How Gen Y Employees Can Save You Money and Grow Your Business (Wiley, 2009)

Jeff Fromm & Christie Garton, Marketing To Millennials: Reach the Largest and Most Influential Generation of Consumers Ever (New York: Barkley Inc, 2013)

Barkley, The Boston Consulting Group (BCG), and Service Management Group (SMG), 2011-2013

Deloitte: The 2014 Millennial Survey - https://www.deloitte.com/millennialsurvey

27 Stunning Millennial Stats About Our Future Employees, Leaders, Consumers, & Parents http://ryan-jenkins.com/2014/10/27/27-stunning-millennial-stats-about-our-future-employees-leaders-consumers-and-parents/

Forbes, 2014: Enough With The Free Food Already, Millennials Want Opportunity and Fair Pay:http://www.forbes.com/sites/datafreaks/2014/09/11/enough-with-the-free-food-already-millennials-want-opportunity-and-fair-pay/

22 Shocking Stats About Millennials To Help You Chart Tomorrow’s Changehttp://ryan-jenkins.com/2013/09/16/22-shocking-stats-about-millennials-to-help-you-chart-tomorrows-change/

YPulse: Youth Marketing and Millennial Marketing: https://www.ypulse.com/Harvard Business Review: https://hbr.org/2015/02/millennials-want-to-be-coached-at-workCenter for Generational Kinetics: http://genhq.com/wp-content/uploads/2015/06/Unlocking-Millennial-Talent-c-2015-The-Center-for-Generational-Kinetics.pdfPricewaterhouseCoopers: http://www.pwc.com/gx/en/issues/talent/future-of-work/millennials-survey.htmlEventbrite, Millennial Research: http://eventbrite-s3.s3.amazonaws.com/marketing/Millennials_Research/Gen_PR_Final.pdfDeloitte:,The 2015 Millennial Survey: http://www2.deloitte.com/content/dam/Deloitte/global/Documents/About-Deloitte/gx-wef-2015-millennial-survey-executivesummary.pdfAV Network: http://www.avnetwork.com/av-technology/0002/report-gen-y-executives-prefer-video/91604

Deloitte: The 2016 Millennial Survey: http://www2.deloitte.com/global/en/pages/about-deloitte/articles/gx-millennials-one-foot-out-the-door.html

references continued

The logos used in this presentation are the property of the respective third parties.

disclaimer

ReportLinker, Mobility Services: http://www.reportlinker.com/insight/mobility-services.html

Ypulse, Riding in Cars with Millennials, How Brands are Trying to Hook Next Generation Drivers: https://www.ypulse.com/post/view/riding-in-cars-with-millennials-how-brands-are-trying-to-hook-next-gen-driv

DataMentors, How to Turn Millennial Car Shoppers Into Car Buyers at Your Dealership: http://www.datamentors.com/blog/how-turn-millennial-car-shoppers-car-buyers-your-dealership

Inc, Millennials Becoming More Loyal in Era of Consumer Choice: http://www.inc.com/geoff-smith/millennials-becoming-more-loyal-in-era-of-consumer-choice.html

Cars.com, 2015 Millennial Outlook Report: https://dealers.cars.com/da/wp-content/uploads/2015/04/2015-Millennial-Outlook-Cars.com-Insights.pdf

Dealer.com, 3 Tips to Market Your Dealership to Millennials: http://www.dealer.com/insights/articles/three-tips-to-market-your-dealership-to-millennials/

DMN News, Mobile Marketing: http://www.dmnews.com/mobile-marketing/84-percent-of-millennials-act-on-push-notifications/article/448580/

HubSpot, Marketing to Millennials: https://blog.hubspot.com/marketing/marketing-to-millennials#sm.0001yd5rebc67dyvs432basxwr2pl

Animoto, Video Marketing Cheat Sheet Infographic: https://animoto.com/blog/business/video-marketing-cheat-sheet-infographic/

The DMA, 7 Trends that Should Shape your 2017 Marketing Budget: https://thedma.org/blog/data-driven-marketing/7-trends-that-should-shape-your-2017-marketing-budget/Barker Tilly, How to Market and Sell Vehicles to Millennials: http://bakertilly.com/uploads/how-to-market-and-sell-vehicles-to-millennials.pdf

MediaPost, Millennials Reject Car Shopping Gender Stereotypes: ey:http://www.mediapost.com/publications/article/288963/millennials-reject-car-shopping-gender-stereotypes.html

NADA, 2016 Dealership Workforce Study: https://www.nada.org/workforcestudy/

JD Power, 2015 US Tech Choice Study: http://www.jdpower.com/press-releases/2015-us-tech-choice-study