Gen Y Would Abandon Social Networks Before Email and Texting
Gen Y has spoken once again. In the latest PMN and Pace University survey we explored Gen Y’s usage and attitudes toward texting, mobile marketing, email, social networks and more. The results were enlightening. While Generation Yers do indeed spend considerable time on social networks, when asked what they would least like to give up for one week, only nine percent said social networks! In fact, the media Gen Y apparently can’t live without was…drum roll please….yup, old-fashioned email and texting.
So what’s going on here? Could it be that there is a clear division across media that includes “nice to have” non-essential sites (like Twitter and facebook) and “must have” productivity and communication tools (like email and texting)? Should Twitter and facebook be worried given they are considered less of a necessity? While no one is asking Gen Y to choose, the question is an important one for every social network and/or community player – what should you be doing now to avoid becoming just another community causality like GeoCities. For more information about our latest survey, visit the PMN website or check out some of the news coverage and let me know what you think.
Gen Y Holds Tight To Email And Texting
eMarketer: November 4, 2009
MediaPost: October 27, 2009
Tech Additions: Email and Texting Top Social Media In Gen Y [Study]Mashable: October 20, 2009
‘Til Next Time
New Research: Engaging Gen Y & Dispelling Myths About Money
We’ve recently partnered with Aite Research to tackle a hot topic – marketing financial products to Gen Y. It’s a top priority for many banks who for years failed to develop strong relationships with their bread and butter – boomers. Now given the tough economy, banks are turning their attention to Gen Y and asking – how are they different and how do we not mess it up this time?
Survey Surprises
While, Gen Yers were alot like older consumers in many respects there were a few surprises. For one, our survey results dispelled one of the biggest myth about Gen Yers: That is the belief that Gen Yers care less about making money than other generations. In fact, 6 in 10 Gen Y respondents indicated that making money was just as important to them as their parents and nearly a quarter indicated it’s more important. Two other surprising results were the fact that one in five Gen Yers have met with a bank representative to get help with a financial decision in the past year, and the high rate in which Gen Yers recommended their bank to family /friends – 35%. Overall, very good news for financial institutions if they can figure out how to cultivate these relationships.
The Must-Dos To Cultivate Gen Y Relationships
In perhaps the most important section of the research report, Aite senior analyst Ron Shevlin shares his thoughts and recommendations for cultivating Gen Y relationships. He begins by creating 3 distinct segments (highly engaged, moderately engaged and not engaged) of Gen Yers based on their activities. For example, among the highly engaged users 94% get email, 85% bank/pay bills online, more than half use their debit cards 15 times or a more a month, and nearly half moved money between accounts at least six times in the past 6 months. Not surprisingly, highly engaged users who account for 35% of all Gen Yers were more likely to download iPhone financial apps and use online financial related websites. In addition, highly engaged users were more likely to trust their bank, recommend their bank and were twice as likely as lower engaged users to expand the relationship they have with their banks – all compelling reasons for banks to get it together.
Ron notes, “Arguably, banks have done a poor job of developing strong, lasting relationships with their customers. As a new generation of consumers comes of age, banks have an opportunity to start fresh and avoid the relationship sins they have committed in the past.” To cultivate these relationships – Ron recommends banks:
- Develop Gen Yers’ interest in managing their financial lives
- Encourage cross-channel interaction
- Engage – not just educate
- Provide dedicated advice and guidance
- 5. Make it a family affair
- 6. Measure engagement levels
For additional survey details or to order the complete report visit Aite Research. For more insights from Ron Shevlin – visit his new blog – The Marketing Tea Party.
Want To Help Give Away $10,000,000?
Well it took some time, but Google has finally narrowed down the list. Last November, I blogged about Google’s Project 10 to the 100th – an innovative global participatory marketing effort established to celebrate its 10th anniversary. Touted as “a call for ideas to change the world by helping as many people as possible,” Google garnered over 154,000 entries, and is now ready to invite consumers to vote for their favorites – the ones that they think will help the most people the most. While the process took a little longer than expected, Google whittled down the entries to sixteen “big ideas’ and is ready to write a big check as its advisory board looks to choose up to five projects to fund based on the votes.
Google’s Project 10^100 demonstrates the power of participation and takes cause marketing to the next level with a huge prize that has inspired some great thinking that just might change the world.
So where do you think the money should go? Do you want to help provide quality education to African students, drive innovation in public transport, enhance science and engineering education, create a genocide monitoring and alert system, or promote health monitoring and data analysis? Well – it’s all up to you and let the voting begin.
To cast your vote before the October 8, 2009 deadline visit the website.
Turning Lemons into Lemonade
Riding around my suburban neighborhood this summer, I will occasionally see an enterprising youngster set up on the sidewalk selling fresh lemonade in the afternoon sun. It gets me thinking about how challenging and satisfying it is to take an adverse situation and turn it into a positive – particularly in the world of business. Wouldn’t it be great to take negative chatter about your brand and convert it into something that promotes it? Well, Frank Eliason from @comcastcares has done just that by “socializing” customer service. By embracing Twitter and using the micro-blogging service Frank and his team respond to customer problems and issues in a timely and efficient manner. The result has been amazing – what could have been a legion of frustrated customers is now just the opposite – Comcast brand advocates. Many have sat up and taken notice, including BusinessWeek, which has called him “the most famous customer service manager in the U.S., possible the world.”
That’s why I’m really excited to announce that Frank has agreed to lead the PMN’s next webinar on October 21, 2009. In this interactive session, Frank will share his thoughts on the importance of listening and participating with customers and how you too can leverage interactive tools like Twitter to converse and ultimately convert customers into brand advocates. The addition of Frank to the impressive line up of PMN speakers — including Charlene Li, Ron Shevlin, Steve Rubel and Dave Evans — continues our mission to provide marketer with the very best know-how necessary to start marketing with customers rather than at them. We hope to see you at the Webinar and for those of you wanting to learn more about how to leverage the power of Twitter for your business check out TWTRCON DC the following day, October 22, 2009 where dozens of other leading brands will be sharing their thoughts, advice and stories.
To register for the PMN webinar on October 21, 2009 featuring Frank Eliason from @comcastcares click here. To register for TWTRCON DC Early Adopter pass, just $395 on October 22, 2009 click here.
‘Til Next Time.
