1. Millennials: A New Marketing Mindset By: Shannon Benolken Director of Business Development Itasca Economic Development Corporation 1

2. Small Business Development Centers Northwest RegionSouth Central Region 218-755-4255507-389-8875 Northeast Region Southeast Region 888-387-4594507-285-7536 West Central RegionTwin Cities Metro Region 218-299-3037651-962-4500 North Central Region 218-855-8140 Central Region 320-308-4842 Southwest Region 507-537-7386 Http://mn.gov/deed/business 2

3. The Generations Seniors Before 1946 Baby Boomers 1946-1964 Generation X 1965-1978 25%Millennials 1979-1995 Linksters 1996 – on 3

4. Characteristics of Millennials They have been told they are special and can do anything They got participation trophies They like recognition They have a high self esteem They are exceptionally resilient They are technology natives and are technologically advanced They crave change and challenge Self expression is more important than self-control They fear living poorly They are easily accepting of diversity They LIKE social Media They DISLIKE face-to-face interaction 4

5. 5 How are Millennials viewed?

6. Why do we care about the Millennials? They are 80 million strong comprising 25% of the US population Their collective buying power is estimated at $200 billion annually Their indirect annual spending power is estimated to be $500 billion They already have 21% of consumer discretionary purchasing power The Millennial mindset has taken hold of American culture 6

7. 7 Segments within Millennials

8. Old School 8

9. Participation Economy OLD MARKETING MODELNEW MARKETING MODEL InterruptionEngagement ReactionInteraction Heavy UsersEngaged Participants Big PromisesPersonal Gestures Passive ConsumersActive Cocreators 9

10. What is Content Marketing? The Content Marketing Institute defines content marketing as, “A marketing technique of creating and distributing valuable, relevant and consistent content to attract and acquire a clearly defined audience – with the objective of driving profitable customer action.” www.contentmarketinginstitute.com MOZ.com/beginners-guide-to-seo 10

11. 11 The new definition of “Brand Value” (Functional, Emotional & Participative Benefits) Brand Value = Price ∑

12. Do Build Relationships Do Not Bombard! Instead Listen and Respond! 12

13. Rule of Thumb We Don’t market to… We market with... 13

14. After they’re Hooked, Reel ‘em in! 54% of travelers are excited when booking travel. Unfortunately properties are not doing enough to capitalize on those feelings. Only 16% of all properties try to make the traveler feel like there vacation has already started Only 27% provide travel suggestions before arrival 14

15. Tids and Bits Millennials use a shorter booking window consisting of 75 days compared to 93 days of the older generations. Other than a clean bed, wifi is the number one item Millennials look for when booking accommodations. Green, eco-friendly or sustainable practices appeal to millennials. 15

16. More Tids Millennial Travelers are looking for Authenticity Experiential Off-the-beaten-path 16

17. More Bits 25% of online travel revenues will come from Mobile devices in 2015 170 million reviews on TripAdvisor, 77% of users will seek reviews for accommodations 68% started researching online before deciding where to travel US travelers average 38 travel site visits before booking a trip 17

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