Generation Why

I start every morning the same way. I get to the office around 7, boot up the computer and check email to see what pressing matters have come up in other timezones that start their days before I do. I then proceed to my Google Homepage where I have set up RSS feeds for my favorite marketing-specific blogs (Seth Godin, Customer Experience Matters, Church of the Customer, etc). I take a quick read then hit the ground running.

Today, more than any other day, I have Gen Y issues on the brain. It started with an email-based newsletter article from The Emmerich Group (Roxanne Emmerich is a guru of bank marketing and the author of several books). Roxanne writes,

"In the last week alone, five CEOs told me they won't hire (Millenniums/GenY) anymore. I hadn't even brought it up! One said he can't figure out why they are so self-consumed. Despite all the best efforst to engage them, he said, they are only looking out for themselves."

And it's true. All of the research from all of the sources we have come across confirm that getting rich is the most important life goal for this group. Emmerich quotes one CEO as saying,

"They are used to getting positive reinforcement every few seconds with video games, they had a graduation party for graduating kindergarten and received stars for EVERY little accomplishment. If someone isn't telling them how great they are every three minutes on the job, they start looking for a different employer who will."

That that's not the end of it. Bruce Temkin with Forrester Research writes in his blog, Customer Experience Matters, that Generation Y is a different breed altogether. He expresses concern for thier skills to do basic math (with a paper and pencil and no cellphone calculator) and their ability to spell. Microsoft's spell checker and Google's "did you mean" have encouraged a phenomenon called "close enough spelling."

So what is the point in all of this? The point is that Generation Y demands to be treated differently, more special. Because we know this generation is full of webies (that's my term for people who spend more time on line than in face to face interaction) we will need to communicate with them differently. They still have banking needs, and if they really put their minds to it and reach for that goal of being rich, you will want them on your team (or in your portfolio at least!).

Social media is not going away, and if anything, is growing at warp speed. That's not saying that all banks need to go out and create a MySpace page, but I am saying that your website needs to be intuitive, comprehensive, and Google-able. That's a great place to start!

As you create your list of needs and wants for this year, I would recommend that you put a generational marketing plan in the need column. As Generation Y approaches their mid-20s you will want to be prepared to communicate with them in their language and through their preferred communication mechanisms. Even if that means using AIM, poking in Facebook, or tracking in Twitter. (Google those. To be an expert you need to know what you are up against!)

Happy Thursday!
Jenna

Voting and a Forum

Well, tis the season for voting blogs!

According to the voting poll on the left, it is clear that there is at least some demand for a marketing forum by which you have small group interaction with an industry leader and expert.

The good news is that such an event now exists. The bad news is two fold...first, I wasn't creative enough to design the poll to gather your contact information and second, I didn't include a way for you to get the additional information you are looking for.

So, even marketing experts aren't perfect!

MarketMatch is launching the first of its kind marketing forum called M3F (MarketMatch Marketing Forum) whereby in a day-and-a-half format you will hear presentations from national experts on selected hot topics and spend the next day in small, non-competing groups where you will have the opportunity to work with the experts, rolling up your sleeves and not only discussing the same topics on a more local scale, but also creating an implementation plan to take back and put to work on Monday.

And to step it up a notch, M3F will be touring the country with five planned forums throughout the US. This will help minimize the time out of the office and travel expenses for many of you.

Sound interesting? Click here for more information.

If you have questions about how the M3F works, the chosen topics and when you can expect the M3F to be in your area, shoot me an email: jrowland@marketmatch.com

Have a great marketing week and back later this week for a blog you won't want to miss!!

Jenna

Tracking the Blogosphere

As many of you know, Arena Stage has made quite a transition in the last couple of months, moving from its DC home of over 50 years to a new temporary performance space in northern Virginia. In doing so, we employed a complex communications plan that involved using some brand new technologies (PURLs) as well as some tried-and-true techniques. When asked about the "success" of our move, it is relatively easy to track in terms of revenue. I am pleased to report that less than 1% of our subscriber base requested a refund, which is a much rosier scenario then the company had planned for.

I also monitor what our customers are saying by reading their e-mails and reviewing reports from our box office. However, I must say that one of the best indications on the success of our move can be found in the blogosphere. The blogosphere now contains 112.8 million blogs according to a recent Technorati report. Arena Stage sees on average 200,000 people per year. Knowing the popularity of blogs these days, and the sheer number of people that visit us, I knew that our transition would be discussed in the blogosphere.

So I set up a Google Alert to notify me when certain key words were discussed in a blog. Initially, I wanted to be able to monitor what was being said about our transition, but after I read several blog postings, I decided to play a more active role in the discussions by answering questions posted on a blog or by providing more information. A great example can be seen on Michael Miyazaki's Cabaret Blog . Michael is a cabaret enthusiast and a great supporter of the local performing arts. When he came to our new venue to see Tina Fabrique in ELLA, he was very disappointed with our lack of signage and wrote a blog about his experience. Unfortunately, Mr. Miyazaki had attended a preview performance at a time when a great deal of our signage had not yet been installed (try coordinating a signage plan with state, county, and local officials--it is a long process). So I emailed him to apologize for his inconvenience and to let him know that all the signs would be in place by opening night. He took the opportunity to cut directly from my e-mail and paste my response into a blog update.

If you want to know what your audience is thinking, it might be wise to monitor the blogosphere. The blogosphere is no longer a collection of incredibly powerful blogs written by a select few professional journalists. It contains many more personal journals from regular joes like you and I who are not shy about discussing their experiences.

We get IT!

Greetings:

Today, I am in the airport on my way to Norfolk, Virginia to speak at a bank that is conducting an organization-wide training day on the President's Day bank holiday. It should be a great day and I am energized to be the Keynote speaker for the day and adding a break-out session, too.

As I have prepared for the day over the past several weeks, something has continued to jump out at me....it's their tagline and brand position. "We Get It." Interesting, pretty deep, very telling, full of energy, and a broad promise.

The IT part is the most interesting to me. Over the past two years, I have been creating a very focused Life Stage marketing process that, in my estimation, will completely change our industry's approach to our potential customer, our staff training, and how we interact with our current customers. It's actually brilliantly simple and engages everyone....because it is built around real-life....our staff's real life and our customer's real life. And THAT is something that everyone has....no matter how much training they have been through, what job function they have or level of customer interaction. There are 12 distinct Life Stages (and onyl 12!) that everyone goes through...

And that brings me to IT. The IT connection to my Life Stage process is remarkably clear and concise. Life Stage marketing is all about connecting to a customer in whatever life stage they are in...and in whatever timing that stage occurs. For example, some people buy a house at age 23, others at 45 and still others in their 60's. Same stage...completely unique needs and approach. There in lies the IT! IT is universal but completely different for each customer. The IT they have, and the needs IT will bring, will vary. It is ONLY after we ask clarifying questions, demonstrate clear interest, and bring value to the conversation, will the IT rise to the top and position us to act to resolve IT, support IT, or make IT happen.

We Get IT.... simple, yet very deep.

I am excited to bring my IT to the bank...and help their staff see their IT and how to bring the IT out in their customers...

Stay tuned!

Cheers!

Bruce

Marketing in small bites

I can take this title in a million different directions. We all know that large projects are completed more easily when broken into small bite-sized chunks. We also know that small everything is popular right now...small plates (or Tapas for us foodies), small cars, small dogs, small shirts (will someone please cover up that gen-y belly button!) and 100-calorie packs (ok, those are smart...but still small!).

So, why as marketers do we always think bigger is better? Is it? Apparently not. And in today's market we are being forced to do more with less, so maybe smaller is better? Still not so much. But smarter is better.

Find new and creative ways to get your message out that are cost effective while reaching your target market. Did you know that there are 1.4 blogs created each second and that 40% of all Americans read blogs*? Blogs are free. You can blog about the donation you just made to the Chamber of Commerce Golf outing, blog about employee promotions, product promotions, anything you PAY to advertise can be blogged...blog press releases, keep a community updated on the new branch construction project. Blog about the new coin machine in your lobby. Be creative, and be consistent!

What about email marketing? Think about it. It's cost effective and can be VERY targeted to your existing customer base.

Today I will keep it short and simple. Take 10 minutes to brainstorm 5 new ways to get your message out that won't hit hard on your budget. I have given you a head start on 2!

Happy thinking!
Jenna





*According to Synovate/MarketingDaily Study, 2007

A blog NOT about the Super Bowl Ads!

While I do have a lot to say about the Super Bowl Ads, I am fairly certain you have read plenty about them already today. Instead, let's talk about asking questions!

We all do it, and we all reply to it. As a society we have been trained that a simple "Hello" will not suffice. We must ask, "How are you today," and wait for the reply of, "Great, how are you?" From time to time we we will hear an honest answer such as, "UGH, I hate this weather," or "My daughter just won the spelling bee." It's refreshing. And it's an invitation to ask another question in follow up!

It is only when people provide honest answers that the conversation begins, and relationships begin with the conversation, and we all know that customer loyalty begins with building relationships. It's the circle of life for customer loyalty.

Many companies have standard jargon they use. Employees at Marquis Software Solutions answer the phones with, "...how can I exceed your expectations today?" or sometimes "how can I make your day better?" And occasionally they will get an honest answer that begins to develop a relationship with the caller.

Safeway grocery stores coach their check-out employees to ask, "Did you find everything today?" or some variation of the question.

It's refreshing to not just hear an honest, open-ended question. However, I am learning that while you can coach employees to ask a more inviting question, they are not always coached on how to handle the answer. Which leads to customer non-loyalty. Let me explain.

I shop faithfully at Safeway because I accrue United Airline miles for each purchase, it is the closest grocery store to my house, and I know where everything is and what to expect when I am there. At the end of each experience I am asked the same question, "did you find everything today" to which I usually reply with "I found everything on my list plus an additional $50 worth!" That's the way shopping works, right?

The last four times I have been to Safeway they have been out of fresh basil. I asked the employee in the produce section if they had any in the back and was informed that if there isn't any on the shelf, they must be out. Not the response I was looking for, but accepted it and continued fulfilling my list.

At check out, I was asked if I found everything today. I was excited to have a real answer!!! "Actually, I have been looking for fresh basil the last few times I have been here and you haven't had any. I asked the guy in produce if you had any in back and he said you stock everything on the shelves so you must be out. Do you know when I can expect to find basil again?"

The checkout clerk looked at me like a deer in headlights and replied, "Ummmm...I don't know. Do you need help out with your cart today?"

Seriously? I learned that the employees are told to ask the question but don't expect an answer so when they get one, they just ignore it.

I think it is great to be proactive, start a conversation, ask open-ended questions, and develop a relationship. However, when you ask your open-ended questions, BE SURE YOU ARE PREPARED TO HANDLE THE ANSWERS!!!

I think Seth Godin sums it up the best in his blog The Last Interaction.

Are your employees prepared for the responses they may receive? Are they empowered to fix the problem if the problem is with the bank? I hope so.

So, how are you today?
Jenna