Frank N. Magid Associates Senior VP Jack MacKenzie joins Craig to discuss the company’s Millennial Strategy Group, whose research helps us understand the impact of groupthink in this always-connected generation and how it will be the key to understanding how to reach consumers in this group, who will make up the majority of the ages 18-49 demographic by the year 2010.
MILLENNIALS BLAZING A NEW TRAIL The upcoming generation of consumers and its connection to digital technology will force a wide variety of industries to change the way they market and conduct business. A lengthy article in yesterday’s New York Times focused on The Magid Millennial Strategy Group and how our clients are at the forefront of discovering how Millennials use technology to stay in constant contact with other people, as well as sources of information and entertainment.
“What we’re seeing is a whole different relationship with marketing and advertising, which obviously has ripple effects through the entire economy,” MacKenzie said. “Reliance and trust in nontraditional sources-meaning everyday people, their friends, their networks, the network they’ve created around them – has a much greater influence on their behaviors than traditional advertising.”
Magid calls the generation of 9-28 — Millennials (Gen M):
· Theses millennials thrive in P2G – Peer To Group vs. Word of Mouth communication
· Understanding Millennials is not about technology – it’s understanding what technology enables them to do
· Millennials exhibit a shared, not short attention span
o They are expert Multi-taskers
o Technology integral to their social interaction
o Movie Theater – “Anti-Millennial” Experience
o Millennials are wired differently
o “Can’t live without” cell phones….or laptops
o All communication starts with the cell phone
Jack MacKenzie, Senior Vice President, Entertainment, is in his 5th year as head of the Los Angeles office. During that time he has created and built strategy-based consultation services for a broad spectrum of clients. Jack works closely with many of the broadcast networks and leading cable channels on program development, brand and positioning and daypart strategies as well as new initiatives aimed at creating new revenue streams. Additionally, Jack works closely with Internet and game companies looking to expand their audiences through the delivery of consumer researched product offerings. Over the past year Jack has created The Millennial Strategy Group, enlisting an exclusive list of clients focused on creating and executing strategies for members of the Millennial Generation.
FRANK MAGID and ASSOCIATES
Frank N. Magid Associates, the world leader in research-based consultation, applies the most rigorous research methods available to study behaviors, attitudes, and intentions of your audience. Our knowledge base is substantive, encompassing thousands of research studies and consultation engagements.
Founded in 1957, Frank N. Magid Associates has provided strategic insight and direction for clients in 37 countries around the world. We have developed an international reputation for excellence that spans multiple industries.
Our clients include Fortune 500 companies and leaders in their respective industries, as well as promising young companies looking to leverage the market knowledge Magid can provide to help them reach the top.
Our 350 experienced professionals and operations staff serve clients around the world from offices in New York, Los Angeles, London, and Marion, Iowa.