Point of Reference Sensitivity in Visitors: How It Affects Your Cultural Organization And What To Do About It

Data suggest that it's good to to be the first organization that someone visits... but what if yours is Read more

Millennial Data Round Up: What Your Cultural Organization Needs To Know

This is what you need to know in one, single post. Millennials are a hot topic. While I consider "millennials" Read more

Experiencing Millennial Discussion Overload? Here Are Four Things to Remember

Cultural organizations need to reach millennials and that means talking about it – but that talk doesn’t make other Read more

Audience Access: The Reality For Cultural Organizations To Embrace for Solvency

The first step in the evolution toward more sustainable cultural organizations is embracing the reality of "access" and reviewing Read more

Three Data-Informed Reasons to Love Gen X Visitors to Cultural Organizations

Thank you, Gen X. Just… Thank you. Let's be honest: Generation X is squeezed in between two large, noisy, Read more

Five Famous Proverbs That Are NOT About Running a Nonprofit (And Three That Could Be)

True in life? Maybe. True in running a nonprofit? Nope. Sometimes we get so used to hearing certain phrases and Read more

baby boomers

Experiencing Millennial Discussion Overload? Here Are Four Things to Remember

Cultural organizations need to reach millennials and that means talking about it – but that talk doesn’t make other generations less important. 

Cultural organizations desperately need to get better at reaching millennials in order to thrive in the future – but in order to have these conversations, we need to clear up some craziness. The aim of this week’s fast facts video is to set the record straight: Talking about the need to reach millennials is responsible and necessary – and adding millennial engagement to important discussion sessions is in no way a dig on older generations because they are extremely important audiences! Talking about millennials does not mean ignoring other generations – and it never has. It seems that all of this millennial talk may be leaving other generations working within the industry feeling confused, frustrated, and maybe a little bit ignored. To feel this way may be based upon a misunderstanding.

Here are four things to remember when your feeling overwhelmed by millennial talk – or maybe even left out by the lack of similar discussion about your own generation.

 

1) MILLENNIAL TALK is code for EVERYBODY TALK

We discuss millennial mindsets so much because they represent a kind of evolution that affects everyone in today’s digital world. “Millennial talk” is often used a bit like an umbrella topic in the discussion about creating twenty-first century cultural organizations – so talk about transparency, social consciousness, personalization, and connectivity often get attributed to millennials. Really, though, these are growing expectations among all audiences.

Sometimes it seems as though organizations label market trends as “millennial talk” in order to somehow dilute conversations about necessary evolution. Calling large-scale trends that affect all generations (like digital connectivity) “millennial talk” may make them seem less looming and perhaps less urgent. But they aren’t. We millennials could easily look back at other generations and say, “Wait! You increasingly care about connectivity and impact, too! Why are organizations pinning all of their inconvenient calls to evolve on our generation alone?!” Part of getting over the “millennial talk” is realizing that it’s not “millennial talk” at all. It’s “market reality” talk.

 

2) Millennials are the only generation that cultural organizations are NOT reaching at representative rates

We talk about millennials so much because cultural organizations (museums, zoos, aquariums, theaters, symphonies, botanic gardens, etc.) need to reach them. Pause. Real talk: We really need to reach millennials. Millennials represent the largest generation in human history, and we’re also the only generation not visiting these organizations at representative rates. On top of that, millennials are also our most frequent generational visitors. This is a unique situation! Millennials are our most prevalent current audiences, but they are also the audiences we need to better engage. (In other words, they are visiting the most, but when we look at the US population, they should be coming much more.) This unique situation is one that must be addressed in order for organizations to thrive in the future. When we look at the size of this population and their make-up, preferences, and lack of representative engagement, it’s very clear to see that if we don’t start reaching millennials at representative rates, cultural organizations will have a very rough and unsustainable future.

 

3) Millennial engagement has nothing to do with ignoring other generations (We NEED them!)

Adding “millennial talk” to generational discussions sometimes seems to make other generations defensive.  The discussion about the need to attract millennials has NOTHING to do with ignoring other generations. (Has it ever?) Baby boomers still make up a good portion of our audiences and they have noteworthy giving capabilities. Generation X engagement remains stable and consistent (and this generation, in particular, deserves a bit more love). When we talk about attracting millennials, we are NOT encouraging organizations to forget about everyone else. Organizations have been talking about and focusing on reaching Baby Boomers for fifty years and that conversation isn’t stopping. It shouldn’t! But adding another generation to the discussion at some point – especially a generation even larger than the Baby Boomers – seems reasonable and inevitable. Certainly, there has to be a way to talk about new generations without other generations feeling personally offended. We need all of our audience members! We need to add generations to the discussion. To replace discussions about other generations – and especially to ignore them – would be irresponsible.

 

4) Strategies for engaging millennials do not generally alienate other demographics

See point one. We at IMPACTS collect a lot of data, but we cannot find any that directly suggests that an organization having programs aimed at attracting millennials particularly alienates other generations on the whole. Again, trends that we are seeing in regard to millennials increasingly appeal to older generations as well. We simply aren’t seeing signs that a majority of Baby Boomers really hate transparency, personalization, social consciousness, or digital connection. It doesn’t mean that they necessarily prioritize or make decisions based upon them as much as millennials do. But, as it turns out, this whole “Internet thing” has affected all of us and has changed up what we expect from organizations.

 

When we in the industry underscore the need to reach millennials, we’re not digging on Baby Boomers or Generation X (or Traditionalists or Generation Z)! We need these visitors and supporters! But NOT discussing millennials – this new, large, underserved generation that holds the key to our future – would be irresponsible. In fact, ignoring millennials would be just as irresponsible as ignoring those generations that are already engaging with us.

 

Like this post? Don’t forget to check out my Fast Fact videos on my YouTube channel. Here are a few related posts from Know Your Own Bone that you might also enjoy:

 

Interested in getting blog posts, tips, and some silly social media geekery periodically delivered in your Facebook newsfeed? Like my Facebook page. Or for more regular sharing of nonprofit marketing information, follow me on Twitter.

Posted on by Colleen Dilenschneider in Fast Facts Video, Millennials, Myth Busting, Sector Evolution, Trends Leave a comment

Three Data-Informed Reasons to Love Gen X Visitors to Cultural Organizations

Thank you, Gen X. Just… Thank you.

Let’s be honest: Generation X is squeezed in between two large, noisy, and rather needy generations – and we spend a lot of time talking about these millennial and baby boomer visitors to cultural organizations. But what about Generation X? 

That’s what this week’s Know Your Own Bone Fast Facts Video is all about!

Generation X visitation behaviors often get the short end of the stick when it comes to getting attention in staff meetings and board rooms within cultural organizations. It doesn’t help that Generation X is a comparatively small generation that is just over half the size of Generation Y – the largest living generation that now makes up the majority of the US labor force. When we discuss millennials and baby boomers, we’re simply talking about much larger generational cohorts than Generation Y. It’s not a good excuse to overlook this generation by any means, but it’s a reality. It’s an especially bad excuse when we take a moment to pause and consider the great qualities that this generation brings to the table in terms of visitation.

It’s time that we give this generation some of the love that it deserves! Generation X has three, particularly helpful characteristics for cultural organizations – and they deserve a big THANK YOU for bringing them to the table.

 

1) Generation X visits cultural organizations

Aside from the comparatively small size of this generation, another reason why organizations tend not to discuss Generation X nearly as much is precisely why we should be thanking them: Generation Y is a comparatively drama-free generation when it comes to visiting cultural organizations. We millennials aren’t attending organizations at representative rates even though we make up a majority of visitation and Baby Boomers are also a rather large and difficult bunch when it comes to cultural engagement. Generation X, though, is visiting cultural organizations without a fuss!

The chart below considers the percentage of the US adult population (informed by the US census) made up by Millennials, Generation X, Baby Boomers, and Traditionalists in green. Alongside that bar, it shows the percentages of these generations visiting cultural organizations in orange, informed by the National Awareness, Attitudes, and Usage Study. Generation X visits cultural organizations at the most over-representative rates among the three generations. It should be noted that Traditionalists also visit cultural organizations at noteworthy rates. Among the largest three generations, however, Generation X shows that drama-free is the way to be.

­

IMPACTS representative visitation by age demographic

While this generation’s awesomeness in the “representative visitation” department may be a reason why tend not to fret about them, it’s also a darn good reason to give them a shout-out. Thank you, members of Generation X, for visiting cultural organizations – fuss-free.

 

2) Generation X is decisive when it comes to online advertising for cultural organizations

The comparative decisiveness of Generation X means that this generation gives organizations the most bang for their online advertising buck. This saves cultural organizations money, and we like that. We like that very much.

The chart below comes from IMPACTS Research. It indicates the average number of ads delivered to online users from the retargeting campaigns of six cultural organizations before the user clicked on the advertisement. Generally speaking, the more frequently an organization has to deliver an ad, the more expensive things get. If you work in online advertising then you know that these numbers add up!

IMPACTS Frequency of impression before click on cultural online ad

Compared to millennials, targeted members of Generation X require nearly 42% fewer impressions in order to click on an ad. Our nonprofit budgets thank you, Generation X, for not dilly-dallying around.

 

3) Generation X is most likely to purchase or renew a membership to a cultural organization

Could Generation X visitors to cultural organizations get any better? You bet. Members of Generation X are more likely to purchase or renew memberships to cultural organizations than millennials and baby boomers – and traditionalists, too. In fact, members of Generation X are 11% more likely to purchase or renew a membership than are millennials, and they are 26% more likely to purchase or renew a membership than baby boomers. Those are noteworthy numbers!

IMPACTS Intent to purchase or renew membership by age demographic

As a heads-up to regular KYOB readers, it’s worth noting that “intent to purchase” is a different metric than “strongly considering membership.” When it comes to unrealized potential to secure a greater number of memberships, millennials take the lead (perhaps making us appreciate Generation X all the more in this respect)!  Data suggest that interest remains unrealized to its optimal potential largely because the types of membership programs that millennials want from cultural organizations largely don’t exist/aren’t particularly mainstream in the industry yet. That said, with index values over 100, millennials are currently noteworthy members to cultural organizations as well. This Generation X number is critical because the number IS so high, comparatively. The take-away isn’t that membership structures don’t need to evolve like everything else, but rather than Generation X is a terrific audience that is undervalued, perhaps, in their intent to purchase or renew the types of memberships that organizations generally offer.

 

Millennials and baby boomers are demanding a lot of industry discussion right now and perhaps that’s why we’re not discussing Generation X as much: They are stable and reliable audiences. It’s time that we take a moment and thank Generation X for being awesome.

Thank you, Generation X, for being awesome.

 

Like this post? Don’t forget to check out my Fast Fact videos on my YouTube channel. Here are a few related posts from Know Your Own Bone that you might also enjoy:

 

Interested in getting blog posts, tips, and some silly social media geekery periodically delivered in your Facebook newsfeed? Like my Facebook page. Or for more regular sharing of nonprofit marketing information, follow me on Twitter.

Posted on by Colleen Dilenschneider in Community Engagement, Fast Facts Video, IMPACTS Data, Millennials, Myth Busting, Nonprofit Marketing, Trends 2 Comments

Millennials Spend More Than Others On Food and Retail at Cultural Organizations (DATA)

Here’s what your organization needs to know about why this is happening.

This week’s Know Your Own Bone Fast Facts video takes a look at the onsite food, beverage, and retail purchasing habits of different generations at cultural organizations. You may be surprised by the findings….

Check out this chart from IMPACTS that is based on data from the ongoing National Awareness, Attitudes and Usage Study of 98,000 adults and counting. The chart indicates the respective percentages of visitors who make an onsite retail or food and beverage (F&B) purchase while visiting a cultural organization in the U.S.

IMPACTS consumer behaviors at VSOc

Millennials spend more money than previous generations on retail and food while attending cultural organizations. As you can see, millennials are nearly 22% more likely to make an onsite retail purchase than are Baby Boomers, and they are 10% more likely to make a retail purchase than members of Generation X. Not only that, millennials are 32% more likely to eat on site while visiting than Baby Boomers, and 11% more likely to eat on site than members of Generation X. Per capita millennial spending is 28% greater than that of Baby Boomers. That’s a big difference!

This information may be added to the important list of reasons why millennials are particularly awesome visitors to cultural organizations and why it’s incredibly important that organizations start reaching them at representative rates. The case for millennials being worth their bang for an organization’s-sustained-investment buck is growing stronger and stronger.

Why are millennials spending most and how can organizations utilize this information?

What we are seeing here is simply the applicability of broad trends affecting the cultural sector. Here are a few data-based factors that may be at play:

 

1) Millennials go out to eat more often than do other generations.

There are quite a few studies on this. And when we do go out to eat, we generally spend more money.

 

2) Millennials are more socially conscious consumers.

That said, this trend is also increasingly affecting all generations. This is relevant because most cultural organizations tend to be at least somewhat considerate about their food and beverage offerings. Think about the Monterey Bay Aquarium’s Seafood Watch, and other organizations with food options or initiatives focusing local, sustainably sourced food in their cafes. In fact, food offerings with supporting narratives that underscore food ethics (and then put signs on the table, notes on the menu to help tell that story) tend to result in more sales than food options without a narrative.

 

3) Millennials were raised in an aggregated experience environment.

Instead of an individual store, we went to malls growing up…and some of these malls had movie theaters, restaurants, bowling alleys and climbing walls. “One stop consuming” may be a concept that makes sense to this generation in this situation – and may be why some studies have even uncovered that millennials may prefer brick-and-mortor store shopping to online shopping when they can go. Not to mention, an aggregate environment makes things a whole lot easier for folks with small children.

 

Millennial trends are affecting our retail and food and beverage sales in a big way. Let’s harness the factors fueling this opportunity so that we can provide the best possible experiences for our visitors. Not to mention, let’s make the most of these opportunities so that we can secure additional funds to support our missions and operations.

 

Like this post? You can check out more Fast Fact videos on my YouTube channel. Here are a few related posts from Know Your Own Bone that you might also enjoy:

 

Interested in getting blog posts, tips, and some silly social media geekery periodically delivered in your Facebook newsfeed? Like my Facebook page. Or for more regular sharing of nonprofit marketing information, follow me on Twitter.

Posted on by Colleen Dilenschneider in Fast Facts Video, Financial Solvency, IMPACTS Data, Millennials, Trends Leave a comment

The Hidden Value of Millennial Visitors to Cultural Organizations (DATA)

Data suggest that millennial visitors possess three behavioral characteristics that make them cultural organizations’ most valuable audiences.

Okay, okay. You’re sick of talking about the importance of reaching millennial audiences…even though industry data suggest that cultural organizations are not attracting these audiences at the rate that we should be AND millennials are not “growing into” caring about arts and culture. But let’s put all that aside for a moment…

This week’s KYOB Fast Facts video covers three behavioral characteristics that data suggest make millennials particularly important audiences. I’ve written about them before with the data cut a bit differently.

Take a look at these findings from IMPACTS that compares three behavioral characteristics of Baby Boomers (born 1946-1964), Generation X (born 1965- 1979) and millennials (born 1980-2000) who profile as high-propensity visitors to cultural organizations (i.e. museums, performing arts organizations, aquariums, historic sites, etc.). That is, they demonstrate the demographic, psychographic, and behavioral characteristics that indicate an increased likelihood of visiting a cultural organization. Like much of the data that I am able to share here on KYOB, it comes from the ongoing National Attitudes, Awareness, and Usage Study.

High Propensity Visitor Indicators -Millennials

Let’s briefly go over these findings one-by-one:

1) Millennial visitors are most likely to come back within the year

Millennials are revisiting more often than other generations. In fact, millennials make up the majority of visits to cultural organizations because they are revisiting these types of organizations. And this is awesome! It means that attracting millennial audiences gives us bang for our audience acquisition buck. In fact, with index values under 100 for both Baby Boomers and members of Generation X, non-millennials are actually unlikely to revisit a cultural organization within one year.

Coming back is important because it helps these audiences grow potentially longer-lasting relationships with these institutions. Why focus on attracting cultural center-loving individuals who are likely to pay a single visit to a cultural organization when there’s a whole host of cultural center-loving millennials that are likely to visit more than once?

 

2) Millennial visitors are most likely to recommend a visit to a friend

Sometimes our reputation for having big mouths pay off! Millennial visitors are more likely than Baby Boomers or members of Generation X to recommend a visit to a friend when they have a good experience. This means that not only are millennial audiences most likely to revisit a cultural organization within a one-year duration, but they are also most likely to tell others to do the same. Talk about payoff!

 

3) Millennial visitors are the most connected visitors

This is important: All high-propensity visitors to cultural organizations profile as being “super-connected.” That is, they have access to the web at home, at work, and on mobile devices. Though the web plays a big role in the connectivity of millennials, it is undeniably critical for Baby Boomers and members of Generation X as well (as evidenced by index values coming in at over 100 for all three groups). If you work for a cultural organization and you are trying to get people in the door, data suggest that the web is insanely important in order to effectively attract any demographic. Got it? Good. I’ll move on…

It’s great that millennials are most likely to come back and also to tell their friends to pay a cultural organization a visit…but they are also the most connected audiences among the three generational cohorts – by a long shot. The constant connectivity of millennials means that this audience shares messages with their friends and family (likely also high-propensity visitors) with a reach that’s a bit like traditional media on steroids.

 

When you put all of this together, the case for prioritizing millennial engagement is rather compelling. While a Baby Boomer may visit once per year and not necessarily recommend their experience to a friend, millennial visitors are more likely to come back and tell LOTS of their friends to do the same. Millennials may be the best connectors to other millennials – and perhaps simply to other people in general.

When data are considered, the task of reaching millennials may even seem less like a burden and more like an opportunity. (Too much? Okay. I won’t push you. I’ll just encourage you to scroll back up to the chart and let the data do the talking.)

 

Like this post? You can check out more Fast Fact videos on my YouTube channel. Here are a few related posts from Know Your Own Bone that you might also enjoy:

 

Interested in getting blog posts, tips, and some silly social media geekery periodically delivered in your Facebook newsfeed? Like my Facebook page. Or for more regular sharing of nonprofit marketing information, follow me on Twitter.

Posted on by Colleen Dilenschneider in Community Engagement, Digital Connectivity, Fast Facts Video, Financial Solvency, IMPACTS Data, Millennials, Myth Busting, Nonprofit Marketing, Sector Evolution, Trends Leave a comment

Real Talk: Why Cultural Organizations Must Better Engage Millennials (DATA)

Why Cultural Organizations Must Better Engage Millennials (Know Your Own Bone)

Millennials are cultural organizations’ most frequent and loyal visitors…but this audience remains underserved.  Here’s why that’s a big problem for the future well-being of the industry.

“We need to be better at engaging millennials!” You’ve heard this before. Likely, you’ve heard it more times than you can count. Even if you are a millennial working within a cultural institution, you’re still probably sick of the sentiment. You’re probably sick of it even if you know that data suggest that millennial audiences are cultural centers’ best audiences.

The need for cultural organizations (e.g. museums, zoos, aquariums, symphonies, theaters, botanic gardens, orchestras, etc.) to reach millennial audiences is deeper and more complicated than we may realize.

I’d like to ask you a favor.

Indeed, I’m going to land here at the end of this post: “We need to be better at engaging millennials.” Instead of closing this tab before you dig in and saying, “yeah, yeah, yeah…” I hope that you’ll stop and consider why we need to reach millennial audiences…why it’s a big deal, what it means for our solvency, and why its so hard for some of our executive leaders to do.

Here are four things that all cultural organizations should know about millennial visitors and our efforts to engage them:

 

1) Millennials are the most frequent attendees to cultural organizations

 

Bet some of you didn’t see that coming! Check out this data from the National Awareness, Attitudes, and Usage Study that represents a sample population of more than 98,000 respondents. These particular data compare millennial and Baby Boomer visitors in terms of the composition of attendance to the 224 visitor-serving cultural organizations contemplated in the study during the past five years

IMPACTS- Millennial vs Boomer visitation 

Millennials make up the largest share of visitors to cultural organizations and the observed trend indicates growing percentages year over year. Millennials aren’t coming. Millennials are here and they are already the largest realized audience visiting cultural organizations. This means that the “We need to cultivate millennials while satisfying our current, baby boomer audience” sentence is baseless. And you want it to be baseless. If baby boomers still actually make up the majority of your visitors, then you’re behind. 

This means that programs and initiatives that engage millennials should be in full force right now and integrated into operations. Programs that engage millennials should be recognized as your new way of life. And, please, don’t worry too much about engaging, interactive, authentic, trustworthy, dynamic, participatory, expert, real-time programs alienating members of Generation X and some Baby Boomers. The market at large increasingly has these things ingrained into how they evaluate brands and organizations as well.

Don’t forget that the “white space” here isn’t simply Generation X. It also includes Traditionalists (the generation before the Baby Boomers) and Generation Z (the generation after Generation X). And thank goodness that millennials are the most frequent visitors to cultural organizations! Millennials represent the largest generation in human history, so if they weren’t attending organizations more than their other, large-generation (Baby Boomer) buddies, it would be a huge problem. Cultural organizations as a whole engaging anything smaller than the data-informed expectation for audience engagement relative to their cohort size is very bad news…

 

2) But millennials remain underserved as organizations underperform the business opportunity 

 

…See, but that’s the problem: Millennials ARE NOT attending at the minimum expected levels. To evaluate this, we need to step back and look at visitation to our organizations in the context of the US population. In 2015, there were 322 million people in the United States. Adult baby boomers made up 23.6% of the U.S. population and adult millennials made up 27.1% of the U.S. population.

IMPACTS- Millennials are underserved

According to the National Awareness, Attitudes, and Usage Study, only 21.9% of adult millennials visited a cultural organization in 2015. To be merely representative, 27.1% of visitation should be adult millennials. The simple fact of the matter is that cultural organizations are underserving millennials when compared to the U.S. population. (“Underserved” means that participation – be it attendance, enrollment, etc. is less than the representative population.) In other words, cultural organizations are underserving millennial audiences by a factor of 19%.

To those of you thinking, “Yeah! But at least we’re getting them!” …I like you, because you are a glass-is-half-full person…but maybe it’s time to strap on your thinking cap a little tighter. Serving representative audiences is one of the top grantmaking considerations for many audience engagement initiatives that are seeking support. Not only that, underperforming the opportunity by 19% with this particular audience puts us in a doubly bad place because of this generation’s attributes and its word-of-mouth-informed visitation cycles.

 

3) Millennials are the most loyal audiences with the highest lifetime value

 

According to the National Awareness, Attitudes, and Usage Study, 23.8% of boomers said they visited a cultural organization (any cultural organization) in 2015. But Boomers only comprise 22.5% of cultural attendance. Meanwhile, only 21.9% of adult millennials visited a cultural organization, but they comprise 30.9% of total US cultural visitation. What does this mean? Millenials are far more likely to revisit within the year than other generations. They are the most loyal. It proves that millennial “intent to visit” is manifesting itself as actual visits.

IMPACTS- Millennial visitation loyalty

Combine this good news data with the bad news data on how much we are underserving millennial audiences, though, and the picture isn’t a pretty one: For every one millennial that we fail to engage as a sector, we miss out on 1.411 visits to cultural organizations.

If 30% of cultural visitors are millennials, are 30% of organizations’ resources allocated to engaging them? Probably not. We should be representatively engaging this audience because, well, that makes cut-and-dry business sense. Our missions may depend on it.

This is a big deal! Any organization that continues to underserve its best, most frequent, and most loyal customers – that also make up the majority of the country’s population – in the way that cultural organizations are doing risks going out of business. 

 

4) Why this change may be understandably hard for Baby Boomers in cultural organizations

 

Boomers know better than anyone that not all audiences are created equal. They know that because they’ve been by far the most valuable audience for a very long time.

Why is it so hard for Baby Boomers to grasp the necessity of engaging millennials and do more than talk about this audience in conference rooms? Why do they say, “We need to engage millennials,” only to move forward with frozen mindsets?

I’m no psychologist here and I may be going out on a limb, but I work predominantly with Baby Boomers that I have the honor of seeing in action every day, so I’ll give this an outsider shot: Baby Boomers may still think of themselves as primary target audiences (despite data indicating otherwise) because they were trained to think of themselves that way. They’ve have been the apple of every marketer’s eye for decades. For at least 25 years, the Baby Boomers that succeeded most were the ones who were best at marketing and creating programs for themselves. They were trained to successfully engage themselves and they were rewarded for successfully engaging themselves. Most boomers were appropriately predisposed and actively incentivized to reaffirm their generation’s own importance. Thus, it would make sense that there would be a want for boomers to keep doing what they do best: creating programs for themselves. That’s where they’re expert- and being expert at targeting Baby Boomers is why they are successful.

Basically, this same issue is likely to arise with us millennials if a large generation steps up to the plate in our own future. (And when it does, will one of you kindly forward this post to me from your 4D interactive teleportation wrist watch thingy to remind me that I knew it would be equally difficult for us to pass the baton?)

And things get even more difficult yet for Boomers. They may have imagined that they’d pass the baton in more conventional, chronologically successive terms to Generation X. Instead, they need to make a symbolically bigger leap and pass it (largely) to Millennials. It’s got to be hard to (kind of) skip a generation. Certainly, there’d be a conceptual belief that Traditionalists might pass an equal amount of influence to Boomers, who might pass an equal amount of influence to Generation X, who might pass an equal amount of influence to Generation Y…but data doesn’t demonstrate that that’s a smart move.

(Generation X, the always-impossibly-cool-in-my-mind, autonomous, and unlucky generation sandwiched between large and needy millennials and baby boomers, is roughly half the size of Generation Y. So if Generation X and Generation Y combined to form Generation XY, millennials would compose nearly 2/3 of that generation. This is also makes Generation X an often untapped resource to help bridge the generation gap because they seem to see all the crazy that’s above them and that’s below them with clarity in some cases. But I digress…)

 

 

All organizations have finite resources. In today’s world of hyper-targeting, every dollar we spend chasing one demographic is a dollar that we cannot spend chasing another demographic. The data is clear that cultural organizations are underserving millennial audiences. On top of that, millennials are our audiences with the greatest likelihood of re-visitation. Now, I don’t know if we’re the best audiences for post-it notes or patio furniture or tea pots – but millennials (which obviously include the 44.2% of us that are from “minority race” backgrounds) are definitely the most critical audience for cultural organizations to engage right now.

This does NOT mean that Baby Boomers and Generation X are not important targets. But it does mean that the percentage of energy, effort, and investment should be allocated representatively to the percentage of each age cohort’s market potential. Three factors should influence how your organization prioritizes its investments and dedicates its energy: 1) the size of the cohort; 2) the buying power of cohort; and 3) the cohort’s propensities to participate. Millennials represent the largest opportunity on all three fronts and, thus, create a compelling case for where to allocate representatively significant investments of resources.

I’ll end where I promised, but I hope that the sentence carries more meaning and understanding than it did at your last staff meeting: We need to get better at engaging millennials.

 

Like this post? Here are a few related posts from Know Your Own Bone that you might also enjoy:

 

Interested in getting blog posts, tips, and some silly social media geekery periodically delivered in your Facebook newsfeed? Like my Facebook page. Or for more regular sharing of nonprofit marketing information, follow me on Twitter

Posted on by Colleen Dilenschneider in Community Engagement, Financial Solvency, IMPACTS Data, Millennials, Myth Busting, Nonprofit Marketing, Sector Evolution, Trends Leave a comment

The Membership Benefits That Millennials Want From Cultural Organizations (DATA)

Don’t have many millennial members? Maybe you aren’t offering a membership program that millennials actually want.

If millennials (folks born between 1980 and 2000) are the largest generation in human history, why don’t they make up a vast majority of members for cultural organizations? Today’s Know Your Own Bone – Fast Facts video dives into research about the kinds of membership benefits that this generation actually wants.

If you think that millennials just don’t want to be members to cultural organizations, then think again. IMPACTS data reveal that millennials report more interest in joining many cultural organizations as members than do their Generation X and Baby Boomer predecessors. Here’s the data (regarding zoos, aquariums, and museums in this case) courtesy of the National Awareness, Attitudes and Usage Study:

IMPACTS data- Membership interest by age cohort 2015

 

And it’s not just a “this year” thing. Interest in membership among millennials is actually on the rise. Notably, interest in memberships among Baby Boomers is on the decline.

 

IMPACTS generational membership interest multi-year

 

In terms of potentially engaging millennials as members, this is great news! But the findings would be even more promising if more organizations knew what it is that millennials want from a membership to a cultural organization. We looked into this question on behalf of a large (annual visitation >1million people) aquarium client with a conservation mission. We found that what millennials want from a membership is a tad different than what older generations want. Take a look:

 

IMPACTS data- Primary benefits of membership

Notice that, with the exception of free admission, the primary benefits of membership according to millennials are less transaction-based than are the responses from their preceding generations. Millennials care about “belonging,” “supporting,” and “impact.”

This information should inform how cultural organizations go about creating and marketing membership programs to these audience members. If we keep focusing on the benefits that millennials don’t actually value – and miss opportunities to highlight our mission impact – then it may be difficult to create long-term relationships with these young supporters. These responses from millennials may not come as a surprise. After all, in today’s world, your mission matters – and carrying out that mission is critical for an organization’s solvency. 

Want to attract millennial members? Make sure that you have the types of memberships that millennials value.

 

Like this video? You can check out more on my YouTube channel. Here are a few Fast Fact post that you might also enjoy:

 

Interested in getting blog posts, tips, and some silly social media geekery periodically delivered in your Facebook newsfeed? Like my Facebook page. Or for more regular sharing of updates and information, follow me on Twitter

Posted on by Colleen Dilenschneider in Community Engagement, Fast Facts Video, IMPACTS Data, Millennials, Myth Busting, Nonprofit Marketing, Sector Evolution, Trends Leave a comment

Why Millennials May Be The Most Valuable Generation for Cultural Nonprofits (DATA)

Data Show That Millennial Visitors May be Most Valuable Visitors for Cultural Organizations (DATA) {Know Your Own Bone}

The sheer size of the millennial generation makes them a critical target audience, but data suggest that millennial visitors may actually be the best visitors. Here’s why.

Millennials are the largest generation in human history. We know that they are a critical audience to engage now in order for cultural organizations to exist later. And, quite frankly, you’re probably tired of hearing about this public-service motivated, connected, social, educated, super-duper-special, hierarchy-hating, everyone-is-an-MVP bunch. (Heck, I’m a true-blue millennial and I’m right there with you!) However, all this talk about the need to engage millennials seems to still be met with an eye-roll and a “Here are even more things that we need to do for them” attitude from too many executive leaders. It seems that the size of this generation is the primary reason driving the need to engage millennials for many…and that’s an important reason. But it’s even close to the whole story.

Let’s change this attitude. Let’s do it with data.

Data suggest that millennial visitors are an organization’s most loyal – and they do much more loyalty-driving work for organizations than older audiences. When it comes to engaging millennials, a little is a lot more likely to go a long way. (But…that doesn’t justify organizations doing a little.) This generation is most likely to work for you. Overall, millennials are arguably a cultural organization’s most valuable visitors.

High-propensity visitors (HPVs, in my world (hold judgement on the acronym)) are people who possess the demographic, psychographic, and behavioral attributes that indicate an increased likelihood to visit cultural organizations such as museums, aquariums, gardens, performing arts organizations, historic sites, science centers, zoos, etc. These are the people who actually go to cultural organizations and data can bring to light what these folks have in common. Interesting findings arise when we take a look at millennial high-propensity visitors compared to non-millennial high-propensity visitors. Here are three, data-informed millennial visitor qualities that work to an organization’s terrific advantage compared to more traditional audiences:

High-propensity visitor indicators by age

(A quick note on the data: It comes from IMPACTS and the National Awareness, Attitudes and Usage Study of Visitor-Serving Organizations, first published in 2011 and updated annually thereafter. Since its initial publication, the study has tracked the opinions, perceptions, and behaviors of a sample population totaling 98,000 US adults, and is believed to be the largest and most comprehensive study of its kind.)

1) Millennial visitors are most likely to come back sooner.

Millennial high-propensity visitors have a shorter re-visitation cycle than even other generations of high-propensity visitors. In fact, millennial high-propensity visitors are 30.9% more likely to revisit an organization within one year than high-propensity visitors aged 55 or older. That’s a big difference. Moreover – and to the possible surprise of many – millennial HPVs are 20.5% more likely to join as a member than HPVs aged 55 and older. (Though those age 35-54 still take the cake when it comes to likelihood to become a members.) Millennials are an organization’s most loyal high-propensity visitors when it comes to driving repeat visitation. Capture us, and the data suggest we are most likely to come back – and relatively quickly!

 

2) Millennial visitors are more likely to spread positive word of mouth about cultural organizations to drive visitation.

As a reminder (that I provide on KYOB constantly): Data suggest that reputation is a key driver of visitation, and what other people say about your organization is 12.85x more important in driving your reputation than advertising. So what people say about your organization to one another is really important in getting people in the door. We millennial HPVs shine here compared to other HPV generations, and are 18.1% more likely to recommend experiences to a friend than those aged 35-54 and 20.5% more likely than HPVs aged 55 and older. Show us an organization that we like, and we are significantly more likely than older generations to endorse that organization to other people. Millennial high-propensity visitors are more likely than any other generational cohort to provide your organization with what data indicate is the single most valuable form of marketing.

 

3) Millennial visitors reach more people.

Why does being most likely to recommend a cultural experience to a friend particularly matter? Because millennial high-propensity visitors are crazy “super-connected.” This means that we are empowered to recommend experiences with a collective reach that’s like “traditional media” on steroids. “Super-connected” means that these folks are most likely to have access to – and be engaged with – the web at home, at work, and/or on mobiles devices. Admittedly, this can be an incredible asset or detriment to organizations based upon whether or not an individual had a positive or negative experience, but, provided that your organization is doing it’s best on the “satisfying experience” front, positive experiences can go a very long way.

We’re also much more likely than other HPV generations to make purchases online, further underscoring that if your audiences aren’t buying tickets online, it may have to do with your own organization’s online ticket buying strategy. As the world becomes more digital, more folks are making purchases online. Millennials are more than twice as likely to have made a large purchase online within the last year than folks aged 55 or older.

 

4) Millennials likely have the highest lifetime value.

This generation’s size and lifetime customer value suggest that organizations that successfully engage millennials stand to reap a big reward. Millennials are the youngest of the three generations (i.e. Millennials, Generation X, and Baby Boomers) currently visiting cultural organizations – meaning that millennials have the longest expected lifetimes to contribute value as customers. In addition, the large size of this demographic (nearly twice that of Generation X) compounds the composite lifetime value of engaging this audience.

Note that high-propensity millennial visitors are more educated than their generational predecessors. This is important to understand, because often when organizations say, “Let’s target millennials!” they mean ALL millennials. That’s not always a bad move. But, the reality is that millennials who currently profile as being likely to visit cultural organizations are a subset of the population just as high-propensity visitors from other generations are a subset of the population. Not everyone on the planet thinks, “Hey, I’ll do that!” when someone suggests visiting a cultural organization. For various reasons (e.g. free time, access to transportation, cultural background, income, etc.), that’s just not the case with some people. A goal of efficiently engaging millennial audiences is to tap into high-propensity visitors – those persons most inclined to visit in the first place (i.e. “the path of least resistance”).

Heads-up: We also aren’t watching a lot of live TV. Those aged 55 and older are nearly 60% more likely to be watching more than 10 hours of weekly live TV than we millennials. So if you’re appearing on a morning news show, we’re less likely to be tuning in. It may be beneficial to record that segment and put it somewhere where we can see it later if millennial viewership is a particular goal

.

Compared to other generations, millennial high-propensity visitors are more likely to visit more often. They are also super-connected and more likely to spread an organization’s message, providing incredibly valuable word of mouth endorsement. All things being equal, millennial audiences may well be a cultural organization’s most valuable visitors.

Let’s stop rolling our eyes and get psyched about engaging these cheerleaders! (Too much enthusiasm? I’ll it step back.) Here: Let’s change how we frame the conversation. Instead of groaning about the “otherness” of millennials, let’s embrace this opportunity to engage a new cohort of folks who will visit us again and again, tell their friends, and – if we do our jobs right – will be around loving us for a long time.

 

Like this post? Here are a few related posts from Know Your Own Bone that you might also enjoy:

 

Interested in getting blog posts, tips, and some silly social media geekery periodically delivered in your Facebook newsfeed? Like my Facebook page (or ). Or for more regular sharing of nonprofit marketing information, follow me on Twitter

Posted on by Colleen Dilenschneider in Community Engagement, Financial Solvency, IMPACTS Data, Millennials, Myth Busting, Nonprofit Marketing, Sector Evolution, Trends 1 Comment

Five Things I Have Learned As A Millennial Working With Baby Boomers

Dilbert mobile

I am a millennial and I work almost exclusively with baby boomers. My responsibilities require collaboration with many CEOs and CMOs – high-achieving folks who, as you may imagine, are overwhelmingly high-expectation, climbed-the-ladder Baby Boomers with a well-developed sense of workplace professionalism and appropriateness.

Members of Generation Y operate very differently than baby boomers. Basically, the worlds in which both demographics grew up are vastly different. While boomers generally evidence terrific loyalty to their employers, millennials tend to switch jobs frequently. While paycheck size is a significant (and understandable) professional motivator for many boomers, generation Y has different workplace motivations. Perhaps most notable of all, millennials are the first generation of digital natives – and real-time transparency, connectivity, and technical advances have fundamentally altered how generation Y relates to brands, their employers, and even each other. Because of these differences, there is no shortage of articles, memes, and silly videos that touch upon the frustrating differences that occasionally make it difficult for millennials and boomers to get along in the workplace.

While conceding a bit of a struggle at first, I’ve picked up some incredibly valuable lessons as a millennial whose professional success depends upon straddling both the “digital native” (and often perceptually entitled) world of generation Y and the hierarchical (and often perceptually outdated) world of baby boomers.  Here are my five most valuable lessons that I’ve learned as a millennial “change agent” at work in the land of Baby Boomers:

 

1) The more things change, the more they stay the same

(Baby Boomer lessons are always relevant)

This may sound stupid at first. Of course baby boomers have valuable words of wisdom thanks to years (more than us, to be sure!) of workplace experience – but I mean this on a deeper level. A big part of the disconnect between millennials and baby boomers seems borne of the fact that millennials are generally boomers’ children. Due to age dynamics alone, there seems to exist a perception that either generation – whichever one you are NOT in – is out of touch with reality and/or somehow less informed.

Over client dinners, hard conversations about organizational change, and informal chats with executive leaders, I have learned to deeply understand that lessons relayed from baby boomers about their careers and even personal lives are always (always, always) relevant. In fact, they are gold and generally must be married to any “New Age” ideas in order to achieve success. Maybe this is the millennial in me (we value mentors), but if you listen to the underlying message and focus less on matters of style, you will be hard-pressed not to find a lesson or takeaway that doesn’t apply to your profession today.

An example: I’m not saying that print media is making a comeback anytime soon (a point that is still difficult to communicate during an allocation of resources conversation), but the want to be represented on credible, trusted media outlets (as print has been traditionally perceived due to its diligent review processes) is still a relevant communications objective.  In today’s Digital Age, the market places similar trust in peer review sites such as TripAdvisor and Yelp.  The medium may change, but the strategy remains the same: The market places great value in testimony from trusted resources.

Instead of rolling my eyes (in my head, of course!) and thinking, “Does this person really think that an article in this print-only magazine is going to be a game-changer for the organization?” I now understand the takeaway is that the organization would benefit from a visible, credible endorsement…regardless of the communication channel. And, in turn, part of my responsibility to the organization is to demonstrate the efficacy of other platforms – web, social media, peer reviews, etc. – to achieve the organization’s objectives.

 

2) A little respect goes a long way

(How you say something can be more important than what you say)

I am guilty of misunderstanding this. In fact, I am so guilty of acting upon some of the more cliché characteristics of my generation that this “lesson” is one that I’m still working to perfect (even having experienced the benefits when I get it right)! My generation often walks right up to the CEO when there’s something that we’d like to communicate – and I observe this happening with millennials in nearly every organization with which I work. This “ambush” reliably seems to stun the CEO who has lived his/her professional life honoring a very specific hierarchy.

Sample size of one here, but I don’t think that we do this at all to be disrespectful. On the contrary, this seems to happen when we are trying to express a concern or truly want to be helpful. Millennials get mocked a bit because on our youth soccer teams, everyone got the MVP trophy. We are all “friends” with bosses and parents on Facebook. We operate in horizontal – not vertical – structures…and we have been raised to believe that our viewpoints matter equally.

Here’s the lesson: It’s not always what you say to the CEO, but how and when you say it that is most important. Our millennial viewpoints don’t always matter to executive leaders. Actually, this is true in life: not everyone’s viewpoints are always the most important viewpoints to anyone other than the person talking. But, if I do have something to say, I find that it has an infinitely better chance of being heard if I abide by the established workplace protocol. Bursting into the CEO’s office and word vomiting generally doesn’t do justice to the passions of our thoughts. As a millennial, it is to my net benefit to respect the way that baby boomers function.  Abiding by a protocol is not compromising the integrity of our ideas – it is a smart tactic to ensure that our ideas gain the maximum traction in the eyes of leadership.  When it comes to the respect that millennials crave, well, you get what you give.

 

3) Education is important to boomers

(Even if the market is over-saturated with advanced degrees)

I could write a whole blog post about how interesting this is to me, and I write this as someone with some level of academic pedigree. Certainly, an educated millennial seems more likely to be respected by a baby boomer than a millennial with less educational experience. However, I have experienced this preference in several over-the-top, ridiculous circumstances.

Millennials are over-educated. The market is extremely over-saturated with advanced degrees, and MBAs in particular are a dime-a-dozen insofar as this achievement is increasingly common and may not be at all indicative of one’s professional capabilities. That said, I observe many baby boomers holding millennials to very high educational standards. This lesson is more of an understanding than anything else: advanced degrees matter to this generation (which may be why the children of this generation have so dang many of them). It’s difficult: Though those with professional degrees do generally earn more, data suggest that many advanced degrees are not worth their price tag. However, though it is likely that you won’t make your money back, many baby boomers really value this “checkmark.” The rationale behind this perhaps over-valuation is simple: Boomers  find a level of assurance in academic pedigree, and often rely on one’s academic credentials to defend their trust in your work or counsel.  (“They have a Super-Impressive-Sounding advanced degree from Fill-in-the-Blank-Good-School University, so surely they’re qualified!”)

If you have this card, play it…but also realize that this “card” may matter less to future generations – especially if/when “degree inflation” experiences its inevitable correction.

 

4) Achieving organizational change is MUCH harder than you think

(Watching Boomers adjust is more helpful than watching Gen Y)

Here’s why: Millennials have a reputation for being fast-paced, preferring nontraditional workplace structures, and being connected, entrepreneurial, and nimble. I’m not saying that it’s easy for us to manage change but – let’s be honest – we’ve been in the workplace for relatively little time, so altering our professional foundations may not be quite as big of a deal as someone with decades of experience. Changing a long established, diverse culture is something very different than building a startup of like-minded millennials. When it comes to leadership skill sets, I have learned that a builder builds. A change-maker, however, must rescue everyone from a burning building, let the whole thing burn down, and then rebuild the whole thing. (Yes, I love bad metaphors.)

I’m not saying that a baby boomer CEO of an established organization is innately more…anything…than a millennial CEO of a startup. What I am saying is that the leadership challenges that these positions face are very different…and I fear that my millennial colleagues and I often approach them as if they are the same.

By far and away the most valuable and informative professional (and even personal) learning moments that I have encountered involve observing baby boomers in leadership roles during times of tremendous change. Very many are moving – and they are doing it thoughtfully. For how much I hear my generation gripe about how “slow moving” and “unwilling to adapt to change” older generations may be, I challenge anyone to observe a baby boomer with decades of wisdom leading his or her entire organization into a new era to NOT truly admit, “Okay…Geez, this is rough.” (And then – in that form of admiration that we have reserved only for such leaders as Master Splinter or Mr. Miyagi – “I hope that one day I will be able to do this…”)

Thankfully, every time in my career that I’ve grown frustrated and thought, “Why is this change so hard?!” I’ve had the opportunity to observe a boomer gnawing away at details, serving as a charismatic leader, and just downright making it happen step-by-step and piece-by-piece.

 

5) We are much more the same than we are different.

It frequently occurs to me – especially when I am frustrated by a seeming hesitance to adapt to new ways of thinking – that we millennials may be faced with these same challenges down the road. Right now they feel so distant and incomprehensible. “The world turns and I know that.” I hope that 30 or 40 years down the road, we still know that – and that we embrace a new generation of leaders. By then, we, too, may be similarly at our wits’ end by the young whippersnappers infiltrating the workforce that we’ve dominated for the last half a century with new methods of communication and different motivations.

Mostly, I’ve learned this: Yield. Do I think we’re a special generation? Kind of, yes. (Really – what kind of millennial would I be if I said otherwise?!) But what I’ve learned most is that boomers are, too. (Yes, those same symbolic leaders of print media and ceremonial hierarchy.)  I don’t intend to preach, to lecture, or to appease. I simply intend to share my own lessons as a member of that first generation of digital natives that has (in this current moment)  shaken up how we do business, how we create change, and how we pursue dreams.

I’m proud to be a member of generation Y (most of the time), but I’m proud and grateful – and even downright lucky – to be able to work so closely with so many inspiring baby boomer leaders that serve as the lighthouses for millennials. My ships (our ships?) would be directionless without them.

…Did I mention that I have a thing for bad metaphors?

Is this a childhood legend or a boomer leading a nonprofit toward organizational change? I cannot tell anymore (but maybe if I get to be Leonardo, then I don't mind).

Is this a childhood legend or a boomer leading a nonprofit toward organizational change? I cannot tell anymore (but maybe if I get to be Leonardo, then I don’t mind the confusion).

Interested in getting blog posts, tips, and some silly social media geekery periodically delivered in your Facebook newsfeed? Like my Facebook page (or ) Or for more regular sharing of nonprofit marketing information, follow me on Twitter

 

Posted on by Colleen Dilenschneider in Millennials, Sector Evolution, Trends 6 Comments

The Millennials Are Here: 5 Facts Nonprofits and Businesses Need to Know

Ever since it became irrefutably clear that Generation Y (or Millennials, commonly defined as those born between roughly 1980 and late 1990s) would outnumber the vaunted baby boomer generation, nonprofits and for-profit businesses alike have been talking about the need to prepare their respective organizations for this massive population bubble. When data emerged that members of Gen Y might think and communicate differently than the generations that preceded them, organizations kept talking. “The millennials will be coming soon,” they said. Indeed, many less-prepared organizations are still saying it…

The fact is: The millennials aren’t coming.  They’re here now.  And the time has finally come when organizations will start to sink or swim based on how effectively they engage this demographic.

I am a Millennial. For better or worse, my colleagues at IMPACTS will quickly confess that I embody nearly all of the general characteristics that define my generation (I’m an over-educated, hierarchy-denying, collaborative, public service motivated, “super special,” connected, social media addicted, perhaps-a-bit-professionally-high-maintenance, optimistic, parent-loving, digital native). Despite all this, I seem to have slipped into a rare space: I’m a member of Gen Y who works almost exclusively with the baby boomer leadership of multiple organizations. In this way, I like to think of myself as an ambassador for my species.

And I think it’s a strange place to be. Though it’s in me as well, I cringe when I see members of Gen Y break the chain of command and grab the CEO of a large organization in the hallway just to bowl him over with handfuls of underdeveloped ideas. By the same token, I feel uneasy when boomer leaders dismiss those same Gen Y “idea nuggets.” Or worse, when they imply that millennials “are just like my kids. And my kids don’t run my organization.”

Take it from a millennial: Gen Y can be insufferable at times. But, yes, they do and will run your organization.  It’s not necessarily because they are smarter, faster, better or wiser than other generations. It’s simply because they are bigger. Much bigger.

Here are five fast facts that nonprofit and business leaders must embrace in order to effectively manage, market and operate their organizations:

 

1) Millennials represent the single largest generation in human history.

Until Gen Y came along, baby boomers represented the largest generational demographic in the United States. However, millennials aren’t nicknamed the “Echo Boomers” for nothing. At nearly 90 million strong, millennials have baby boomers outnumbered by an estimated 20 million people. As boomers age, the divide will continue to grow. This statistic alone should be more than enough to make executive leaders pause to consider the future of their organizations, but there’s more to this quick fact that should inform organizational development and a marketing or PR strategy: Millennials are not only the largest, but also the most educated, underemployed, optimistic, plugged-in, nonreligious, and democratic generation in human history. These characteristics will meld to affect how your organization engages constituents, donors, and customers.

 

2) Millennials are the first-ever generation that will run America for at least 40 years straight.

Millennials who have children are not having as many of them as their baby boomer parents. Moreover, Gen X (which is only roughly half the size of Gen Y) has neither the volume nor is actively having enough children to indicate the coming of another large generation. Simply put, America’s birth-over-death rate is not increasing. What this means is that – unlike the position of the baby boomers who had more children and at a younger age – millennials will remain the largest generational demographic in the United States for a much longer period of time than the baby boomers. Due to their size and the current birth-over-death rate, IMPACTS data indicates that Gen Y will remain the largest generation in existence for the next 40 years (at minimum).

This is significant information from the standpoint of an executive leader. Nonprofit organizations and businesses may be tempted to invest resources in cultivating members of other generations (or even in learning the values of Generation Z as they come of age) – and this may be a good idea at times – but no generation within the next four decades will have the size and potential buying power to influence your organization more than Gen Y.

 

3) There are more millennials in the U.S. than any other age group.

Though many organizations still prefer to consider millennials to be a demographic that will “someday” affect them, millennials already make up the largest living population cohort in the United States. If you want to generally aim marketing efforts to engage only one demographic, Gen Y has the most targets. Moreover, the youngest of this age group are forming personal consumer habits as individuals. The oldest of this generation are having children and shaping the consumer behaviors of their families. In other words, right now is a good time to pay attention to these folks.

 

4) Millennials will have the largest buying power in the U.S. by 2017.

Millennials are predicted to surpass baby boomers in buying power by 2017. If your organization is not already strong in the habit of marketing to millennials, you may be operating at a loss until this new way of thinking becomes ingrained in your strategy.

While knowing that Gen Y will reign supreme in buying power by 2017 is critical, organizations may also benefit to pause and consider that, right now, millennials are a very close second to baby boomers in current buying power. Organizations often get misled and mistakenly focus their engagement efforts on the “next generation” of buying power in purely chronological terms (i.e. Generation X). But because Gen Y is twice the size of Gen X, its sheer numbers dwarf the market potential of its nearest elders. When considering your organization’s programs and audiences with regard to resource allocation, this may be important to keep in mind right now.

 

5) After the 2012 election, millennials will largely determine the outcomes of the following six presidential elections and the public policy priorities that will affect your organization.

If you’re not a millennial, the 2012 presidential election will be an important one for you – whether you realize it or not.  Again, due to Gen Y’s size and the ever-dwindling numbers of traditionalists and boomers, millennials will largely determine the outcomes of the following six presidential elections. Will all other generations still have an equal vote? Of course. But because they make up the largest generational demographic within the population by such a large measure, the outcomes will be determined by millennials. Or rather, it will become impossible for a candidate to win an election without appealing to millennial values.

Think about that for a moment: If you’re operating an aquarium or a zoo, might evolving generational sentiments concerning captive animals pose an existential threat to your current business should new legislation restrict the capture and/or breeding of certain species?  How would a significant overhaul of the tax code – one that dramatically limits or eliminates the tax-related benefits of charitable contributions – impact your organization’s business model?  For an already platform agnostic generation used to consuming content on their iPads, how would the deregulation of broadcast airwaves and bandwidth affect the viability of a live audience-supported performing arts venue?  Yes – Millennials will elect Presidents…but, perhaps more importantly, they will set the legislative agendas and public policies for the next many decades.

 

Many folks – millennials included – may find these facts terrifying, but they are true and inevitable. Though how we react to them is up to us, one thing is for sure: organizations that do not work to appeal to and engage with millennials may have a difficult time not only remaining relevant, but, indeed, surviving. Your more traditional consumers just won’t be calling all the shots anymore.

In fact, they already aren’t.

 

Like these posts? Get more information about millennials and nonprofit marketing by liking my Facebook page or follwoing me on Twitter.

Posted on by Colleen Dilenschneider in Community Engagement, Millennials, Nonprofit Marketing, Sector Evolution, Trends 3 Comments