Tag Archives: Marketing

Maximizing Millennial engagement

Statistically the Millennial/Gen Y’s are the most diverse and the most socially aware generation yet.  If you sell a product or employee more than a few people, you need to have a strategy on how to communicate and engage this growing population.  Doing this correctly will amplify your message, value and ability to generate revenue significantly.

In 2014, 36% of the workforce was comprised of Millennial’s (born 1976-2001) and by 2020 46% of the workforce will be.  A majority of these 80 million adults are in the workforce today.  Of them 64% are reported to ask about social policies of a company during interviews and 24% indicate it as a key factor when accepting a job.

Businesses who adapt messaging, management practices and policy the earliest may win the loyalty of this critical group.  Loyalty translates into engagement and retention, and is a great motivator.  In my personal experience, this is the most savvy and hardest working generation that I have managed.  In my 25 years of management I have managed boomers, Gen X, Y /Millenials and each clearly have different values and goals.  Building a program around a workforce’s values and goals so they feel as though they are contributing may be the best motivator.  Read a case study

Synergy seldom happens through “old school” management. 

The common denominator for attracting this group as followers is through the corporate leadership strategy.  One thing needed is that a Millenial generally needs to feel comfortable that a company is adding to society in some way.  This is vital for recruiting and this workforce may be the most productive group to date, so some companies need to rethink the benefits they offer.  The Benefits program is where the money comes from for many companies that offer the types of programs that attract this workforce.  The trend to decrease company match in 401K’s by a point or two, decreasing vacation or sick days, even eliminating cafeterias in the building frees up finances to point towards newer benefits that are more valuable to this generations.  Benefits exist to attract workforce, they(benefits)are an added value to working for a particular company.

How to attract or engage this group? – Learn from Disney

Walt Disney was not exactly known for taking care of his employee’s.  Early strikes from artists nearly shut down his studio.  Yet, he taught us the key to managing the millennial population…….

In the mid to late 1980’s the restaurant industry saw how important it was to not only serve food quickly to their guests but they realized the value of creating an “experience” for there patrons.  Theme restaurants boomed and dominated the industry.  This started with Ground Round and TGI Frdays but was perfected by Applebee’s.  Applebee’s International grew to over 1400 restaurants worldwide in record time and they did it by creating an “experience” the diner was comfortable with.  When the kids say “lets go to Applebee’s”, parents generally didn’t argue.  This was all inspired by the “experience” the guest received when going to a Disney theme park.  Roy Disney understood the importance of creating an escape and what a lasting impression it made.  If you focus efforts on executing the “experience”, loyalty will follow.

After Lloyd Hill popularized the “customer experience” motif with Applebee’s, the Healthcare industry was next.  To this day most hospitals place a great emphasis on the “Patient Experience”.  There have been departments created around tracking it with surveys, hour upon hour of staff training, and the bed side visit has been completely re-scripted, and it has all worked!  Studies show that hospitals that create the best overall “experience” for the patient have less open beds than those that don’t and they have a greater number of Outpatient procedures booked while also enjoying a much lower cancellation rate.  When the healthcare industry shifted it focus to the “experience” of their guests, it increased loyalty.

Many businesses need to start focusing on what I call the “Employee experience”  and go to lengths to include it as part of the culture.  Millenials grew up knowing this environment as the norm.  Everywhere they went someone was competing for them to have the best experience, so why should work be any different?  Focusing your company on the “employee experience” will increase engagement, productivity and satisfaction and isn’t that what you want?  One of the Core Values of Applebee’s was “Fun”.  That’s not only cool, I guarantee it works by building employee loyalty.

Whether you are looking to recruit or promote sales; here are                          5 tips to engage this group and start creating a successful         “Experience”
  1. Speak to a flexible workplace, environment and culture
  2. Demonstrate dedication to career growth through support, feedback and goal setting
  3. Boast a culture of collaboration
  4. Design opportunities to contribute to society both as individuals and as a corporate structure
  5. Competitive Compensation structure

 

Bonus – #3 is worth repeating, it is that important – Promote a climate of leadership and development, this group doesn’t respond well to being managed and micromanaged.

In my experience Millenial/Gen Y’s are attracted to a company for what I mentioned in the first part of this blog, and choose to leave because of one or more of the bottom 5 points.  Incorporate those points into your culture, manage this group by results and mentor them so they succeed and you will be as amazed as I at how this will help your company build loyalty and generate the revenue you were hoping for.

 

Carpe diem!

Conversations with a Consultant – Marketing

This area of the blog will be dedicated to the broad category simply called “Marketing”.

In them we will continually refer to internal and external marketing tactics and discuss best practices of both.  I will be addressing how to make sure both types of marketing are part of your business.  Help you determine how much of each you may need for your situation and show you how each are directly linked to your ability to generate revenue.

Internal marketing tactics are methods you may use to get your employees to behave a certain way.  So many agree that the employee is the greatest resource to a business, and few if any show you how to market your strategies and directions to your staff.  Sometimes the best marketing takes place when you are least aware of it.  I have been recognized and rewarded throughout my career for the accomplishments of my team.  This conversation will discuss how internal marketing increased my businesses ability to generate revenue. 

There are countless resources on the internet for external marketing.  There are “How to” templates, Social media companies, Networking groups, and everybody has a better way.  Few of them will even discuss Return On Investment with you.  If it is not measurable, how can you determine success?   This blog and my business are founded on assessing ways to generate revenue, so in this blogs I will always show you how the subject affects your profitability.

We will be speaking more about basic Marketing 101 than cutesy tactics that may or may not work.  Topics like Demographics, how to assess a Marketing Campaign, Budgeting for Marketing, Public Relations, and Sales & Public Speaking 101’s, will be directed to smaller business owners.  Topics like Exploring Channels, Segregation, Big Data, and Sales Force Management will be directed towards larger business.  Each of these topics differs greatly depending on the size of your business, the industry you are in, and your personal comfort zone.  All of these topics can be applied to all sizes of business and should all be part or the Marketing conversation.

The motif of this category is on the importance of Marketing to your business.  It is a key component to generating revenue and most troubled companies I have worked with think of marketing last or as “extra money”.  If I have enough, then I will spend it.  This seldom works well and where it does work, it will only provide limited results.   These conversations will help you question your own marketing and give you multiple ways to look for improvements.

C.S.Simons Consulting is not a Marketing Consulting company.  It is a Management and Business Strategy firm, we help you get the most from your business, but I do collaborate with multiple Marketing experts that I can recommend to help design what your business may need.  My job is to discover how well your marketing is working to generate revenue for your business.

 

Carpe diem!