Regular Posts Tagged ‘gen y’
21st Nov 2013 Posted in: YAYA Wire 11
Millennial Shopping:  It’s a Touchy, Feely Kind of World

By: Megan Krtek, Copy Editor

‘Tis the season to be jolly, and with Christmas fast approaching, Millennials will soon be shopping for their holiday gifts, but where and how they shop just might surprise you.

It’s no secret – Millennials are big shoppers, as 37 percent* go as far as declaring their love for it.  Pair this love for shopping with the $600 billion dollars spent each year by the 80 million American Millennials, and you’ll find some very happy business owners.  It’s also no secret that Millennials are connected and love technology, so you would think they would do their holiday shopping online, right?  Not exactly.

Don’t get me wrong.  Millennials are shopping online. Ninety-one percent* have purchased something online in the past year, and 45 percent spend an hour (or more) per day on retail-oriented sites.  In addition, online spending is expected grow as much as 11 percent this year, while retail stores only expect a 2 percent growth.  It’s clear that the popularity of online shopping is increasing among Millennials.

But don’t close up shop just yet, storeowners.  It turns out that (drumroll please) Millennials still prefer in-store shopping over online.  Almost two-thirds* of Millennials surveyed go to enclosed malls at least once a month. Seventy percent* of women and 50 percent of men consider shopping as a form of entertainment, and shopping centers are a hub for socializing.  This generation views shopping as a time they can share with family and friends, and only 35 percent* shop alone.

Millennials are also multichannel shoppers, meaning they view products online, but actually make the purchase in the store.  This generation grew up in the ‘Information Age’, so they are used to an unlimited source of reports and consumer opinions on the Internet, which they use to research a product before buying.

 

 

Touchy and feely is the name of the game with Millennials.  They purchase in stores because they want to physically interact with a product by picking it up, trying it on, etc., so it’s easy to see why stores still dominate when it comes to purchasing.  However, it’s important for storeowners to recognize the increasing popularity of online shopping and make the necessary changes to keep up with the digital world.

 

Here are four tips to combat the online shopping world:

 1.  Location

Location is a key factor in a store’s success with Millennials, and there are certain aspects that can increase the chances of them coming in rather than looking online.

Keep it local and Millennials will come.  They like stores that are within walking distance, and they are more likely to share their location to receive coupons from nearby businesses (56 percent).

Move to where the food is.  Millennials are serious foodies, and 46 percent* eat out at least once a week with family and friends.  A store surrounded by a number of well-established, popular restaurants increases the chance of Millennials stopping in to browse before or after a meal out.

2.  Redesign, including an incorporation of technology:

Millennials are visual people.  They are attracted to bright, pleasing aesthetics and get bored easily with the drab.  Websites adhere to this need for visuals, so malls and stores should too.

In order to keep Millennials coming, older enclosed malls, as well as stores, should be renovated, and newer ones need to make sure they are keeping up with the current trends.  This renovation* should come with:

  • An area for people to socialize in
  • Additionof restaurants and other food specialties
  • Incorporation of specialty businesses, like a movie theater or the amusement park in The Mall of America

 

Millennials’ lives revolve around technology, so in addition to these renovations, new technology should be incorporated into malls and stores.  Millennials are 216 percent more likely to be influenced by in-store touch screen devices, like tablets and laptops, as they have a big impact on their purchasing decisions.

 3.  Get digital with social media:

Millennials know how to find deals online.  They spend 17. 4 hours a week on social media, and over 50 percent of women (44 percent of men) in this generation use Facebook and Twitter to get updates on trends and upcoming sales.

Storeowners need to build a “true digital strategy” that maintains one single idea/conversation with a full integration of various social media platforms.  Create a Facebook fan page and accounts on Twitter, Instragram and Pinterest to successfully reach Millennials and keep them updated.

It’s important to note that Millennials are looking for an interactive conversation on social media sites, and they seek out information they want like consumer opinions. Storeowners need to be sure they monitor all the comments (negative and positive) out there.

For more tips, check out Tom Borneuf’s blog on how companies should use social media.

4.  Discounts:

Millennials enjoy a good sale, and discount department stores and warehouse clubs are their favorite places to shop.  Ninety percent* of Millennials visit these stores at least once a month.

A store needs to offer monthly sales and deals that are promoted on social media and that use the Internet to make them more personal and tailored to Millennials.  Online has the ability to offer this generation products based on their search history, so stores should use this tactic as well.

 

 *Launch PDF file.

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19th Nov 2013 Posted in: YAYA Wire 7
Making Music for Millennials

By Dawn Schillinger, Primary Researcher

Audio has always been important in advertisements.  A jingle can stay in the mind of consumers for years.  A song can stay in the iTunes forever.  Youth and young adults (YAYAs), or 18-25 year olds, have a special tie to music.  Millennials are the generation that grew up constantly adapting to new technology until they could carry any song around in their pocket. With all that sound growing up, these young adults are uncomfortable in the silence and seek to fill it with noise.

Here is where good marketing comes in.  The power good music has to fill the silence and capture YAYA attention should be harnessed in advertisements.  Not just short sound bites, but long form music that can draw their attention for longer.  Downloads of songs used in advertisements replay on laptops and iPhones, sticking in the YAYA mind for much longer than the spot.

As Russell Wallach pointed out, music can be a powerful tool in an ad.  Music is the content and media, carrying the message wherever it goes.  It can drive loyalty, whether this is from artist-loyal consumers turning to the product their favorite musician is supporting or from those users who like the music and play it over and over again.

People are social with their music, and they talk about new songs with friends in person and on social media.  With all this downloading, music can make data, giving marketers information on who is being influenced and downloading their music.  These insights allow for future campaigns to be more effective and maybe reveal previously unknown markets.

Some companies have music down.  The following three examples do a great job of using music drive the company’s message home, garnering enough attention that the songs might just find their way on to the next Millennial playlist.

 1. Metro Trains “Dumb Ways to Die”

This advertisement has shown up before in our Creative Advertisement article as a great demonstration of creativity.  Simply put, it’s catchy.  This song drew attention not just from Australia, where it was made, but also around the world.  With 64 million views on YouTube and its own app with over 72 thousand ratings, it’s obvious this advertisement successfully kept its song on the brain.

2. OREO “Wonderfilled”

OREO struck gold with this campaign, which quickly became a sensation.  Artists like Kacey Musgraves and Chiddy Bang made their own covers to appeal to different demographics, and rewritten versions like Bedtime, can be adapted for adorable Father’s Day sharing.  The song, featuring cute fairy tails and the addictive Owl City tunes, along with an easy free download from the website, made “Wonderfilled” a campaign that was shared over and over.

3. Chipotle “Scarecrow”

Sometimes, a marketer doesn’t need to reinvent the wheel.  Chipotle struck new ground with their “Scarecrow” advertisement.  With a powerful message and impressive visuals, the music had to match to really keep attention, so instead of creating entirely new audio, they revamped some old content.  Fiona Apple’s version of Pure Imagination, a song from a childhood classic – Willy Wonka and the Chocolate Factory, is the perfect haunting companion to this advertisement.  The music drives the emotion for the spot and is universal enough to be downloaded and replayed.  Every time someone hears the song from the ad, there is a reminder of Chipotle.

Take a lesson from these advertisements.  Make your music catchy and download-worthy. With a good song, there’s no limit to the reach of a new campaign.

 

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15th Nov 2013 Posted in: YAYA Wire 4
Quiz Time: Are You In Touch With Your Inner Millennial

By Jessica Duncan, Multimedia Developer

The Youth and Young Adult (YAYA) market is a diverse and difficult target to reach. We love our technology, we place an importance on expressing ourselves, and we can sometimes seem entitled.  How connected are you with the YAYA market?  Take this quiz to see just how similar you might be.

When answering these questions, please keep track of the answers you pick.  You will tally them at the end of the quiz.

 

 1. Be honest, how many times have you checked your phone in the past hour?

a. I haven’t even looked away from my phone in the past hour.

b. Just a couple times.

c. Sometimes I forget I even have a phone.

 

The Youth and Young Adult market is (surprise, surprise) extremely attached to their smart phones.  Eighty-nine percent of 18-24 year olds pick up their phone within the first 15 minutes of waking up, and 28 percent say they simply cannot live without their mobile devices. Read more about why you don’t want Millennials to drop the phone.

 

 

2. How many social networking profiles do you have?

a. I’m connected on every level.  Twitter, Instagram, Linkedin, you name it.

b. I’ve got a Facebook, but that’s about it.

c. I had a MySpace… once.

 

These 18-24 year olds are very connected, with 86 percent saying they have a social networking profile.  They have an average of 510 friends, which is the most among all age groups.  Read about how to use social media to your advantage with this group.

 3. Where do you get your news?

a. Online

b. Newspapers

c. Carrier Pidgeon

 

The YAYA market’s online presence is also represented in their news consumption. Fifty-one percent of young adults get the news online; however, a remarkable 68 percent have acted in some way on print newspaper advertising in the last month. This medium is not as terminally ill as we thought.

 

 4. How important is religion in your life?

a. I am not religious.

b. My family has always been very religious, and I practice most of the time.

c. I hold religion very dear to my heart.

 

The YAYA generation reports significant levels of movement from the religious affiliation of their childhood.  Most of them identify as religiously unaffiliated, that is, unless you count worshipping Joss Whedon’s, “The Avengers.”  Read about Millennials’ changing views of religion.

 

 5. Where do you prefer to shop?

a. Shopping from my phone is the only way to get my essential cooking utensils.

b. I like shopping in stores.  You can really get a feel for that Flip-n-Grip.

c. Who needs to see the Flip-n-Grip in person?  I’ll order it from the TV commercial and get the second free!

 

The YAYA generation accounts for $130 billion of sales through mobile devices annually.  Smartphone are an extremely effective way to reach 18-24 year olds.  Over 83 percent of college students say that social media is the best way to reach them with discounts, deals, and offers.

 

 6. Do you own a laptop, smart phone, or tablet?

a. I own all three!

b. I have at least a smart phone.

c. None of these.

 

Millennials are leading the charge with all three of these devices.  The Millennial rates of adoption are 84 percent for laptops, 77 percent for smart phones and 34 percent for tablets.  Having multiple devices to experience media is a specialty of the YAYA market.  To learn more about Dual Screening, and who is doing it right, click here.

 

 7. How do you feel about starting your own business on the side?

a. It’s something I’ve always wanted to do.

b. I already have my own business.

c. I’m not really interested in the idea.

 

The YAYA entrepreneurs are an optimistic bunch, as they are 120 percent more apt to venture into the business world without prior workplace experience.  Thirty-five percent* of employed Millennials have started their own business on the side.  Read more about Millennial entrepreneurs and why you should care about them.

 

Now tally up how many of each answer you got!

 

If A was your answer to most of these questions, you are the most connected with the YAYA market.  Young adults may be difficult targets to reach, but there are common grounds on which you can connect with us.

 

If you chose answer B most often, fear not!  You are on the same page as some Millennials, but you might be missing the majority.  If you would like to know how to better market to Millennials, read this article about 3 creative strategies you could use.

 

And if C was your most common answer, fear not!  You may be different from Millennials in your habits, but that doesn’t mean you can’t still understand us.  Read about Youth and Young Adult Insights here to learn more about what makes us tick.

 

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8th Nov 2013 Posted in: YAYA Wire 3
4 Strategies to Target Millennials During the Holidays

By Maggie Forsee, Webmaster

Last week was Millennial’s favorite holiday: Halloween. Now that it’s passed, how do you get Millennials to spend during the rest of the holiday season? Here’s some good news: compared to their elders, Millennials have the highest outlook in terms of holiday spending.  This is especially beneficial considering that overall fewer than one out of ten holiday shoppers plan to set aside more of their budget for gifts during the holidays. So with Black Friday and Cyber Monday quickly approaching, here are 4 brand image strategies that will help you capture Millennials’ buying power during the holiday season

1. Create An Experience

Millennials love spending money on Halloween because it’s entertaining and casual fun. Even though they’re not trick-or-treating, they’re still celebrating in their own way. Millennials want to spend on products that contribute to their entertainment or experience. If your product is not experiential in nature, ensure you are leveraging your social media and brand image to make it so. Unlike other generations, Millennials arelikely to research every purchase beforehand, even if it’s on their smart phone right in the store. Capitalize on this and make buying your product an enjoyable, memorable experience. Try taking a page out of the food truck book: they have most certainly found a way to profit off the social media + experiential factor.

See also: 5 Reasons Millennials Love Food Trucks

 2. Boost Their Ego

Even though they are always researching products, Millennials are sometimes impulse buyers.  Millennials are most likely to make this impulse buy in the name of pampering themselves. Despite having more debt and less money than their parents, Millennials will splurge on certain items, particularly those perceived as an affordable luxury. These items can prove to Millennials that they’re worth buying simply because they’re unlike anything else in the market. In other words, your product’s brand image means everything.  Buying your product should boost their ego, and reinforce they’re making the right decision because this product will surely make their life better and easier.

 3. Give Them A Bargain

One thing that’s universal: a good deal. We already know Millennials have less money than generations before them, so it’s no surprise that Millennials are also seeking a bargain. According to an Accenture survey, 55 percent of all respondents in all demographics agree that they look for “the cheapest return option.”  This holiday season make sure to entice your audience through special coupons and discounts – especially with interactive email campaigns and in-store promotions. Show them what they want, when and where they want it (at an affordable price, of course) and they’ll come to you.

  4. Make It Practical

During last year’s holiday season, Fuse reported that Millennials’ shopping priorities during the holidays were (in order):

  1. Practicality
  2. Price
  3. Quality

If you can, brand your product as the most practical. While many holiday shoppers opt for clothes or gift cards, marketing a product the right way could very well entice them to forgo the easy way out. Think everything practical: use practical marketing techniques over social media, give them practical access online and in-store, and out-smart your competitors as the most practical option. Your product positioning should make logical sense to Millennials.  If it does, you’ll see serious ROI.

While marketers, retailers, and consumers gear up for the holidays, what’s your plan for targeting Millennials? Having a specific brand image is vital. Share yours with us in the comments below or @YAYAconnect.

See also:

Black Friday Backlash

Cyber is the New Black: The millennial Shopping Holiday

 

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6th Nov 2013 Posted in: YAYA Wire 1
American YAYA Charitable Giving

By Shuli (Lizzie) Liu, Secondary Researcher

The Youth and Young Adult Market (YAYA) has some surprising habits and attitudes when it comes to charitable giving.  Check out the graphic below to discover how they get involved, what they’re concerned with, and the ways they give to charities.

 

Infographic-yaya giving behaviors

 

Interested by what you see?  Join us for our white paper presentation on the topic:

 

Date:  Wednesday, November 20th, 2013

 Time:  4:30 p.m.

 Location:  Smith Forum, Reynolds Journalism Institute, University of Missouri-Columbia

 Admission:  Free to the public

 

Is there a question you’d like us to address in our presentation?  Tweet it @yayaconnect or comment in the box below.

 

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1st Nov 2013 Posted in: YAYA Wire 3
The New YAYA: Meet Generation Z

By Faith Stonner, Audience Developer

Move over Millennials, there’s a new generation of Youth and Young Adults (YAYAs) on the rise. They’re about to enter college, they’ve never known a world without technology, and they’re more digitally dependent than Millennials.

Meet Generation Z.

Gen Z is composed mainly of teens and preteens born between 1994 and 2004.  Although Gen Z trails the Millennial generation closely, their interests, motivations and expectations are dramatically different.

Here are four key differences between Generation Z and Millennials:

1. John Wayne Independence

Gen Z is significantly more self-reliant and independent than the Millennial generation. They aren’t team players, and they see freedom in escaping the pressures of modern life. A study* about Generation Z conducted by North Carolina State University states, “This (Gen Z) behavior in the home will likely mirror their parents’ generation.  Generation X is often characterized as a generation highly prone to escapist consumption pursuits.” Ironically, this need for freedom may be related to parental restrictions and digital censorship.  Unlike Millennials – who are known for close relationships with their parents – Gen Z seeks independence* from authority figures.

Business Application:

Brands need to develop marketing campaigns that allow freedom through content creation.  Give Generation Z ownership by crowd sourcing ideas from them.

2. Need for Speed

Millennials love instant gratification.  Gen Z, on the other hand, needs instant gratification.  When it comes to digital devices, slow technology might as well be dead technology.  Gen Z-ers have never known a world without digital.  They’re absorbing information at an incredibly fast pace and because of this, they prefer digestible bite-sized pieces of information in all occasions.

Business Application:

Keep efficiency in mind.  Make sure your website is mobile-optimized because Gen Z won’t take the time to view it on another device.  When producing website content, use bulleted and numbered lists.

3. Go Niche or Go Home

Unlimited, instant access to web information has created the niche interest revolution among Gen Z-ers. According to an MTV research study, “84 percent (of 14 to 17 year-olds) say they love being an expert in things and 78 percent claim that someone they know would consider them an ‘expert’ in at least one thing.  Niche expertise is a new social currency.”  Generation Z is specializing in obscure hobbies.  They’re tastemakers who are want to stand out from the crowd, and while Millennials are building their resume with a wide array of experiences, Gen Z-ers is focused on unique skills and specialties that make them marketable.

Business Application:

Brands should focus on an exchange of relevant information with the consumer.  When engaging in dialogue with Gen Z, teach them something specific or build content that educates them about a skill or hobby.

4. Digital Latchkey Kids

Digital privacy is a primary concern of Generation Z.  Growing up with tech-saavy, protective parents has resulted in Gen Z’s movement towards web platforms that their parents aren’t on.  MTV Insights states, “They’re slimming down their social networks and finding niche/private places to share in a controlled environment, whether it’s Snapchat or a locked Instagram feed.”  Whatever the platform may be, privacy and hyper-filtration is key.

Gen Z has also turned its collective back on Facebook because of privacy concerns.  In an article posted on Mashable titled, “I’m 13 and None of My Friends Use Facebook,” a teen stated, “Now, when we are old enough to get Facebook, we don’t want it.  By the time we could have Facebooks, we were already obsessed with Instagram.  Facebook was just this thing all our parents seemed to have.”  Recently, Facebook changed its age restrictions in an effort to attract Gen Z, but it might be too little, too late.

Business Application:

Mobile applications and brand platforms need to offer customizable privacy settings.  Gen Z isn’t naive about what they post on the Internet, and they’re more conscious about their digital footprint than any previous generation.

What are your thoughts about Generation Z?  How will your business adapt to appeal to the new YAYA generation?  Let us know by commenting below or tweeting @yayaconnect.

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14th Nov 2012 Posted in: YAYA Wire 0
Cash-Strapped Millennials Find Creative Ways to Save Money

By Kyle Holt

 Rising tuition costs and economic turmoil have forced the Millennial generation to do more than switch to Ramen-only diets and coupon clipping in order to save money. While their parents were armed with coupons, college students, today, wield smartphones to help keep their heads above water. Technology has allowed Gen Yers access to a wealth of knowledge like never before, and Millennials are taking advantage of that knowledge in order to save cash. In fact, according to Launch PDF file.

, Milliennials are:

  • 46% more likely to use at-home beauty treatments to save money
  • 31% more likely to cook from scratch or with limited convenience foods to save money
  • 18% more likely to self-treat where possible to save on doctor visits

This can be attributed to the relationship between Millennials and technology. Easier access to tutorials and information are giving Millennials the skills necessary to complete, what used to be, moderately expensive tasks from their own home. College students aren’t just turning to the Internet for recipes and medical advice, but also using it to ease the financial burden of college itself.

By renting digital copies of their textbooks online, students are saving up to 80% off of retail prices from bookstores. Economic friction and bleak job outlooks are forcing Millennials to practice frugal spending behaviors in order to combat their economic circumstance. In fact, Millennials are exercising greater fiscal caution than the rest of the general population and previous generations. If history is an indication of the cost of living and the cost of higher education in America, college students will have to continue to use the tools at their disposal and a little old-fashioned ingenuity in order to live a life of financial independence.

 

 

 

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12th Nov 2012 Posted in: YAYA Wire 0
Greek Life Becomes Cash Cow for Marketers

By Ellen Brummer

Whether it’s football game promotions, brand ambassadorships or Spring Break sponsorships, marketers and advertisers are constantly trying to get their brands in front of college students. These methods are getting more and more creative by the year, and one new territory that is not being left untouched is the Greek life experience. The statistics regarding Greek society membership in American universities are impressive. Greek chapters are located at over 800 campuses across the United States, and approximately 2,900 chapters exist, with that number fluctuating daily. In addition, there are more than 10 million alumni members of Greek-letter societies. These campuses and chapters become hotbeds for marketers to push their products to young people.

In an attempt to align themselves with the Greek experience and Greek culture, many brands have begun releasing unique product lines or promotional campaigns directed towards Greek sorority members. For example, clothing retailer Lilly Pulitzer has dedicated an entire section of their product line towards the sorority experience, developing a slew of graphic patterns representing individual sororities. Products range from bangles and tote bags to wallets, iPhone cases, photo frames, makeup bags, scarves and tumblers. They have further integrated this product line by creating a Campus Representative Program in order to encourage women to spread the word about the products and score discounts as a result.

Also among the brands taking the dive into sorority product lines is shoe and handbag retailer Jack Rogers. The company specializes in lifestyle and resort wear, but has extended their brand to include “sorority color” sandals and college colors. The sandals come in a variety of color pairings with the option of adding additional monogramming and come in at a cool $110.

The trend towards marketing sorority life doesn’t end with clothing and shoe retailers. Herff Jones, a nationwide manufacturer of all things graduation has implemented an entire Greek Division. The company, which primarily provides soon-to-be college graduates with caps and gowns, diplomas, yearbooks, graduation announcements and other educational materials, has extended their reach. The Greek Division offers an array of Greek jewelry including pendants, charms, bracelets and necklaces inscribed with sorority letters.

Strong arguments exist for the benefits of marketing to Greek members. First of all, Greek culture allows for incredibly high word of mouth advertising. By living in close quarters and interacting daily with a set group of girls, Greek members have lots of opportunity to spread buzz and information about new products and services. Also, successful integration into Greek college culture allows brands to produce products that become status symbols or “must-have” items on college campuses. Greek trends often catch on to non-Greek students, so there is high opportunity for brands to grow and become major fixtures in the lives of university students. Can you think of any other ways marketers have infiltrated students’ social lives? How can your brand align itself with the Greek social system?

 

 

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1st Nov 2012 Posted in: YAYA Wire 0
Young Americans Meet Sandy on Social Media

This week, scores of Millennials turned to Facebook, Twitter and Instagram to get instant updates about Hurricane Sandy and reach out to family and friends on the East Coast. According to Bloomberg, these social networks became hubs for communications and photos surrounding the storm..

 Check out the original article here.

 Bloomberg News

Social-Media Users Flock to Facebook for Sandy Updates

By Brian Womack on October 30, 2012

Facebook Inc. (FB) and Twitter Inc. became conduits of information for people seeking help or solace as superstorm Sandy ravaged the U.S. East Coast, reinforcing social media’s importance in connecting people during a crisis.

On Facebook’s Talk Meter, which measures conversations on specific subjects, Sandy was the second-most popular U.S. topic for 2012, with only the Super Bowl driving more activity, according to the owner of the world’s largest social network. Some of the most-shared terms early today on Facebook were “we are OK,” “power” and “damage,” the company said.

Facebook, which has more than 1 billion users worldwide, and Twitter, with more than 140 million, usually see increased traffic around storms and major news events, including Hurricane Irene in 2011, the presidential debates and the London Olympics. The rise of social media is giving users more information and points of view than television news, where Americans have typically turned during such events, said Charlene Li, an analyst at Altimeter Group in San Mateo, California.

“It’s not only the immediacy, but also the depth and the breadth that social media is actually impacting,” Li said. “It is endless amounts of content. You just can’t get through it. It’s constantly refreshed.”

Instant Updates

Utilities and government officials turned to Twitter, a microblogging service that lets users post 140-character messages, to give updates as the storm progressed. They included New York Governor Andrew Cuomo, New York City Mayor Michael Bloomberg, New Jersey Governor Chris Christie and power company Consolidated Edison Inc. (ED) Twitter itself published a blog post listing storm-related resources, accounts and hashtags to follow for real-time information, and suggestions for using the site during an emergency.

This time the rush has moved beyond traditional social media, Li said. Instagram, a photo-sharing service that Facebook acquired earlier this year, has become a popular way to post images from the storm in the New York area, she said. The service, which lets friends easily share photos taken from mobile phones, has more than 100 million users, the company said earlier this month.

“This is very much an Instagram news event,” Li said. “Up to this point, Instagram has been about taking a picture and putting some sort of special effects around it. That’s not what this is.”

Online Tools

Other social-media applications, such as Google Inc. (GOOG)’s YouTube video site, have seen a jump in storm-related posts as well. Google has provided online tools for watching and tracking the storm.

Sandy left a trail of flooding, death and destruction along the East Coast before churning west across Pennsylvania today. The Associated Press reported 38 U.S. deaths related to the storm. New York Mayor Bloomberg, the founder and majority owner of Bloomberg News parent Bloomberg LP, said at least 10 people were dead in the city. Government offices and U.S. stock markets were shut for a second day amid damage that may total billions of dollars.

The storm left 8.11 million electricity customers without power in 17 states and the District of Columbia, from South Carolina to Maine and as far west as Michigan and Indiana, according to the U.S. Department of Energy, including 62 percent without power in New Jersey, and 31 percent in Connecticut.

To contact the reporter on this story: Brian Womack in San Francisco at bwomack1@bloomberg.net

To contact the editor responsible for this story: Tom Giles at tgiles5@bloomberg.net

Many Millennials turn to social media sites for information because it is updated more frequently and features more points of view than newspapers or broadcasts. Do you think that the social media networks were beneficial in circulating information relating to Hurricane Sandy?

 

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31st Oct 2012 Posted in: YAYA Wire 0
How to Raise a Millennial

YAYAConnection spends a lot of time studying Millennials in an attempt to offer unprecedented access into what makes a Millennial tick. Our hope is that your company can use our information to better meet the needs of Generation Y. Here is an article from Property Casualty 360 about Millennials and what they are looking for in businesses. Millennials can be a very lucrative and profitable market if approached correctly. Read on to find out how to do that.

6 Tips to Extract the Best Talents Millennials Offer

By Rachael Rizzi, MBA, CSRM, CISR

October 29, 2012

People often ask me how I gained so much knowledge in commercial insurance at such a young age, to which my answer is always that I was raised by the best. As the old adage goes, it takes a village to raise a child; it also takes a village to raise a professional.

A lot of buzz lately indicates that industries in all sectors of business are in a race to bridge the gap between soon to be retirees and up and coming talent. The shrewd among the pack realize that the key to this is raising strong Millennials (people born between 1980 and 2000) as successors.

One of the most cherished roles in my life is serving as an adviser to one of the sororities at UNLV. In this position I get to connect with some bright, talented, and incredibly driven people. Given this unique connection to these young minds coupled with my amazing experiences working with some amazing seasoned folks I have grown a propensity for serving as a translator between the two generations.

Thus, the concept for this article was born. Following are the best tips I can give for raising Millennial professionals in a way that meets their needs while extracting the best talent they have to offer.

Change YOUR Mindset

The current executives in control of the industry, baby boomers (people born from 1945 – 1965), typically provide overwhelming negative generalizations about Millennials with specific emphasis on a perceived lack of commitment and loyalty. Nothing could be further from the truth. Einstein defined insanity as doing the same thing over and over again and expecting different results. In this case Millennials aren’t broken, but rather the ideologies of older generations. It is through evolution of generations throughout history that progress is made. The same is still true. Doing things the way they worked for your generation is not the same way it works for Millennials. Stop trying to fit a square peg into a round hole.  Learn about and from them instead of trying to change them to fit the previously used pattern.

Quality Over Quantity

As the generation following the wrath of The Great Depression, Baby Boomers became ravenous in their appetite for everything–in particular amassing wealth. Working 50, 60, or even 80 hour work weeks became the norm as it afforded the ability to meet these goals. While Millennials enjoy the perks of money, they recognize the value of a balanced life and will gladly sacrifice riches and accolades for the type of fortune that money can’t buy–a happy work environment, vacation time, feeling that their work means something, or the ability to spend time with their family and friends.

Bring It On!

One of the biggest myths out there is that Millennials are not capable of being loyal and staying with a company. While I am confident that raw statistical data on average tenures would support this position it is not for the reasons you may think. Millennials thrive on challenge and the opportunity to contribute in a way with which they connect. In other words, they don’t want to be good at doing the same thing for the rest of their lives like their predecessors. They want to be challenged. This doesn’t mean that they have to change positions or even companies. On the contrary, Millennials will follow you into battle, guns blazing, for the duration of the war IF they are part of the challenge. Change their goals, charge them with finding a solution to a productivity issue, cross-train them in another department, or elicit their help in innovating in technology. Get creative and think outside of your box!

People often ask me how I gained so much knowledge in commercial insurance at such a young age, to which my answer is always that I was raised by the best. As the old adage goes, it takes a village to raise a child; it also takes a village to raise a professional.

A lot of buzz lately indicates that industries in all sectors of business are in a race to bridge the gap between soon to be retirees and up and coming talent. The shrewd among the pack realize that the key to this is raising strong Millennials (people born between 1980 and 2000) as successors.

One of the most cherished roles in my life is serving as an advisor to one of the sororities at UNLV. In this position I get to connect with some bright, talented, and incredibly driven people. Given this unique connection to these young minds coupled with my amazing experiences working with some amazing seasoned folks I have grown a propensity for serving as a translator between the two generations.

Thus, the concept for this article was born. Following are the best tips I can give for raising Millennial professionals in a way that meets their needs while extracting the best talent they have to offer.

Change YOUR Mindset

The current executives in control of the industry, baby boomers (people born from 1945 – 1965), typically provide overwhelming negative generalizations about Millennials with specific emphasis on a perceived lack of commitment and loyalty. Nothing could be further from the truth. Einstein defined insanity as doing the same thing over and over again and expecting different results. In this case Millennials aren’t broken, but rather the ideologies of older generations. It is through evolution of generations throughout history that progress is made. The same is still true. Doing things the way they worked for your generation is not the same way it works for Millennials. Stop trying to fit a square peg into a round hole.  Learn about and from them instead of trying to change them to fit the previously used pattern.

Quality Over Quantity

As the generation following the wrath of The Great Depression, Baby Boomers became ravenous in their appetite for everything–in particular amassing wealth. Working 50, 60, or even 80 hour work weeks became the norm as it afforded the ability to meet these goals. While Millennials enjoy the perks of money, they recognize the value of a balanced life and will gladly sacrifice riches and accolades for the type of fortune that money can’t buy–a happy work environment, vacation time, feeling that their work means something, or the ability to spend time with their family and friends.

Bring It On!

One of the biggest myths out there is that Millennials are not capable of being loyal and staying with a company. While I am confident that raw statistical data on average tenures would support this position it is not for the reasons you may think. Millennials thrive on challenge and the opportunity to contribute in a way with which they connect. In other words, they don’t want to be good at doing the same thing for the rest of their lives like their predecessors. They want to be challenged. This doesn’t mean that they have to change positions or even companies. On the contrary, Millennials will follow you into battle, guns blazing, for the duration of the war IF they are part of the challenge. Change their goals, charge them with finding a solution to a productivity issue, cross-train them in another department, or elicit their help in innovating in technology. Get creative and think outside of your box!

Embrace the Triple Bottom Line

In addition to a lack of connection to their personal responsibilities in a company, nothing will get a Millennial to jump ship faster than a company whose focus is primarily on profits. As a generation Millennials are very conscientious about the environment as well as the way people are treated. They will band together at the speed of light to boycott both products and employers whose gains are ill begotten through exploitation or any perceived wrongdoing. Companies who balance environmental and social responsibilities with fiscal ones have a much higher likelihood of keeping employees committed, as there is nothing Millennials love more than a cause (or in this case) a company to stand behind.

Mentor to Motivation

First, you have to be crystal clear on the fact that Millennials do not revere or respect those who have gotten their positions based on paying their dues. While they will respect those who are talented and have earned their stature, they pay respect in a different currency. For these young, talented workers respect should be given based on the merits of your work rather than entitlement. They will work hard, when they know that their work will be weighed as equally as others in their position.

Once you have this in mind, then it is necessary to mentor rather than simply train.  When they receive knowledge and wisdom rather than proficiencies and processes they flourish. On a very basic level you have to provide as much insight as to the philosophy and reasoning of a skill as you do to teaching the skill itself.  This seems like a “duh” kind of statement, but for many the reality of today’s busy world is that we teach to check a box, not why the box was created. The bottom line–they have to connect to their work and feel the purpose they are serving in their role.

Bend Like a Pretzel

This generation has grown up with the best of ever changing technology. They are adaptable and productive in ways that workers in other generations cannot fathom.  Unleash this productivity by providing the tools and autonomy they need to succeed.

The current confines of corporate America stifle Millennials–from the rigid 40 hour work week to the required daily appearance in a brick and mortar office. With their technological savvy, Millennials can often complete in 2 hours what may take workers in other generations 4 hours to do. Given this predisposed ability to reap results quickly and through alternative, more efficient means, Millennials crave the ability to direct their remaining time in a way that works for them–be it starting on another project or skipping out early for happy hour.

In short, Millennials are redefining the path to achieving the American dream to fit their ideals, just as the generations before them did and the generations after them will do.  Just like adapting to changes in technology, companies who do not change to meet the changing of the generational tide will fall by the wayside.

An interesting issue was brought up in this article in the second to last paragraph: “Millennials can often complete in 2 hours what may take workers in other generations 4 hours to do.” Much discussion has been generated about Millennials shying away from the stiff and typical 40-hour work week, which is even mentioned in this article. However, if they only need half the time, then does it really matter? All these questions will be ironed out as the business world changes, but for now, many people spend a lot of time eyeing the quirky ways of a Millennial. Do you see Millennials changing the workplace? Does this help you better target Millennials if you know what they look for in business?

 

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