The challenge of marketing to Millennials
Millennials, also known as Generation Y were born roughly between 1980 and 1995, and while various entities do not share a consensus on the years that start and end the generation, a consensus is forming around consumer behavior of millennials which many outside of the generation have a difficult time understanding, thus communicating with or marketing to this demographic can be complicated.
AGBeat has long written on the topic, offering the the ultimate guide to marketing to Millennials as well as reporting on studies like recent comScore data revealing that Millennials respond to creative ads best, and recently analyzed eMarketer data as to why Millennials trust strangers’ opinions online as highly as those of friends and family.
Bringing clarity to the emerging data is the Pew Internet & American Life Project which addresses the generation of digital natives that were “brought up from childhood with a continuous connection to each other and to information will be nimble, quick-acting multitaskers who count on the Internet as their external brain and who approach problems in a different way from their elders.”
The study unveils the effects of hyperconnectivity and a generation of people who are always “on,” and while most of the effects are positive between now and 2020, the experts predict the generation will “exhibit a thirst for instant gratification and quick fixes, a loss of patience, and a lack of deep-thinking ability due to what one referred to as ‘fast-twitch wiring.'”
On a personal note, as a Millennial, I can assert that the study rings true for much of my own behavior in that if I can’t find something on Google within seconds, I am irritated, and if I reach out to a brand and they say that all emails will be answered within five days, I move on in frustration. Some see the generation as spoiled, but Pew points out that it is more complicated than that and the root source of much of the rapid behavior is hyperconnectivity.
Brands seeking to target Millennials must understand the generation and why there is impatience, but on the same hand, must understand that the generation carries many positive attributes which experts cited in the study are hopeful about:
William Schrader, a consultant who founded PSINet in the 1980s, expressed unbridled hope. “A new page is being turned in human history, and while we sometimes worry and most of the time stand amazed at how fast (or how slowly) things have changed, the future is bright for our youth worldwide,” he wrote. “The youth of 2020 will enjoy cognitive ability far beyond our estimates today based not only on their ability to embrace ADHD as a tool but also by their ability to share immediately any information with colleagues/friends and/or family, selectively and rapidly.”
Schrader continued, “Technology by 2020 will enable the youth to ignore political limitations, including country borders, and especially ignore time and distance as an inhibitor to communications. There will be heads-up displays in automobiles, electronic executive assistants, and cloud-based services they can access worldwide simply by walking near a portal and engaging with the required method such as an encrypted proximity reader (surely it will not be a keyboard). With or without devices on them, they will communicate with ease, waxing philosophic and joking in the same sentence. I have already seen youths of today between 20 and 35 who show all of these abilities, all driven by and/or enabled by the internet and the services/technologies that are collectively tied to and by it.”
Perry Hewitt, director of digital communications and communications services at Harvard University, says this evolution is positive. “It seems easy to decry the attention span of the young and to mourn the attendant loss of long form content—who will watch Citizen Kane with rapt attention when your Android tells you Rosebud was a sled? On consideration, though, the internet has brought forward not only education, but thinking. While we still want to cultivate in youth the intellectual rigor to solve problems both quantitatively and qualitatively, we have gotten them out of the business of memorizing facts and rules, and into the business of applying those facts and rules to complex problems. In particular, I have hope for improved collaboration from these new differently ‘wired’ brains, for these teens and young adults are learning in online environments where working together and developing team skills allows them to advance.”
David Weinberger, senior researcher at Harvard University’s Berkman Center for Internet & Society, says values will evolve alongside the evolution in ways of thinking and knowing. “Whatever happens,” he wrote, “we won’t be able to come up with an impartial value judgment because the change in intellect will bring about a change in values as well.” Alex Halavais, an associate professor and internet researcher at Quinnipiac University, agreed. “We will think differently, and a large part of that will be as a result of being capable of exploiting a new communicative environment,” he noted.
The full Pew study:
Can you afford missing a paycheck? Finance tips for freelancers
(FINANCE) Freelancers who are not always promised a regular paycheck could benefit from staying on top of their finances. Here’s our tips!
Most Americans don’t have a regular savings account and could not handle a $1,000 emergency, let alone miss practically a month of pay. We all could benefit from some careful reflection about the precarious nature of our personal finances.
Particularly those of us who don’t receive a regular paycheck.
Entrepreneurs and those invested in the gig economy have volatile incomes, and literally no promise of a paycheck ever – that can impact your personal finances in a number of ways.
Variable incomes are normal for this group and can impact entrepreneurs in ways as simple as handling debt.
If this is you – here are a few things to keep in mind that can help you deal with the volatility of living on a variable income and handling your personal finances.
- Set up an emergency fund. Start with 500 if you have to, and remember this is an emergency fund for your personal expenses, not your business. If you have an emergency fund, make sure you identify what an emergency is and also be prepared to put money back when it comes out. If you have a hard time not spending money in front of you, put your money in a local bank or CU that you don’t have immediate access too.
- Stick to a budget. when you can’t forecast your income appropriately, controlling expenses is so critical it’s the few things that are in your control.
- Don’t mix business with personal. While you may be pouring your personal energy and time into your start-up or gig, be careful about mixing expenses for two reasons: First, it messes up your budget. You need to have separate budgets for personal and business. Second, there could be tax challenges – consult a tax professional for more information. Here’s a little primer to get you started.
- Save for retirement. There are tax benefits and come on, don’t wait till you can’t work anymore. Also, an IRA IS NOT AN EMERGENCY FUND.
- Practice good financial behaviors. Automate bill pay. Online statements. Digital receipt tracking. The more you can automate your life, the better you are. You already have so many demands on your time, reduce that so you can spend more time doing what you love and what matters.
- Consider diversifying your income. Either ensure you have multiple strings or a backup gig (even if it’s just uber driving) or be prepared to do temporary or contract labor during your slow seasons.
The path to entrepreneurship is rough. If the government can be unstable, those of you who work in the world of startups, gigs, and entrepreneurship, need to be even more on your toes. The “normal recommendation” for saving is 10% of your income, but normal may not be enough for you. Be prepared and save (more) of your paycheck.
Disclaimer: I am neither a tax nor investment professional. This is personal financial advice and I encourage you to visit a professional if you need more specific plans of action.
iOS 15 beta has blur nude photos opt-in, but its not without fault
(TECH NEWS) To protect children from explicit content, the most recent beta version of iOS 15 includes a feature that allows users to blur nude photos.
In a move to protect children from explicit content, the most recent beta version of iOS 15 includes a feature that allows users to blur nude photos received in the Messages app. Amid privacy concerns, the feature has yet to be released.
This iteration of the feature is distinct from the original one insofar as it will no longer alert a parent or guardian when nude photos are encountered. While this may seem like a controversial change, several experts pointed out that exposing nude content on a child’s device in some households could result in abuse or, as Harvard Cyberlaw Clinic instructor Kendra Albert suggests, the outing of “queer or transgender children to their parents.”
With the most recent version of this feature enabled, children who receive inappropriate photos via the Messages app would be able to do two things: choose to avoid (or see) the content, and choose to send a report to a trusted adult if they see fit to do so.
Blurring photos is just one of several aspects of Apple’s Communication Safety suite, a feature that aims to prevent child sex abuse by making it easier for children to avoid and report predatory content.
Another feature that Apple has tested – but not released – is their Child Sex Abuse Imagery Detection (CSAM-detection), which scans and reports iCloud content that shows child pornography or abuse to Apple moderators for further review. As one can imagine, the feature drew mixed criticism, the majority of which came from privacy advocates.
While the vast majority of humanity can (hopefully) agree that fighting against child exploitation is a noble cause, these groups argue that scanning and reporting individuals’ personal photos via an algorithm opens the door to government interference and increased surveillance. Switching the algorithm’s baseline to scan for things like anti-government content, for example, would be easy, these groups posit, making the feature extremely dangerous in principle.
There is no current release date set for any of these aforementioned features, though iPhone users can reasonably expect them to drop at some point during iOS 15’s development.
Amazon Music debuts synchronized text transcripts for popular podcasts
(TECH) The first feature to hit Amazon Music is auto-generated and synchronized text transcripts for their most popular podcast shows. Sign us up!
Amazon set out to accelerate the growth and evolution of podcasts last year by acquiring the podcasting network, Wondery. Now, the company is doing just that with the launch of its auto-generated and synchronized podcast transcripts feature on Amazon Music.
According to an Amazon Music tweet, with this feature, you’ll be able to “Roll it back, jump ahead, and follow along” with the podcast you’re listening to. For instance, you can scrub through the transcript to find that line of text with that quote or movie and book suggestion you can’t quite remember. When you tap on a particular line of text in the transcript, you’ll be able to jump straight into that specific part of the podcast. I can already see all the time saved! But, if you just want to read along as you listen, you can do that, too. The transcript will match the audio as you’re hearing it.
Right now, the company is only rolling out podcast transcripts in the US on both iOS and Android devices. When it will expand to other countries isn’t known, and the feature isn’t available for all podcasts yet. For now, it is only available on a selection of popular podcasts like Smartless, Crime Junkie, This American Life, Uncommon Ground, and Modern Love, but more are coming.
To use it, all you have to do is open the podcasts tab on Amazon Music and select one of the podcasts you’d like to listen to. Of course, you’ll need to select a show with the podcast transcription feature to see it. When your show is playing, on the top of the album art and in fullscreen mode, the transcriptions will be available for you to read along to.
Oh, and if you’re worried about having to read through the ads, you have nothing to fret about. Ads won’t be transcribed. Instead, the transcription will read “audio not transcribed” when they are playing.
So far, Amazon seems to be going strong in the podcasting game with the release of podcast transcripts. The feature makes it easy to search and find what you are looking for in a show. And, for those on a long and noisy bus and subway ride, you’ll finally be able to read the information you previously couldn’t hear.
Opinion Editorials5 days ago
Decision-making when between procrastination and desperation
Business Entrepreneur5 days ago
What to consider when relocating your business near the holidays
Business Entrepreneur4 days ago
Lenders need to see these 3 things to get your LLC off the ground
Opinion Editorials6 days ago
How to ask your manager for better work equipment
Opinion Editorials2 weeks ago
The actual reasons people choose to work at startups
Opinion Editorials3 days ago
Millennial jokes they let slide, but ‘Ok Boomer’ can get you fired
Opinion Editorials6 days ago
Managing bipolar disorder and what I wish my employers understood
Business News5 days ago
9-to-5 workdays are no longer the norm: Flexibility brings productivity