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It’s in the Eyeballs of the Beholder –

It’s in the Eyeballs of the Beholder –. A Close Look at Gen Y’s Internet Habits. Cynthia Cohen. It’s in the Eyeballs of the Beholder. January 18, 2000

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It’s in the Eyeballs of the Beholder –

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  1. It’s in the Eyeballs of the Beholder – A Close Look at Gen Y’s Internet Habits Cynthia Cohen

  2. It’s in the Eyeballs of the Beholder January 18, 2000 • This speech was prepared for the National Retail Federation’s Annual Convention in New York City. It is based on primary and secondary market research conducted by Strategic Mindshare in 1999. The research findings and our conclusions are being released to the public and press for the first time in today’s speech. • Strategic Mindshare would like to thank the professors, students, teachers, parents and web site executives who shared their time and insight with us on this important research effort. A special thanks goes to our virtual Gen Y staff who energized our thoughts and sparked our creativity. Oops! We forget to thank all those pizza delivery guys.

  3. It’s in the eyeballs.com Why Them Research What’s Up? “Going to a speech today. Gotta hear what Strategy Diva is going to say” Statistics Behavior Findings Implications

  4. Why Them?

  5. Why Them? Click here for info Leading the Boomers Hot Stuff “Dude, when is your Dad putting in the DSL line?”

  6. Research Gathering Place Intake Focus Groups Quantitative Study One on One Data Gathering

  7. Statistics Catch the Wave! Population 1999 Source: US Census

  8. Click here for College Click here for Tween Click here for Teen Statistics Gen Y Segments Age 8 - 14 27 Million Age 19 –23 17 Million Age 15 -18 15 Million

  9. Behavior Instant Message From Research Engineer  Research Engineer: Did you know communication is the #1 use of the Internet? Retail Maven: No Way! Research Engineer: Way!! Other uses by frequency are: #2 Games #3 Information #4 Shopping

  10. Findings 10. Privacy and security are a concern Login In Information • Careful in chat rooms • Parents of more affluent play greater oversite role • More secure buying from credible sites • Similar reaction as Boomers to credit card fraud User Name: Shulman Password: Retail Mason

  11. Findings 9. Cognitive skills are highly developed • Tween and teen navigation skills on steroids • No patience for slow or poor definition sites • More sophisticated taste levels don’t like too much clutter • Lots of judgmental conversation about sites Instant Message from Roxygirl  Piggyshort2: Did U catch Freddie on hipo.com? Roxygirl: Yup. g2g practice basketball. :)

  12. Findings 8. What you see is not what you get – virtual personalities abound • 60% have more than 1 e-mail address • Like to anonymously follow personal interests • Gamers very active with multiple personas • View cyberspace as a test ground for expressing individuality N E 1 can play

  13. Findings 7. No money is a myth • Gain money access early helped by: • Rocket Cash • Doughnet • i Can Buy • Allowancenet • Store gift cards • Online gift certificates • Want independence early and getting it through on-line activities

  14. Findings 6. It’s a Bazaar Economy • Trained in day trading: • Pokemon • Star Wars cards • Beanie Babies • Like auctions and the bidding process • Very competitive in all activities • Savvy with money

  15. Findings 5. Stores are here to stay • Shopping is a friend activity • Need instant gratification for some items • E-Commerce shopping: • apparel – mostly brand names • books & CD’s – based on price • niche products on specialty sites

  16. Findings 4. Traditional media works, traditional creative doesn’t • Everything except major daily newspaper works • Ways to learn about web sites: • #1 from friends • #2 from magazines • #3 from links • #4 from television • Banner ads bite! • Get news from entertainment sources • Don’t like “old fashion” creative, need: • Sensational • Goofy • Sense of humor

  17. Findings 3. Time is a currency and multi-tasking is the norm • Lots of purchasing to save time: • Tickets to events • Airplanes • Overscheduled and activity compressed like parents • Instant messaging and multiples on call or chat is norm • Want sites that save them search time

  18. Findings 2. Loyalty is less and expectations are higher • 56% said they do not have a favorite shopping site • Core of high traffic sites, but large number of sites visited • Things that interest them: • Free shipping • Sizing help • Discounts • Fast delivery • In-stock feedback • Assortment equal or greater than store • Outfit coordination • E-mail holds on store merchandise • Personalized selection • Access to phone help • Freebies Tips “U R only a click away from oblivion”

  19. Findings Strategy Diva’s Top Ten: 10. Privacy and security are a concern 9. Cognitive skills are highly developed 8. What you see is not what you get – virtual personalities abound 7. No money is a myth 6. It’s a Bazaar Economy 5. Stores are here to stay 4. Traditional media works, traditional creative doesn’t 3. Time is a currency and multi-tasking is the norm 2. Loyalty is less and expectations are higher 1. These are speed junkies

  20. Findings 1. These are speed junkies • Site speed is #1 frustrater • Expect speed to market hot products • Change style frequently • Look for current content

  21. Implications Business • Build a powerhouse brand • Put your company on Internet time • Customize offerings on-line and off-line • Merge media and entertainment with retail • Allocate more dollars to marketing • Integrate Gen Y into your business

  22. Implications Site • Fast • In-stock • Eyeball driver content • Good cognitive design • Price rewards • Strategic partners

  23. It’s in the eyeballs.com Best Practices What’s Up? Brand “Yo, Wall Street – Best value is in brand, infrastructure, hot site, multi-media and exciting stores! Hot clicks and bricks.” • Content • Advertising • On-line • Magazine • Entertainment • Sponsorships • Commerce • Web shop • Stores • Catalog

  24. It’s time to change the way you think about retailing. • Services • Strategic management consultants to retailers, consumer product manufacturers, internet businesses, media companies and technology vendors. Strategic Mindshare provides a broad range of services which include: • Business planning and strategy • E-Commerce strategies • Marketing plan development • Marketing positioning • New concept development • Merger and acquisition analysis • Intellectual Capital is the firm’s division providing strategic guidance to fast track entrepreneurial businesses. • Philosophy • The firm’s premise is that companies can no longer survive with day-to-day marketing tactics. They must proactively anticipate consumer trends, envision the future marketplace for their products and services, and differentiate themselves through innovative and targeted strategies. • Offices • Strategic Mindshare has offices in New York, NY, Miami, FL, Menlo Park, CA and serves companies in the United States, Latin America, Europe and Asia Pacific. • Phone contact: • Miami, FL: 305-377-2220 New York, NY: 212-333-3787 Menlo Park, CA: 650-233-2300 • Web site: http://www.strategicmindshare.com

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