Marketing to Gen Y
Who They Are
Generation Y, also known as the ‘Millennials’, ‘Echo Boomers’, ‘Net Generation’ or ‘Me Now’, were born between 1985 and 1999 and are now in their teens, early twenties or late twenties. Most are just joining the workforce and some still live with their parents. It is estimated that generation Y totals up to 80 million in the North America alone. Many studies show that they are not only the largest group making up the workforce; they are also having an immense impact on consumer trends and markets in North America, Europe and other parts of the world.
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This generation is the wired generation that was born into high technology and that continues to embrace technological advances. In spite of being born at the peak of technological development, Generation Y consumers have also experienced rapid changes in the market. Conspicuously, this generation has undergone market forces such as underemployment and the great recession-these changes have tended to impact on their lifestyle, values, attitudes and consumer trends.
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However, this generation, the fastest growing workforce is also a trend setting generation. Those in this group have both the political, social and financial will and power to influence trends. For marketers, it means that the Generation Y can really help to make or break a brand. This is because the Gen Y consumers are extremely concerned about the social value that brands are offering to the community. They ask the larger questions about what impact the media, marketers and businesses are playing in society. What this means for marketers is that Gen Y is looking for more reasons why they should purchase your products or services. To really market to this generation, a marketer would really have to be with the people in the generation in an effort to understand their needs and their thinking.
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With Mark Zuckerberg (Facebook’s owner) as their model, 54% of the Millennials are thinking about starting their own business. At the work place they do not like rules and hierarchies, want quick promotions, flexible hours, career advice and constant feedback from their employers. They also like to be able to ask questions and dress in a way that makes them feel comfortable.
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Other characteristics of Generation Y:
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Are Technologically Wise and Hyper Connected
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Generation Y is a segment characterized by an affinity toward technology and all things digital. They are the first generation to grow up with computers at home and now they use technology throughout the day to make their work easier. You will spot them with laptops, tablets, cell and smartphones. They prefer to communicate with their peers and others through text messaging and social media. They will also tend to prefer online communication such as video conferencing as opposed to face-to-face, traditional forms of communication.
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Focused on the Family
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Contrary to popular belief, generation Y is more willing to spend time with their family when compared to generation X. Generation Y is looking for flexibility, for balance in their home life and work as opposed to working to climb the corporate ladders. Generation Y is looking to work and get paid by the hour and will prefer service providers whom they can bill on an hourly basis.
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Are Competitive
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Generation Y is a competitive segment that is looking for challenging wok environments and they are always after the next best thing. They are savvy when it comes to finding information and they place a premium on being valued whether as employees or as clients. Because they seek information avidly, they tend to try out new things much easier than their Gen X counterparts. However, this does not mean that they are not loyal to brands. In their competiveness, they also expect brands to provide competitive products and services in terms of pricing and quality.
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Are Attention Seekers
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Generation Y will not shy away from seeking attention and will often look for attention in the form of receiving feedback. They are more likely to engage with a brand that will engage them and one that is receptive to the needs of the consumers. This market segment tends to be loyal and looks to be intimately involved with something to feel that they are valued.
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This generation certainly demonstrates a speedier learning curve. They are also more tolerating of other cultures and more accepting of new products that the Baby Boomers and the Generation X were. While they remain individualistic, they also value societal issues and they are more likely to support businesses, brands, organizations or individuals who offer ethical solutions to the community. As such, they tend to largely scrutinize not just their leaders but also businesses and the media to determine their main motive.
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Generation Y has a large influence on social and market trends especially in youth oriented markets such as movies, video games, music, events as well as tech software. Their lives largely revolve around their smart devices including smartphones, tablets and Bluetooth enabled gadgets. Generation X and the Baby Boomers saw gadgets such as computers as luxury items. However, the Generation Y views these as necessary tools that simplify daily life.
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Tellingly, Generation Y is quite different from their parents and predecessor generations. They are certainly more independent and mature when compared to their predecessors at the same age. It is common for both females and males to work outside the domestic setting. As such, many young people undertake activities that were reserved for parents in the earlier generations. For example, teenagers can buy their own clothing as well as high-tech devices. The teenagers have a direct impact in the market place and they help to mould consumer trends.
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Due to the level of maturity that Generation Y exhibits, there is much more trust between them and their parents. Parents have tended to treat their generation Y children as equals who can make purchasing decisions. This is in contrast to Baby Boomers who, as teenagers or young adults, did not have as much say on the purchase process. In addition to having an impact on their own purchases, Gen Y consumers also directly impact the purchasing decisions of their parents.
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The need for teamwork among Generation Y and feeling that they are part of a community is also evident at the workplace. People in this generation tend to work in collaborative environments using collaborative tools. The technologies that include cloud computing have made it easier for people in the working environment to manage their work and to communicate more openly. As such, Gen Y is not prone to the straitjacket managerial or supervisory approaches that were common in the era of the Baby Boomers and the Gen X.
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