Marketing to Gen Y
Which Marketing Vehicles You Should Use To Reach Them
As seen previously, Generation Y has great influence in today’s market trends. They are more affluent than the predecessor generation; they have greater brand awareness and are more easily accessible through new media channels. The amount of money they spend on personal gadgets continues to increase and this will affect their purchasing trends in the future.
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Marketers are choosing a different approach in marketing and advertising to Gen Y consumers. Marketers are taking into consideration the most important factors for the Gen Y consumer; and these are value and time (efficiency and accessibility). In the US alone, Generation Y consumers spend up to $600 billion every year. Other sources show that this consumer boasts an immense direct and indirect purchasing power – many times more than their predecessors do.
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As most Baby Boomers are now retired, up to 70 million people in the Generation Y group in North America are entering the workplace. They are now the drivers of the economy and this signals a change in the purchasing power from the Baby Boomers to the Millennials.
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As you develop a marketing plan to engage the Millennials, it is best to consider that they are accessible through diverse channels. Importantly, this group of consumers is largely focused on the experience they derive from interacting with a brand. The Millennials are looking to be directly involved with the world so that they can make independent decisions about businesses, brands, products and services. This calls for marketers to engage or create experiences that will appeal and make a lasting impression on Generation Y consumers.
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Some effective channels for reaching out to Generation Y include:
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Movies and video games: Movies are a great way of communicating a message to Gen Y in a way that will leave an impression. There is also a prolific gaming culture among this generation. Savvy marketers can engage Gen Y prospects through game ads and strategic video advertising.
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Concerts: The Millennials are influenced by music and this too can be an effective channel of engaging with them.
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Sports: Thrilling sports such as skiing or extreme biking are particularly trendy among the Gen Y. Reaching this consumer group through these platforms can prove to be effective.
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Social Networks: Gen Y spends a significant amount of time on social networks. Finding them and effectively communicating with them across this platform can drive brand loyalty and initiate viral campaigns.
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In summary, when marketing to Generation Y, consider that they are looking for value, effectiveness, innovation, as well helpful products and services. Importantly, they are looking for brands that are honest, ethical and transparent enough to offer adequate information and to get them involved.
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