Website 5 18 3 Generation Y as known as Gene Y, Millennial, Echo Boomers, Why Generation and Net Generation was born during 1977-1994 and are in the 16-33 age range as of 2010. They are children of the original Baby Boomers and their numbers rival that of the Baby Boomers. They grew up in a time of immense and fast-paced change including virtually full employment opportunities for women, dual-income households as the standard, wide array of family types seen as normal, significant respect for ethnic and cultural diversity Including a heightened social awareness, and computers In the omen and schools.
Gene Y individuals are well grounded and wise for their age. They were born into a technological, electronic, and wireless society with global boundaries becoming more transparent. They are accustomed to a diverse universe where anything seems possible. The characteristics, lifestyles, and attitudes of Gene Y include older teens and young adults. They are self-absorbed and self-reliant with a strong sense of Independence and autonomy. They want results and are not as concerned with the why of it.
They are image-driven and make personal statements tit their image. They have a greater need for peer acceptance, connecting with their peers, fitting in, and social networking. Gene Y individuals are open-minded, optimistic, goal oriented, and highly motivated toward their perceptions of success. Eight key values have been described for Gene Y: choice, customization, scrutiny, Integrity, collaboration, speed, entertainment, and Innovation. Efficient multi-tasking Marketing to the Generation Y segment can be improved by the following possibilities.
The teen segment of this generation receives considerable marketing attention and is notoriously selfish, lives for today, and spends big. Gene Y individuals assist in household management and shopping with important preferences and tastes being developed during these teen years. Marketers want to attract this group early and earn its loyalty. Appeal to their belief that they can make the future better. Be sure that they know that your organization’s mission speaks to a purpose greater than the bottom line, e. G. , globalization, global warming, and the advent of the “global citizen. Feature your organization as an instrument of change. Give them systematic feedback because they value positive reinforcement at accelerated rates compared to previous generations and want more input into all things in which they participate. They are able to easily grasp new concepts and are very learning oriented. Many are in college or have entered the work force, and most are planning for lifelong learning experiences. However, traditional mass marketing approaches do not work well with younger consumers. Gene Y reacts strongly to real life examples, they favor the truth and what is real.
In essence, Gene Y cares all about the experience. The portrayal of multiple racial and ethnic individuals in ads aimed at this generation is common, single-race ads would seem unnatural to this multi-ethnic generation. So, as a marketer, embrace diversity, one-third of the members of this generation are from a minority group and diversity in communications is attractive to them. Honesty, humor, uniqueness, and information appear to be important. Encourage them to explore new paths or options, they crave challenge. They value and are looking for brands that resonate with their peers.
Their peers often guide product and brand hooch. Generation Y is tremendously image driven including electronic decorations, piercing, and tattoos. Take full advantage of technology and its allure for Gene Y. In terms of products and services for Generation Y, important product areas include apparel, accessories, footwear, room furnishings, action sports equipment, and entertainment. Teenagers currently spend over $1 50 B annually for personal consumption, billions more in household shopping, and influence many additional items like cars, vacations, and mobile banking .
Gene Y is a major market for automobiles (approximately 40% of the auto market in 10 years). Gene Y likes products customized to their unique needs and brand names are important. Marketers need to craft products and pitches that are more realistic keeping in mind that music and fashion are key touch points. Gene Y responds well to green living and energy efficient features. They are an immense untapped market for nonprofit organizations and social causes. They want products and services with a purpose greater than the bottom line.
Gene Y pays little attention to quality. They expect competitive pricing and eight want to negotiate based on your competitor’s advertised price or search results from the Internet However, they are most likely to purchase prestige products. They experience a high degree of shopping enjoyment. An effective marketing strategy for this generation is to routinely introduce new products and services. Retailers need to constantly adjust and update their offerings to drive traffic among this active shopper prestige to be associated with their product choices.
Yet, this generation is shifting away from the materialism of the Boomers to the search for inner tranquility and peer meaning from life. In terms of communication, companies must continually be more creative with media and promotional themes to capture this audience. They are unlikely to respond to marketing hype. Ads targeting this generation, must be placed in appropriate magazines and on appropriate Internet sites, TV and radio programs, and video games (“advertising”). Generation Y is accustomed to media and TV programs designed for them such as MET, Maxim, American Idol, Big Brother, and CSS.
A combination of online, offline, and word-of-mouth channels probably are the best hooch for reaching Gene Y. Word-of-mouth advertising is very important to reach Gene Y, I. E. , referrals from people they know influence them. In addition, marketers need to make their campaigns more subtle and more local delivering a message Gene Y can relate to. It is important to identify triggers for Gene Y and then to use these triggers in the ads. Marketers need to use appropriate music, language, and images. Use language that paints visual pictures and action verbs that challenge. Send the messages that stress team spirit, e. . , manfully be working with other bright, creative people” or muff and your team can make this initiative a success. ” Stores need to know how often the regulars come into the store so they can update their offerings and change the displays, windows, and front tables to drive traffic, otherwise, they will get bored and stop coming. Public relations and creating buzz are important as effective advertising to this group. Event sponsorships and electronic media seem to connect with this generation. Approach this generation through e-mail and voice mail, but use visual communication to motivate them.
They prefer ads with humor or irony and have an element of truth about them, e. G. , they respond to quirky humor and Youth videos. Use humor to show that you do not take yourself too seriously. Use family events and gatherings as ways to communicate. Contact them through their parents and grandparents, they admire their parents but trust their grandparents even more. Use e-mail, voice-mail, the Internet, multi-media, direct mail catalogs, magazines, college and high school newspapers, websites, school-based media boards, college guides, and sponsored on- and off-campus events.
Subscribing to a newspaper is unlikely. Interest in television is less than any other generation. If they do watch, they watch on their schedule, not the networks. It is important to monitor this market for changes in the best ways to communicate to them so that the ad will be memorable to them. For example, young people often are tagged in terms of the alcohol market. However, the literature increasingly provides evidence that alcohol marketing is directly impacting young people’s drinking behavior. In this case, the marketer has a moral and ethical issue to consider in creating memorable advertising.
In terms of the Internet, marketers must know exactly how Gene Y individuals use media, which media they use, and when they use it. For example, they expect an Internet experience to be interactive. This generation is impatient as they were connecting with their peers. Hence, social networking sites are important in that they allow them to connect with their peers regarding important issues. With email almost pass, they prefer instant messaging, testing, and interacting with friends on social networking sites like Backbone or Twitter. As a point of interest, about one-quarter of days teens check Backbone more than 10 times per day.