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"I highly recommend Marketing Breakthroughs to any organization looking to increase their profile and grow their revenues."
Mark Bonneau,
Senior Vice President
Ottawa Senators Hockey Club
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Articles
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Generation Y (also known as Millennials or Echo-Boomers) are the children of the baby-boomer generation. Born between 1981 and 1994, they are now 8.3 million strong, accounting for 26% of the Canadian population.
These Echo-Boomers are poised to create a massive worldwide impact, both socially and economically. Generation Y was born into the era of technology and convenience – not only are they tech-savvy, but they have a whole new attitude not found in previous generations. Growing up with numerous media outlets constantly churning out information, they adapt at light-speed to the new fast-paced, multi-tasking digital world.
Did You Know?
Generation-Y is digital with a capital “D”!
* 97% own a computer;
* 94% own a cell phone;
* 76% use Instant Messaging;
* 34% use websites as their primary source of news;
* 28% own a blog and 44% read blogs;
* 75% of university and college students have a Facebook account.
The Changing Dynamics of the Advertising Game
Now that this generation has such influence over the buying power in households (it is estimated that half of all spending is a result of purchases made by Millennials), large corporations are changing their advertising strategies to match the transformations in these buyers’ attitudes.
This new generation not only asks to be treated as individuals, they demand to be different, self-expressive and insist on instant gratification. The Millennials grew up coddled with reinforcing statements such as “You are special” and “You can do anything you want”. While these messages no doubt helped their self-esteem, they also helped transform everything that marketers and advertisers thought they knew about consumers and trends, turning an old industry with set ideas completely upside-down.
Generation Y is looking for a “drive-thru” approach to information:
* Clear, concise, instantly accessible;
* Information ‘Happy Meals’: podcasts, blogs, mobile and handset alerts;
* Video ads will exceed $7-billion by 2012.
Tip #1: Let Them Do The Advertising!
Generation Y wants in on the action. Instead of waiting to watch advertisements, they want to help create them. Thanks to the Internet and websites such as YouTube, Google Video and V-Cam (viewer created ad messages), personalized homemade commercials, podcasts, and blogs are on the rise. It is an advertiser's dream to be able to take advantage of this "free ride".
An example of this phenomenon would be Mentos. A popular viral video shared the explosive results of dropping the mints inside a bottle of Coke or Pepsi. Instead of discouraging people from recreating the “Mentos Fountain”, the company wanted consumers to try it for themselves. The result? A simple online video produced an estimated $10 million of free advertising.
Tip #2: Provide The Product In 5 Minutes, Keep Their Devotion For Years!
Instant gratification is one of the leading reasons behind any decision that is made by Generation Y. As a result, an ad needs to promptly demonstrate the effectiveness of the product and demonstrate that it will always be there when the consumer wants and needs it. If Gen-Y can’t see these benefits, the product will more than likely be disregarded and forgotten.
Tip #3: Show Them You Care And Are Different, Too!
Advertisements should concentrate on the most principal factor influencing this age group – the fact that "they are special”. These are the three words companies absolutely need to relay back to the consumer in their advertisements. For the Millennials, the company they buy from has to be just as diverse and unique as they are.
In addition, Gen-Y has grown up in the technology era, learning to mute and ignore current advertising methods. They are looking for brands that are simple and clean cut, without the inconvenience of too many choices or the clutter of overdesigned imagery. No longer looking for the corporate appearance, Gen-Y prefers a contemporary image based on simplification. Examples of brands that have achieved this with significant results are Dove and Apple, both selling a lifestyle fitting for any Gen-Yer (but still attractive to other generations, too).
Tip #4: A Happy Employee Is An Advertising Employee!
Millennials spend a lot of time communicating with each other. They are the first generation to be in contact with each other 24/7, be it through their cell phones, video games or the Internet. Companies need to understand that word-of-mouth is an extremely important form of advertising in today's society, as Generation Y takes purchasing recommendations from their peers and highly-visible trendsetters very seriously.
Employees of a company can play a huge role in getting the right message across to this target audience, as job satisfaction has a huge impact on how they feel towards a brand. The more their friends talk about how great their jobs are and how great the company it is, the more likely it is for them to start purchasing from the store and creating brand loyalty.
Tip #5: Be Where The Action Is!
Promotions, events and sponsorships have become the new driving force in a purchase selection. Generation Y not only wants to see you on TV and in magazines, they want to be able to actually interact with and learn more about you and your company.
Be where the consumer is. To sell to them, you first need to understand them. Since we already know that they spend a large amount of time basing their lives on the opinions of others, the brand needs to form a relationship with the buyer either by using a hot celebrity testimonial or having people their age promoting the product at their preferred hang-outs through interactive promotions and contests.
The bottom line about Gen-Y is they can see right through a dishonest advertiser. They don’t care who you're better than, they only want to know you are there for them no matter what, that everything you advertise is achievable and that the company is willing to grow with them as they mature. |
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Looking for some advice on how to attract Gen-Yers? Book a meeting with our experts today!
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