CORMARQ

This is the final topic in our three part “Generation Wise Marketing” series.  We have touched base on how to reach Baby Boomers and Generation X and now we turn to a generation dubbed ”WHY.”  They are called Generation Y, Millennials, Echo Boomers, and Connecteds - By whatever name, this generation of youth born after 1979 represents more than 76 million consumers in the United States. They earn a total annual income of about $211 billion; spend approximately $172 billion per year. The marketing gurus although puzzled have stood up and taken notice! 

The big question for marketers today is, what makes Gen Y tick? It is difficult to reach this generation through traditional marketing channels. In a world of Advertising Deficit Disorder, direct mail campaigns, print ads, and television advertising seem to bounce off these powerful consumers. This population groups responds to innovative ways to promote your brand. 

Three Major Characteristic of Gen Y
 
1.   They are racially and ethnically diverse.
2.   They are extremely independent because of divorce, day care, single parents, latchkey parenting, and the technological revolution that they are growing up alongside.
3.  They feel empowered and they have a sense of security and are optimistic about the future. 

Ways to Effectively Market to Generation Y
 
1. Get to know them: Gen Yers will not do business with you unless they think you care about their motives, needs, and desires.

2.  Respect them as consumers: Members of Generation Y are tech savvy and highly intelligent.

3.  Look cool and hip:  Generation Y will buy based on a sleek, beautiful and cool looking product.

4.  Join their networks: Social networking sites are the spots where the kids hang out! MySpace, Facebook, Twitter, and Second Life are the hot sites for Generation Y and cost nothing to join.

5.  Be socially responsible: They want to know that your company is aligned with a cause that creates an emotional connection with them.

6. Go viral:  Video clips uploaded to your site can spread across the Internet.

7. Take it to the streets: They thrive on word of mouth marketing and street marketing is one of the best ways to create buzz for the young consumer. Think promotional stunts and product sampling. 

8.  Give them a chance to win: Gen Y loves winning contest.