Читать книгу Secrets of Advertising to Gen Y Consumers - Aiden Livingston - Страница 4

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Why Care About Generation Y?

Why should businesses care about one single generation? Why should they restructure their entire marketing model to cater to one group? The reason is because the methods and tactics that can be utilized to reach Gen Y represent the future of marketing. New technologies and an ever-changing world have assured that we can never go back to how things used to be. The paradigm has shifted and the difficulties most advertisers are facing in trying to reach customers stand only to get worse with each following generation.

Gen Y just so happens to be the generation who was born and raised during this major technological revolution. In a way, studying how to reach and market to Gen Y is in fact a lesson on how advertising will look in the future. The techniques discussed in this book will eventually be explored and refined so thoroughly that they will represent the new standard in marketing. It is beneficial to learn the lessons Gen Y has to teach now, or risk falling behind in a highly competitive, globalized world.

1. Who Is Gen Y?

As a member of Gen Y myself, allow me a few moments to make our collective introduction. Members of Gen Y were born between 1982 and 2002 (exact years vary depending on who you ask), which explains their other nickname, the Millennials. Another nickname is the Echo Boomers, which is in relation to the fact that they are usually the children of the Baby Boomer generation. They have also been referred to as Net Generation, Dot-Com Generation, and Trophy Generation; however, in my opinion most of these names are pretty lame and hopelessly uncreative, so I will stick with Gen Y.

In the United States alone Gen Y represents more than 80 million people, a number that is likely to grow over time with immigration. Gen Y spends more than 200 billion dollars a year in the US alone and have a major influence on their parents’ spending habits, the spending behemoths called the Baby Boomers.

2. Twenty-First Century Digital Boy

Gen Y has grown up in a world bathed in technology. I often can’t help but to look at the world my parents grew up in only to be filled with pity and empathy. I can recall many conversations with my mother, whose exact age will remain a mystery for the sake of my own safety, but suffice it to say she is a Baby Boomer.

“So I can understand that you didn’t have cell phones, but no answering machines either? What would you do if the person you were trying to reach wasn’t home?” I queried. “Just call back another time and hope you catch the person or that someone else would be home so he or she could write a note to get the person to call you back,” my mother replied flippantly. How barbaric, I thought: this seemed to me as reliable a method of communication as homing pigeons.

Most of Gen Y has had cell phones as long as we can remember, or at the very least, a pager. In fact, if on the rare occasion I leave my cell phone at home by accident, I experience what I feel is the same grief and helplessness of an avid jogger who just had a cast put on!

Perhaps most unsettling is the thought of a world without the Internet. The very concept sends chills up the spines of many Gen Ys. Not being able to check on my Facebook account, or Google my every whim or question is a withdrawal-inducing scenario. Moreover, the concept of not having any Internet at all is simply befuddling to most of Gen Y. The idea of having to go to an actual library to look up something, or the tedium of trying to write a research paper at a library having to search through individual books for information that are now available in three seconds on Google is daunting.

3. The Future Will Be More of the Same

The important thing to remember is that all generations from here on out will grow up with the same technological privileges or more, and their expectations will be just as high as Gen Y’s, if not higher. Our aptitude toward instant gratification, and demanding nature will only be amplified in future generations, such as Gen Z: Imagine how someone born in 2005 will view the world in 20 years. No doubt I will have to spend time explaining to them why before MP3s we had to buy CDs and store them in a giant binder that resembled the sign-in book at Ellis Island in both its size and seemingly random nature of its entries.

Appealing to Gen Y and having them embrace your product can actually hugely affect the overall market perception of your product and your brand in general.

4. The Trickle-up Effect

It is also noteworthy that although earlier generations may not expect or demand the same level of innovation from companies, they certainly appreciate the innovations. It is not a matter of choosing to market to Gen Y at the peril of losing customers and potential clients from other age ranges. In fact, quite the opposite, the innovations needed to reach and appeal to Gen Y actually charm all generations.

Just because older generations grew up in a world where lack of technology made many of the new marketing avenues impossible, doesn’t mean they don’t see the value in it. For instance, Apple has employed many new marketing techniques and has had great success establishing themselves in the minds of Gen Y; I can proudly say this book was written on a MacBook Air. However, the advertisements Apple uses to appeal to younger consumers also has a poignant effect on older generations. Many of my Gen Y friends’ parents own MacBooks and love them. Not only because MacBooks work well, but also because of what owning a Mac says about you to other people. It screams young and hip, and let’s face it, the young and the hip aren’t the only ones trying to project that image. In reality, Baby Boomers seem more susceptible to the need to appear young and hip than their kids do.

Appealing to Gen Y and having them embrace your product can actually hugely affect the overall market perception of your product and your brand in general. This in turn gives you a huge advantage in not just reaching Baby Boomers, but having a heavy influence on whether or not they actually purchase your product.

Furthermore, one thing most people fail to consider is how large of an impact Gen Y has over their parents’ purchases. Gen Y prides itself on being able to “research” and deduce what is the best purchase to be made. We go to online forums, read reviews, ask our friends, and look over numerous other sources of information before finally making what we believe is the most informed decision.

Perhaps even more tenacious than our research habits is our propensity for bragging about what smart consumers we are. We don’t do all that work for nothing; if nobody knows how brilliant we are, what is the point of being brilliant at all? Unlike a tree falling in the woods, we insist on being heard.

As a result most Baby Boomer parents pained with the decision of a new purchase typically consult their Gen Y kids. It is a beautifully symbiotic relationship; we get to flex our cognitive muscles and our parents get to shrug the responsibility of having to make a difficult decision in a marketplace that is flooded with confusing choices.

5. The Ones Pulling All the Strings

Most people tend to underestimate the influence Gen Y has over their parents. However, they forget the different dynamic that exists between Baby Boomer parents and their Gen Y kids. It is much different than the relationship the Baby Boomers had with their parents. Most of Gen Y talks to their parents regularly; I talk to my mom almost daily.

Moreover, much of Gen Y still lives with their parents: A practice I don’t particularly condone, but nonetheless it has become more common than not. It is not uncommon for even the oldest of Gen Y, now 27, to still be milking the parental cash cow. Many get their names on advanced college degrees before getting their name on an apartment lease.

However, even the members of Gen Y who do manage to move out remain very close to their parents, they talk frequently, and still spend a lot of time together. Most even still vacation with their parents and not just out of obligation. The reason is more so than any generation before it: Gen Y and their parents are often good friends. It is because of this closeness that Gen Y has a huge impact over their parents’ purchasing decisions. So by marketing to and attracting Gen Y customers you will actually be having a huge impact on Baby Boomers’ purchasing power as well. Those two groups combined constitute a majority of all the purchasing power in North America.

Ultimately the main reason to learn to market to Gen Y is because they are the future. Like it or not, a threshold has been crossed and there is no going back. Companies have the choice to learn and restructure accordingly now, while Gen Y is still relatively young and still hasn’t grown into its full potential, or choose to wait. The problem is that, as with learning anything new, it takes time, so you can take steps now to learn and adapt, or linger until the future makes your old model totally invalid and then struggle to try to catch up to the competition, which most likely won’t be possible.

Gen Y’s ideas don’t simply represent a new method in doing business with them, as much as how business will be done in the future. After all, the old techniques for marketing were fine in the early part of the twentieth century, since the reach to the market and methods were limited by technology. However, these days methods are limited only by the limits of the companies own imaginations and their sense of innovation in exploring this exciting new frontier.

At the end of the day, using outdated methods when newer methods are available at a lower cost and greater efficiency, is not only foolish it is dangerous; like storing meat on the windowsill when you have a perfectly good refrigerator. You might be able to get away with it for a little bit, but eventually it will catch up with you.