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Reaching the "Hip" Group: Marketing to Generation Y
25 percent of Americans—or over 70 million young people—make up today's hip "Generation Y"…the children of that population segment known as the "Baby Boomers."
Members of this group, born roughly between 1980 and the year 2000, are also known as "Echo Boomers" or "Millenials."
And with more spending power than any generation previously, these teens and young adults shell out more than $150 billion every year in consumer purchases—a staggering amount.
If you want to grab your share of this up-and-coming market—which presents an unbelievable average of $100 per week in disposable income—read on!
What Sets Them Apart
To market your products and services effectively to this age group, you must first understand its life perspective.
More than any generation preceding it, Generation Y views honesty, integrity and generosity as the foundations for good relationships, whether business or personal.
These intelligent, giving kids expect the very best…as well as giving it.
Millenials are very peer-focused, and highly value the opinions of others their own age. However, their values tend toward the traditional, and parental approval is an important step in their quest for significance.
Many other characteristics also set these youngsters apart. The newer, hip generation is:
* Philanthropic: giving their time, service and money freely * Socially conscious: believe in giving and helping others * Culturally diverse: minorities represent one-third of this group; many are openly gay; one in four teens comes from a single-parent household * Peer-centered: seeking their peers' opinions and recommendations * Technologically sophisticated: 9 out of 10 have a home computer; more than half of teens 12 to 17 own a cell phone * Perceptive & easily disillusioned: dishonesty sends them running and causes distrust that's not easily forgotten
How to Reach Them
Reaching Generation Y—and its pocketbook—isn't as difficult as you might think. All it takes is a little strategizing.
To market your products to this trendy generation, follow these four major plans of action:
1. Appeal to both young people and their parents
Offer products that meet their needs practically—at a price they can afford.
2. Use giveaways and promotions
Young people get excited about the possibility of winning free tickets to sporting events or concerts.
3. Meet them where they are—literally
Go where they spend time, whether online or at your local mall. Advertise; set??up??kiosks…anything to grab their attention.
4. Market to their uniqueness
Become familiar with their purchasing process and reliance on peer recommendations; then use them to convince these consumers to buy.
Some tips to help you reel in these big spenders include:
* Speaking to them as intelligent adults * Acknowledging their individual differences * Conducting business transactions with honesty and integrity * Delivering outstanding service
Keep in mind that, since Generation Y kids look to their parents for approval and their friends for advice, your marketing efforts must reach both parties in order to be truly successful.
Taking Your Piece of the Pie
If you want to take your piece of Generation Y's insurance pie, get to know its life perspective; set a plan to reach them as individuals, and treat them with honor and respect.
They'll reward you with referrals—the most valuable payment of all! |
