Looking at marketing, small business and the Y culture
Posted by admin in Genera(lisa)tion Y, Marketing, tags: baby boomers, digital natives, Generation Y, marketing strategies, marketing to Gen Y, millenials, Y Culture, Y'ersWhile large companies are beginning to take into account changes in behaviour in their HR practices and marketing, a recent survey suggests that small businesses are not yet ready to adapt their marketing strategies to meet the expectations of younger generations.
The survey by the Economist Intelligence Unit (EIU) and the software developer Genesys, asked executives around the world * how they attract and retain young consumers.
It turns out that many companies are still debating the benefits of investing in this age group rather than the baby boomers. 42% of respondents believe it is better to “invest in Y” against 39% preferring to concentrate on other generations while the number of people of generation Y will soon surpass the number of baby boomers and will continue to gain influence.
For Mark McCallum, Director of Marketing South Asia-Pacific Nokia, it is clear that consumers are generally very different. Yet the differences in attitudes, behaviour and believes are accentuated with Y’ers who are passionate in the pursuit of establishing their identity.
According to the EIU, the proliferation of blogs, podcasts, videos, chat rooms, social networks and other means of communication have changed the nature of the customer relationship business.
In the past, customers went directly from the merchant to compare with other local merchants or bought a magazine specialist before buying. Today, the first step is to go to the net to compare, purchase and leave a comment or opinion on the quality of the transaction. And don’t forget that marketing officials have more impact than yesteryear. Y’ers value the opinion of their peers!
Y’ers also effectively inaugurate the age of “digital natives” for whom the Internet is not a tool but a lifestyle and profession. Marketing staff need to develop their mass marketing as in the Nokia example, who added “Gen Y-friendly” elements in its products such as music, images, games, GPS or Wi-Fi All at low prices. They have incorporated one of the main characteristics of this generation to be both mobile and independent and yet stay connected and to share their experiences with their clan.
To return to the EIU-Genesys study, it seems most companies do not meet the expectations of “Millennials”. While 75% of respondents felt that consumers have or will soon have an impact on them, 46% still do not have specific marketing strategy.
* Of the 164 officers who took part in the study, 29% were from North America, 31% Europe 30% Asia-Pacific and 10% rest of the world.