Generation marketing : Understanding the Millennial Generation

“Each generation goes further than the generation preceding it because it stands on the shoulders of that generation. You will have opportunities beyond anything we’ve ever known.”

 Ronald Reagan

Generation: group of contemporaries; all of the people who were born at approximately the same time, considered as a group, and especially when considered as having shared interests and attitudes.

Sometimes in order to learn more about yourself, people have to understand their generation. No matter who you are as a person, you tend to have similar values, attitudes and worldviews of everyone else in your generation, because let's face it, you can't help the year you were born. Each generation has its own unique character, a character shaped by key economic, social and cultural forces. There are four popular generational categories that most marketers tend to focus on. They include:

• Traditionalist Generation
• Boomer Generation 
• Generation X 
• Generation Y or Millennial Generation 

It is generally thought that people of the same age group would have similar behaviors and traits. However, the different generations have their own distinct characteristics, needs and personalities.Each generation has distinct attitudes, behaviors, expectations, habits and motivational buttons. It is crucial that the marketing strategies used are different for each generation.

Generation Y has vastly different demands, expectations and motivations than the generations that came before them. The old rules of management are no longer effective, and the best leaders are embracing the change.Who is Generation Y? How does this generation think about the world ?

 Members of Generation Y may include individuals born between 1980 and 1999 (Campton & Hodge, 2006); 1978 and 1995 (The National Oceanographic and Atmospheric Association Office of Diversity, 2006); 1980 and 2002 (Kersten, 2002); and 1978 and 1988 (Martin, 2005). The label associated with this generation is not yet finalized. 

Eric Greenberg, author of Generation We, stated that, ”Millennials are a special generation, potentially the greatest generation ever. They are not pessimistic or vengeful. Rather, they are sober in their view of the world. They reject punditry and bickering because they are post-partisan, post-ideological, and post-political. Most important, they believe in the greater good and are ready to dedicate themselves to achieving it”.

Fun Facts about Gen Y

They are many names of Generation y which  refers to the generations to succeed  Generation X:

•  "Echo Boomers"  : refers to the fact taht many people of Generation y are children of Baby Boomers (the echo of the Baby Boomers) 
• The "Millennials" 
• The "Net Generation/ "Dot-com" generation : refers to the Internet being a part of their lives that they grew up and take for granded.
• The Boomerang Generation : refers to the tendancy that for many Millennials to move back in with their parents after going away to college .
• The Peter Pan Generation  : refers to dalying the rites of passage into adulthood longer than most generations before them.

• Others names : the  "Trophy kids", and, very appropriately, "Generation Y Not",  Nexters, Generation www.

Standard behaviours and characteristics attributed to Gen Y through research findings are presented below : 

 

The graph below shows the influences which have an impact on Generation Y.

How much does Generation Y love social media?

 

Social networking websites have been around since the mid-90's, but in recent years, social networking has exploded across the web. All the graphs , which are situated below, shows the overall picture of the frequency use of social networking sites like Facebook/Twitter. The results of the studies highlighted the growing importance of the Internet especially  social networking for Generation Y.

Facebook is fundamental among Gen-Y.

 

Everything you know about Generation Y is wrong!

According to Human Resources Magazine less than a third of 15-34 year olds believe companies should allow employees to use social media at work, according to a report that debunks myths about Generation Y.  However, far more men support the idea than women. While only 26% of women agree companies should allow their employees to use social media at work, 36% of men agree. 

The report is based on research conducted in the UK, US and Canada with more than 4,500 15-34 year-olds. It also finds that Generation Y women use their offline support networks far more to discuss career matters than men. Some 62% of women talk about jobs offline compared to only 50% of men. Young couples talk most about their work and careers, both through online (30%) and offline communication (63%). Young parents talk least about their work, online (22%) and offline (51%).

"Everything you know about Generation Y is wrong," said Decode CEO Robert Barnard. "Most people think that the most digital generation ever will be clamouring to make work all about social media, but in reality Generation Y still wants to separate their personal space from their workplace."

Other research conducted by Decode across the world finds that 57% of Generation Y has given money to a charity or community group in the past 12 months

 Most Effective Techniques for Targeting Millennial Customers 

Results of a May-June 2008 survey of executives worldwide released by eMarketer shows the views of the best ways to market to Generation Y . As can be seen from the chart below, the execs voted the top three Gen Y marketing tactics as viral marketing, peer-to-peer recommendations, and sponsorship of Millennials' favorite programs.

 

The Economist conducted a survey to illustratea sophisticated understanding of the consumer profile of the millennial.  Seventy-one percent of the respondents say that when it comes to purchasing decisions, millennials care most about convenience, followed by overall style and taste (69%), peer recommendation (67%) and accessibility (65%). Even more striking, executives believe that price—a traditional infl uence on a purchasing decision—is one of the least important buying factors for millennials. “Top customer service

is a priority,” says one survey respondent. “Price is not.”

 Online Generation ?

In the past, customers tended to go directly to the company to enquire about a product, make a purchase or raise a complaint; today they increasingly go online. On the web, they learn, shop and share their experiences, both positive and negative, with sometimes startling consequences. Due to the unlimited information flowing through the Internet, Gen Y has developed into the most well-informed consumer market. Smart businesses know that technologies are not going back in the bottle and are learning to embrace the social revolution, adapting their business processes and ways of working and managing.The advent of the Generation Y into the workplace is bringing new changes that need to be addressed. The Generation Y is, perhaps, the most digitally sophisticated generation we have ever seen. They are looking for a sustainable environment offering a social structure within both a physical and virtual environment.The video below shows Next Generation Media .