Millennials are now 20 to 37 years old. There are roughly 78.6 million people in Generation Y. Nine out of 10 expect to match or exceed their parent’s economic circumstances. And, virtually all expect to own a home. A perfect target for marketers. But how do you target this group? To even begin to understand this, you must look at Gen Y’s reasons for loyalty, different perspectives, different research methods, and reasons for purchase. Millennials are different from baby boomers and they have to be targeted as such if you expect them to purchase your product.
Why are they loyal?
Generation Y is so ingrained on the idea of connectedness. Think about it, social media, email, and the smartphone keeps users in contact with the world nearly anytime and everywhere. Companies can learn from this through customer service. What are you doing now that connects to Generation Y. Marketing now is all about how you make them feel. Create a relationship with your customers and you will see your business grow.
What is their perspective?
The members of Generation Y are superhumanly efficient. They have learned to work, play, and do some activities on the side. They realize that they do not have to live in a city to get the city amenities such as a high paying job, social engagement, and just overall busy lifestyles.
How do they research?
Generation Y does not rely on advertisements and the words of the company, they look at online websites and reviews. 72% of consumers say that positive reviews make them trust a business more. If you genuinely do not have a well-reviewed product or business, don’t expect them to purchase.
How can Gen Y Benefit my company?
The beautiful thing about Generation Y is their purchasing and marketing techniques. If it’s truly a great product, do not worry, they will buy. But, not only will they buy, they will market. With social sharing sites such as Facebook, Twitter, and Instagram, users are always looking for things to show their friends. More often than not, the subject of what they are sharing is a product. Could it be yours?
Ultimately, Generation Y has an efficient means of living. Research shows that they choose to rent instead of owning, they opt for greener lifestyle choices, and they developed a quick way to make quality purchasing decisions. So go ahead, create a consumer relationship, have a stellar product, and watch as your company grows with the help of Generation Y.