Targeting Generation Y (Part 1: Identifying traits and characters)

In my last post, I linked the Death of Marketing with generation "Y". In this part,  I will list the traits as well as characters of this generation. As it includes those who were born in the 1980s until up to late 1990s. They were influenced by the Media bombarding them from young age. Thus, they are also called the MTV Generation. Also, They have witnessed the rise of the internet and technology, but not only that they are obsessed with social media (including Facebook and Twitter).

Generation Y majorly make their search through the internet, recognize quality products mostly from their friends. So word of mouth plays a major role in their decision. More ever, Generation "Y" loves socializing, outdoor activities and they prefer staying in the crowd. Places where they would hang out are football arena, clubs, malls and other crowded areas. In school they hang out in groups but they have such a love for their parients. Yet, this love is linked to recognition of their parents great motivational care.

So far, their deep connection to their parents has been a reason for insecurity and late adulthood. Members of  Generation "Y" are very ambitious and they have the "you owe me" thinking because they have been hyper motivated in the sense that when they were young they were told you will have so and so jobs, be a famous and great doctor, enginner, writer, etc..This is primarily one reason that generation Y are great in applying multi tasking. The later is much related to being smart and practical as well. Smart because of the knowledge they get every day from the internet.

This generation also considers life style above work which means friends and peers are more respected than the companies they work for. Thats why they would relate their jobs and the products they buy with their friends. A key trend is "My friend has an Iphone (consider any model), let me have it". The iPhone could also be another product like a digital camera, any outstanding brand, like wise products that are mainly prefered by musicians.

Generation Y would either buy a product if they experience it (means they are loyal to a brand once they try it) or after they hear from their friends.  Consequently, once they buy from you and they loved your brand, you locked them in. An example could be buying a samsung galaxy s1, if they love the stated brand its   their choice, they would climb with it the ladder to s2 , s3 and s4. They prefer any thing that is weird, that would differentiate them from the crowd be it be hair styles, tattoos and rings (depending on the country they are in). They prefere to show off holding every new product of their favourite brand. In the second part, I will show you how to break into Generation Y.

Published with Blogger-droid v2.0.9

The death of Mr "Marketer" (Part 1)

Marketing is dead, no one argues about that. Mean while companies strive to achieve competitiveness.In 2009, a study have found out that 75% of businesses are ruled out of business because of their marketing strategy.

The role of marketer is over as companies no longer link strategy and marketing. Mr "finance" and "Accountant" would disagree and say marketers are the once that ask for more every now and then ripping off the companies budget. The blunder is companies take Marketing as an expense not investment. While they never figure out where to reach and focus little on results. Companies push the whole Marketing budget with ads knowing that customer satisfaction with ads is less than 1%.

Sergio Zyman, Ex CMO of Coca Cola identified the  failure of New Cola Compaign as the luck of focus on outcome and concentration on ads as a medium for marketing the product. Relatively, Mr "Marketer" finds himself puzzled in the current social media marketing as customers have now their own ways of finding out about products. Morever, sales people are losing their roles. Philip Kotler in his book "10 deadly Marketing Sins" also stated that failure to identify the target customer is one of the sins . The later is related to the reason why people should buy your product (Related to Generation "Y"). In part 2, I will deal with alternatives to "Mr Marketer".

Published with Blogger-droid v2.0.9