The Marketing Playbook: The Gen Y Feature
An extremely massive and diverse group of consumers, Millennials or Gen Y refer to those born between 1981 - 96 with present ages of 22 -39. Although not born with smartphones in their hands, technology is still second nature to the selfie generation.
Growing up during harsh economic times such as the Great Recession of 2008, millennials have learned the art of being happy in less. Although not frugal, they definitely mastered the art of living on less i.e. maximum value for the minimum price.
According to a recent survey, millennials do 60% of their shopping online with google reviews and social media shoutouts acting as the primary influencers in determining the best quality for the best price. They have also been traditionally known to harbor a sweet corner for social issues such as environmentalism, endangered species, poverty, illiteracy, etc.
The question however still stands, how to market to a money-conscious, socially progressive, lowkey traditionalist yet tech-savvy generation?
1. Go Digital:
Born in the age of the internet boom, it hardly comes as a surprise that millennials don’t trust traditional marketing. As social media mavens, they rely on digital word of mouth to decide which product might best suit their needs.
As such, for marketing to their segment, a prosperous digital presence across a variety of platforms with active engagement from customers and prospects is a bare necessity. Revamping the ancient website alongside setting up social media pages on relevant platforms such as Facebook, Instagram, and LinkedIn is the first step to establishing the former.
With a drive to get the best price for the best quality, giving special offers, giveaway contests, and special discount coupons can go a long way. Combining these with digital campaigns that drive engagement can help startups and traditionals expedite their growth.
The annual #RedCupContest by Starbucks where consumers were asked to upload pictures with the Christmas cups with the chance of being one of 5 lucky cash prize winners, is one of the best examples of a social media marketing campaign. Starbucks essentially created incredible word-of-mouth organic advertising and reviews while churning up a storm online.
At the peak, there wasn’t an hour when a person wouldn’t come across a Starbucks drink photo in their Instagram or Twitter feed.
3. The experience value:
Millennials over the years have cultivated a higher value for experiences than products. With strong beliefs in monetary value, they still continue to purchase high-end products due to the experience a brand such as Apple offers.
Incorporating video animations, a humorous approach to serious social issues, good customer service, a smooth buying journey, etc. often goes a long way as they all contribute significantly to the millennial definition of a good experience.
At Plethora, our team of experts not only swears by the above tactics while targeting the selfie generation but also practices the same religiously. Still have doubts about utilizing digital media to target Gen Y? We have got you!
Brainstorm marketing ideas with our team today.