The generation Y group, often referred to as the millennials, are quickly becoming the targeted group for marketing for businesses throughout the world. This selective targeting may be caused by the fact that the generation Y group is responsible for more than $600 billion in sales every year, or the fact that their numbers are steadily growing annually, or more importantly the fact that they are not afraid to share their product experience, both good and bad, with everyone they know. They in essence can spread your company brand faster than any other generation.
Influence of the Millennial Group
As if their sheer purchase power of $600 billion annually were not enough, this group tends to have a greater influence on consumers than any other generation. In fact, these younger consumers are even able to influence the older generation who look for them for the latest fashion tips and information about the new techno-gadgets. A study done by PunchTab revealed that 20 percent of the women from generation Y admit to being influenced by posts made on social media networks.
In addition, these same consumers are just as likely to influence as they are to be influenced. The PunchTab study also showed these women, and men, were likely to post about their product experience by posting comments on social media networks like Twitter, or post a product review. The good news is that this generation is so social media obsessed that just one comment can reach thousands of potential customers instantly.
How to Entice the Generation Y Crowd
This all may sound great, but actually inspiring the generation Y crowd to spread your company brand is no easy task. This steadily increasing group of younger consumers, who were born between 1980 and 2000, share some noteworthy traits, such as being incredibly techno-savvy, social media obsessed, and great at multi-tasking. It is easy to see why the marketing world is gravitating towards this generation. Unfortunately, millennials are also very impatient and not only want, but expect instant gratification. This can add to the difficulty of targeting this group and enticing them to spread your company brand in a positive light.
The trick is to use this information to your advantage and create a marketing strategy that works to influence the millennials. Studies have shown that this group of consumers are likely to be more influential when they receive an incentive for purchasing your product. These incentives come in a wide range of things, such as discounts, contests and loyalty programs. When it comes to loyalty programs, PunchTab’s studies showed that most of those in the millennial group are impressed by loyalty programs that cover more than just one brand or product. Essentially, they want the most they can get out of a loyalty program.
It is equally important to know what this group is sharing with their friends. Studies show that this group is most likely to post comments about the price, service, great deals, brand name and the overall purchasing experience. This means that you have to be able to influence this group in one or more of these categories to make your company’s brand with spreading.
When it comes to the Generation Y group, one thing is certain, that they cannot be forgotten. They have such influential power in the market today that it would remain virtually impossible to stay competitive without targeting this group in some way. In addition, their numbers and influential powers are only going to steadily increase as this generation makes its way into the career world.
Companies must create well-developed strategies that entice this generation to share comments about their goods and services by offering great incentives that provide the instant gratification this group demands. In addition, companies must stay on top of these strategies because this group can be easily swayed by another company offering better incentives.
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