
Generation Y associate themselves (whether they know it or not) deeply with reasons of belonging, esteem, and self-actualization. They grew up at the same time the Internet grew up. And they were the people who kicked off social media. Because of this, 22 year old college graduates walk into their jobs with the assumption that there will be utter transparency. And why not? Gen Yers have performed everything else in their life transparently up until this point, including their social life thanks to Facebook, Myspace, and Twitter (this is where they differ from previous generations).
So what can we learn from this?
As such, they expect literally everything to be transparent, including marketing towards them. And when it comes to mobile marketing, don’t even think about advertising to them on their cell phones.
The first hurdle is that not all Gen Yers have unlimited text messages, and so you’re literally using up a precious resource for them. So, unless you’re texting them to say they won $100, don’t bother.
The second hurdle, as the MediaPost article above points out, mobile marketing is still push, and not pull. If you send a Gen Yer a mobile marketing text, they’ll know instantly whether they opted in for it. If they didn’t, expect not only anger but blowback. Blogs, Twitter, Facebook, that’s where Gen Y go to complain: the social web. Not only will you have lost that one potential customer, but potentially hundreds of others who follow that person.
The third hurdle is that Gen Y constantly adopt new technologies at a rapid pace. By the time marketers learn how to listen before leaping, the bar has moved. This will eventually smooth out, but the important thing here is to remember that marketers need to listen first, before reacting.
Be serious about your engagement with Generation Y. They’ll give you the time if they feel you’ve earned it, and when they do it’s much more precious and inherently valuable than any attention you’ve gotten before.

Interesting post. Especially the observations about authenticity and push vs. pull.

Transparency is interesting. Gen Y's lives are broadcast so it's reasonable they might shun a company if they don't feel their getting the full story.

Good insight. People need to remember that mobile internet is different because of the context it is used in. (On the go, quick information...) I think it is important to mention though that providing useful mobile content is still relevant and should not be overlooked.

That is an interesting point about banner blindness. I think its more about people being more tech savvy as the years pass. Its hard to make money with adsense now because of popup blockers. Pretty soon everyone will be adding these to their pcs. We just need to find some way to get around this. Maybe by doing a thorough eyetracking study.
Thorough eyetracking studies have been done quite a bit, and are done all the time. I've even participated in some at psychology labs myself.
Check out Jakob Nielsen's http://www.useit.com/ for great resources in that vein. As well, Jakob even talks about how banner blindness is becoming a serious issue in today's web usability, and not just for the ads themselves but for any graphic that resembles a banner.
Nikki, to play devil's advocate, should we really just be looking for ways to "get around" pop-up blockers? Isn't the fact that people are blocking ads in the first place a sign that that method will not continue to work?