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I‘m 24 years old – and at my age, I represent a demographic of individuals we so commonly refer to as “Generation Y” – or, if you prefer, the “Millennials”. We were born and raised during a period of technological innovation never before conceived. We sat up on AIM for hours chatting with our friends back in middle school – we downloaded illegal music on Napster – we “blogged” about our social lives on Xanga and Livejournal – we were the early adopters of Myspace until, well, it got totally lame and a hangout for creepy folks – we vividly remember when Facebook first hit our college campus, back in the day when everyone was friends with everyone and after that party on Saturday night, you went back the next day and added all those people you downed a shot with and vaguely recall from your half-drunk stupor, only to occasionally post “We should hang out some time” on their wall. You know what I’m talking about.
We’ve been there, we’ve been through it all (or at least a lot). We are the Millennial generation and we’re more in tune with technology and the online world than ever before. Can you even imagine a world without the Internet? The first thing that comes to my mind is all-out anarchy. People setting things on fire, looting retail stores and running naked through the streets. It’s unfathomable, really.
You already know all this – you understand where YOU stand in modern day “connected” world that we live in.
But a lot of folks don’t - we (collectively) present a hell of a challenge to companies and marketers everywhere. How does a business communicate with the people of our generation? Why are marketers making the shift from more traditional (TV, radio, print) mediums in favor of the Internet?
On Wednesday, I have the pleasure and honor of sharing the stage with three individuals who are doing big things and command a lot of respect at the CPG Retail Summit in San Antonio. Lauren Fernandez, Adrienne Waldo, Kenji Summers, and yours truly will be center stage in front of 1,000+ corporate executives, PR reps, and marketers who want to know ONE thing: “How do you market to a Millennial”?
The game has changed – that goes without saying. We live in a “sales” environment nowadays that is much less about sales and much more about influencing and making an impression. We (again, generalizing and referring to the “collective” Gen Y population) don’t want to be sold to – we don’t respond well to the generic sales pitch and in short, it’s a big turn off.
We have the tools at our disposal to make our own buying decisions easier than ever before. Think about what you do before you buy something online. More than likely you read reviews, sample it (music), and do significant research before dropping a dime.
The “old school” sales process is dead in the water – we’re making our own buying decisions. But that doesn’t mean we’re not influenced (sometimes VERY easily) especially by people we trust – friends – colleagues – other connections and people we respect. And that’s where the money’s at for the businesses out there – researching, listening, monitoring, and targeting the influencers out there – not (only) as a business, but as a friend, as a trusted resource, as someONE who is genuinely interested in making a connection and building a relationship.
On Wednesday I’ll be sharing the stage with a group of Gen Y influencers, hand picked to address this exact topic. I want to bring some of YOUR thoughts and ideas to the table – and would love for you to sound off below in the comments in response to the following questions:
Matt, I'll answer your questions exactly as you proposed them:
* How often do you shop online?
Depends on what the need is, most electronics, I will test in store (shoot a photo, play on the computer, etc.) but, I will purchase online, after reading opinions and reviews of the product.
* Has Social Media changed the way you shop?
Social media's effect on my shopping isn't as much as I expected it to be. More so I will use reviews or forums, and people who have had a product much longer than I. Whether by direct contact or a social media search, I would rather go with someone I know.
* What are your biggest motivators when making (online) purchase decisions?
The largest motivator is the quality of the product, nothing will beat a good hands on use, or a 30day trial. As you said us Gen-Yers are used to having stuff "sold to us" so if we can't get out there and use it...screw-it it ain't worth it.
* How should marketers focus on “tapping into” our generation? What good (or bad) examples do you have of a company “selling” to you?
Don't spam, we're used to it and we'll ignore it. Be innovative, give me something I want. Use keyword analysis from my twitter stream (or generalize them) understand the information I give amongst my networks to know the Y-Gen then cater directly!
* What causes YOU to become “loyal” to a particular brand?
Community, Culture, Participation, Trust.
How often do you shop online?
I shop online less often then I shop brick & mortar. That said, I browse online for items that i consider buying on an almost daily basis. I probably make an online purchase one a week on average.
Has Social Media changed the way you shop?
Sites like Woot.com have - though I'm not sure if you'd consider that social media or not. Other than that, social media has changed the way I find out about products - especially large purchases or cutting edge items (software, for example).
What are your biggest motivators when making (online) purchase decisions?
Price is a large factor; after that, it depends on the item. For books (amazon), reviews matter, though often I'll go check them out in person in an actual bookstore before buying... for other items, for example products for my cat (hey, it's just an example) I read blogs that review products and that I trust.
How should marketers focus on “tapping into” our generation? What good (or bad) examples do you have of a company “selling” to you?
Humor is a great way to go viral. And the more times a gen-y student comes across something like that I think the more likely they are to consider the brand "cool" and consider purchasing from that company. Other things that are important are what the company is giving back - while that won't trump convenience for me, if two goods are equal but different, that can be the feather that tips the scale.
What causes YOU to become “loyal” to a particular brand?
Performance is very important. If i buy a product and have a problem, it halves the chance I'll buy it again, and there is also a good chance I'll share my dissatisfaction. If the company hears that, and seeks me out to offer to fix the problem there is a chance I'll come back to them - but I'm not going to bother calling them directly or telling them what's wrong. they will just lose my business.
Also, talking to a live person - whether it's via twitter, on the phone, via email, or some other way, helps. And I'm not talking about Time Warner's instant chat with service reps (which kind of sucks) but I'm talking about people who actually engage. Who ask what I think and am I satisfied.
I think gen-y is a vocal generation. If marketers don't know what we want, they should ask. We tend to respond.
I'm on the cusp of genX/genY, but as far as how to reach both generations, I think the answer is the same: be authentic. Because of ad fatigue (getting pummeled daily with hundreds of ad messages), our generations are very wary about being marketed to. The best way to scare us off is to send a message that sounds like it was developed by "old guys in suits". Use social media (word of mouth by trusted contacts is even better) and be honest about your company and your product. Some other do's:
-Be socially responsible, don't just pretend you are. Donating $500k to Charity X and then spending $4M on advertising to tell the world how you're donating to Charity X is not socially responsible. It's self-promoting, and savvy millennials know the difference.
-Ask for feedback. Whether it's through tweets, status updates, blogs or email chains, millennials are not shy about giving their opinions. Use this feedback and incorporate it into product designs, marketing campaigns and other methods to show millennials that your company is listening and that it cares.
-When possible, allow for personalization. Millennials as a whole love to put their personal stamp on things. Whether it's custom MP3 mixes, phone sleeves/cases, stickers, websites or anything else, enabling consumers to easily tailor the product to their needs and tastes (without compromising the integrity of the brand) is a great way to bring about brand loyalty.
How often do you shop online?
More than I shop in stores. (except for groceries) Several times per week.
Has Social Media changed the way you shop?
I use reviews to make purchases. The more good reviews the more likely I am to buy. Facebook/Twitter and other major streams have a small impact. I usually tune it out for buying things. Unless its somehting I like. For example a friend may post a link to a new product that is to be released. Social media can help me discover new things and information about a product I am considering. I go to a respected online retailer and check reviews when making a purchase. Also, I having my hands on the product makes a big differnce. (I want a wii now after playing mario cart at a event I was at the other day)
What are your biggest motivators when making (online) purchase decisions?
Lowest price, ease of use, good reviews and hype.
How should marketers focus on “tapping into” our generation? What good (or bad) examples do you have of a company “selling” to you?
Tap in with good content and professional reviews from nich community sites. Get involvement from regular people in testing and have them publish real unbiased content.
Bas
What causes YOU to become “loyal” to a particular brand?
Customer service and honest quality product. Basically, no upsets along the way in my buying cycle.