UNDERSTANDING THE "WHY" IN GEN Y.
Marketers haven't been dealt a bigger opportunity since the Baby Boomers. A lack of understanding of Generation Y's idiosyncrasies, and the huge differences between it and previous generations, can break your brand. Among researchers, there is no agreement on the exact ages of this generation. Broader definitions group birth dates between 1977 and 2002 (now age 5-30), while narrower definitions list birth dates between 1978 and 1992 (now 15-29). They also are called "Echo Boomers," "The Millennium Generation" or simply "The Millennials." Sons and daughters of the Boomers, this generation grew up with the Internet.
This is the first generation to be raised in a child-centric society. This generation rivals the Boomers in size and has the sheer power to phase out an established brand by simply not paying attention to it. And it can launch a new rival brand that can shake up the status quo. So, as marketers, how do we break through and get this generation to grab hold of OUR brand? How do we gain their loyalty? And how do we continue to keep Gen Yers interested and excited?
Gen Yers are the generation of multi-taskers with an "anything is possible" attitude. They've been raised by working mothers and many come from single-parent households. They are totally comfortable with technology and the independence it allows. This is the most ethnically diverse generation, which lends to much more tolerance and acceptance of things outside the norm. Their lives have been shaped by many major world events, creating pragmatic, financially responsible and goal-oriented young adults with a speak-your-mind philosophy. Sensationalism, especially in ad campaigns, doesn't speak to this generation quite like it did to Boomers. They have very practical world views. Their lives were shaped by the Challenger explosion, the first Gulf War, the Oklahoma City bombing, the death of Princess Diana, the Columbine High School shootings, the 9/11 terrorist attack, the ENRON scandal, the SARS epidemic, the Indian Ocean tsunami, and Hurricane Katrina.
Those events have led this generation to develop feelings of skepticism and pessimism. Therefore, self-fulfillment is very important. Gen Yers have a deep realization that life is short and that realization carries over to the workplace. Work-life balance is a must. This does not mean Gen Yers don't have high expectations of themselves as employees or of their work. They expect flexibility and independence in their jobs. They want to work faster and better. They constantly search for challenges and see their colleagues as resources. They do not feel wedded to their job, or even to their career, if it doesn't bring the opportunity, growth, and challenge that they expect.
This independent, hard-working, goal-oriented attitude has led many Gen Yers to conclude that the best kind of job is working for themselves. Technology, and Gen Yers' own tech-savvy, has allowed them the freedom and the platform to make this a reality. The "anything is possible" attitude has motivated Gen Yers not to settle for less.
Successful marketers must not only recognize and understand the attitudes and motivators of this generation, they must take into account the fact that this generation has grown up in a media-saturated, brand-conscious world. This does not mean that Gen Yers aren't brand-conscious. They just respond to ads differently, and they want to be advertised to in a different way. They respond to humor, irony, creativity and (believe it or not) the honest truth. They do not respond to nice little jingles or fun ad slogans meant to ignite warm and fuzzy feelings. These marketing tactics may have appealed to many Boomers, but they will not win over the Gen Yers. This is a generation barraged by ad messages and marketing efforts since birth. With their more skeptical and pessimistic attitudes, Gen Yers do not respond to companies attempting to persuade them to buy something or even to like something.
To this generation the most trusted endorsers are their peers. This is one reason so many social networking sites, like Facebook and MySpace, have become extremely successful. Marketing campaigns aimed at this generation must be subtle and local. This generation needs to stumble onto your brand. Marketers must go where they are. Marketers also must realize that this generation is not as brand loyal as their parents. They are willing to switch their allegiance on a dime to stay ahead of the style curve. Generation Y is certain to keep brands and marketers on their toes, forcing them to work hard to try to always be several steps ahead.
SOURCES:
"Things that make you go HMMMH...;" HMH book
"Generation Y;" Business Week article;
http://www.businessweek.com/1999/99_07/b3616001.htm?scriptFramed
"What Gen Y Really Wants;" TIME article;
http://www.time.com/time/printout/0,8816,1640395,00.html
"Generation Y: They've arrived at work with a new attitude;" USA Today article;
http://www.usatoday.com/money/workplace/2005-11-06-gen-y_x.htm
"Understanding Generation Y;" The Oberlin Review;
http://www.oberlin.edu/stupub/ocreview/2006/12/08/features/Understanding_Generation_Y.html
