5 Things to Keep in Mind When Creating a Generation Y Marketing Strategy
Date: July 06, 2015
Millennials are certainly causing a stir in the business world. This population, known as Generation Y, was born between 1980 and 2000 and differs greatly from previous generations in regard to buying behavior. With an estimated purchasing power of $1.4 trillion by 2020 (AdWeek), the millennial market is hard to ignore. But how do you effectively reach this population of digital natives when their attention is pulled in so many different directions?
Below are five things to keep in mind when you are creating your Generation Y marketing strategy:
1. Quality and price are key in millennial purchasing decisions. According to a Goldman Sachs report, quality is the number one factor in millennial purchasing decisions, but price plays more of a role than it did for past generations. These are important things to consider when developing millennial advertising.
2. Millennials are the first generation of digital natives.
Goldman Sachs also reports 34% of Millennials are more likely to purchase from brands that are active on social media. Though social media activity is important, it is vital that companies develop unique content for each channel in order to engage Millennials.
3. Authenticity is Crucial.
Millennials expect brands to provide content on a regular basis, whether it’s a YouTube video, blog, or social media update. They also expect that content to be authentic and respond negatively to content that is too promotional. In a recent report by Elite Daily revealed that Millennials value authenticity more than anything else when consuming any type of news. Because of this, make sure that you tone down promotional language in your marketing assets.
4. Word-of-mouth is especially effective. According to a report by RazorFish, word-of-mouth advertising and consumer reviews are the top two sources that impact purchasing decisions for Millennials. Generation Y marketing that rewards referrals through contests and special promotions can therefore be highly effective.
Rethink Your Millennial Advertising Strategy
With a new generation of buyers comes a whole new take on marketing and advertising. With knowledge and experience in millennial advertising, News-Leader Media Group in Springfield, MO has helped many companies develop marketing strategies that are effective in reaching Gen Y. Contact us now to find out how you can better reach this powerful target market.