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THE QUESTION IS Y?
February 2008
So many questions,
so many more answers. Experts in abundance and so little insight
and consensus!!
It is amazing how just one generation, Y, can cause such interest,
debate, confusion and contradiction.
The essential answers will not be found by interviewing or listening
to Generation Y themselves. They are confused, are looking for
their own answers and identity. Indeed, that is the characteristic
which makes them individually and collectively so interesting.
It is they who are reaching out to their grandparents in search
of finding themselves, their family histories, their sense of
being and place in society.
Countless truisms are paraded about those in the market category
Generation Y. Each has an element of truth, but in the main
suffer from misinterpretations founded on the paradigms and
perspectives through which analysts, business people, employers
and service providers view this fascinating subgroup.
Perhaps the scenario provides a unique, differing perspective
of the phrase and concept “six degrees of separation”.
The truisms contain an element of accuracy, but falter by a
matter of degree.
In marketing, little things mean a lot.
Let’s address the more common statements and truisms relating
to Generation Y.
“YOU CAN’T
SELL TO GENERATION Y”
Sound sentiments,
but in reality, an error of fact.
Belying that belief are the large numbers of 17 to 30 year olds
successfully employed in advertising agencies and marketing
departments. These are not instances of sacrilege. Many of these
people are creative, innovative and entrepreneurial.
No Generation Y person tends to like advertising that is aggressive,
condescending and offers “unbelievable deals”.
This market segment is essentially online savvy. At the time
of purchase many have utilised the internet to retrieve, collate
and analyse information.
As a consequence, they are informed, discerning and sensitive
to what represents value. They don’t need to be sold.
To share information and to be educated is an entirely different
proposition. They want to connect and interact, not be subjected
to intrusive, one way advertising communication.
“THEY WON’T
COMMIT”
By the time the contemporary
adolescents and young adults graduate from school or university,
they have been exposed to countless statements by educators
that they can expect to experience at least 7 major careers
changes during their working life.
If conditioned behaviour counts for anything, it does create
expectations and perceptions.
Thus, it is not that those Generation Y do not want careers
and longer term relationships in commerce and industry. It is
simply that they have been conditioned to not expect such.
Security may be off the agenda, however research has isolated
other aspects and elements which have appeal and are compelling
messages in the marketing and employment arenas.
So close, yet so far…
The issue is one of determine time horizons which are relevant
and pertinent to those in the target audience.
“IT’S
ALWAYS ‘ME’”
No argument here.
They are no different to any group of consumers and clients.
Self interest and what is in terms of advantages and benefits
for the individual consumer persists and is largely the universal
compelling, selling and marketing proposition.
Perhaps the point of difference is the willingness and ability
to express one’s wants, needs, desires and values. Extended
use of and exposure to multi media does improve one’s
communication skills.
“IT MUST BE
NEW”
Information and knowledge
in the world is reportedly doubling within 18 months. It is
difficult if not possible, to keep abreast of change and of
current data.
One consequence is that for some, read Generation Y, if it is
not new then it’s obsolete, redundant, irrelevant and
lacks appeal.
New is now news. It is something to talk about. Consumers have
become market, fashion, technology and marketing mavens. That
is, personal knowledge and the willingness to share that knowledge
establishes one’s presence and status. The phenomena overlaps
the truism about one can’t sell to those in Generation
Y. With the ready, ongoing exchange of information among contemporary,
peer sources of influence there is little or no need for aggressive
advertising and high pressure selling techniques.
“IT MUST HAVE
STREET CRED”
Those adult consumers
under the age of 30 years have a fascinating take on endorsements.
For them “celebrity” has a differing perspective.
Credibility is established by what is being seen, worn, utilised
or spoken about on the streets. To this select group, peer acceptance
and endorsement have higher rankings and priorities to what
entertainers, elite sports people and artistes get paid considerable
sums to promote.
This could simply imply that scope exists for a second lower
level of below the line marketing expenditure and initiative
which involves little outlay but generates considerable recognition,
comment, interest, demand and sales.
OH, ANOTHER THING….
It is perhaps now
apparent that many messages and value propositions need to be
repackaged to penetrate, relate to and satisfy those in Generation
Y. Fortunately, the refining process is both a fun and profitable
journey.
However, too many existing and established businesses do not
pay sufficient attention to the messenger, who will ultimately
deliver the promise and the message. Therein lies the key to
unlocking the unfulfilled, and often, unrecognised potential.
Our research into this subgroup has established a number of
essential parameters.
THE PROMISE, THE
REALITY
So “Yes, Virginia
there is a Santa Claus.” And yes, it is time that you
can sell to those in Generation Y, as indeed you can induce
longer term relationships, more loyal patronage and less price
sensitive buying.
THE AUTHOR
Barry Urquhart, Managing
Director of Marketing Focus, Perth is an internationally renowned
conference keynote speaker, business analyst and author.
He regularly facilitates
management workshops and strategic planning workshops, with
particular emphasis on change, difference, customer satisfaction
and non-price competitive advantage.
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