Known as the Millenials, Generation Next, Echo Boomers or the Boomerang Generation, Generation Y (people born between 1977 and 1994) uses technology and different ways of communicating more than any other generation in the past.
Armed with cell phones, usage of social media and the Internet, Gen Y is full of consumers and brand experts.
Therefore, branding to this demographic is just as unique as to the ones before it. Though, ways of branding have changed. Newspaper or MTV ads don’t appeal to this generation, but social media and e-mail campaigns do.
According to a Reuters Money post, “The big detail that brands need to pay attention to is how to reach this group electronically.” A survey from Milo.com revealed that 20% “like” a brand on Facebook, 10% follow a brand on Twitter and half receives e-mails from brands.
Brand loyalty is also important to Gen Y. The survey showed that 65% of female Gen Yers consider themselves brand-conscious, 61% of male Gen Yers consider themselves brand-conscious and 60% of girls aged 13-24 say they consider a store a friend. If Gen Y likes a brand, they’ll post about it on Facebook, Twitter, Google+, blogs and so on. They’ll also post about a brand if they don’t like it.
Though brands are a priority, paying full-price is not. Gen Y uses many discount sites, flash sale sites and aggregator websites to find deals online. They also watch for store promos or sales.
Why is knowing how to brand to Gen Y significant? The demographic accounts for 25% of the population and spends about $200 million total a year! Furthermore, as Baby Boomers are retiring, Gen Y is starting their careers. Gen Y is predicted to outspend Baby Boomers by 2017. So, selling to Gen Y is a major asset to brands.
For help building your social media brand, contact one of us at mRELEVANCE.