With economic growth accelerating, consumers spending and more confidence in markets it’s time, if you haven’t already, to take a step back and ask:
“Is my brand ready for Generation Y?”
Over the years, brands have adapted to different generations becoming their core consumers and understanding how their needs and motivations differ to the generation before them.
So why is Generation Y, or ‘The Millenials’ as they are known, different to previous generations and what do you need to consider when branding for this new breed of customer….?
Generation Y (born between about 1980 and 2000) makes up more than 2.4 billion of the world population and spends $200 billion a year. By 2017 they will have more spending power than any other generation to date.
Competition is only ever increasing as the world gets smaller; markets are becoming saturated as services compete cross-border. These patterns are unlikely to change and, if anything, accelerate further. What does this mean for your business though?
In the short term, very little, but for longer term growth and success you need to start thinking now. How do we adapt to our changing market environment? How do we connect with our changing customer base? Who are they and what are they looking for?
One thing that is certain is that customers demand more from brands. Brands have a duty to be seen and heard far and wide… so how do we achieve this? How do we cut through the ever-growing noise of Tweets and Posts?
Only through understanding can you truly recognise what your customers want, and where they go to find it… Customer engagement and, more importantly, experience is the key to changing the ways in which customers see your brand, and engage with it.
There are four key areas that need to be considered:
- Ensure your brand has stand out – Generation Y buy with their eyes – positioning, tone, message and design have never been so important… Make your product easy to find, research and compare – focus on putting your USPs first
- Use easy-to-share content – use videos and images where possible – visual data is processed 60,000 times faster than standard text
- Be accessible – online in the right channel at the right time – globally. Spend time understanding the channels that are right for you to communicate to your audience
- Be flexible with pricing – the new generation are more willing to pay smaller amounts but over longer periods of time
So, branding is one key area, but what about accessibility and pricing – Ecommerce and mobile usage are growing year on year, meaning that your brand needs to be in all the right places in the right formats to ensure you get the right exposure.
Did you know – consumers now use an average of six different channels to contact a brand – brands needs to be present and active across multi-channel platforms.
Did you know – According to Nielsen, Millennials make up more than half of all shoppers who plan to make an online purchase in the next six months.
Did you know – most people will resort to a phone call only if they cannot make contact via another channel?
Whether we like it or not, the world is changing fast. Adapt now or be left behind. Seize the moment and ensure you future-proof your brand to build longer term engagement as Generation Y dominates the market and launch the next generation of already social, multi-channelled businesses.