Generation Y consumers were born in the early 80s through the late 90s. Known also as Millennials, this group has often been identified as the most tech-savvy and engaged generation due to its constant access to technology. When developing a product or service geared toward this demographic, keep in mind that Millennials rely on technology like no other group in history.
Social media is king with this group; since this demographic is on social media, make sure you are too. Millennials are likely to:
- Read reviews and ratings found on social media channels. Generation Y tends to seek out the advice or opinion of members of their peer group rather than that of their parents.
- Need quick answers from you. Implementing a chat feature on your website or creating an app will make it easier for Millennials to communicate with you and your business.
- Visit and use your website if it is easy to use and popular products are in stock. A useful website goes a long way towards building loyalty. This will benefit not only this group, but your whole client base.
- Read blogs on shared topics of interest. Let them know that your business cares about the same things that they believe are important.
- Leave you kudos on a job well done or an honest review of a bad interaction — this may have a big impact on selecting who they might do business with in the future.
When developing a marketing plan for your business, you may want to consult with members of your staff that represent or understand the particular needs and wants of this group. Consider implementing or upgrading your technology offerings to meet the needs of Generation Y. This can be done in a variety of ways.
- Create a username and password system that automatically saves payment information.
- Offer a variety of payment options such as debit or a mobile point of sale if your business is mobile.
- Ensure that you offer your business’ contact information or chat feature on every page of your website.
As with all generational groups, Millennials are more likely to do business with companies that think like they do. Make sure that you advertise your point of view on several important issues.
- Is your business inclusive?
- Is your business socially responsible? Include pictures of your business at community events in your social media feeds.
- What is your business doing to make a difference in your community and in the world at large?
- Dedicate a portion of your website to publicizing your business’ mission statement or consider using crowdsourcing to gather ideas and input from your potential customers.
In the end, showing Millennials, or Generation Y, that your business is “walking the talk” will inspire confidence in your business and can offer you more opportunity for growth.