Generation Y

Young people, the new decision-makers

Upnify Editorial Team - 13 de mayo, 2022

Marketing

Some companies do not know of their existence and others do not take them into account, but what is certain is that the so-called Generation \Y\ are the new decision makers and they do it following a totally different behavior than we are normally used to so far.

In this Generation "Y" are those born between 1982 and 1993 and just to start, demographically they are many millions of people, with a much greater purchasing power to their similar years ago, plus among them are many new decision makers, company directors, founders of very successful companies and in general may be occupying positions of responsibility and senior management.

This Generation "Y" is currently deciding who to buy from and who not to buy from, and in most cases that decision is based, of course, on excellent products and services, but above all on how to commercialize them, on how to do marketing to bring them to the market. Generation "Y" has very different buying and business behaviors in general, they are more prone to new technologies, social networks, permission and non-intrusive marketing and for that here we give you some basic characteristics of this important segment of the population.

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What do young people rely on?

Social Networks

What used to be mouth to mouth is now Social Networks, this segment is usually very perceptive and responds greatly to what happens with social networks, their decisions can be influenced significantly by positive or negative comments in these media, they are active and natural participants because they inherently know how important it is to have a presence, so what used to be word of mouth is now represented with "Like" on Facebook, with being followers on Twitter, etc. If you really want to reach them, you have to be present on social networks.

Commitment to them and their ideals

These new decision makers are very demanding with the commitment to them and their ideals, and by this we mean to take them into account in a very serious way, to generate content of great value and relevance to them, in this concept obviously social networks have a great weight, but so does the website, It is in this segment where they expect to be taken into account in the development of new products, promotions, news, company information, relevant changes and that is why in exchange for their loyalty they demand commitment, or else with just a few clicks they will have gone to the competition.

Personal Relationships and Respect

This segment is a market that likes to be spoken to as you and talk to you as you, that is, they want to feel that you know them, that you know what they want and that everything you do is designed for them, they are waiting for what they need at the time they need it and not a bombardment of annoying and meaningless advertising, out of place and poorly timed, basically they do not want to be interrupted (With this we refer to the common practices of TV, Radio, Magazines that make thousands of clicks), Radio, Magazines that make thousands of advertising impacts without knowing if I want them or not and actually just interrupt the normal flow of communication), remember that this demographic has buying power and are decision makers and will only do so with those who clearly have respectful and permission marketing practices.

Being listened to and being proactive.

Generation "Y" young people are active, they give opinions continuously, leave comments on blogs, social networks, emails, make complaints, give suggestions and that really has an incalculable value, because we are making our consumers part of our business, but this involves a commitment to respond to these situations, to modify what is justified, otherwise we will have a very negative effect when they feel unheard, it is a very loyal but very demanding market.

So how do we manage to sell to Generation "Y"?

People who were born between 1982 and 1993, and in this group are many of the great entrepreneurs, founders and consumers of our days, with unprecedented purchasing power, are a great present and future target market. Therefore, there is, or at least there is beginning to be, a concern in SMEs about how to sell to them, how to market to them and how to approach this market.

Generation "Y" reports to be more influenced by:

  • Email marketing: 83%
  • Website marketing: 71
  • Personal actions: 68%
  • Social media marketing: 49%

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The most powerful tools for these strategies refer to automatic marketing systems that ensure constant and adequate communication according to their preferences, Facebook is presented as the social network where more business is generated followed by LinkedIn and Twitter, being also these technologies and tools where the greatest concern and need for help is reported.

The biggest challenges that SMEs see today are:

  • 76% have lead generation as their main challenge.
  • 49% see it as having a better approach, relationship and connection with current clients.
  • 41% see their main idea as generating referrals that translate into business.
  • Among the companies that executed these strategies:
  • 69% reported having had increase and growth in their business.
  • 20% reported staying the same but with greater business potential in the short term.
  • 11% reported losses.

As you can see, the opportunities are enormous, the statistics indicate that it is very likely that your business will grow, I would almost dare to say that among the 11% that reported a loss, there are most likely companies that did not give the necessary attention and seriousness to these tasks and the result was negative. We must remember that commitment, respect and proactivity are key elements to succeed in this market and with this Generation "Y".

In addition, these new ways of doing business can take you to consumers that otherwise would have been impossible, or very difficult or too expensive to reach, because we are not only talking about having many more consumers and potential customers, we are also talking about expanding your geographical possibilities.