Generational Sales: The Question Is Y

It is amazing how just one generation, Generation Y, can cause such interest, debate, confusion and contradiction!

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 perspectives through which analysts, business people, employers and service providers view this fascinating sub-group.

Let's examine ...

• "You can't sell to Generation Y"
  
  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. 
  
  Tip: 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.
  
  Therefore, 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 not to expect it.
  
  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.
  
  Tip: The issue is one of determining time horizons which are relevant and pertinent to those in the target audience.
  
  
• "It's all about 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.
  
  Tip: A point of difference with Generation Y is the willingness and ability to express one's wants, needs, desires and values.
  
  
• "It must be new"
  
  Information and knowledge in the world is reportedly doubling within 18 months. It is difficult if not impossible, to keep abreast of change and current data.
  
  One consequence is that for Generation Y, if it is not new, then it's obsolete, redundant, irrelevant and lacks appeal.
  
  Consumers have become market, fashion, technology and marketing mavens. Personal knowledge and the willingness to share that knowledge establishes one's presence and status. 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.
  
  Tip: New is news. It is something to talk about. 
  
  
• "It must have street cred"
  
  Those adult consumers under the age of 30 have a fascinating take on endorsements. For them "celebrity" has a differing perspective.
  
  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 implies 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.
  
  Tip: Credibility is established by what is being seen, worn, utilised or spoken about on the streets.
  
  

The promise and the reality

It is perhaps now apparent that many messages and value propositions need to be re-packaged to penetrate, relate to and satisfy those in Generation Y. Fortunately, the refining process is both a fun and profitable journey.

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.

You can sell to those in Generation Y, and induce longer term relationships, more loyal patronage and less price sensitive buying.

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