The Silent Generation, Baby Boomers, Generation X, Generation Y, and Generation Z – the terms are bandied about daily, but what does it all mean to you and your business.  Basically, the above groups cover the majority of the current living population – so the wants, needs, expectations of each group (and they are different) are what we all have to cater for in how we market our business and in the range of products and services we have to sell.

Gen X, Gen Y and Gen Z are all part of what are known as the youth generations with:
•    Gen X consisting of people born between 1965 and 1979.
•    Gen Y consisting of people born between 1980 and 1996.
•    Gen Z born after 1997.

One of the largest generational groups is the Baby Boomers – born in the period from the end of the Second World War through to 1964 – they grew up in an era of economic growth and high employment.  They are also the group largely affected by severely reduced superannuation savings following the Global Financial Crisis.  They are also the parents of the Gen Y’s – which explains why they are also a large group of the total population, despite falling fertility rates.

For the purpose of this blog we are going to be talking about Gen Y and why you need to understand them and cater to them for the future success of your business.

Gen Y’s are known by many different names – the Millennials, Generation Now, The Net Generation, Generation Next, the dot.com generation, Generation Why, Generation search, Echo Boomers, etc.  For the sake of simplicity, we will just refer to them as Gen Y’s here.  Some of the key points about them are:

•    Baby Boomers tended to give birth at a later age (mum’s averaged 30), and as a result tended to be very mature in their role as parents and mentors of their Gen Y offspring.
•    Gen Y’s tended to be raised to be empowered as individuals.
•    They have been taught that all opinions are equally important and their parents usually sought their opinion in discussions are decisions.
•    They were encouraged to experience a wide range of activities, such as sports, the arts, travel, etc.
•    Often have short attention spans – due to having already had a wide range of experiences, they can be less easy to impress.
•    They can be cynical and critical.
•    Often have a high need for instant gratification.
•    Impatient to execute their ideas as soon as they think of them.
•    Technology use is merged into their social lives – high usage of sites like Facebook, MSN, Twitter, etc.
•    They can expect a lot of feedback and attention.
•    Instead of having a high level of knowledge in a few topic they tend to have a little knowledge on everything.
•    They want entertainment to be better and faster.
•    They are both individualistic and very sociable.
•    They have traditional family values but are both tolerant and open as well.
•    They do have a strong work ethic but want a balanced life and leisure time.
•    Gen Y is a more positive generation than Gen X with a stronger belief in a better future and a better world.

In terms of what all this means for your business; these specific characteristics listed in the points above will affect the way you should conceive your Marketing and branding targeting Gen Y’s. They will only stay interested in your brand if it continues to appeal to their curiosity.  You need to keep your brand ‘cool’ through continual innovation in order to win their loyalty.

At the same time as refreshing your brands and products you need to stay true to your own brand DNA and identity.  Gen Y’s are very marketing savvy and will see through false marketing strategies.  You need to remain both honest and transparent.

For Gen Y’s the most important sources to know what’s cool are social media, their peers, TV, magazines, advertising and music festivals.

Cool brands make them happy.

Is your business ready to meet the challenge?