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Move-over, Gen Y is here and will make up 75% of the workforce in 2025!

Gen Y
They live a digital lifesytle and breathe social networks and mobile devices. Step aside Baby Boomers those born in the 80s and 90s, otherwise known as Gen Y (totalling upward

Gen Ys of 80million people), now represent the largest and most influential group of purchasers today. Many grew up with an Internet connection and PC; today they carry smart phones and can access their social network within seconds. Companies trying to grab the attention of this demographic are realizing that engagement begins with their love of technology equipping mobile and online channels with next generation support technology is the surest path to interacting positively with Gen Y.

Forrester advises businesses to not balk at fickle tech savvy consumers, but rather embrace their love of technology, listen to what they truly want, and then deliver an experience that uses technology to build a connection between consumers and the brand.
This type of connection begins with building a holistic experience from pre-purchase discovery to post purchase support, it is just now we can add digital devices into the mix.
Omni-channels (creating an experience that blends digital touch points with human interactions) is necessary to get the attention of Gen Y and savvy businesses are starting to recognise this trend. Generation Y, also known as the Millennial Generation will have more spending power than any other generation. Aged 18-32 they are tech savvy and according to McCrindle Research
” will live longer than any previous generation. They will work longer than previous generations with the retirement age and pension age pushed back. They will average more than 4 careers and 17 employers in their lifetime.We will see an increasing trend towards people unplugging, and hot desking: the era of activity based working (ABW). So the rise of ping-pong tables, well-equipped lunch (and breakfast) rooms, mini-nap spaces, time-out rooms, and outdoor gardens and green spaces.”

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According to Generational Change blog, “This year there will be more 60th birthdays than ever before. The point is that over the next 16 years this huge generation will all sail past 60 and ease out of the workforce creating a significant labour and management challenge. Now is the time to begin the succession planning in businesses of all sizes.” States Malcolm Anderson.

 

How Cool Brands Stay Hot book has developed a CRUSH model of how to connect with Gen Y.

Coolness: What does it mean to be a cool brand for this generation? How do you achieve a cool status and why should you bother?

Realness: Brand authenticity is a key aspect that discerns long-term wining brands from fads. With Generation Y, authenticity is attained in another way than the traditional approach of claiming origin, heritage or history.

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Uniqueness: A clear positioning based on a sustainable brand DNA will increase impact among youngsters. This generation is craving for anchor brands in a fragmented world. But how do you assert uniqueness when most innovations are copied within a couple of months’ time?

Self-identification with the brand: Gen Y’ers will only feel emotionally connected with your brand when it feels like a friend to them. This implies that your brand should reflect their diverse lifestyles. A better understanding of their identity construction will make your brand fit in with youths’ lives while embracing diversity.

Happiness: Popular youth brands know how to leverage from positive emotions and avoid arousing negative ones.

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