Feb
08

Why is Gen Y Obsessed with the Extraordinary?

Lady Gaga to the Tiger Woods sex scandal to MTV’s Jersey Shore are just a few examples of the ridiculous yet fascinating pieces of news that Generation Y teens have become obsessed with. Why is it that our age group loves to love the extraordinary?

We are not an age group to settle for the status quo.

We like to be different. We like to be unique. And we like to stand out. By being obsessed with the extraordinary, we attract attention not only to the oddities in today’s society, but we attract attention to ourselves, saying “we want to be seen as making a change in society!” This trait in Generation Y is due in part to our instinct nature to be attached to the media and new technology. This allows us to view videos, pictures, and stories on the Internet 24/7. We are able to read, view, and share virtually anything we want.

Lady Gaga in particular is all over the Internet because she is so bizzarre. Personally, I do not like her style, but I know that a lot of her fame has been due to her outrageous outfits and my generation liking to talk about it. Although Gen Y’ers are not big content creators on the Internet, that does not mean that we do not still share information. We LOVE to share information, on Facebook in particular. Below is a chart of where people are spending their time on social sites, and sharing all of this information. Clearly, Facebook is the dominant site.

Also, the hype about the Jersey Shore show on MTV demonstrates how a ridiculous show became so popular. People everywhere are either embracing or mocking what the cast did. If you type “Jersey Shore” into YouTube, you will find over 15,000 results, mostly from viewers of the show making their own mockery. Also, by typing “Jersey Shore show” into Google, over 18 million hits are found! Clearly, such a show has caused an immense amount of buzz among this age group. People are even hosting theme parties or bar nights where everyone dresses as their favorite cast member. Although we may mock or make fun of shows such as the Jersey Shore, we also embrace it because it is different and outrageous.

What other oddities have you seen Generation Y embrace?

Feb
03

Gen Y is Reshaping Mobile Marketing


(Photo courtesy of Flickr Creative Commons)

50% of Generation Y consumers have mobile phones. They also have much more disposable income than would be expected, and are very willing to spend it. Generation Y provides a great opportunity for marketers today, as they are reshaping they way consumers search for information and buy products. So what is a marketer to do??

Studies have found that the more mediums a customer is involved in with an organization, the more engaged and likely to respond they become. This provides a great opportunity for both social media and mobile engagement with this age group. Gen Y is hugely dominant on social networking sites, and also have access to mobile phones and text messaging. Therefore, if the two are combined, think of the buying power they will then have! Although SMS marketing is not big yet, it will be during the age of smart phones and increased Gen Y spending.

SMS can be used like Facebook and Twitter, but it is better because it results in a quicker response to a promotion. Chad Hallert, Director at Ecommerce stated, “We tried stand alone offers with mobile, social and email…when you break them up to pieces, nothing really competes with e-mail, and the other two don’t look as valuable as they are”.

When SMS and social marketing are combined in a campaign, results are improved by 5-8%. This is because the SMS alert or Facebook update is added to an already existing campaign with a website, paid search and e-mail. The increased response rate is due to higher customer engagement (Sutton).

So how has Generation Y reshaped mobile marketing? They provide companies the opportunity to reach them in a new medium that other generations may not respond to. And since they are consuming many different types of media each day, there is a high potential of reaching them in various ways, generating interest, and making a purchase.

What do you think?

Jan
28

Generation WHO?

Who is Generation M2?
How much media do they consume?
Are they your own children or friends?

Generation Who?


(Photo courtesy of Flickr Creative Commons)

A major reason why search results and social sites have become such hot topics of interest is because of the multimedia teen, or Generation M2. As expected, this age group spends more time than anyone utilizing media. A study by Kaiser Family Foundation found that kids 8-18 years old spend almost eight hours a day using media!

However, with access to so many types of media (social sites, Internet, smart phones, applications, iPods, etc.) these teens are multi-tasking, therefore fitting in over 10 hours a day using media!

For example, they typically will be watching television while texting, or listening to their iPod while on the computer. In addition, teens have dramatically increased their media use by 66% since 2004. Personally I do not find this surprising because I too multi-task and use all types of media all day long. However, those as young as eight who do this is a bit surprising.

Also since 2004, cell phone ownership among Generation M2 consumers raised from 39% to 66%, and ownership of iPods jumped from 18% to 76%, more than a four time increase! (Melanson) “With teens spending more time with media in a week than the average person does at a full-time day job, we can only wonder what this next generation will look like as they enter the work force. Oh wait, aren’t they called ‘bloggers’?” (Melanson).

While the amount of media usage increase in general for teens, television viewing time actually decreased for once and was replaced by listening to music, playing on the computer and with video games, reading, and watching movies. Dr. Michael Rich, a Boston pediatrician said, “media may have become essentially ‘like the air they breathe, the water they drink and the food they eat’”.

I now notice children as young as ten carrying around Blackberry devices, and almost everyone walks around with an iPod earpiece in their ear. I also find more and more of my friends joining more social networking sites. This is a neat phenomenon to see since I jumped on board the social networking bandwagon way before my friends, and to see the influx of numbers joining is fascinating and correlates perfectly to this study.

How have your media usage habits changed? Do you find yourself noticing teens using more and more high-tech products than ever before? I’d love to hear your input!

Jan
21

Y Bank?

“Why should I open a bank account if I have my wallet and good money management skills?”

“Why should I open more accounts, such as a credit card account, if all I need is my savings?”

“What is banking even for?”

Sadly, these three questions are commonly asked by Generation Y consumers. There are three categories of banking consumers in Generation Y: underbanked, unbanked, and WhyBank. Generation Y consumers range from 9-29. Those on the younger age of the spectrum do not know why they need a bank account at all, simply because they do not have much of an income (probably mostly from babysitting or a summer job). If they do acquire a bank account, it is probably because their parents wanted them to, but they are likely to not keep up with the account.

Those on the older spectrum of the age group may know that they need a bank account, but do not know much about banking or which bank to choose. Personally, I only had a small savings account up until my freshman year of college. When I went to college, I had to switch to a bank that was available around my school since I was using a local bank in Connecticut at the time. I had no idea what my banking options were, nor which bank would be best for me. (Thank goodness I had my parents to advise me!)

A major reason Gen Y consumers do not use banks is either because they do not know why they would need an account, or they do not trust banks.

So what is a bank to do with these confused Gen Y consumers?

I did a senior marketing project for a bank in Western Massachusetts called Country Bank. We examined this exact question. They were looking to expand their popularity with Generation Y.

- Banks need to educate these consumers about banking services in general and THEN tell them why Country Bank is the best choice for them.

- Banks cannot simply tell Gen Y why they are the best if they do not understand banking first.

- Banks must ensure that they have the proper technology to attract these consumers. Gen Y is the most technologically savvy, so they want internet banking, mobile banking, and text messaging alerts. This makes it most accessible for them to use your services.

- Banks should also get into the social realm. Research reports that Gen Y uses friends, family and the Internet to gather a majority of their information. If people are talking favorably about your bank, you will have a higher likelihood of being chosen as their bank.

- Lastly, keep a personal touch on all communications with these consumers once they have created an account. Do not lose their trust in you, and make them feel important.

See my two Slide Share presentations under the page ‘My Portfolio’ for a detailed outline of Generation Y and their attitudes towards banking!

Jan
20

Taylor Swift: A Gen. Y SUPERSTAR!

Taylor Swift is my favorite music artist, so naturally I follow her on Twitter and am a fan of her on Facebook. Since the release of her first album a few years ago, I knew there was something different about T. Swift. The difference is that she has a lot of traits and ambitions that I have. She is young, passionate, creative, independent, and most importantly, follows her dreams.

One article in USA Today reported her saying “I’m so lucky to have these experiences.” She has a great opportunity and has been thankful for it since day one. She thanks her fans after every performance or show, and I think this is why us fans are so passionate about her. Taylor has won over the hearts and minds of so many Generation Y consumers, as she is one herself. She sings about real life situations that any of us can relate to, she is real no matter what, and she acts like a normal 19 year old girl.

Taylor has just about 3 MILLION fans just on her Facebook page and about 2.5 million followers on Twitter. I find Taylor a social phenomenon because she emerged as such a naturally talented singer with such a loyal customer base.
As one of her songs is titled, Taylor is “Fearless”

Jan
08

Information Overload for Generation Y!

Generation Y consumers are said to be the most technologically advanced and informed of all the generation segments today. This can be a good and bad thing for companies and marketers. Most of my friends and I have smart phones, laptops, iPods, Facebook accounts, cameras, and much more. We have almost TOO much technology at our hands, so we do not always know how to process all of the information. In addition to having all of these products, we are then bombarded by new products/ad/services, etc to add onto our already overloaded set of technologies.

Ads come to my phone (through Twitter text messages, ads on my iPhone apps, and other random advertising messages). They also are all over the internet, no matter what site I am visiting. We are constantly being targeted by Apple, if we already have one of their products, to get more accessories, or the most updated version of their products. Then, when we go to socialize with our friends online on Facebook, we get notifications from them about their new applications and there are also side ads on every page.

So, how do we filter all of this information? We ignore it! I personally just tune out all ads I see when i am overloaded with information, or not in the mood to investigate a new products or service. However, I find Twitter is a great way to reach Generation Y consumers in an intrusive yet acceptable way.

Twitter allows consumers to come to them, which is a great example of pull marketing. If a consumer wants to follow a specific company or person, they can. This means they agree to receive the messages, links, videos etc. that they post, and can decide whether or not they will read or watch what is posted. I personally follow a lot of businesses that I shop at, Dunkin’ Donuts in particular. I am interested to see what they are up to, and occasionally click on the links that they post to learn more.

I believe that Twitter is a great solution to the information overload that Generation Y is experiencing. However, there is a set back. The more people or companies that a person follows, the more information and posts they will receive every day. Twitter users do have the ability to create lists and ‘unfollow’ someone, so they can control the amount of information they are given.

If you can’t tell by now, I am a huge believer in what Twitter does. At first I was a skeptic, but after being on it for many months and interacting with several people and businesses, I have concluded that it is the perfect solution for this generation’s issue. Now all Twitter has to do is get more of these consumers to create accounts since hardly anyone I know even knows the purpose of Twitter, nor is even considering creating an account.

Dec
28

Lets Get Social!

Generation Y is unlike any other generation today. They like information at their fingertips, having cutting-edge technology, and do not like to be advertised to. Being a Gen Y’er myself, I am going to discuss what I have observed about the effectiveness of social media for this generation.

Social media allows us to connect with friends, relatives, co-workers, and even famous people or large corporations. People are exposed to over 3,000 ads per DAY! One may wonder how so many advertisements to an already saturated generation can be effective. Social media is the answer! But, it must be done right. I first viewed social media advertising on Facebook. Personally, I find these ads to be ineffective because they are not flashy and are not a topic of interest for people logging into Facebook. However, giving people the option to interact with a company, star, professional, etc. is a whole other realm of niche advertising.
I think the emergence of Twitter was the perfect outlet for this need. Twitter has allowed Generation Y to view what stars and companies are doing in real-time, all the time. When someone admires a favorite music artist they are able to see artist updates, interact and engage with them. Engagement is one of the most important aspects of marketing, as it relates to the AIDA model. The ability to comment or re-tweet their message allows Gen Y further interaction than ever before, social media ENGAGED! The same goes for a person communicating with a business. Companies can disseminate information regarding new products, services, events, community involvement, etc. so consumers can easily see what they are doing.
Traditional media outlets do not capture Gen Y much anymore, so there is little chance we would reference back to newspapers, magazines and even some television for the latest and greatest information. The internet transmits this same information quicker and more efficiently. Radio has been replaced by iPods and radio advertisements by satellite radio. The emergence of TiVo, On Demand, and other television services provide consumers with shows or movies, uninterrupted by advertisements.
It is clear that social media is how to engage Gen Y. With the development of the iPhone and other smart devices, Gen Y can be completely hooked up to their social media sites 24/7. Personally, I have an iPhone with applications for Facebook, Twitter, LinkedIn, and You Tube. This allows me to view messages from all of these outlets, even when I am not at a computer. I find it very valuable to get information when and where I want it. I do not have the time to listen to news broadcasts or read newspapers, so getting a simple message from Twitter linking me to the web site, or  seeing a Facebook update from a company lets me know the news is there if I want it.
So what am I suggesting? It is critical for all companies, stars, professionals, etc. to be deeply involved in social media if they want to capture Generation Y’s interest… and keep it. Our age group wants to interact with you, but in a way that fits our needs. Don’t assume we will be reading a particular magazines or watching a particular show anymore because there are many other ways we get this information now, social media in particular. Contacting us through social media outlets in a timely manner with quick tid-bits of important information is a highly effective and interesting way to get us engaged.

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