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Understanding Your Generation Y Market
It pays to understand your marketplace as comprehensively as possible. One of the first ways that a market is segmented is by age. If your target market includes Gen Ys or Millennials, take the time to learn a little more about them here.
Born in the mid-1980s and later, members of Generation Y are in their 20s, (26 is the current oldest Gen Y age) and are just entering the workforce. Generation Y is a force to be reckoned with in the marketplace.
While Gen Ys represent about 70 million people in the United States (about 25%), they have limited experience with the yellow pages and snail mail. Outfitted with BlackBerrys, laptops, cell phones and other gadgets, Generation Y is plugged-in 24 hours a day, 7 days a week. This generation prefers to communicate through email and text messaging.
Comfortable with Diversity
Born well after the Civil Rights movement and going to integrated schools with growing minority populations, Gen Ys are very comfortable with diversity.
High Speed Expectations
Gen Ys are used to the split second response of the Internet and are competent at high levels of multi-tasking, e.g., doing homework while plugged into an iPod and catching some TV as well. Their expectations for service are, not surprisingly, very high.
Gen Ys have also been very nurtured, growing up in a time of immense prosperity and instant money making. They, too, have high expectations.
Ambitious but Balanced
Gen Ys do not want to repeat their parents mistakes. They are very ambitious and high energy but not willing to trade leisure pursuits and family time for more billable hours. IN some ways, Gen Ys want it all meaningful, well-paying job and time to pursue individual dreams.
Eco-friendly
Gen Y is very worried about the environment and has become a driving force in the green movement. They are flocking to green jobs and have high expectations for universal conversion to eco-friendly behaviors.
Team Players
Gen Y grew up playing cooperative games and participating in team sports. They value teamwork and gravitate towards situations that support a no-person-left-behind point of view.
Strong Willed
Gen Ys have been ego-boosted by their parents and enter adulthood confident and string willed, prepared to analyze everything and question anything.
Gen Ys are an exciting demographic for the online retailer because on-line is their environment. They are the perfect customer segment, if you can attract and maintain their attention.
Usability of your website is key for this target market, as well as appealing to their sense of novelty and cutting edge. They also nurture the feeling of belonging: consider developing a community area aimed at fulfilling this need while at the same time creating search engine crawlable content for your website.
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