Category: Gen Y
According to the third annual Deloitte LLP Ethics & Workplace survey, 60 percent of business executives believe they have a right to know how employees portray themselves and their organizations in online social networks.
However, employees disagree, as more than half (53 percent) say their social networking pages are not an employer's concern. This fact is especially true among younger workers, with 63 percent of 18-34 year old respondents stating employers have no business monitoring their online activity.Read more
A just released survey from Deloitte, "Connecting with Gen Y: Making Cars Cool Again,” sheds insight into what captures the automotive imagination of Gen Yers.
The majority of respondents felt a vehicle reflects a person's style, status and values, and the factors named most often as among the top three reasons that a vehicle is cool were exterior styling, affordability and being environmentally friendly. Forty four percent said exterior styling was the most important factor in selecting a vehicle, 40 percent said affordability and 35 percent said environmentally friendly. The survey results offer an opportunity for auto manufacturers and suppliers to be creative and turn their new business models into customized programs tailored to reach this diverse market.
The survey also found that roughly 70 percent of this age group would not consider working in the automotive industry, a challenge that automotive employers will need to resolve if they wish to recruit and retain the best Gen Y workers. Source: Deloitte 01/10/09
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Holiday messaging from many retailers this year is downright pragmatic: Best Buy (BBY) touts reliability and trust, Kohl’s (KSS) talks pricing, Sears (SHLD) and Kmart promote layaway and JCPenney (JCP) advertises price points instead of percentage off. Via AdAge.
Tic Tac hopes their new sugar-free Tic Tac CHILLs will “personalize” and “modernize” the brand, make it stand out in the adult mint category, and appeal to harried Gen Xers looking for a “fresh way to CHILL”. Photo: tictacplaychill.com
Mercedes-Benz USA says the private, online Generation Y-centric community they launched six months ago – Generationbenz.com - has been so successful at generating feedback from members that they plan to launch a site for boomers. Via Brandweek.
Welch’s antioxidant repositioning as the “original SuperFruit” helped the brand to reverse four years of sales declines according to the company. “Super Fruits” are characterized as having high antioxidant levels, such as pomegranates, goji berry, noni, and acai. Via Brandweek.
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Banks Must Shift Gears to Attract and Retain Gen X and Gen Y
Banks' most loyal customers are their oldest customers, while Gens Y and X are the retail banking customers of the future. They're also the least loyal and hardest to please, according to a recent Maritz(R) Poll. The results revealed more than half of Gen Y (61 percent) and Gen X (53 percent) respondents have considered changing or actually have changed their primary banking institutions in the past two years, compared with 20 percent of Silent Generation and 37 percent of Baby Boomer customers.
"For the most part, the current customer experience model at banks caters to the Silent Generation and Boomers, who more frequently bank in-person at branches. But, younger generation customers are much more mobile and rely more heavily on online interactions," says Thad Peterson, division vice president, sector strategy and solutions for Maritz' financial services sector. "Banks looking to build long-term relationships with Gen Y and Gen X customers need to think about three basic steps:
- Locational convenience has always been the primary tool for attracting new banking customers but Gen X and Gen Y customers also expect online, mobile nd anytime/anywhere banking. Banks need a strategy to attract and retain prospective customers who rarely step into a banking office.
- Identifying and offering products and services that give young people roots at the bank -- like providing incentives for online bill paying services and debit rewards programs.
- Treating them the way they want to be treated. Ensure that the customer experience is appropriate for Gen X and Gen Y, and consistent at all major bank touch points."
In general, the survey results show that younger people can be more impatient, less tolerant and just plain harder to please than their Baby Boomer and Silent Generation cohorts. The survey, which looked at customer satisfaction and loyalty among retail banks, found that younger customers also are more likely than older customers to find fault or have problems with their primary banking institutions:
- 37 percent of Gen Y and 36 percent of Gen X believe they would get better customer service at a different bank, compared with only 24 percent of Boomer and 16 percent of Silent Generation respondents
- 22 percent of Gen Y and 21 percent of Gen X reported being upset in the past year about high fees, whereas only 14 percent of Boomer and six percent of the Silent Generation respondents reported the same.
- 18 percent of Gen Y and 17 percent of Gen X reported being upset about a lack of ATM locations, compared with only 11 percent of Boomer and three percent of Silent Generation respondents.
So How Do You Woo the Gen X and Gen Y Customer?
It is no longer uncommon practice for businesses to reach out via social media in an attempt to attract these younger customers. Even companies like American Express and Bank of America are using social media networks like Facebook to try to connect with Gen Ys. Peterson advises companies against relying too heavily on social media as a way to initially reach younger customers.
"Using Facebook to attract new customers is like standing in a corner passing out business cards at a cocktail party," says Peterson. "If you don't have a genuine relationship with them, all you are going to accomplish is to diminish the value of your brand to that individual."
If social media isn't the way to the "promised land" of Gen X and Y's loyalty, then what is? Peterson has some suggestions:
- Be the source for their first primary debit card - Gen X and Y comprise the debit card generation.
- Highly incent them to migrate to online banking with a significant reward for paying bills online.
- Make sure front-line employees are treating Gen X and Y the way they want to be treated and can solve problems on the spot -- a key to securing lifelong patrons.
- Stay in tune with how younger customers want to connect -- online banking, bill pay and mobile banking are three customer touchpoints that must be state-of-the-art and part of every bank's overall customer experience.
Peterson notes that Washington Mutual is one institution that successfully caters to the needs of younger customers. WaMu no longer requires a signature to open a checking account. The bank simply uses the first signed check as the authorization signature -- incenting new customers to do business with the bank by simplifying the process and eliminating a trip to the bank. It appeals to the Gen X and Y customer desire to just "get it done," says Peterson.
”Banks need to listen to the younger generations," says Peterson. "It's critical for them to stay ahead of the curve and build good relations with younger customers. After all, they're the future of the bank."
Source: Martitz/PRNewsire
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It's never comfortable rejecting potential suitors face-to-face. RHbrands, a mobile and in-call media company, claims "The Rejection Hotline®," located in 200+ cities across the country, including Atlanta (404-260-1318), Los Angeles (310-735-0099) and New York City (212-660-2245), is a “public service” to both the rejector and the rejectee. The rejectee dials the number to hear:
"Hello, this is not the person you were trying to call. You've reached The Rejection Hotline. The person who gave you this number did not want you to have their real number ... So why were you given a Rejection Hotline phone number?
- Maybe you're just not this person's type (note: this could mean boring,
dumb, annoying, arrogant, or just a general weirdo).
- Maybe you suffer from bad breath, body odor, or a nasty combination of the two.
- Maybe you just give off that creepy, overbearing, psycho-stalker vibe.
- Maybe the idea of going out with you just seems as appealing as playing leapfrog with unicorns."
RHbrands offers hundreds of humorous hotlines to get people out of sticky situations such as 'Bad Breath Notification,' 'One Night Stand Hotline,' and a 'Confession Hotline'.
The company says they reach 4 million callers each month. Their primary audience is young adults (ages 16-29), a coveted demographic for marketers. Most callers get the hotline number virally from a friend or as a joke. Advertisers can reach this audience through RHbrands’ in-call audio advertising program.
Source: RHbrands/PRNewswire
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NeoEdge Networks provides game publishers, portals and advertisers with safe, simple and profitable ad-supported game play through its NeoARM™ technology suite and NeoAds™ Game Advertising Network.
The company offers advertisers rich video game commercials and enables a new ad-supported business model for game publishers and portals. The company also offers a ‘free to play’ casual games website at MostFun.com.
Just 6% of consumers nationally are considered “Digital Savvy,” but Scarborough Research says this influential group predicts digital behaviors that will become the norm.
The Digital Savvy skew male, more than half (53%) are 34 years of age or younger and they are affluent – 57% have household incomes of $75K or more. They tend to be entrepreneurial, business decision makers, and are active consumers of online weather and news, and frequently listen to and download online TV, video and radio content. Their “on-the-go” lifestyle means they utilize and rely on their cell phones for communication and info much more than the average person and they’re big users of IM.
B-to-B marketers, particularly of computer hardware, software and information technology need to be aware that the Digital Savvy are disproportionately represented among corporate decision-makers.
The Digital Savvy are also above average consumers of luxury automobiles and heavy online spenders. Messaging to this group should reflect diversity since Asians, and US born Hispanics are more likely to be part of this group than the general population. Mobile marketing may be a good way to reach the Digital Savvy since they are avid mobile users.
Source: Understanding the Digital Savvy Consumer, Scarborough Research, May, 2008
Burgeoning trends in mass customization and do-it-yourself, as well as user-generated content on blogs, YouTube, and social networks, reflect consumers’ growing interest in brands and products that reflect their unique personalities. Here are two examples of companies that leverage consumer interest in brands that enable self-expression.
Scion hopes to attract “younger, stylish drivers” by hopping on the social network bandwagon with ScionSpeak, a website enabling Scion owners to express themselves by creating their “personal ‘coats of arms’.”
Scion owners can choose from “hundreds of symbols, all designed by a professional graffiti artist,” to create their crest. Then, if they choose, they can pay to have it rendered by an auto-shop.
Self-expression with a generous dose of irreverence is the core equity of Durtbagz ---bags that purchasers can customize with witty sayings masquerading as ‘street signs,' such as “Don’t Drive Durnk.” Website copy informs potential purchasers:
“some bagz are offered in multiple colors, some are not. it's what we've got at the moment. we only print 12 of each sign; WHEN WE'RE OUT, WE'RE OUT. that's how we roll.”
Erin Atherton, head bag lady and owner of Durtbagz, helpfully points out that Durtbagz bags can be used for overnights, shopping, or to carry around a severed head. The “Just Dust” page offers “all you durtbagz” an opportunity to “speak your minds, assuming you have one.” The Durtbag who posts the best ‘durt’ could win a free Durtbagz bag.
“Durty Laundry” is the company blog where
Erin recounts imagined interviews with celebrities such as Amy Winehouse and Avril Lavigne, as well as the day-to-day challenges of growing her own company. The blog is authentic, funny and down-to-earth, which should resonate with a young target audience and reinforce her brand.
Is the desire for self-expression a core attribute of your target audience? Strengthen your relationship with them by providing opportunities for them to express themselves and make the brand uniquely their own.
Source for ScionSpeak: International Herald Tribune
