Meet Generation Y, the promising group of young people currently between the ages of approximately 15 and 25. Generation Y, also known as the millennial or echo boomers, has grown up around personal computers, seen the formation of the internet occur right before their eyes and are early adopters of the latest technology and trends. With broadband Internet loading pages faster, and digital video recorders enabling television viewers to skip commercials, it is growing more difficult to market and advertise products to the new movers and shakers of the world. And as it grows increasingly challenging to reach Generation Y, they become more important to producers of goods and services. The buying power of teens alone is approaching $200 Billion a year according to Promo Magazine (www.promomag.com).
Because young people are on the forefront of the latest trends, it is necessary for marketers to be creative and constantly changing approaches.
One tactic that allows for creativity and generates buzz in the media are large-scale promotions. For example, to market their new youth-friendly cars, Scion hosted after hours parties in three cities at dance clubs during spring break. To gain admittance to the parties, students needed to text message an exclusive code to a special number to get an invite. To receive the code, spring breakers needed to attend the other promotional events Scion held earlier in the week.
Events like this do a great job of branding products and companies. Approximately 1,200 students attended the parties and Scion handed out over 90,000 items including food, branded water bottles and flyers over the course of the promotion. Now those partygoers can associate Scion with fun, innovation and carefree style.
Promotions also allow companies to market to Generation Y using emerging technologies. According to Promo Magazine, 90% of all cell phones in the U.S. can send and receive text messages. Using them as a marketing tool, especially to reach Generation Y is efficient. Marketing via text-message and e-mail also allows companies to create databases. The databases can be used to send future advertisements, updates or announcements.
Cracking the code on Generation Y is what BrainReactions excels at. Brainstorming with college students will improve marketing strategies and enhance product development. It is using the market to sell to the market, which is key when marketing to this diverse demographic.
-Erin [ email@example.com ]