Businessdictionary.com defines Gen Y (Generation Y) as, “The generation of people born during the 1980s and early 1990s. The name is based on Generation X, the generation that preceded them.”. Whether members of Gen Y are your next employees or your target customer, there are some key aspects to keep in mind when trying to use us Millennials to benefit your business.
Most Millennials grow up guided. Parents keep rigid schedules for their kids, maximizing their time learning and interacting in educational, social and athletic events for a few reasons. One, to stay ahead of the competition both in the classroom and on the playing field in order to grow and be successful in life. Two, to give kids a sense of structure and stability. This should be considered a serious advantage to your small business.
Calls to action with measurable goals and rewards, especially instant ones, are something my generation thrives on. Asking a customer to “Like” your business on Facebook in order to uncover some kind reward seems to be method growing in popularity. Get Busy’s own, Brittany Richter, provided some incredible insights on incentivising your customers in yesterday’s post.
In grade school my mentors were my school teachers and my athletic coaches, in college my professors, and now as a member of the working world, my bosses. The lives of Generation Y are filled with mentors and these people guide the decisions made by my counterparts.
In this vein, Gen Y are much more inclined to a team mentality. If you employ these youths, give them as much work as possible that inspires camaraderie and teamwork as they have grown up playing and competing within the confines of a team. If your target customer is Gen Y, use promotions that require a mentality of sharing or teamwork. For example, PeopleDeals.com’s asks its users to share deal with their friends socially in order to gain further value on their initial deal.
The second part of businessdictionary.com’s definition goes on to say, “Because children born during this time period have had constant access to technology (computers, cellphones) in their youth, they have required many employers to update their hiring strategy in order to incorporate updated forms of technology.” Cheaper laptops, wide spread ownership of smart phones, and the invention of tablets have all gained popularity and grown with Generation Y in mind.
Well over 50% of this country has a smartphone. That is over 50% of this country that is constantly available. Available in the sense that they can be reached through their phone by text, email, Facebook/twitter notification, and by the traditional call (in that order). This gives businesses instant access to their target markets through sms marketing, email marketing, apps that involve check-in services our review platforms and more that needs to be taken advantage of.
All social networks success or even failure has been in the hands of Millennials. Facebook’s success should be directly attributed directly to Gen Y; it was created at by a 20 year old, at college, and initially only offered to college students. Today, with 750+ million users, everyone knows the power of Facebook, but in this regard the majority of social networks are initially adopted by youth and businesses should stay on top of this.
Especially with networks being designed towards young professionals. Networks such as Brazen Careerist who’s tagline reads, “Where ambitious young professionals connect and grow” is a perfect example of the way Gen Y is creating professional relationships online. Why not get into these networks and use them as a tool to recruit employees or even customers?
With the older members of Gen Y now in their early 30’s and moving into more important roles in the workplace and the younger members being used to forecast the market for many business categories, GenY is a serious player that should not be overlooked. Get to know Gen Y, be our mentors, learn form us and your business will adapt and continue to grow.