When the Baby Boomers had kids, they had more than two children, on average. This
means that Gen Y is a much larger than their parents generation, and larger
than any other generation in history. When the number of people increases, there
are more consumers to market to. This naturally creates more demand in what Gen
Ys need and want for their daily lives. The companies who successfully satisfy
these increased new demands will be the ones to survive and thrive.
Major companies are clamoring to be the first to market to this generation and
to be known for being the original company serving this demographic; social networking
web sites are a good example. There are many reasons why Fortune 500 companies
are focusing on marketing directly to Gen Y.
Is this new mega generation truly different? Due to the technology evolving so
quickly, Generation Y was raised in a completely different culture and society
than their parents. Much as someone who was raised in a different country,
we pretty much act, talk, walk, listen, dress and live differently than our parents.
This has forced every smart company to consistently create new products and services
that Gen Ys want.
If you buy a new computer or cell phone these days, it wont be long before
version 1.1 comes out. This causes Gen Ys who were raised around this constant
innovation to actually change with it. Once a new product is the new cool thang
to have or do, two days later it may well be obsolete or played out. Gen Ys
might describe this as so two minutes agoand sometimes they mean it almost
literally. Not only do companies consistently have to develop new products, they
also must develop new ways to market those products to Gen Ys.
The massive size of our generation is what will give it the incredible influence
over future generations to come. Every Gen Ys little brother or sister wants
to be like him or her. Hence, they all want the same products and services. Gen
Ys naturally pass down their recommendations of their favorite brands to
their siblings and children. With social networking sites like MySpace, YouTube
and FaceBook, its like having word-of-mouth marketing on steroids. If you
market to this generation and gain their loyalty and trust, then your companys
brand could be echoed and remembered for generations to come.
When this massive bubble moves through time, it actually changes the world as
it moves through it. When Gen Ys Baby Boomer parents grew up, it was no
different. Entire industries were created to support their demands, and now, with
this super-generation many are calling the Echo Boomers, new trends
and global phenomena are being born faster than ever before.
DAKOTA REA has been a Gen Y leader in network marketing
since he joined the profession at age eighteen. He is author of
Generation Y: The New Baby Boomers in Network Marketing,
a CD program for network marketers on how to effectively attract,
recruit, manage and motivate the young adults of today.