Friday, 10 May 2013

Consumer Behaviour Trends of Generation Y
Can you afford to ignore over 22% of potential customers?
Industry Canada explains that since much of this demographic still lives at home, most of their income is disposable.  Having money to spend makes this group an incredibly influential consumer demographic.
1) Online Shopping
As the most tech savvy generation, a company’s website is the first place they will go to get location, hours and product information. Therefore it is critical that companies not only have a website, but they have an attractive, well positioned site that will grab the impatient audience. They spend much of the day online, and can quickly judge a company’s image by their website.
2) Online Reviews
- Generation Y is bombarded with a huge number of product choices
- They have grown skeptical of forceful advertising and sales techniques
- They are team oriented and put a high weight on interactions with others
Online reviews allow us to get a consumer’s advice on a product, and not the completely biased sales pitch of the product maker. Understanding the still present ability for manipulation we draw our own conclusions based on this and other information.
3) Personal Recommendations
As with other groups, Generation Y places the highest weight on the recommendations of friends and family. The age old wisdom of providing exceptional service to encourage repeat customers and recommendations is no less valid for this group. Generation Y is incredibly team oriented, and will save you thousands on follow up advertising through their social media streams if you win their business.
4) Daily Deal websites and specials.
- The networking of the internet allows consumers to arrange into powerful bargaining units.
- The amount of choice in the marketplace encourages businesses to strongly compete for market share
- The economic downturn spurred innovation to find ways of getting lower prices.
Using the networking power of the internet, and the well known tactic of collective bargaining Daily deal sites were created to provide discerning consumers with lower prices.  The website promises a business to promote, and get high sales for one special offer if that business drastically cuts its prices. Consumers get an extremely low price, and the business gets a huge number of orders offsetting the lower price per customer.
This is an incredibly effective marketing tool for businesses that provides a huge influx of customers and effective exposure.  Many customers do not develop lasting connections with these businesses, which is why Ask Geny provides innovative sustainable solutions.

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