The following is an excerpt from The Secrets of Advertising to Gen Y Consumers, by Aiden Livingston.
“This book,” he writes in the introduction, “is a means to bridging the gap between generations. I explain the different values and perceptions so that people can more accurately construct advertising campaigns that reach Gen Y consumers in the most effective and efficient way possible.”
This is the last of three parts that appeared Tuesday, Wednesday and Thursday. It's part of Chapter 5, entitled “Small is the new big: Gen Y’s role in the rise of niche markets.” Mr. Livingston will join us for an online discussion on Thursday at 1:30 pm (ET). Go to the Your Business home page to participate.
COOKIE-CUTTER COMPANIES
The final and probably the most important reason Gen Y doesn’t like big companies is because they are just too common. ...
Gen Y loves to research and make savvy purchases. What better way to show what a smart and diligent consumer you are than to buy from some new up-and-coming company?
The coveted “underground” brand is the Holy Grail in Gen Y shopping. I often hear my friends talk about how they used to buy a brand of shoe, before the shoe became trendy. It is strange, but to hear them talk it is almost like they feel they helped contribute to the success — like the record label representative who discovered Nirvana!
Most companies fail to comprehend how important this is to Gen Y consumers. We don’t want to have the same shirt all our friends have; we want ours to be unique and make a statement about who we are as individuals. The basic economic principle of “scarcity breeds value” is alive and well with Gen Y.
I am no exception. I revel in the opportunity to proudly show off a shirt I bought from a small shop while in New Zealand. ... What makes this shirt so impressive amongst the Gen Y community is how unique it is. Odds are no one else I know in North America will have the same New Zealand small-label shirt I have, and that alone is enough to make it cool.
Gen Y buys from fringe companies because we believe it helps define who we are. This more than any other factor is probably the number one thing driving the rise of the niche markets. It helps us express that we are unique, knowledgeable, and well informed. This principle is illustrated quite well by Gen Y’s musical tastes. When I sit around with a couple of my fellow Gen Ys and we decide to compare our music collections we always focus on what we have that is rare. ... “Check out this next band, it is an unsigned British electronic punk band,” a friend would preface before playing a song.
Ironically, if the band is unsigned it is probably because they are not as good as the band a record label saw fit to sign and produce. It doesn’t matter to Gen Y because, like my New Zealand-crafted shirt, the value is in the uniqueness of the band.
Inevitably the “long tail” will continue to expand as options become more diversified and Gen Y consumers continue to grow in prominence.
For small businesses, this affords fantastic opportunities to compete successfully against juggernaut companies, unlike any other time in history. David really can slay Goliath by understanding and appealing to Gen Y consumers.
For big businesses you can learn how to reach Gen Y consumers and still connect with us on a level that we can identify with. It is ultimately not about the size of the company but the values and principles on which a company is run. Small businesses have the advantage because their values are more closely aligned to what Gen Y likes. However, it won’t matter if you don’t take the time to express how your company is different from the conglomerate competitors. ...
Work with charitable causes, treat your employees well, be dynamic, be on the cutting edge, and take pride in your final product. Make these traits part of your company DNA, so they become who you are and how your customers see you. If you can accomplish this, you too can have irrationally loyal Gen Y customers.
Excerpt from The Secrets of Advertising to Gen Y Consumers reprinted by permission. Copyright 2010 by International Self-Counsel Press Ltd.
