Ahh Generation Y… Otherwise known as the coveted Millennial Generation. Otherwise known as “Big Businesses want a piece of this action” demographic. And again, otherwise known as the “Facebook” Generation. We are a powerful generation at 75 million strong and brands will be developing to cater to every single need. So let’s break the generation down a little bit.
I wanted to break apart some information from a Deloitte Survey (courtesy of brandeo) that has some information regarding Generation Y weighing in on what is making automobiles cool again. I thought the survey had some interesting points on product development in the eyes of the younger generation.
The Top 3 Cool Factors for Gen Y in Automobiles
1. Exterior Styling
2. Affordability
3. Being Environmentally Friendly
It does make sense right?
The main point I took away from the Deloitte Survey was this comment from a PR Release:
The students found that their peers are not satisfied with what they consider their parents’ Generation of cars, but instead feel vehicles should be an extension of their lives and as such be customized to fit their always on, always moving lifestyle.
I don’t think you can get a clearer example of the power of experiential marketing. We want a brand that speaks to our need to feel connected. I want a car that looks cool, is affordable, and keeps me going – 24/7.
By the way, a recurring theme among the survey participants was the need for more connectivity via Wi-Fi, Facebook, and Twitter. Social Media in your vehicle? Say it ain’t so!
Calling all Gen Y Marketers: Now the question is… how do you take this information and apply it to your own products or services? Are you doing what it takes to capture my generation? If you are building a long term brand now is the time to capture and KEEP my attention.
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Great post Kyle! What is holding us back? Why don’t more companies live at the edge? Too much red tape, too many senior execs, or is it something else?
In my mind it’s a combination of it all. It takes too much time to make a change or make decisions, right around the corner is a senior exec ready to question or put a halt to something that might be considered a little risky, and there always seems to be some other variable like expenses.
The fear of the unknown unfortunately puts companies in a position to believe they can continue doing things the way they have always done them and be successful with any generation. Innovation and kaizen should be core values that are embraced by any company wanting capture Gen Y.
Thanks and enjoy your day!
Mj
Interesting – I would say Deloitte is right on as I just bought a car and those were my top 3 considerations. I ended up with a Honda Civic Hybrid