Each generation has their own traits, and with those traits come certain buying behaviors. Many studies have been done to identify these buying behaviors, and the results of the various surveys describe who these buyers are to marketers.
Our parents, grandparents or even great-grandparents are traditionalists (born 1927-1945). They are the least marketed to and therefore the least likely to try a new brand or business. Our parents (or perhaps you) were born during the Baby Boom (1946-1964) and tend to be the most skeptical of all generations studied. Boomers rely heavily on word-of-mouth — listening to what friends and family have to say about a business, product or service before buying in. Following Boomers is Generation X (born 1965-1976). Most of today’s workforce falls either in this category or the next. Gen X'ers are all about value. The most frugal of all the generations, marketers attracted Gen X through savings (enter Wal Mart, K Mart and Target).
The largest generation — even bigger than the Baby Boomer generation — is Generation Y (born 1977-1995). Marketing experts refer to this generation as “Millennials” since a majority of these individuals came of age during the millennium. This group is the most marketed to of all the generations studied, due to the amount of media they've been exposed to most of their lives. This exposure has resulted in trillions of dollars in profits, and so has had an impact on what social media is today.
A study done by Barkley, one of the largest marketing agencies in the country, in partnership with the Boston Consulting Group and Service Management Group, found that more than half of the millennials surveyed referred to social media sites for purchasing decisions. Almost one in four consulted sites like Facebook at least once a day (Facebook creator Mark Zuckerberg is a millennial himself) to engage brand content. Also, this generation is mobile and consults mobile devices for buyer research. More than 50% of respondents in the survey said they refer to social media via a mobile device while shopping.
This information is confirmation that social media is key to attracting the largest demographic of consumers in the market today. It's estimated that by 2014, more than 50% of the workforce will be made up of millennials, changing the future economic landscape. So we'll say it again: It's imperative that your site be accessible and visible on social media sites.
Don't miss out on this lucrative opportunity. Contact Machus today to maximize your social media presence and reach your young consumers.
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