Social Media Monitoring

Thursday, December 10, 2009

Gen Y now the largest group in society – here’s how to talk to them

Source: SmartCompany.com.au

Generation Y has taken over as the most dominant demographic group in Australia, according to new research by CommSec economist Craig James.

The research, based on new population data, shows the number of Gen Y (defined by James as people born 1976 to 1991) has increased by 158,000 over the year to 30 June to 4.67 million, while Gen X (those born 1961 to 1976) jumped by 57,000 to 4.68 million.

"Based on mid-year estimates, Generation Y was neck and neck with Generation X, but with numbers fast expanding, Generation Y would have pushed past into first spot in the last six months," James says.

Baby boomer numbers (born between 1946 to 1961) fell by 6,000 to 4.11 million.

James says the data bucks the conventional wisdom that Australia's population is ageing, with seniors taking charge.

"But strong migration and a gradual increase in fertility over recent years are working to change the mix. After falling for the past 37 years, the share of people aged below 30 actually rose in the past year."

The changing shape of Australian society means businesses must be prepared to cater for these younger customers.

"The implications are significant as they are obvious," James says.

"Any retailer working on the premise that younger consumers can be disregarded would be missing out on a large and increasing market. Baby boomers may have held court in the 1990s, but now the twenty-somethings and thirty-somethings dominate."

But how do businesses get on the wavelength of Gen Y?

Adam Penberthy, the 25-year-old-founder of youth-focused marketing and communications firm Fresh Marketing, says companies do have a lot of catching up to do in terms of how they communicate with Gen Y.

But perhaps it shouldn't be that intimidating - research shows the differences between Gen Y and baby boomers are not as large as some may think.

"Boomers and Gen Y are the most closely-linked demographics," Penberthy says.

"I think this might have something to do with the fact both generations saw rapid changes in the way they received information. The baby boomers grew up during the rise of television and radio and Gen Y has grown up during the internet age."

He gives five factors that should drive communication with Gen Y:

Creative content

Gen Y like to see vibrant and unique communications content, particularly campaigns with a sense of humour. Penberthy nominates a recent campaign by skate brand Zoo York as a good example. The company spray painted cockroaches with its logo in a very viral campaign. "The core to that is understanding what the demographic is and what the humour of that demographic is."

Inspiration

Penberthy says Gen Y likes to dream and aspire to be "faster, better, stronger", so communications with an inspiring feel work well. "The Queensland Government's best job in the world campaign is a great example."

Truth

As with most generations, dishonest communications are hated by Gen Y. Penberthy nominates last year's fake Witchery viral video campaign as a good example of what not to do.

Brand utility

Penberthy says Gen Y likes to be able to touch and feel a brand, so communications campaigns with an experiential component work well. His favourite example is the tent run by beauty products company Garnier each year at the Australian Open.

Interaction

Penberthy says Gen Y likes to be part of a brand's conversation, which is why blogging and social media can work well.

Labels: Engagment

Social Media Monitoring Social Media Monitoring Australia

Posted by Nick HaC @ 11:09 PM Social Media Monitoring Social Media Monitoring Australia

Have your say!
Add a comment

Share on Facebook Email

Email this

Add to del.icio.us digg

Digg this

Get Your BuzzNumbers Today!
BuzzNumbers is a Social Media Intelligence platform enabling your organisation to monitor, analyse and report social media. We want to talk to you.

Monday, November 2, 2009

Social media can make or break you

MANY business people have already recognised the power of social media and are poised to exploit it commercially at every opportunity.

One may have a new summer line of swimwear, another a fresh menu from the restaurant kitchen, another has a sudden shipment of Asian artefacts, another is offering Mother's Day discounts on facials and manicures.

With just a quick Twitter, these businesses can let all their followers know about the deals and get business pumping again.

But businesses that didn't monitor the various social media out there now - Twitter, SMS, MySpace, Facebook, YouTube, blogs - could find themselves in enormous trouble because of the rapid, or viral, way the message is spread.

In fact, some could find themselves out of business within a month, according to David Eldridge, the chief executive of UK-based global marketing and analytics company Alterian.

"Social media has exploded and this means that the information people use to make buying decisions has changed," he said.

"It's not just what businesses put out there but also what people say in response.

"Feedback is instantaneous and if that feedback is bad then reputations and credentials can be damaged in minutes."

Mr Eldridge cited two recent examples of how the use of YouTube brought undone two powerful US organisations.

The most famous was a YouTube video made in jest by two Dominos Pizza staff who performed gross acts in the kitchen while preparing takeaways.

The food never made it to customers, but the video reached millions while Dominos reacted with all the corporate zeal of a stuffed mammoth.

While eventually the pranksters were sacked and faced felony charges, Dominos' reputation was trashed because of its inertia.

Ignoring a legitimate complaint about damaged baggage brought United Airways undone.

Early last year, musician Dave Carroll stopped off in Chicago on his way to a gig and saw the case containing his $2300 guitar being manhandled by the baggage handlers.

United chose to ignore his claim for $1200 worth of damage, until several months later when he wrote the song United Breaks Guitars and posted it on YouTube.

As one commentator said: "Revenge is a dish best served with country accompaniment."

"The first thing that businesses have to understand is that they're not the ones with sole control of their brand, because customers now talk about their experiences to a wider audience," Mr Eldridge said.

Not only did businesses need to respond quickly to what was being said, but they also needed to be careful about how they responded, he said.

It meant listening to what was being said about them, and what was being said about competitors.

"Fix customers' services issues, change marketing messages if they don't resonate," he said.

It also meant learning to interact with -- and not interrupt -- customers and clients.

"If you do a search of the world's top 20 brands, you will see that 25 per cent of the entries are user comments," Mr Eldridge said.

Further, buyers prefer these comments over the information the businesses put out, he said.

"Fourteen per cent of people trust advertisements, but 90 per cent trust peer recommendations. It's important to put the brand image out there, but it's equally important to monitor what's being said," Mr Eldridge said.

via news.com.au

Labels: B2B Social Media, Blogging, Engagment, Enterprise 2.0, Social Media, Twitter