Generation Y is the largest workforce since the baby-boomers. They are also the economy’s replacements as the baby-boomers retire. It’s not a new strategy for retailers or brands to create specific marketing geared towards a specific generation. How much of an impact does Gen Y hold on a singular market such as food?
In an MSNBC article it seems that Gen Y’s eating habits are different than predecessors. In a report from the Center for Culinary Development and Packaged Facts, they conclude Gen Y wants food and beverage brands to be “customized” for their generation. The question is: “How will a retailer or brand know if their in-store marketing or branding campaign was successful with Gen Y?”
You could actually extend that question across the board to all marketing and promotion campaigns. What metrics are your company using to determine if the in-store promotion was effective? Is your packaging attractive? If Gen Y is going to push the envelope with the food and beverage industry, there will need to be some measurement of success to understand the generation’s impact on marketing.
I agree. I mean look at the Obama campaign. It’s really the marketing of Obama that made him an overnight success. Issues such as being “green”, volunteerism, social networking and making a difference are just some to name a few. I think marketing to Gen Y is understanding what they value. These are the future leaders of your companies (even though it’s a different type of leader, but that’s a different subject). The more you invest in them now, the more successful you will be in the future. Recently, I was just listening to a webinar and they were saying measuring success is based on what you determine as successful behaviors. Sure profit and productivity determine success, but I’m talking about what means it takes to get to an “end.” Gen Y is the future of America’s economy…
@Coach Scott great points. Whether your brand is marketing to Gen Y or another market segment, you have to understand what they value. It’s important for retailers and brands to conduct research to know. It’s the basic fundamentals of listening to your consumers.