Having the right product - it is not an entirely obvious thing as to what the right products for the third millenium are. For example, many pundits have been predicting the demise of the printed word, in books and magazines, yet the 1990s saw record numbers of new titles being released, and record numbers of sales. The most influential website of the second millenium was Amazon.com, changing the way we sell and buy, by selling books! Do you know what products the economically active young people are demanding in the third millenium?
"You've got to go fishing where the fish are," points out Ken Gronbach, president of KGA Advertising in Middletown, Connecticut. "By that I mean, you market to your largest market. When you market to your largest segment (in this case the parents), you will get the others. Go for the parents and they will bring in the rest. You can't go chasing inefficient sectors in an effort to get everybody. Go where your efficiency is and they will bring in the others."
The age of the customer is upon us. Never before have customers had so much choice, and so much information at their disposal to influence this choice. Never before have they had the confidence to use this power to control the companies that cater to them. And never before have they had the extent of power that they have today. Until, of course, tomorrow.
Because future generations will have access to even more information than we have today. Generation Y will be wired to the hilt, capable of absorbing and processing information more quickly and efficiently than any generation before them. And they will have both the confidence and the power to use this information to build or destroy brands at the click of a button.
More importantly, Generation Y is the largest generation to hit global markets since the Baby Boomers. In the United States, it's already 60 million strong and more than three times the size of Generation X. In South Africa, it accounts for almost a quarter of the population and, when fully developed, will double the size of the local Boomer Generation, accounting for a hefty 35% of the population by 2010. Any marketer who isn't speaking to this market today, and learning how best to cater to its needs tomorrow, is already dead in the water.
But don't underestimate their importance. Yes, Generation Y will grow into an enormous market over the next twenty years, but it's already a force to be reckoned with. Generation Y youngsters have a greater impact on family spending than any generation before them. Not only do they have substantial private discretionary income, but they also exert tremendous influence on family spending in several, sometimes surprising, categories. America's YTV Tween Report showed that 9-14-year olds influence their parents' choice of virtually everything -- and not just at McDonald's or Pizza Hut, but much larger ticket items, from cars to computers.
In addition, investing in a youth market reaps lifetime rewards if brand loyalty can be established at an early age. Even in the midst of a world of constant, Generation Y does exhibit strong loyalty patterns, as long as you continue to deliver what you promise, when you promise it. If not, you'll be tossed aside with one click of the mouse.
So how do you secure their support? You have to speak their language. And in order to do that, you have to understand who they are, where they come from, and where they want to go.
The Youth & Urban Marketing Conference, to be held at the Balalaika Hotel in Sandton on 2 & 3 October 2002, will focus on how and when to use different languages to better target this demographic; how advertisers and media outlets can work together to maximise their market-reach and profitability; how the medium of entertainment can be used effectively to reach the youth market through advertising and programming as well as campaign case studies that have successfully targeted South African youth. Gauteng's youth station, Yfm is the media partner of this conference and will be delivering a presentation on ways that have made them South Africa's fastest growing youth station.
Key speakers at the event include Bob Mabena (Chairman: Doism Entertainment), Nkhensani Manganyi (Coca-Cola Popstars Judge and Owner of Stoned Cherrie), Jacky Humphries (Marketing Director: Motorola), Deline Beukes (Executive Director: Advertising Standards Authority of South Africa), Kim Thipe (Marketing Director: Yfm) and Larry Katz (Marketing Director: SLYmedia). There will also be presentations from Coca-Cola, Cell C and Fubu Clothing.
The Target Market for this conference is Marketing Directors, Brand Managers, Media Buyers, Retail Executives, Advertising Executives, Broadcasting Executives, Manufacturing Executives, Trend Watchers, Producers of Kids Programming ... and anyone looking to reach kids and tweens!
For more information contact Shanaaz at Excellante International, tel 011 481 1700, email .
