CrossCheck Blog

CrossCheck Blog

Check Processing & Payments Information

CrossCheck Technology Enables Gen Y - Millennial Spending

Posted by Kris Coughtry | Mon, Mar 19, 2012 @ 01:18 PM

tech-savvy young adultThey've been called Generation Y, Echo Boomers or Millennials. No matter what they're called, this group of adults in their twenties and thirties represent some big spending power and some big opportunities for auto dealers and retailers.  Definitions differ but generally this group includes those born in the 1980s and 90s, representing over 80 million US adults - bigger than the Baby Boomer group. As they finish school, begin careers and start families, they are now becoming very influential in how goods and services are marketed to the public.

To generate loyalty and interest from this group of consumers, it's important to look at how this group sources, shops and buys.  Here are three things to keep in mind when marketing to Generation Y along with some tips to harness their loyalty for your business. 

Product Information and Research
Generation Y grew up shopping on the Internet so they are extremely comfortable researching products and comparing prices online. For offline shopping, they'll come in armed with information gathered from the Internet. They will visit a dealership, for example, having already researched the attributes and availability of the vehicle they're interested in. They know what they want and how much it should cost. Make sure your web site provides a good amount of product information and clearly represents your business. This group likes to share opinions and online reviews are very important to them.  To provide them with what they need to visit your dealership or store, encourage your customers to write and post reviews of your business. Positive reviews can give your business an advantage over the competition.   

Social responsibility
This group pays attention to and participates in cause marketing and likes shopping at businesses that promote social responsibility.  Exposure to campaigns that promote social good often comes through social marketing sites and these campaigns are shared using the same outlets (Facebook, YouTube, Twitter, for example) to create brand awareness. Large companies including Purina, Gap and Proctor and Gamble have created brand awareness campaigns that align with their corporate missions and use them to attract and inform their customers. There is much value in these good deeds, even on a small scale. If your business participates in a local or global charity or cause, publicize it and offer opportunities for your community to become involved. This will lead to increased awareness of your business and you may end up with new customers as well. 

Technology
A survey by the Pew Research Center showed that 83% of Millennials sleep with their phones! Generation Y is a tech-savvy group and being able to listen to music, watch videos, connect with friends and electronically deposit a check using their smart phone is not remarkable to them, it's business as usual.  To appeal to this group, bring in new marketing tools that use technology to your advantage.  Those black and white "squiggly" boxes showing up on signs, advertising and window stickers are called QR codes and including them on your marketing materials gives users instant access to web pages that can include special offers and unique product information. Setting up QR codes is easy.  Create a web page with the information you want to display. Search QR code generators on the Internet.  At the QR code generator site, enter in the web address that you'd like to have the QR code point to.  You'll generate a specific image that can be inserted into printed materials, business cards, store signage or giveaways. The user can then scan it with their smart phone or tablet and bring up the web page in seconds.

Of course, mastering technology, promoting corporate responsibility and sharing information are good things to incorporate into your marketing plan no matter what group your are trying to attract. With the rise of Generation Y, though, not doing these things can meaning missing out on some huge opportunities.

Upgrade your payment services to utilize the latest in technology with a remote deposit capture service. Remote Deposit Capture increases sales, while saving time and money. Check out our white paper to find out how this service can benefit your business and better cater to Millennial purchasers.

 

Complimentary Consultation

Topics: Technology

Written by Kris Coughtry