One of the major headaches for many businesses is the rapid change in customer preferences, making it difficult to adapt. Marketers may pull out all the stops with various strategies to boost sales temporarily, but the worrying part is that customers lack “Brand Loyalty”, meaning they cannot be turned into regular customers. It is undeniable that the primary customer group for almost every business today is Gen Y, which is set to become the largest demographic in Thailand. If we say that understanding Gen Y is challenging and we don't want to engage with them, that won't work. So today, TerraBKK summarizes the key ways to win over Gen Y and turn them into “loyal customers” and what the main strategies are. But let me tell you upfront that it almost requires abandoning traditional marketing concepts altogether. So, what are these strategies? First, let's get to know Gen Y better.

Who is Gen Y? Why focus on Gen Y?

               

Gen Y refers to individuals born between 1980 and 1994, or those aged 23-37 years (check your age quickly to see if you still belong to Gen Y!). This group includes those who are just starting their careers (First Jobbers) to those in mid-career who are already in management positions. This is why we need to focus on Gen Y: as they enter the workforce, this group is gaining purchasing power and can make their own decisions without waiting for parental approval like children do.

                Another well-known trait of Gen Y is their rapid adaptability. They grew up in an era transitioning from Analog to Digital, showcasing their remarkable ability to adjust. In the early years, they were born into an Analog world but grew up amidst the rapid changes of Digital, almost like a cut scene. The byproduct of this evolution is Gen Y's fearlessness towards change and their addiction to the internet, as they understand how much more convenient it is compared to the past.

Winning over Gen Y to become “loyal customers”

                However, it must be said that pleasing Gen Y is as challenging as understanding women (though it's hard to say which is tougher). Their tendency to get bored easily means they can switch brands at any moment when they encounter something new. Marketers often find themselves repeatedly struggling to win customers back. The most they can do is offer superficial promotions that attract customers temporarily, only for them to disappear again. So how can we make Gen Y love us for the long term?

  • Be Genuine and Straightforward

                When it comes to advertising, Gen Y dislikes clumsy tie-ins. This is particularly challenging in today's era, as we know how adept Gen Y is at spotting insincerity. The saying goes, “the more you try to be subtle, the less subtle you become,” which can even make them anti-brand. Many brands have successfully transformed by simply stating, “We are selling products here,” and that’s it. Simple and genuine. This way, not only do customers not become anti-brand, but they also appreciate the honesty of the brand.

  • Unique, Innovative, and Unconventional

                “Uniqueness” is another aspect that Gen Y is highly interested in. Remember, this group “is not afraid of change.” The more unusual something is, the more they want to try it, whether it’s the product itself or its packaging. Why? Because they are not only consuming the product's benefits but also engaging in other activities... Let’s move on to the next point.

  • Beyond Functional: It Must Be Instagrammable

                Don’t forget that one of Gen Y's standout traits is their constant connection to social networks. Having a product with an eye-catching design means they will immediately post it on their social networks (even if the brand hasn’t organized a photo contest). This is a double win: it captures Gen Y's heart and promotes the brand for free without taking up media space.

                Furthermore, the term “beyond functional” means that not only should the product be photogenic, but your brand must also have a personality that instills pride in Gen Y for owning it. They should feel proud to show off their purchase.

  • Fast and Efficient: No Waiting

                Lastly, what seems easy but is the hardest aspect of winning over Gen Y is “the speed and efficiency of service.” Gen Y dislikes waiting. For instance, when there’s a message in the inbox, there should be someone on standby to respond in real-time. Even regarding stock availability, if a product is off the shelf for just a few days, they can instantly switch to another brand without hesitation, as they do not have enough loyalty.

                Therefore, in this day and age, creating a brand with value may no longer be sufficient. It’s essential to consider whether Gen Y feels valuable in relation to your brand. Marketers need to revisit their strategies because traditional marketing methods may not always work. Let’s understand and get to know Gen Y better to market effectively and not waste time - TERRABKK

Article by: TerraBKK Investment Tips

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