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BizReport : Social Marketing : October 07, 2008

Are you maturing with the Millennials?

Companies will find themselves losing out on vast opportunities if they don't act now to invest in strategies aimed at the largest generation of the moment - the Millennials. Such are the findings of a survey conducted by the Economist Intelligence Unit and software firm Genesys.

by Helen Leggatt

Over 160 c-level and senior executives from around the globe took part in the EIU/Genesys survey, "Maturing with the Millennials", which asked how they were planning to attract and retain what is predicted to be the largest generation, the Millennials, sometimes referred to as Gen Y, Generation Why or the Echo Boomers.

Three quarters of those surveyed said they realize Millennials will have an impact on they way they do business, yet over half have yet to develop a way forward. Those that don't look to the technologies and environments that Millennials use and inhabit stand to find themselves ostracized by a large segment of consumers, found the report.

While there is some reticence among marketers to implement social media strategies, they can't be ignored, especially among those who are targeting consumers in their teens and early twenties. Blogs, podcasts, social networks, chat rooms, mobile and sources of communication and peer-oriented interaction are already changing the way business is done. Limiting communication channels to email, text and telephone could ostracize you from your target audience.

Speaking to Sol E Solomon of ZDNet Asia, Mark McCallum, Southeast Asia-Pacific head of marketing for Nokia said, "Gen Yers have grown up as digital natives fully immersed in technology, which has become an integral part of the way they live, work and play. As such, the traditional approach of mass marketing can no longer achieve cut-through with this group of unique consumers."

The full report can be accessed, with registration required, here.

Tags: Baby Boomers, blog, Echo Boomers, Economist Intelligence Unit, Gen Y, Generation Why, Genesys, Millennials, peers, podcast, social media, social networking chatrooms

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