As the purchasing power of the youth increases by the day in todays world, they are a critical segment of buyers for any business venture. To be able to influence them is crucial for your business doing well. The question is whether the Generation Y can be targeted for MLM products, and if do how.
Before we start working on MLM and Generation Y it would make sense if we get a proper idea about who these Generation Y people really are. By Generation Y we mean all those who were born between 1977 and 1994. It would be interesting to know that about 25% of Americas population belongs to this age group. That is a significant number.
It has been documented that Generation Y does not consume media in the same way as did their predecessors. This makes advertising your product or communicating to them a challenge. But interestingly, the method to which they respond is an unique mix of the latest communication technology and one of the oldest ways of communication. Of course you have to focus on internet marketing. You will have to advertise on targeted sites, exploit key word buys, and even provide consumers a motivation to visit you online (contests, discounts, etc.). But one thing which really draws the best results is the traditional mail. Although it is a bit difficult to believe initially, but the truth is that Generation Y are extremely receptive of the sales messages that are mailed directly to them.
Research shows that 87% of Gen Y checks their mail box every day. Of all those who got coupons in the Gen Y section 73% used their coupons. An astounding 75% consider delivered mails as important, even when they come form a business house.
When you are marketing your products timing can be crucial. Suppose you are dealing in tax software. In such a case if you offer your product after April 15, there wont be too many interested. What you need to do is understand the audiences need and the time when he needs it. Strike the iron when it is hot. You cannot afford to be late. Neither can you afford to be too early. So pick your time right.
You should develop a better understanding for the Generation Y. You should have a clear picture as to what they want, what are their needs. If you have that knowledge you would be in a much better position to address their needs.
While communicating with your audience not only should you mention the features of your product but the benefits too. This way the consumer would know what is in it for him. He has to be convinced that the product he is buying will improve the quality of his life.
Generation Y of course can be treated as a potential section of buyers. And with the increase in the purchasing power of the youth and their ability to influence the decision of family purchases, they are mighty important to any one who is into MLM business.