Tapping into the young spender market can prove financially rewarding. Even in the grip of a credit crunch, those in their teens and twenties have few major financial burdens such as monthly mortgages or children of their own and consequently have money to spend on the latest trends and personal luxuries. Not only do these young consumers enjoy a high disposable income, but they may also wield influence over purchase decisions made by their parents.
Understanding the Youth Market
This young audience likes to keep up with changing trends and fashions and for a youth marketing campaign to succeed it is absolutely crucial to tap into and understand their world and make your company communications part of it. Tracking fashions and trends, collecting and responding to their feedback and engaging in their world is essential to developing the way in which to communicate meaningfully with them and provide offers and incentives that appeal.
Communicating with Young Consumers
The youth market can seem a marketer’s dream as they are heavy users of all types of media. However, there is also the downside that messages have to stand up against heavy competition in order to get noticed. Being bombarded with advertising each day, this market is becoming more knowledgeable and discerning in their choices about what to read and what to discard. To get noticed in a noisy marketplace good campaigns make use of mixed media and use messages that are on their level, are respectful of them as individuals and viewed as authentic.
Understanding their Buying Behaviour
Understanding what triggers the buying behaviour of the youth market can also help a marketer produce a campaign that delivers great results. For example, consumer data suppliers Marketing Source have found that young, affluent consumers are generally more responsive to ‘special offers’ than their older counterparts. There is also a behavioral correlation between these fans of special offers and young people who purchase from catalogues. They are young consumers with more disposable income who, when they see something they like they buy it on impulse.
Combining young fans of special offers with young catalogue purchasers allowed Marketing Source to build their ‘Young Wealthy Spenders’ list with over 1.1 million UK postal records. This highly responsive database is now used for promoting new and on-trend products and services to a young market.
When you do get it right, the young wealthy consumer market can deliver beyond your expectations. Word of mouth is extremely important to this group and with a well planned campaign you will find your company name and products could rapidly become a household name through the power of the social networks that most young consumers engage with.