Executives surveyed worldwide thought the best way to target millennials was with viral marketing, peer-to-peer recommendations and sponsorship of millennials' favorite programs, according to a survey conducted in May and June 2008 by the Economist Intelligence Unit and sponsored by Genesys.
But more than one-half of respondents said they had yet to come up with a strategy for targeting, attracting or retaining millennials; just under one-third said they had done so.
The study was global in scope. Although executives generally said telephone, e-mail and physical storefronts were the main ways they contacted millennials, there were some differences from region to region.
Physical storefronts received the highest number of mentions as the most important contact method among Asian respondents, with 45% saying in-person meetings were key. One-half of North American respondents said telephones were their principal channel. Europeans put the most emphasis on e-mail, while executives in the Middle East and Africa placed equal importance on telephone, e-mail and storefront.
Gen Y is ready with the technology needed for these tactics, judging by a survey of online buyers in the US conducted in July and August 2008 by PriceGrabber.com. Nearly all Gen Y respondents said they used text messaging, and 85% used social networks.
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