Gen-Y entrepreneurs get social

Members of Generation Y could be the best business owners during an economic downturn. Why? Because they understand how to use social networks to hook customers, The Courier-Mail argues.

The article cites marketer Adam Penberthy who suggests Generation Y have the potential to use their tech savvy pedigrees to develop innovative marketing techniques.

Research undertaken by Penberthy has found Generation Y entrepreneurs are more inclined to adopt emerging and new marketing concepts than older business owners.

Social media platforms like Facebook and MySpace as well as mobile phone marketing are suggested as key methods of connecting with Generation Y consumers.

Comments

[Andee Sellman, One Sherpa]

I agree
Linking up online gives you the ability to widen your market reach considerably and at the same time confine yourself to a niche which you can service well. In shrinking markets its always a danger to take on work that isn't quite in your expertise but its the only work you know about.
Connecting accross different geographies can help you maintain your true market customers and make your normal profits

[Adam Penberthy]

Quickly, thank you for the pickup on this story. Digital strategies and new media adoption are proving to be increasingly beneficial in engaging this demographic and as a result of the high use of this media, we find young entrepreneurs are quick to embrace this form of media in their communications and marketing plans. Many of our younger clients are quick and happy to adopt this media to help in the promotion of their businesses, however it should be recognised that this is only part of a bigger picture. Most social media undertaken by our clients needs to be backed up by traditional and non-traditional communications to support message adoption.

Again thanks for the pickup on this story!

Adam Penberthy

[Mike Addicott]

I believe we are in danger of over simplifying the business community as either "Gen-Y" or "Older". Rather it would be better to refer to them as two distinct groups – those being "Digital Natives" and "Digital Immigrants".

Digital Natives, regardless of age, are those individuals who are native speakers of all things digital and hence are often the early adopters of new technologies. Therefore social networking comes naturally to them as they feel comfortable in a non linear world defined by the internet, hyperlinks and multitasking.

Digital Immigrants, on the other hand, often fall back to more traditional solutions.

Whilst it is true to say that the majority of Digital Natives are under 30, it is important to say that I have met Digital Immigrants in their teens and Digital Natives in their 70s.

In the e-learning environment, TheCyberInstitute is pioneering a range of social networking tools for adult learners - many of whom could be referred to as Digital Immigrants.

By using Facebook-style learning e-hubs, our students of all ages are better interacting with each other, enjoying being informed of group and individual activities, and loving the ease with which they can share knowledge, media and information with each other.

Like all Immigrants, we find that some adapt easily, readily and openly, whilst others cling to their roots and need a little TLC. However even the most traditional Immigrants soon warm to the flexibility this environment provides them.

So whilst we may not see the majority of Digital Immigrants racing to open Facebook and MySpace accounts, we often see them quickly adopting these technologies and platforms - when they address a need or provide a specific solution. Especially one that is profit driven.

So let's not write off the 'Oldies' or Digital Immigrants just yet.

[Sofia]

I just wanted to post a link to a film about management through surveillance - how goverments and employers use monitoring to get people to do what they want them to do. This topic is highly connected to gen-Y:ers as they are generally opposing close supervision. Watch it, and feel free to post it on the blog if you like it!
http://www.youtube.com/watch?v=pIdZrA4Fdxg