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Wednesday, June 28, 2006
Gen Y market seeks truth in advertising - MTV exec
Insincere advertisements will not sell to today’s generation, which most people in the corporate world dubbed as the generation Y or the “millenials.”
“This generation is marketing savvy. They are very sincere and idealistic.
The generation Y can easily tell the cynical from the truth. You have to tell them the truth (about your product),” said Jack Madrid, managing director of MTV Philippines.
He said that if this generation, born after 1981, finds out that a certain company is fooling them through its advertisements, the company’s products will be booted out of the market.
Madrid said this is how powerful members of the generation Y are. They can also influence the consumption of the entire household, as they have very similar traits to the “baby boomers,” their parents.
Baby boomers are those born in the 1950s.
Taste
“Both generations have similar tastes and choices. They get along with each other. Most of the expenses in the house are influenced by the children. We call this kidfluence,” Madrid told participants to the Entrepreneurship Conference 2006 at the Waterfront Cebu City Hotel and Casino last Friday.
“They are our best marketers. They tell everyone if they love a product and they tell everyone if they hate a product,” he said.
Madrid advised entrepreneurs to understand trends in the market.
“Understanding trends is not just (about) knowing (what) the trend (is). It is understanding the reason behind the trend,” he said.
Brand
Establishing a brand to the younger generation is among the marketing tips Madrid shared with Cebu entrepreneurs.
He said children, as young as 10 years old, “already know what kind of shoes or bags or t-shirts they want. They already know what brand of car they want to drive.”
“When a generation moves on, don’t follow it, focus on the next generation,” Madrid said.
Madrid said this is how MTV, as a whole, does its advertisements.
MTV Philippines, subsidiary of MTV, is a multimedia brand for the youth. (JBN)
For Bisaya stories from Cebu. Click here. (June 28, 2006 issue)
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