April 02, 2014
Much has been written about the characteristics of Gen Y, at 70 million strong, a generation almost as large as the Baby Boomers. This great swell of individuals will have much to say about how our world unfurls in the future. Their purchasing decisions will drive the behavior of companies all over the planet. Understanding this vast group, what influences them, how they make decisions and what is most dear to them is fodder for everyone from educators to manufacturers.
Joule believes that slicing and dicing this large wave is most productive to our clients who are seeking to create products that will align with the core values of this market. Strategically evaluating the mission of a company or organization, and identifying the discrete segments of Gen Y who will be most drawn to the mission will create the most powerful results.
Concrete Creatives is a segment of Gen Y that we have identified on behalf of a client whose mission is to create vibrant and sustainable places in the urban environment where people can live and prosper. The company develops properties grounded in a set of principles that include encouraging community both within the property and the surrounding neighborhood, inspiring with art, respecting history and being deeply and innovatively sustainable.
Identifying a targeted segment for this client, led us to look at Gen Y, a group who have already shown by their living and working habits that many of them are drawn to the urban environment. That being said, reasons for deciding where to live in any given city are quite varied. We also understood that those who were creative, innovative, artistic, and culturally aware would be attracted to the expanded mission incorporated in our client’s properties.
A key challenge in identifying a discreet segment for these properties is the price point. Sophisticated design, quality finishes, innovations in sustainability and community partnerships drove the price point out of the reach of the traditional urban, artist, environmentally aware consumer.
It became apparent that the segment that would be most compelled to choose these properties would be those who where drawn to the urban environment, who were creative and culturally connected, and, critically, who were serious about their work life and could afford the price point: the concrete creatives.
Concrete creatives are grounded in the tangible, they are simultaneously pragmatic and creative, they are committed to building a life that encompasses creativity within a wide range of careers from design, to finance, to business. They are adept at making trade offs to assure that that their highest priorities are met. They are culturally aware, intelligent, and professional. They are community minded and respond positively when opportunities to connect with those they live with are provided.
Identifying this target market has allowed our clients to build upon their mission of creating vibrant and sustainable properties in key urban centers by engaging the target market early in the development process as a way of ensuring that properties reflect the true culture of the neighborhood.