Gaining new expertise in generational marketing is the
smartest way to attract and retain new categories of
customers and/or clients for your products or services.
Generational marketing literally is an alphabet soup of
Generation X, Y, and other age-related segments of today's
marketplace.
Generation Y is the popular moniker for the 80 million
people born between 1978 and 1999. Generally, they are
tech-savvy and process information quickly. They identify
closely with brands, but are not as loyal to their
workplace, having been raised on the fact that people
already do or will change jobs more often in this era than
in any previous period of time. They do value integrity and
responsibility. They grew up using computers, and thus
respond strongly to Internet campaigns.
Bottom Line: A sophisticated Internet presence (using Web
sites, podcasts and visual Web products) will impress those
most, and also will offer you 24/7 access to this market.
Get your brand out there, online and offline, to build
recognition for a market that will pay attention -
especially if you "think outside the box" to set yourself
apart from other brands. Generation Y applauds innovation.
Generation X applies to the 51 million people born between
1965 and 1977. Because many were raised as latch-key kids
by single, overworked parents in households with tight
budgets, they tend to be more frugal than Generation Y or
the vast population of Baby Boomers. They also are not
counting on Social Security to fund their retirement, so
they are prone to think about saving more than spending.
Keep this in mind when setting your price for products and
services you design to appeal specifically to this market.
Generation X in general places a high value on education
and knowledge.
Bottom Line: They are independent and self-reliant, so
don't count on brand prestige alone to court them. Provide
lots of accurate information with your product or service
to get their attention, and let them know why your products
and/or services are such a good value!
Baby Boomers are that vast population of 78 million-plus
people born between 1946 and 1965. As a group, they are
more prone to impulse buying, so think flash, fun and
out-front placement of your products. Each spends an
average of $41,000 annually on cars, recreation, education,
insurance and apparel. Of the Boomers, 28 million are
empty-nesters, so children's goods an services won't appeal
as strongly to this group, unless they already are
grandparents. They tend to have a Peter Pan mentality about
aging, so appeal to their youthful and adventurous side.
They want goods and services that will have them time,
increase their energy and lower stress.
Bottom Line: They boost more college degrees than previous
generations, so don't talk down to this market in your
advertising copy. And don't assume that all are in love
only with the Internet; also include offline approaches in
marketing to this age group. And never, ever use the word
"aging" in your advertising; they will buy into hip
nostalgia, but not into aging.
Seniors are those people born before 1946. Did you know
that 25 percent of all toys sold are sold to Seniors? They
are very health conscious, having boosted their numbers
over the decades because of the medical advances that help
people live longer. They lived through the Great
Depression, World War II and numerous economic ups and
downs, so appeal to their desire for good value. They tend
to shop carefully, and tend to care less about shopping for
clothing as fun. It's just another necessity, so don't
count on appealing to the fun of shopping to this market.
They likely are the last generation to have pensions to
count on, so there is more disposable income there that
won't be available to future generations as they approach
retirement.
Bottom Line: Think smart, practical and sensible with this
market. Seniors are millions of dollars strong and hold a
vital buying power in today's marketplace. They also tend
to be very loyal customers.
----------------------------------------------------
Ruth Klein, the De-Stress Diva (tm) and Branding Guru, is
the proverbial Woman About Town. Holding a Master’s
in Clinical Psychology, consulting with renowned businesses
- small and large. Ruth is a consultant, author, speaker,
radio show host, branding strategist and productivity
coach. http://www.ruthklein.com .
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