Marketing to Different Generations??
Everyone is unique– you cannot acquire customers by using the same strategy across your entire audience. There are many criteria on which you can segment your target audience, and one of them is of course age.??
Every generation has different ways of thinking and behaving, and they react differently to messages, images, technology, pricing and more. This gives rise to questions such as: How can you customise ads in order to serve different generations? Which generation is most likely to shop online? Who should you target with your latest product???
So, in this week's newsletter let's understand Generational Marketing.
????What is Generational Marketing?
You can target and classify customers based on the generation they were born into, and this is called?generational marketing. It is a robust approach to targeting as it focuses on?the experience of the target audience instead of isolated data points?such as age?or gender.?
As well as common experiences, each generation has its own set of values and common interests that shape how members of that generation think and act. For example, 57% of Generation X believe they are still recovering from the Great Recession today, and as a result, they can be very cautious in the way they spend their money. They also prioritise saving for retirement overspending, as they have experienced the anxiety caused by unstable income.??
????Generational Marketing Break Down by Age
There are?five?major generations today:?silent traditionalists,?baby boomers,?generation X?(Gen X),?generation Y?(millennials), and?generation Z?(Gen Z).?
In today’s age,?you should focus?more?on Baby Boomers,?Generation X, and?Millennials?for sales?as they have strong purchasing?power; however,?an understanding of the other two generations is important if your product or service specifically targets them, and understanding the youngest generation prepares you for future trends.
The silent traditionalists do not get a lot of attention from marketers, but let’s not forget that they’re the wealthiest generation and can boost your sales significantly. They account for more than half of all financial institution depositors and control nearly 70% of all assets in the United States.?
How to market to them:?Appeal to this generation by being straightforward. You don’t have to sound cool to advertise to them, just be direct and to the point. Have exclusive offers that make them feel special and entice them with eye-catching visuals.??
This generation marks the beginning of the “woke era” and the rise of TV, the civil rights movement, the women’s liberation movement, and the music event, Woodstock.?
How to market to them:?Baby boomers are most active on Facebook compared to other social media platforms so make sure you target them with your advertisements.?The best way to reach them is through informational videos that?educate?them while?advertising?your product.?Do not?use clickbait?or make promises that you cannot keep, otherwise you might find yourself caught in a lawsuit.?
According to the U.S. Department of Labor,?Generation X?outspends all other generations?when it comes to housing, clothing, eating out, and entertainment. While you won’t find them dancing around on TikTok, they are very much active on social media.??
How to market to them:?It?can be tough marketing to this generation.?To attract them, focus on your SEO as?72% of them?use the internet to research businesses.?They also?respond positively to corporations that use nostalgia?to advertise their products, such as celebrity endorsements or music?from their childhood. Gen Xers respond best to customer loyalty programs because they are the most brand-loyal generation.?
Millennials?are certainly very hard to please as they do not fall for false advertisements or performative actions. They believe in supporting businesses that are authentic and expect everyone to be environmentally conscious, inclusive, and politically aware.??
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How to market to them:?The best way to market to?millennials?is by being your most authentic self as a business. Make sure you use social media to attract them but remember, they will not fall for empty promises.?They are the least brand loyal generation and will most definitely do what works best for them, so to keep them engaged, you have to be consistent with your quality.
This generation is very diverse, and they live and breathe technology. Gen Z is demanding – for example, they will not let unethical means of production slide, nor political incorrectness. You have to get it ALL right from the “vibe” to the message.??
How to market to them:?Traditional marketing like?print advertisements, magazine ads,?or?TV commercials?will not suffice for Gen Z. You need to invest heavily in influencer marketing because the most effective way of delivering a message to them is by letting Gen Z talk to Gen Z. Remember that most of them do not have direct purchasing power and will go to their caregivers when they want to buy something, so make sure you consider them as well.
Even though generation is only one of the criteria you must consider within your strategy, it provides a solid framework for planning and assessing tailored marketing initiatives, which aids in the development of future strategies.??
Read more about marketing to different generations on my blog.
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The Metaverse has been a hot topic of discussion for a very long time. Seemingly, it will have a big impact on the marketing industry. How do marketers prepare for such a change? Tune into this week's podcast to get an insight into this Metaverse that is apparently going to change the digital world.
??Listen on Spotify:?https://spoti.fi/3wxxyMD
??Subscribe on YouTube:?https://bit.ly/3N5i8VE
Stay tuned for more.??
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ABOUT ME?
I have been helping companies with their marketing from start-ups to global corporates for over 20 years and I’m also the author of 2 best-selling books in the field. Whether it’s growth, branding, performance, content marketing, SEO or many other areas, I have helped companies all over the world to deliver market-leading results. I’m also the CEO of a global marketing agency, and a regular keynote speaker, trainer, consultant and contributor to industry publications.