Targeting the New Normal Consumer

There is no denying the digital age and the growth of technology use (smartphones and tablets) across all generations from Baby Boomers- born between 1944 - 1964 (68.7 million in the US) to Gen X – born between 1966 -1981 (65.1 million persons in the US), Millennials -born between 1982 and 1999 (82.2 million persons in the US) and Gen Z – born between 2000 and 2020 (86.4 million in the US). Those numbers address the United States. Just consider these market demographics for the digitally connected worldwide!

 For marketers and business owners, understanding the nuances and personality quirks of each market demographic is part of the challenge of crafting the right message on the right marketing channels. This understanding is becoming even more important for businesses working hard to acquire customers and recover from the coronavirus pandemic. It is even more difficult to market product to multiple demographics from Baby Boomers that are unfamiliar with digital marketing to Millennials and the Gen Z generation that are both accustomed to digital marketing tactics.

 The Boomer Generation, though it still leaves and listens to voicemails, is slowly embracing digital technology. Increasingly Boomers are using social networking sites like Facebook as a tool to revive old relationships and establish new ones. Though this generation may not relate to Facebook marketing ads, it still is receptive to direct marketing/sales tactics. Americans 50 and up are prized by for their high market value totaling $8.3 trillion in 2018 and the significance of that value in decades to come will triple to more than $28 trillion by 2050 as Millennials and Generation Z begin to turn 50 in 2031 and 2047. Thus, Boomers can splurge on a few non-essentials – premium cable and the latest smartphones.

 In marketing to Baby Boomers, smart marketing takes advantage of brand loyalty if you can prove your product is of great quality and a necessity for an indefinite amount of time. Boomers know the value of services that make their lives easier so adding up-sells, i.e., adding cost for extras without being “pushy” is a great way to generate extra revenue. This is not to say traditional marketing and sales tactics – traditional television and newspaper ads should be abandoned since purchases on their smartphones are less likely.

 Millennials - Generation Y - Next focus on Millennials, the first generation exposed to social media and smartphones since birth and Gen Z, a generation that has adopted tech in more aspects of daily living than any previous generation. Members of Millennials and Gen Z generations each respond differently to offers and marketing campaigns so to ensure the marketing message hits its targeted audience, it necessary to know the characteristics that differentiate these groups if you plan to target these age groups.

 Generation Z, more than any other generation uses electronic devices and virtual spaces taking advantage of access to these conveniences to search out a world of information, instant social connection and the best prices for the purchases they make. This age group, born into social media and mobile, has become the new face of financial power with companies expanding their marketing reach to target this demographic. Gen Z is already spending and impacting spending decisions in a big way. 93% of Gen-Z’s parents say that their children have some kind of influence on household spending decisions; 65% say that they have an influence on vacation choices, while 32% say that their children’s opinions matter when it comes to buying home furnishings. Their individual spending power is on the increase and in four years’ time they will comprise roughly 25% of the global workforce. As a business attempting to connect with these consumers, you will need to learn more about them, their preferences and consumer decision-making choices. While Gen Zers are versed in using digital communication tools, they actually prefer face-to-face in-store shopping to see and feel product quality and unique in-store experiences like beauty or exercise classes.

 The opposite is true for Millennials who prefer purchasing online and spending long periods each day on social media. Millennials have greater expectations for their customer experience and are willing to pay cash for it. Seventy four percent of Millennials maintain their interest in customer experience is greater compared to 62% for Gen Z. As much as 80% of Millennials are more interested product innovation than 71% of Gen Z, possibly because Gen Z has been raised in an age of rapid innovation. For example, Millennials still remember Blockbuster VHS rentals, while Gen Z embraces the Netflix-on-my-iPhone era. Most Millennials, as much as 71%, claim they trust companies while fewer members of Gen Z (63%) make that claim. Over half of Millennials (55%) are comfortable with how companies use their personal information, but only 44% of the Gen Z generation express that comfort.

Isn’t it time to recover your global markets to generational marketing and the demographic most attuned to your product or service?

Raymond Hopkins is an award-winning business development and account management professional. He is the author of "Grow Your Global Markets." Based in Phoenix, AZ (USA), he helps businesses accomplish their goals and objectives at home and abroad. If you have need of a creative problem solver that generates strategy and delivers profitability, contact him on LinkedIn, email [email protected] or cell phone 602-561-8586.