A lot of time and effort goes into brainstorming, creating, and implementing your marketing strategy. Likely, you considered factors like demographics, company mission statement, and your personal preferences. However, you’re likely overlooking an important piece of the puzzle if you didn’t consider the “generation factor” when developing your marketing strategy.
Did you know that earlier this year, Millennials (ages 18-34) took over as the largest living generation in the United States? At 75.4 million people, Millennials overtook the 74.9 million Baby Boomers (ages 51-69) and 52 million Gen X-ers (ages 35-50).
As a Millennial myself, the changes that have occurred in my lifetime in technology, social media, and marketing are astronomical! As such, it’s important to take a step back and really target our audiences thoughtfully.
Consider…
1. How content is consumed. Millennials prefer social media outlets – and a variety of them! Gen X prefers email marketing and Baby Boomers gravitate towards shorter blogs or articles.
2. How messaging impacts commitment. Millennials base their relationship with companies on the perception that their marketing is “authentic” and how they respond to social issues. Gen X responds to marketing geared towards family and the future. Finally, Baby Boomers like messaging to be personalized, speaking to them directly as an individual.
3. How consumers like to buy. In purchasing, social media and the “friendship factor” go a long way with Millennials. For Gen X, purchases are more likely to be made in person versus online. Baby Boomers show high levels of brand awareness and product knowledge when deciding to buy.
4. How money is valued. Beyond just taking home the product, Millennials value the buying experience as part of the sale. Gen X-ers may be the smallest group, but they have the highest spending power – don’t overlook them! With rising healthcare costs and cost of living expenses, Baby Boomers are thoughtful spenders.
The bottom line is, if you’re not where the consumer is looking, they won’t find you! The best marketing strategies require diversity, thoughtfulness, and an understanding of their audience’s needs, values, and expectations.
Happy Marketing!
For more information about marketing across generations, click here.
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