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Ruth Klein, Branding,
Marketing & Productivity Coach, consults hundreds of clients ranging from
solo entrepreneurs to the Fortune 500. Visit http://www.ruthklein.com
for more information on the Ruth Klein catalog of small business and corporate
services.
Marketing to Generation
Y, Generation X, Baby Boomers and Seniors requires savvy about how each group
operates and what they consider important. Ruth Klein, Branding Guru, shares
that insight in this meaty and succinct article.
Confused about what Generation
X, Y, and age-related segments of today’s market really want? If you learn
the differences that appeal to each, your product and services sales will soar!
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. Changing jobs frequently and
not being so-called loyal to their workplace is a trademark of this era, and
they identify closely with brands. They do value integrity and responsibility.
They grew up using computers, and thus respond strongly to Internet campaigns.
Bottom Line: What you present
to them as your Internet presence (including all web products, podcasts, etc.)
is highly likely to impress them and you will gain 24/7 access to this segment
of the 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 lights
up over innovative approaches.
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. To appeal specifically
to this market segment, keep this in mind as you make decisions about your pricing.
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? Using modern medicine and technology, this health-conscious group has
boosted their numbers over the decades. They lived through the Great Depression,
World War II and numerous economic ups and downs, so appeal to their desire
for good value. Shopping for fun isn’t a concept they relate to; it’s
about exercising care. It’s just another necessity, so don’t count
on appealing to the fun of shopping to this market. They have more disposable
income that future generations won’t have access to as they move into
retirement because they have pensions they can count on.
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,
Branding, Marketing & Productivity Coach, consults hundreds of clients ranging
from solo entrepreneurs to the Fortune 500. Visit http://www.ruthklein.com
for more information on the Ruth Klein catalog of small business and corporate
services.
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