What is Generational Marketing
As marketers, we understand how difficult it is to gain new consumers.
We capture their interest in content marketing and nurture them through email cycles in.
The hopes that they would bite and commit to our product.
It’s much more difficult when you’re attempting to sell a product to so many various demographics.
A 50-year-old who is unfamiliar with digital marketing would react quite differently to a Facebook ad
than a 20-year-old who is well-versed in digital marketing strategies.
As a millennial, I recognize when businesses are attempting to reach out to me online.
I notice your adorable branding and somewhat snarky terminology!
But how can companies ensure that they are effectively addressing all demographics?
Which generations respond best to phone calls, who is most likely to purchase in-store,
and who is most likely to become addicted because your product is eco-friendly?
Don’t be concerned.
I’ve done my homework.
In this piece, we’ll look at the finest internet marketing methods
for reaching out to certain generational segments.
What Is Generational Marketing?
Generational marketing is a marketing strategy
that incorporates generational segmentation into marketing communication.
A generation, according to Wikipedia, is “a cohort of people born within a similar period
(15 years at the top end)
who share a comparable age and life stage and who were molded by a certain period (events, trends, and developments).”
Now, let’s talk about generational marketing techniques.
Marketing to Baby Boomers
Who are Baby Boomers?
The group that still leaves messages and checks voicemails.
Baby Boomers were born between 1946 and 1964
And grew up
during the post-World War II American-dream, white-picket-fence period.
This generation is gradually embracing technology as their younger colleagues have taught boomers how to utilize it.
According to Pew Research, by 2014, 65 percent of individuals aged 50 to 64 have utilized.
Social networking sites, with the great majority
using Facebook to rekindle “dormant” connections.
The Boomers are the most likely to misinterpret Facebook remarketing
advertisements cluttering up their Newsfeeds,
but they are still open to direct marketing/sales methods; they like to interact with actual people.
In today’s economy, boomers have the highest consumer value!
They spend the most money on each shopping trip, and as they approach retirement,
they are more inclined to overspend on non-grocery products.
Surprisingly, this age spends the most money on technology,
which includes anything from premium cable to the latest smart-phone.
Tips for Marketing to Baby Boomers
1. Take Advantage of Brand Loyalty
My aunts and uncles are Boomers, and if I’ve learned anything from studying
their buying habits, it’s loyalty.
When my uncle learned that his preferred deodorant (Old Spice Original) was changing
its composition, he went out and purchased enough to last him the rest of his life.
When my aunts find their favourite wines,
they go out and buy every bottle Trader Joe’s carries as if it’s Apocalypse Now.
If you can demonstrate that your product is of high quality and will be required indefinitely,
You should be able to attract some Boomers as consumers.
2. Go for the Up-Sell
Utilizing up-sells is a wonderful method to profit from the additional income
Baby Boomers are throwing out.
This age, in particular, enjoys entertainment, booze,
and purchases the most prescription medication (I’m not joking!).
They prefer knowing the worth of service—how it will make their life easier—
without feeling pressured.
What better approach to avoid being pushy than to inquire if they’d want to pay an extra $10
per month for an additional 100GB of storage?
Upselling, according to Pro salesman Jeffery Gitomer,
may also help you establish stronger relationships with your clients;
it’s also a lot easier to upsell than it is to produce a net-new sale!
3. Tie in Cash-Back
For someone who isn’t looking to spend a lot of money to get cashback,
it might be a bit of a commitment.
Fortunately, Boomers are accustomed to spending enough money at specific locations
(commitment!) that cash-back schemes have a strong attraction.
Credit cards are a wonderful and apparent illustration of this!
48 percent of baby boomers currently use credit cards
and would rather spend more than leaving money on the table.
Most Boomers I know are great supporters of American Express because of the points
they can earn on large purchases,
which can subsequently be used to pay a vacation or buy a nutri-bullet for their niece…
4. If It Ain’t Broke, Don’t Fix It
This generation is most vulnerable to traditional marketing and sales techniques.
Before making a purchase, boomers like to speak with a live person—but don’t call during supper!
Marketing methods that perceived as invading their personal lives not tolerated,
yet traditional television and print advertisements are!
Because most Boomers utilize social media to reconnect with long-lost acquaintances,
they will almost certainly flag your Facebook Ad as spam.
They are also the least inclined to read that lengthy blog post;
Baby Boomers indicate that the posts they enjoy reading the most are barely 300 words long.
It may seem apparent, but Boomers are also the least likely to purchase
their smart-phones—but this is an excellent opportunity to rethink your mobile checkout strategy.
Could your grandma get through it without a hitch?
5. Plot Twist: Skip the Discounts
Baby Boomers are entering or have already begun to enjoy retirement, something
they have worked tirelessly to accomplish.
According to the AARP, US individuals over the age of 50 spend $3.2 trillion each year
and have acquired $15 trillion in financial assets,
which is more than the combined GDP of Italy, Russia, the United Kingdom, and France!
The over-50 demographic contributes to 50% of all consumer expenditures,
yet we marketers barely spend 10% of our budgets on them.
There is a big chance to take advantage of the additional cash that Boomers are paying out!
Try selling them full-priced or “top-shelf” items.
Nobody wants to be sipping $7 wine in their 60s or searching Craigslist for second-hand
furnishings for the house they just downsized to after their last 25-year-old moved out.
Boomers are more likely to be content with lavishing themselves in retirement.
Marketing to Generation X
Who are Generation Xers?
The middle kid often overlooked.
The smallest generation, Gen X, was born between 1965 and 1980
And is frequently referred to as the “bridge generation” between Millennials and Baby Boomers.
Generation X is now balancing child care, mortgages, and achieving the pinnacle of their professions.
Consider the 40-year-old who went to high school in the 1980s and despised
the first Bush administration, but is now working in green energy and has little children to cope with.
This generation recalls how video destroyed the radio star and is less optimistic about having enough money to retire.
Generation Xers have a lot on their plates!
They have children, are responsible for mortgages and tuition, but work a lot.
They’re also online, as more than 80% of this generation says they’re on Facebook, MySpace (what?!), and Twitter.
They are more on the level with millennials in terms of technological acceptance
and use, and they are more likely to stay politically loyal throughout their lifetimes
than any of the other generations.
While Gen Xers claim to be the most committed to shopping lists,
they also admit to making the most unexpected purchases on their shopping trips.
When it comes to marketing, this generation is our real hybrid.
They did not grow up with the online buying experience, so they still like going to the store,
But they have completely accepted internet shopping as well.
Tips for Marketing to Generation X
1. Everyone Loves Coupons
When the Great Recession hit, Gen Xers were only getting started in the workforce.
They do not believe they will be able to rely on Social Security after retirement.
Generation X is saving for education, house ownership, establishing a company,
and retirement, which brings me to…COUPONS.
I believe Blue Apron and Plated do an excellent job doing this while providing a product
that will make the lives of Gen Xers simpler.
Although email marketing appears to be out of date,
it is still the most effective way to interact with Generation X.
Because this generation is already continuously linked into
Outlook for work and family updates, it is logical that they will respond favourably to retail emails.
Not to mention that people check email at work, at home, on tablets, iPhones, and desktop computers.
2. Be a Goody-Two-Shoes
Do-good companies have experienced an increase, as Erin stated in her piece
about marketing to millennials—organic, ethically
manufactured items are in great demand.
The same is true of marketing to Generation X.
This generation is less inclined to follow trends and is more likely to purchase
a service or product that benefits society or the environment.
Toms is an excellent illustration of this—despite not being
the most visually appealing sort of shoe,
its simple slogan of “one for one” propelled this company to prominence.
Pinterest and Facebook are great places to promote your company!
3. Lifestyle Nurture Programs
We marketers have a lot to draw on because Generation Xers are so active on social media.
We can send advertisements to new parents, anniversaries, birthdays, and more
because of Facebook’s incredible amount of targeting possibilities.
Some companies, such as Petco, will bring disposable products to your
home at regular intervals, which is a fantastic way to never run out of kitty litter or dog food.
Babies R Us and Items R Us have a wonderful email service
that will give expectant women monthly updates and then age-appropriate toys once the baby is born.
This is a fantastic approach to develop and nurture client loyalty—
you know what I mean!—while also making their hectic life a little simpler.
4. Give Gen Xer’s a Break
Although this generation professes to be savers, they are not saving all of their money for college!
Approximately two-thirds of Gen Xers with a household income of $250,000 or more,
and half of Gen Xers with a household income of less than $250,000,
want to take a vacation in the next 12 months.
This is a huge chance for everyone!
Consider hosting a contest even if trips are not directly linked to your business or product.
Advertise how you can assist them while they are away—security firms,
take note—or items that they may utilize while on vacation.
This generation is likely to purchase a family-friendly trip rather than a vacation for one or two.
That implies a lot of thought and money goes into it;
utilize your marketing to win them over, and they may use your service for years.
5. Plot Twist: Try Direct Mail
You would not anticipate what appears to be an outmoded type of marketing to be effective with this generation.
However, according to research conducted by InnoMedia, NuStats,
and Vertis, 86% of this generation brings in the mail every day, and 68% have utilized coupons received in the mail.
They are more likely to get paper bills rather than electronic bills and to send birthday cards by USPS rather than online.
So,The days of receiving Chinese take-out menus and coupon newspapers in the mail are not over!
Marketing to Millennials
Who Are Millennials?
Millennials, the generation that is gradually taking over the workforce and outnumbering Baby Boomers,
were born between 1981 and 1999 and reached adulthood in the early 2000s.
This generation is frequently discussed and discussed on social media
and in popular culture—our blog is no exception!
As the economy collapsed, millennials began to enter the labour market,
and as a result, they became the largest generation of entrepreneurs.
So,They are typically soft-hearted and soft-shelled, placing a high value on social concerns over the economy.
According to the Brookings Institute, 64% of millennials would rather make $40,000 a year
Doing something they enjoy than $100,000 a year doing something they dislike.
Conclusion
It is crucial to remember that each generation made up of different personalities,
and not everyone will react the same way.
Don’t abandon your other demographic targeting and segmentation techniques!
So,Hopefully, these marketing strategies will help you entice your target demographic.
You may contact Nummero, a top digital marketing agency in Bangalore.