Generational marketing is a marketing strategy that uses generational segmentation to approach product development, marketing and communication. This strategy is based on the concept that a consumer’s age plays a critical role in their decision making.
Lets take a quick look at major attributes for each generation as Marketeers define them:
BABY BOOMERS (1946 – 1964)
They are perhaps the most valuable generation, given their wealth. Baby boomers have more wealth than any other generation, thanks to demographics and other factors. According to a report from marketing research publisher Packaged Facts, boomers possess 54% of all U.S. household wealth.
Boomers didn’t grow up with the internet. However, it’s a common misconception to assume that they’re not tech savvy. Overlooking this generation with digital marketing is a somewhat common mistake.
According to marketing data, boomers are comfortable shopping online and 85% research products online. 82% of Boomers who use the internet also have at least one social media account. Their platforms of choice are Facebook and LinkedIn which neatly split their work and personal lives.
GENERATION X (1965 – 1976)
Generation Xers make up 25% of the U.S. population but have 31% of its total income. What’s most notable about this generation is their brand loyalty. More than 40% of Gen Xers stick to brands they like.
This generation was quick to adopt social media, but unlike Millennials they did not inherit the ‘selfie culture’ most associated with social media. Gen X does not like to broadcast their personal life. Similar to baby boomers, they like to spend time connecting with friends and searching for information.
This generation likes to do their research before making purchases with 68 percent making their buying decisions based on online reviews. They are also avid multitaskers and use regularly switch between multiple devices
MILLENNIALS OR GENERATION Y (1977 – 1995)
Millennials are digital natives. They consume a great deal of online content and are content producers themselves. A wide range of social media networks, digital video, and mobile are all relevant for millennials.
They’re swayed more by influencers than other generations, opening up opportunities for brands to locate niche platforms and communities that cater to certain segments of audiences. Another important attribute for millennials is their value for advocacy and referrals. According to technology company Medallia Institute, three out of four millennials perform extensive research before deciding on a purchase, and 50% say that online reviews were a major factor for a recent purchase.
This generation is heavily influenced by what they see on their favorite social media platforms. 72% have reported buying fashion and beauty products based on Instagram posts and 84% said they’ve been influenced to make a purchase based on UGC (user generated content).
Marketing to Millennials is all about engaging with them on their level. They prefer content from those in their network and look at social media as a primary form of communication and inspiration
GENERATION Z (1996+)
Generation Zers were brought up with smartphones. As you can imagine, they’re incredibly tech-savvy. According to a study, Gen Zers are two times more likely to use online-only stores than any other generation. They thrive on self-serve options where they retain control.
Gen Zers prefer TikTok and Instagram for social networks. When it comes to media, “have all but abandoned traditional television viewing, opting to watch shows, movies and other digital content on their phones, tablets and laptops,” according to CNBC. “This shift has led content producers to go where Gen Z lives — YouTube.” When marketing to this generation it is important to remember most of the content they consume is via YouTube, TikTok and Instagram because they love visuals. With their average attention span of 8 seconds brands need to be eye chatting and quick to capture this generation’s attention.
GENERATION ALPHA!
New Kids on the Block!
Generation Alpha (or Gen Alpha for short) is the demographic cohort succeeding Generation Z.
Named after the first letter in the Greek Alphabet, Generation Alpha is the first to be born entirely in the 21st century. Most members of Generation Alpha are the children of Millennials.
Generation Alpha has been born at a time were children's entertainment has been increasingly dominated by electronic technology, Social Networks , and Streaming Services , with interest in traditional television concurrently falling. Changes in the use of technology in classrooms and other aspects of life have had an effect on how this generation has experienced early learning compared to previous generations. The COVID19 pandemic has been a significant event in the lives of Generation Alpha.
They shape the social media landscape, are the popular culture influencers and are the emerging consumers. This generation will be absolutely conformable with AI (Artificial Intelligence) and expected to change the retail experience. The ''Alphas'' are going to expect the same interactive, responsive experiences from every brand.
Moreover this generation is extremely environmental conscious in relation with the previous generations
This is the generation that - as they like describing themselves - will reboot and save our planet.
Generational marketing has to be relevant and authentic to be effective. If both conditions aren't met, marketing, time and money are wasted and in some cases may harm your brands' image.
Generational marketing may clarify some questions such as:
Where does my audience hang out online?
What type of content do the like?
What do they need to know?
But we must keep top of mind that Generational marketing should be done with other marketing aspects in mind. Clarifying your audience just through Generational demographics is just the top of the iceberg!
In order to create content that captures attention and sells, you must also ask yourself and get be more specific:
Who is your audience exactly?
What causes them to purchase products or services like yours?
What results they expect to achieve from products or services like yours?
What impacts them as they evaluate options?
Which aspects of competing products or services do the perceive as more critical?
What may cause them not to purchase products or services like yours?
What are their concerns and believe that your product or service is not their best option?
What do they need to know most?
What results do you want your content to achieve?
What is the purpose of your content? In what and how many phases do you need to brake it?
These are some of the questions that any content strategist should answer, before deciding on the type of content!
Clearly defined audience + valuable, relevant and consistent content = Loyal customers and increased sales!
Sources:
https://bestlifeonline.com/generation-alpha-facts/
Comments