For many business owners one of the biggest questions is where to and on what should they invest their marketing budget for the best results. Marketing is a combination of efforts with a multi-channel approach being the most effective.
To make things even more interesting, there are four generations that make up today’s consumer landscape. They are the Boomers, Gen X, Millennials and Gen Z. Understanding your target audience is essential for effective business marketing. Below are descriptions of each generation with recommended marketing media. We hope this information will help our business members develop effective target marketing plans.
Boomers (born between 1946-1964) have the most wealth. They are very service focused. They value that personal connection and enjoy face-to-face interaction. They shop in brick-and-mortar stores. They still have landlines and pick up the phone. They are nonprofit donors. Email campaigns are the number one way to reach and nurture this group. Boomers use search engines. Boomers respond to loyalty cards and points.
Gen X (1965-1980) are flexible. They want you to work with them. They are independent, skeptical and data focused. They use social media such as Facebook. Social media should be used for brand reach with this generation to help them know, like and trust a brand. Direct mail campaigns should be used to reach and convert this generation.
Millennials (1981-1996) are the experience generation. They like trips and concerts. They forgo buying for experience. This group generally does not have wealth. They usually have student debt. They align to social causes. They make up the largest percentage of the population. They are the generation to watch. They do not go on Facebook. Instagram is declining with this group. Millennials respond to email promotions. 20% off works for them. Radio is key for this generation and has a high conversion rate. They love word of mouth, testimonials and reviews. If they trust you, they will advocate for you. This generation is the toughest to reach and convert but they will be your most loyal. They are the meltdown generation if you don’t satisfy them.
Gen Z (1997 or after) like products and stuff but they want deals. They want the best quality for the lowest price. They prefer their friends over family. They utilize Instagram, YouTube and Snapchat. They respond to email marketing. They shop in brick-and-mortar stores. This generation will have wealth. They are entrepreneurs. They have influence at home and spending power. Gen X is buying for Gen Z. This generation loves to share, especially videos. They love incentives like coupons or “share this video and receive a free gift.” This generation wants complete transparency. They like values and a mission. They want a company to put its money where its mouth is.
