Are you struggling to attract and retain customers from different generations? If so, then you need generational marketing. It refers to the process of reaching out and engaging individuals born within a specific time frame, typically categorized by their age group.
Generational marketing is a targeted approach that identifies unique characteristics about distinct demographic groups in order to better understand their needs, values and preferences.
But why is it important? In today’s world, businesses have access to more data than ever before. Therefore, knowing your customer base through understanding the generation they belong to can help shape your marketing efforts according to their personalities.
There are currently four recognized generations that marketers cater towards: Baby Boomers (born between 1946-1964), Generation X (born between 1965 -1980), Millennials (born between 1981-1996) and Gen Z or iGen (born after 1997).
Each of these generational cohorts possess’ unique attributes which define them as consumers with varying values; beliefs too differ across them.
The baby boomer generation represents approximately one-third of all adults in America since they’ve enjoyed steady economic growth owing mostly due to post-world-war-II investments policies put into place during this period. As an older population mobile devices aren’t top priority for boomers as communication takes precedence over mobility
Generation X people prioritize family life but tend also like a sense of independence coupled with flexibility thus creating somewhat nomadic lifestyles on average.This trait makes them great travel prospects.
Millennials represent the largest digital natives group who enjoy versatility ,being cost conscious yet looking for quality products while seeking social engagement from brands .They love Social Media .
Demographic information such as age-range,trends based around gender,social status among others form part of the far reaching research prerequisite that generational marketing relies on.
Through application of effective marketing strategies organizations can aligning proactive and purposeful solutions to these unique markets which increases revenue opportunities.
Generational Marketing is an essential tool for today’s businesses because it provides a framework to understand how different demographic groups view the world, behave and engage with society in general. Such a clear understanding will help fine tune strategies necessary to sustain strong customer relationships.
