What Marketers Need to Know About Marketing Across Generations
If your company sells products that appeal to multiple generations, your marketing campaigns need to reach those generations as well. To do this effectively, you need to be aware of the unique trends, values, and shared experiences that characterize each of the generations that comprise your target audience. Below are some of the most important things you need to know about marketing across generations so you can sell your products to different age groups successfully.
1. Consumers value personalization
Personalization is key to marketing across generations. Every generation has its own characteristics, and these characteristics must be considered when developing marketing materials. In fact, 91 percent of consumers surveyed report that they are more likely to shop with brands that deliver offers and recommendations relevant to their needs and preferences.
You can personalize your marketing messages by taking the time to understand each of the generations you serve. Spend time learning about each generation’s values and preferences. Incorporate these insights into all of your marketing efforts.
2. Shopping and purchase habits vary by generation
Each generation has its own preferred method of shopping and purchasing products. For example, Baby Boomers are most likely to search for bargains and discounts before they make a purchase. Millennials, however, are more interested in the company’s values and the brand experience. Understanding different generations’ habits will help you to craft and target your marketing campaigns appropriately.
3. Buying power changes from one generation to the next
Not every generation has the same buying power. If you are targeting more than one generation, you need to know which ones have the most buying power so you can prioritize your efforts accordingly. For example, Millennials are entering their prime spending years and are expected to spend approximately $1.4 trillion by 2020, which is more than the Baby Boomer generation. On the other hand, Generation Z currently holds $44 million in buying power, and shouldn’t be ignored in your marketing efforts.
If you are one of the many companies targeting multiple generations with your products and services, you need to know how to market effectively to each demographic. Using the information above, you can build a marketing strategy that effectively reaches consumers of all ages.