One size doesn’t fit all.
For many of us in sales, we understand what it takes to market to the Baby Boomer generation, and even to some degree to the Millennials; but now there are Centennials and Generation X’s.
What’s a marketer to do?
It comes down to one word: adapt! Marketers are learning to effectively segment their communication targeting every age group based upon their buying habits, which is primarily due to the impact of technology.
The older generations tend to put price, selection and convenience above all else, while the younger shoppers want personalized, cross-channel experiences.
Here are some ways to approach each group with a greater degree of effectiveness.
GENERAL FACTS:
■ 36% of all consumers have opened separate email accounts solely for brand communication.
■ 58% of all Millennials have opened separate email accounts solely for brand communication.
■ 26% of all Baby Boomers have opened separate email accounts solely for brand communication.
■ 79% of Millennials are more likely than any generation to have made a purchase on Amazon in the last 30 days.
■ 69% of Generation X have made a purchase on Amazon in the last 30 days.
■ Baby Boomers are spending less as they retire.
■ Generation X is more financially powerful.
■ Millennials are now building careers and families.
SOCIAL MEDIA
■ 80% of Centennials say social media influences their shopping.
■ 74% of Millennials say social media influences their shopping.
■ 58% of Generation X say social media influences their shopping.
■ 41% of Baby Boomers say social media influences their shopping.
BABY BOOMERS: Price Point
Prefer brands that offer wide selections at discounted prices. Not motivated by loyalty programs or unique brand experiences, this generation wants to see a variety of well-priced products that meet their immediate needs.
■ For most Boomers, price (62%) is the biggest selling point.
■ For many Boomers, convenience (36%) influenced recent purchases.
■ For Baby Boomers, they are least likely to buy gifts for others around the holidays.
■ For Baby Boomers, direct mail and email are a preferred methods of communication (59%).
GENERATION X (ages 38 to 52): The Bargain Hunters
Want good buys on quality products, as well as a convenient path to purchase.
■ Gen Xers place highest value on price (55%), followed by quality (45%) and convenience (23%).
■ 85% of Generation Xers say that discounts influenced their last purchase.
■ 36% of Generation Xers are likely to be bargain hunters when shopping for others.
■ 59% of Generation Xers value email.
MILLENNIALS (ages 22 to 37): Brand Fans
Millennials like to stick with a brand once they are satisfied with the product or service.
■ 22% of Millennials are likely to remain loyal to a brand because of its loyalty rewards.
■ 34% of Millennials describe themselves as quality-first shoppers.
■ 67% of Millennials are likely to find email and mobile apps (61%) important to making a purchase decision.
CENTENNIALS (under the age of 21): This group of shoppers wants authentic brand experiences across all channels. They are true original digital natives, and still expect personalized interactions with brands that understand their needs.
■ 57% of Centennials say quality drives their loyalty to a brand more than any other factor.
■ 50% of Centennials based their last purchase decision on product quality.
■ 59% of Centennials were influenced by free shipping.
■ Centennials prefer to find customized gifts for everyone they know (35%) rather than hunt for bargains or make decisions based on convenience.