Four Generations in the Marketplace

Four Generations in the
Marketplace
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For more info:
Cam Marston
Generational Insight
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cam@generationalinsights.com
www.generationalinsights.com
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Copyright 2011, Generational Insights
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Generations:
•Matures •Baby Boomers
•Gen X •Millennials!!
> 66 yo
47 to 65 yo
32 to 46 yo
< 31 yo
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What seems to matter to them
Matures & Boomers:
•History of organization
•Name recognition of organization
•Tenure in the marketplace
•Historical & Perceived Quality
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What seems to matter to them
Gen X & The Millennials:
•The Individual, the Ego
•How things will affect their lives
•How things will make them distinct
•How you’ll impact their future
•How they’re different.
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Baby Boomers (1946 - 1964)
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Baby Boomers (apprx: 47 to 65 yrs old)
• Workaholics
• Competitive
• Success is largely visible - trophies,
plaques, certificates, etc.
• Defined by their work
• We are the world, We are the children
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Baby Boomers
(1946 - 1964)
1970
Killer weed
2011
Weed killer
Acid rock
Hoping for a BMW
Acid reflux
Hoping for a BM
Rolling Stones
Kidney Stones
Trying to look
like Liz Taylor or
Marlon Brando
Trying NOT to look
like Liz Taylor or
Marlon Brando
Long hair
Longing for hair
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Baby Boomers (1946 - 1964)
Connecting with the Boomers:
• Talk to them about how you’ll save
them time.
• Talk to them about how you’ll make
things easy.
– BUT be very careful of technology as
the solution.
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Baby Boomers (1946 - 1964)
Connecting with the Boomers:
• Help them feel victorious. Visible gifts.
• Become a member of their team. Not
exclusively internal – can include advisors.
– Ex: “Yes our business is power systems,
but we consider ourselves your teammate
and hope you will, too.”
• Two overriding themes: Forever young.
Rebellious. (Example – Cadillac, Harley
Davidson.)
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Baby Boomers (1946 - 1964)
Communicating with the Boomers:
1) Face to face is number one. Relax. Fluid
sentences. Have fun. They’re an optimistic
group!
2) Telephone. Follow same rules.
3) Email - Full sentences. Few abbreviations.
Opening and Closing.
4) Via Web - maybe / maybe not
5) Texting - depends on the person. Often OK
for kids but not for vendors.
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Generation X (1965 – 1979)
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Gen X: 32 to 46 yrs
• Question authorities
• No shared heroes. Their heroes are people they’ve met
& know.
• Watched the days of lifelong employment end. Don’t
believe it will happen to them.
• Shorter time horizons than other generations
• Time is a currency.
• Carpe diem - Seize the day! If you’re not enjoying it,
don’t do it.
• “Prove it to me.”
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Gen X (apprx. 32 to 46 yrs old)
Selling Gen X
• List all the available products, services,
options, etc. Everything.
• Emphasize the short term solutions – Carpe
Diem.
• Show back up plans… B, C, and D.
• They’ll use the technology available to
double check what you’re telling them.
Anticipate it.
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Gen X
(apprx. 32 to 46 yrs old)
• Distrust anything too promotional, sales-y, or
marketing-y.
– Sell the steak, they’ll see right through the
sizzle.
• Data and information. More is better.
• NO vanity advertising. NO photos of you.
• Where to go for more information - websites, referral
sources, product / service reviews, etc.
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Communicating with Gen X
• Probably will prefer email updates.
• Likely let your calls go to voice mail and then check the
message to see how important it is and how quickly
they need to call you back.
• Texting is OK if content is 1) a request or 2)
information: Call me when you can. Or: Just got
your RFP. Can I call tomorrow to ask some q’s?
• Face to face: Your clients will not want to make hard
and fast decisions face to face. Let them think about it
and do their research.
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Millennials (1980 ~ 2000
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Millennials:
(apprx. 31 yrs old & less)
• At long last entering “adulthood”:
‣ Awareness of long-term investment products risen 50%
in past two years.
‣ Interest in home ownership up 25% in last six months.
• Parents are a big influence and will remain so. And vice
versa. Well cared for by parents.
• Still much younger than you at same age:
‣ Only recently began preferring traditional workplace
culture (offices, cubicles, promotions).
• Group orientation.
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Q: What do their messages have
in common?
A: A strong sense of individuality.
You’re special already.
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Then
vs
Now
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Millennials Today
(apprx. 29 yrs old & less)
Connecting with the Millennials
• Advice must have an immediate
application to them.
• Must be unique to them.
• Want what their friends have and what
their friends are doing with a unique
twist.
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Millennials Today
(apprx. 29 yrs old & less)
Connecting with the Millennials
• Spend time. Answer questions.
Become a non-stressful provider of
information. Be consultative.
• “Sensitive to my needs.”
• Individual relevance – “Why is this
important to me?”
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Millennials Today
(apprx. 29 yrs old & less)
Communicating:
•Texting is OK. Preferred! Do it.
•You must be present on the social technologies.
•Recognize individuality and uniqueness. Very
important.
•Parents! Don’t forget about them. They’ll want to
talk to you, too.
•Printed: Simple. Sleek. Modern.
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Questions...
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Four Generations in the
Marketplace
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Exceptions to the rule:
• Oldest children. Or a child born five
years after their older sibling.
• Military
• Raised on a farm
• Immigrants from non-Western nations
‣And their kids, sometimes…
• From a culture with a rigorous shared
Rite of Passage
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Keep in mind...
• With Gen X & Millennials - No more “let
me tell you about my company.” Now it
must be “Tell me about you” and “Let me
tell you about you.”
• With Boomers and Matures - Your history
- company, brand, personal - give you
the right to ask for the business. Ask for
it.
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Four Generations in the
Marketplace
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