Talkin’ ‘bout your target generation
GENERATIONAL marketing is when a marketing approach or strategy is designed using generational segmentation.
For reference, baby boomers were born between 1946 and 1964 and are often referred to as the post-war generation. Generation X were born between 1965 and 1980 and witnessed video killing the radio star … (or did they?). Generation Y, born between 1981 and 1999, are an economic force but drive social change. Generation Z born and raised in the 2000s, have a high level of technological know-how, with a strong environmental compass.
Baby boomers control a huge share of economic clout, nearing or entering retirement, and are most likely to spend on big-ticket items. Surprisingly, they are not averse to splashing out on technology.
Generation X bridges the gap between baby boomers and Gen Y, and are juggling mortgages and student tuition fees, while also becoming more concerned about their retirement fund. More technologically savvy than baby boomers, this generation is extremely active on Facebook.
Generation Y embraced many technological innovations and are the most active on social media. They are likely to be driven by their network of peers rather than traditional marketing methods.
Gen Z are heavy users of social media and are more likely to use instant messaging services, stories and closed groups than other generations. While this group is still young, it is likely they will be entering the workforce or be working parttime between studies, and therefore become increasingly important for marketers.
With seemingly countless marketing options, it is important to understand your target audience, the most effective marketing channels for them and what they are most responsive to. It is far too easy to fall into the trap of stereotyping, but marketers shouldn’t take shortcuts in understanding their audience.
Louise Ottewell is co-founder of Forte Marketing.