Generational Marketing: Tailoring Your Strategy to Boomers, Generation X, and Millennials
BLOG POST BY LAUREN LEAL, DIRECTOR OF ENGAGEMENT AT THE NEWS FUNNEL
Generational marketing is an approach that uses generation groupings in marketing communication. Do you know who your best clients are? What generation do they belong to? This is important because each generation has a different idea about success, money, communication, and technology. While Generation X doesn’t have time to waste when investing in property, Millennials don’t want to commit and become rooted. Taking the time to know your clients and how to target them is a crucial part of your real estate business. If you don’t know how your audience thinks, you might miss out on a client opportunity.
Baby Boomers were born between 1946 and 1964 and grew up during the white-picket fence era of post-WWII. They hold a strong reputation for being diligent, hard workers who have saved and spent wisely. They are the generation that received peak levels of income. Now they are one of the biggest group of consumers. How can your business target this generation? Well, it’s not hard because Baby Boomers are more tech-savvy than you might think. These numbers might surprise you: Over 90 percent of Baby Boomers use a search engine, email, and shop online. They spend the same amount of time on the internet as they do watching TV! I know, it’s crazy. Over 70 percent of the Boomers read blogs, e-books, and reviews. It’s important to remember that this generation wasn’t shaped by technology, so they put a higher value on face-to-face communication and want to know your opinion and what your business stands for.
You also want to keep in mind that, in some cases, when marketing you are targeting the baby boomer generation and their adult children or caregivers.
Meet Generation X. This is the smallest generation, born between 1965 and 1980, and is often referred to as the bridge between Baby Boomers and Millennials. This group has a lot to juggle--between child care, homeownership and reaching the peak of their careers.
This group is surfing the web with Millennials, typically between 8pm and midnight. Generation X likes to read blogs, e-books, and case studies. When it comes to marketing, these people seek honesty and transparency in a company and return their appreciation with loyalty (Tip: loyalty programs are a big hit with this crowd!). Marketers should avoid hard-core marketing tactics but should target this group with a combination of traditional and digital marketing.
Born between 1981 and 1999, this generation is slowly taking over the workforce and outnumbering Baby Boomers as the largest living generation in the U.S. so it only makes sense marketers are invested in this customer base. Millennials are reshaping the way goods and services are being marketed by staying unresponsive to traditional marketing tactics. These young adults want to learn, improve, and embrace opportunities not only for themselves but also for their families. Brands inspiring them to be creative and to act will have the best responses. Marketers need to meet the Millennials where they are--think in the vein of texting, social media, and app notifications as ways to really grab their attention. It’s all about being personal and authentic--that is the voice Millennials are out looking for.
Born between 2000 and 2012 this is a demographic not yet in bloom. They aren’t quite ready to purchase, but are by far the most tech-savvy generation to date! Get ready for this group by looking forward to implementing the hottest trends in technology.
While you can make small adjustments to reach your target audience, social media platforms are the way to reach the masses, regardless of the generation. Facebook is ranked the highest, followed by YouTube and Twitter. When you personalize communication methods, emphasize the qualities of character and values, and understand the mindset of each generation, you will be able to help all of your clients reach their real estate goals.
Need help with your social media strategy? Contact Jen@thenewsfunnel.com to learn more. We manage some of the BIGGEST brand’s social media in CRE and more importantly WE GET RESULTS.