Generation Segmentation

GENERATIONS-HOW-DIFFERENT

Have you ever thought about segmenting your customer database by generation? Each generation—Baby Boomers, Gen X, and Gen Y—represent a different set of needs, priorities and preferences.

These age-based subgroups desire different products and services. This means that you should carefully consider your offerings, reprioritize your benefit statements, alter your messaging, and use a preferred response device for each segment to best meet their specific needs.

To get a better understanding of these different groups, here is a brief summary:

Baby Boomers – Born 1946-1964, 26% of the U.S. population, 47% of all spending. Pride themselves on continued intellectual growth. Like to travel and do new things. Have plentiful free time and disposable income. Spend money on tech and online. Prefer phone and email communications.

Gen Xers – Born 1965 -1981, approx. 60 million, diverse in race, class, religion, ethnicity and sexual orientation. Highest education levels. Make less money than parents, but have higher household income due to dual income. Embraced smart phones, e-mail and text messaging. Like casual, friendly work environments. Independently goal-oriented. Play it safe and are not big risk takers. Like reading direct mail and researching products online.

Gen Y / Millennials – Born 1982-2001, trust authority/institutions. Like brands. Very connected – grew up with IM, texting and social media. Optimistic about the future and their ability to change the world. Frequently delay marriage and starting their career to avoid mistakes. Prefer teamwork. Positive relation with parents – 60% return home post college. 2/3 are religious. Believe in government’s ability to resolve issues. Somewhat spoiled – received 4X the value in toys as their parents. Prefer internet (browsing, blogs and digital newspapers) over television viewing. 81% use Facebook once a day.

Generational characteristic data was picked up from various article archives originally written by Jay Ehret/The Marketing Spot.

The Weinstein Organization can help you get a clearer picture of your customer database by doing a customized marketing analysis which will append demographic and lifestyle data to your existing data file so you can learn more about your customers, better understand their needs and more efficiently target your marketing efforts. Acknowledging, recognizing and respecting the way your customers prefer to communicate and do business should provide a more fruitful return on your marketing dollars.

Thanks for reading. Need customized marketing help? Please contact me via email at: jdetermann@twochicago.com. Please “Like” my blog if you found this interesting and beneficial.

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