Baby Boomers and Millennials as Market Audience
Generational Marketing
Generational Marketing is market to a specific generation of people based on the preferences, attitudes and upbringings that distinguish them from other groups. It’s about making the switch from sending mass marketing messages to tailoring and customizing messages for specific age groups. By speaking to each customer in the way they feel most comfortable you gain a competitive advantage because your customers see that you’re meeting and understanding their individual needs.
In order to cast the widest net and reach the largest percentage of your customer base, it’s essential to tailor your marketing campaign to individual age demographics. You won’t succeed by trying to appeal to everyone. You succeed by appealing to the right people in the right way.
By understanding the different mindsets and tendencies of different generations, you can make your marketing efforts go farther and build relationships with people of all ages.
In the marketing world, the living generations have been divided up into the following 5 categories:
List One
Silent Generation – born between 1927 and 1945
Baby Boomers – born between 1946 and 1964
List Two
Generation X – born between 1965 and 1980
Generation Y/Millennials – born between 1981 and 2000
Generation Z – born after 2001
Instructions:
Pick ONE generation from EACH list and describe the characteristics and needs of the two generations you chose.
Compare and contrast the two generations.
Describe the channels of communication that would be appropriate for that generation.
How tech-savvy are the people in the generations you chose.
What marketing strategies do you feel should be used to sell a product to the generations you chose?
How would you market a product differently to a younger generation when they become older and need the same product? Will the characteristics of the generation factor into the marketing strategies? (example-medical care could be accomplished through facetime instead of visiting the doctor’s office.)
Please present your findings in a research paper format (3-5 pages) that will be uploaded to Moodle by February 9, 2021. Do not email any assignments as they will not be accepted.
Guidelines for Research Papers
Word-processed
(3-5 pages)
Double spaced
One- inch margins
Font-Times New Roman
font size 10
Generational Marketing
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Baby Boomers and Millennials
Compare and contrast Millennials to Baby Boomers as the market audience
Differences
Baby Boomers
Millennials
More brand loyal – stick to their chosen brands for a long time
Less brandy loyal and like to strive for uniqueness – are likely to switch brands as they chase uniqueness
Older marketing techniques are more effective, i.e. print and TV advertisement
Newer marketing techniques such as social media are more effective
Buy products for specific purposes and functions
Millennials purchase products for positive experience and convenience
Less tech-savvy
More tech-savvy. First digital generation
Prefer to purchase their products in-store rather than online
Prefer online for convenience
Similarities
Both generations like to get the best deal for their money and intended purpose
Both generations research before they purchase their products.
Both generations do not like to be stereotyped about their consumer behaviour. Most attempt to do things contrary to the stereotype to prove their unique consumer behavior.
Channels of communication appropriate for each generation
Baby Boomers
More traditional marketing platforms are still effective on baby boomers. Print and traditional media are still trusted advertisement channels to this generation. Thus, using TV, radio and print media can reach a significant size of the demographic. They are still the highest consumers of traditional media. However, in the recent past, they have taken up social media. Facebook is typically the most visited destination by baby boomers CITATION ITA \l 1033 (ITA Group, n.d.). This trend is because Facebook was first to the scene, and its organizational structure endeared many baby boomers. A typical ad for this generation needs to be visual and with an element of storytelling. Videos and graphics are the best. It is also important to avoid the newer generation of social media platforms like Snapchat and Instagram.
Millennials
Social media is the best channel to reach this generation for several reasons. First, the generation is very tech-savvy and spend most of its time online. They have multiple social media accounts for which they are active users. The nature of the content on social media (short and graphical) appeals to them and...