Four Generations in the Marketplace

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For more info:

Cam MarstonGenerational Insight

251.479.1990cam@generationalinsights.comwww.generationalinsights.com

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and on Twitter: GenInsightCopyright 2011, Generational Insights

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Generations:

•Matures > 66 yo•Baby Boomers 47 to 65 yo•Gen X 32 to 46 yo•Millennials!! < 31 yo

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Matures & Boomers:•History of organization•Name recognition of organization•Tenure in the marketplace•Historical & Perceived Quality

What seems to matter to them

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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.

What seems to matter to them

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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 2011

Long hair Longing for hair

Acid rock Acid refluxHoping for a BMW Hoping for a BMRolling Stones Kidney StonesTrying to look like Liz Taylor or Marlon Brando

Trying NOT to look like Liz Taylor or Marlon Brando

Killer weed Weed killer

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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 not5) Texting - depends on the person. Often OK

for kids but not for vendors.11

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Generation X (1965 – 1979)

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• 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.”

Gen X: 32 to 46 yrs

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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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