There generational key terms are very loosely thrown around and it can become quite confusing and has lead to a lot of fiery discussions. Hopefully, this post shall give marketers a bit of respite.
Let’s start dissecting and understanding each generation. In order to create a successful boomer consumer marketing campaign, you must understand the cohort’s distinct characteristics and find ways to incorporate specific elements into your messaging.
GI Generation
This is a generation born before 1936,
Events witnessed: This also referred to the generation which has seen world war II or witnessed the great depression or Witnessed the first Indian talkie released by Ardeshir Irani titled Alam Ara which was released on 14 March 1931. 1930 also saw the disestablishment of British India. This generation also was part of the great depression.
Traits: Formality, Uniformity, Cooperative, Public Interest over personal gain.
Silent Generation
This is a generation born between 1936 and 1945.
Events witnessed: This generation too has been part of world war II, The west experienced the pain of the great depression. Life changing experience was the invention of the telephone and TV (in the US) July 1, 1941, is also the historic day of the first television ad to be broadcast in America.
Traits: Respect for Authority, Loyal, Frugal, Hardworking
Baby Boomers
This is a generation born between 1946 and 1964. Age group (54-72)
In 1947 India got Independence and witnessed the horrific partition. Jan 25th, 1950 India election commission is established. This was the beginning of the civil rights movement. 1946 marked the beginning of the cold war. Probably the craziest era was the early 60’s which was anti-establishment or counterculture and revolution in social norms about clothing, music, drugs, dress, sexuality, formalities, and schooling. This era also marked the beginning of quite a few wars including Vietnam War 1955 to 1975. Boomers believe in hierarchal structure and rankism and may have a hard time adjusting to workplace flexibility trends. They believe in "face time" at the office and may fault younger generations for working remotely
Traits: This generation loves to explore, is Optimistic, Work centric, professional outlook and a strong sense of self, a significant portion of their lives spent at work, most seniors are influenced by rational decision making. were raised in a very structured and well-disciplined household. to convinced by gimmicks, over the top promises and unnecessary flashy images to invest in your product, service or brand. make smart decisions based on available resources, responsibilities and abide by societal rules. Mature audiences respond to respect for their authority.
The baby boomer does not part with their money easily. Over 80% of baby boomers belong to at least a single. Baby boomer statistics have shown that seniors spend at least 10-15 hours of their time online. Adults over the age of 50 years, expenditure averaging billions is expected annually online social media site.
Mature consumers over the age of 50 have shown greater luxury expenditure on travels and general purchases. 40-50% of baby boomers use their smartphones to make purchases.
. Generation X - Aka “The MTV Generation”
This is a generation born between 1965 – 1976. Age group 38-53
Events witnessed: The fall of the Berlin wall, Stock market decline, Operation Desert Storm, Watergate, Terrorism at the Munich Olympics, Emergency India, Rise and fall of Indira Gandhi, Launch of Aryabhatta India’s first satellite, IBM and Coca-Cola were asked to leave India.
The '70s was a "pivot of change" in world history important world events that they saw include the end of the Vietnam war in 1975.
The US saw the Watergate scandal. The advent of MTV. The western world became socially progressive. China saw major changes and renewed relationships. People were deeply influenced by the rapid pace of societal change and the aspiration for a more egalitarian society.
The 1970s were perhaps the worst decade of most industrialized countries. development of the integrated circuit, Stephen Hawking developed his theories of black holes. The first MRI image was published in 1973.
The birth of modern computing was in the 1970s, which saw the development of:
· Intel 4004, the world's first general microprocessor
· the earliest floppy disks, invented at IBM, which were 8 inches wide and long, commercially available by 1971
· email, with the first transmission in 1971
· the first voicemail system, known as the Speech Filing System (SFS), invented by Stephen J. Boies in 1973
· fiber optics, which transformed the communications industry
· VCRs, which became commercially available
Traits
· Individualistic, flexible, sincerity, authenticity, and independence
Skeptical of Authority
· Love grunge and hip-hop
· The era of two-income families, rising divorce rates and a faltering economy
· Generation X is independent, resourceful, and self-sufficient.
· Generation X is technologically adept. This generation moved from being a manufacturing economy to a service economy. A trait that stands out is that they are very comfortable with smartphones, email, laptops, tablets and other technology.
· Generation X tend to be less committed to single employers what makes them stand out is that they are eager to learn and are willing to learn new skills.
· Their assets were statistically double their debts
· Generation X has embraced the internet without batting an eye and is shrewd online shoppers and posse’s great knowledge of marketing and media.
· Generation X loves to search, they want and need more information before making a purchase, they also seek the best deal.
· They consume content that is visually rich and highly informative marketers need to present information in a way that it educates them into buying.
· Keep them in the loop and they will give you a lot of feedback. They are pretty hard to please and love doing DIY projects.
· consumers regularly tune in to watch YouTube videos in five categories: home repair and improvement; cooking; technology use and repair; arts and crafts; and beauty and personal care. This insight can uncap a treasure trove of opportunities for small business owners.
· Personalize the brand experience by relating to Gen Xer’s families, health, and their desire to play it safe in all aspects of life.
Millennials AKA “Generation Y ”
This generation is born between 1977 – 1993. Age group 22-37
Events witnessed: Beginning of the gulf war and Iraq war, Death of Osama Bin Laden, Lee Kuan Yew’s passing, Nintendo, HIV identified, PG13 introduced, a 1st heart transplant. Apple unveils the MAC, Ozone hole discovered, Black Money, USSR Dissolves, World Wide Web opens for the public. Dolly is cloned, Google founded, Y2K, Twitter is born.
This is not an easy generation to market to. The earlier generations have been fairly easy to define. "Millennials Rising" by Neil Howe and William Strauss, was published in 2000. The authors settled on the name "Millennials" rather than "Generation Y" or "Echo Boomers," which are also common labels because they found that the youths themselves preferred it. This generation is less generation that the previous generations.
Millennials are larger in number and more diverse. They are more interracially accepting. The generation according to one research by wall street Journal is dubbed as narcissistic and entitled. Millennials, although good team players, are particularly ambitious, seeking constant appraisal and lightning-fast promotions up the corporate ladder.
They value a good work-life balance and desire a fulfilling job because of which they are job hoppers and have low retention rates.
Millennials tend to spend more money on experiences rather than material possessions. This quest for experiences has to lead to the advent of brands like Airbnb, Uber, Zomato etc. Millennials are willing to forgo luxuries in-order to stretch their dollar. Millennials in developed countries feel pessimistic, while optimism reigns in emerging markets.
Millennials are great savers and see the older generation as frivolous spenders. Retailers complain that they are responsible for the decline of the retail industry.
Millennials have grown up in the technology era with access to unlimited information. Economically this generation has been uniquely challenged as Millennials are graduated when employment has been difficult.
Millennials like purchases that make them feel good and, in many ways, helps express their personality. Brands need to make them feel good about their purchase. Millennials like sharing with their friends everything about their life and their purchases. Such social sharing allows others to share their opinions. Brands need to actively engage with them on Social Media.
They are known to try new and innovative products/brands. Its time brands thought of wooing them not just winning them. Another effective way to connect with Millennials is if you have the endorsement of peers
Generation Z aka Centennials or Post Millennials
This is the generation born after 1944. Age group 18-21
Events witnessed:
This generation has a lot of names iGeneration (iGen), Gen Tech, Gen Wii, Net Gen, Digital Natives, and Plurals.
The commonality between Generation Z and Millennials is technology.
Generation Z has grown up in the era of mobile first. Texting is this generations preferred form of communication followed by social media. The interesting traits of this generation are that they are more racially diverse, They are less traditional, more single parent and same-sex parent families, more likely to have friends from various ethnic groups, they are more risk-averse and entrepreneurial in nature. They are more religious and tend to spend more time online. Their source of entertainment is more on the phone than television.
Generation Z is predominantly on mobile most of the time .
Last year Think with Google studied Generation Z. While millennials were mobile pioneers, teens are mobile natives. Marketers need to have a mobile first strategy in order to reach out to these consumers. Generation Z places a lot of importance on the opinions of influencers, they are huge consumers of How to Video’s on Youtube apart from Instagram.
According to research generation Z turn to social media influencers when it comes to fashion. This generation is the most astute when it comes to marketing they hate you to be coddled or handheld. They are very well versed with navigating online and offline.
Generated Z lives the interconnected life.
Written by ravneesh dhaneshwar
