Archive for the ‘Define Your Target Market’ Category
Baby boomers are probably the most studied generation in history, ushering in the practice of analyzing each subsequent generation of kids to get into their heads. What do they like? What don’t they like?
While aging, baby boomers are still a force to be reckoned with. Here are 10 little known facts to consider when marketing to this generation:
1. Baby boomers are the hardest working generation and consider retirement a four-letter word. Most don’t expect to retire; their self-worth is wrapped up in their job
2. 78.2 percent are online daily, representing 60 million potential customers
3. 50 percent of those between 50 and 64 use social networking
4. 25 percent of those over 60 use social networking
5. When marketing to baby boomers stay away from the following words:
- aging
- old
- seniors
- infertility
- decline
6. Make use of the words:
- energetic
- independent
- vitality
- useful
- fun
7. This generation has the highest divorce rate of all the generations. Ads should include singles, groups of friends and not all heterosexual couples.
8. Despite the turn of events with the economy baby boomers react well to messaging about enjoying the good things in life.
9. TV, advertising, music and messages that remind them of their youth are received very positively. As a group they are very nostalgic.
10. Baby boomers are resistant to a hard sell. Instead, your message needs to convey an emotional connection.
Members of Generation X – or Gen X – were born between 1965 and 1981. They grew up during the later years of, and in the decade following, the Vietnam War and are most often linked to the presidencies of Ronald Reagan and George H. Bush . Their political experiences and cultural perspective were shaped by the end of the cold war, the fall of the Berlin wall, and a series of U.S. economic calamities such as the 1973 oil crisis, the 1979 energy crisis, the early 1980′s recession, and the savings and loan crisis, instilling a sense of economic uncertainty in them . This generation saw the inception of the home computer, the rise of video games, cable television and the Internet as a tool for social and commercial purposes. Gen Xers are sometimes referred to as the MTV Generation.
The U.S. Census Bureau cites Generation X as statistically holding the highest education levels of any generation. Â Gen Xers are also the most ethnically diverse; as the following statistics reveal, they are
- 70 percent white
- 13 percent black
- 12 percent Hispanic
- 4 percent Asian
- 1 percent Native American
In comparison, the Baby Boom Generation was 77 percent white. Because of this ethnic makeup, the Gen X group is much more accustomed to interracial interaction; it is, in fact, odd for them to not see ads that feature blacks, Hispanics and white people together. They don’t look at the world in terms of white, Hispanic or black, they view it as a compilation of different races mingling together.
Part of the challenge in marketing to Gen Xers is understanding what they value and why. Advertising based on what they value and even more importantly why they value things will mean gaining them as loyal users and followers of your brand, products and services. This group demands immediate gratification; don’t try to communicate with them through traditional means. Do it on their terms and you’ll have a better chance of getting your message across.
Knowing the different characteristics of various generations can make or break a company with a product to sell. In this day and age of youth and youth-driven culture, lest we not forget, however, the silent generation, an age group born between the years 1928 and 1945. This generation doesn’t like to be pressed into buying a product but they do love the notion of being grandparents. Good to know if you want to target to this market.
Among the Holy Grail litany of do’s and don’ts when effectively advertising to the silent generation is to not press them into buying a product. “Last chance to act†won’t work with people who’ve grown up and lived in an era in which advertising itself was in its infancy. They do, however, pay attention to personal testimonials, a key in medical and pharmaceutical advertising. Also: Think of the couple with the silver hair attesting to the great amenities at a retirement community – their positive words go a long way in convincing their peers.
In addition, members of the silent generation are prolific readers. Eighty-one percent between ages 65 and 74 and 86 percent aged 75-plus have read a book or magazine in the last 24 hours. That translates into a significant piece of the populace that will respond positively and pay attention to newspaper and magazine ads.
In addition, men and women comprising the silent generation are the only ones who do not respond negatively to the notion of being grandparents; for people born in this era, being a grandparent is enthusiastically accepted.
In all, it’s critical to a successful advertising campaign to identify the characteristics of different age groups. Each generation requires different methods of communication, because each one resonates to different triggers. Start by defining your customers in terms of age; figure out who they are, and from there determine their needs and tailor an advertising campaign that will speak to these needs.
Defining your target market is a crucial component of advertising and marketing. It could mean the success or failure of an advertising campaign. In the last blog, we talked about various audience segments based upon age groups. In this blog, we take that notion one step further by focusing on effective communication to your target market.
Before we get into the nitty gritty of this blog, we offer a high-level perspective for you. As a business owner, it’s vitally important to know that women influence 80 percent of all household spending. They are a very loyal group and if they like you or your product, they are apt to let their friends know about you. Bear that in mind when creating your advertising and marketing materials.
But back to the issue at hand. Knowing your target market’s demographics will aid in the creation of an effective advertising campaign. And knowing what the triggers are for each age group is even more important. The following should help in your communication with your target audience.
Silent Generation (1928-1945)
- This group loves to read: over 80% said they have read a book, magazine or newspaper within 24 hours
- They place high value on personal testimonials. If someone they know says it’s true, then it’s true
- They do not like to be rushed or pressed into making hasty decisions
Baby Boomers (1946-1964)
- You heard it here first. It’s all about them! Boomers want to know what’s in it for them
- First impressions count. This group wants honesty. So if you’re advertising a deal, it better be a deal
- Boomers are resistant to a hard sell. But if you make a compelling argument, tell a story and engage them, Boomers will be putty in your hands
Generation X (1965-1981)
- This age group is the best educated generation in the history of this country
- It’s a very ethnically diverse group and is more accustomed to inter-racial interaction than previous generations
- They want and expect immediate gratification
- They are very technologically savvy
Generation Y (1982-1998)
- Their motto: Be Anything. Do Anything.
- They feel they deserve to live first and work second. They refuse to work a job that doesn’t bring them joy
- They care about servicing the earth and their community
- They like authentic; you cannot directly market to them until they buy into you and until you value their perspective on life
- They are socially oriented as is their media. They do not listen to conventional media to get their information, they listen to their friends and to what their friends are saying via social media.
Knowing who your target market is and how to communicate effectively to them will help guarantee a successful advertising and marketing campaign.
Do you know who your target market is? How do you define them? Where do you even begin? One of the hardest things to do as a business owner is to define your target market. Who will be interested in the products or services you provide? Who needs your products or services? Unless your target market is clearly defined, your advertising and marketing efforts may suffer. But fear not, while defining a target market may seem like the most difficult thing in the world to do, it’s no. Though it is one of the most important.
The first step is to define or get to know your demographic audience. Today’s marketers have four categories that comprise the majority of consumers out there. They are:
- Silent Generation – 1928-1945
- Baby Boomers – 1946-1964
- Generation X – 1965-1981; also known as Echo Boomers
- Generation Y – 1982 – 1998; also known as Millenials
And while knowing the age of your target market is extremely important when trying to connect with them, it’s only the first step. Certain age groups communicate differently and respond to advertising methods differently as well, both of which will be explained in a later blog.
In defining your customer, learn everything you can about them. What are their needs? Their hopes? Their dreams? For it’s not about what you have to sell; it’s about what their needs are and how you can fill them. Learn who your customers are and then speak their language. Don’t rely upon name recognition alone, as it isn’t enough in today’s over-saturated marketplace. Communicate with buyers often. Provide value and information to your audience and you’ll find a more loyal and attentive audience in return.
Today’s businesses need to know their target market by first identifying the demographic audience at hand, what their customers’ needs are, and the particular communication methods they respond to, in order to effectively advertise. Do this and you’ll make the most of your advertising and marketing programs.
