Presentation on theme: "Marketing to Generations X & Y Presented by Kaleen Haines."— Presentation transcript:
Marketing to Generations X & Y Presented by Kaleen Haines
Generation X & Y Who are they? What do they value? How do you reach them?
Who is Generation X Born between 1965-1980 Major events: AIDS, Fall of Berlin Wall, Cold War, Pop Culture, High Divorce Rates, Invention of PC, Multiple Recessions, Homelessness, Internet Other names: Street Savvy Generation, MTV Generation, “Baby Bust”, “Latchkey Kids” Independent & Skeptic Technologically savvy and highly educated More health conscious than their parents Resentful & Rebellious Diverse Self-oriented and pragmatic
Why Gen X 22% of total spending Powerful, married with kids market Prime in purchasing power (peak income and spending years)
Generation X Values Work/Life Balance Fun Flexibility & Freedom Work is “just a job” Trust (in order- self, friends, others, media) Straight Talk Risk Taking
Marketing to Gen Xers Product concerns – (1) Affordability, (2) Quality, (3) Trendy Internet & Mobile Technology Strategies: Generation X is the most likely group to bank, shop, and look for health information online. Use Yelp (more likely to research while shopping online) 69% own a PC, 56% own a mp3 player Willing to try new brands (note affordability) Clear Communication is key (email blasts should have the name so they don’t feel grouped) Offer 100% money back guarantees Give suggestions, not rules Direct Mail Experience-based Marketing Use humor Be genuine, relevant, and transparent Skeptics needs reason to buy
Do Nots with Gen Xers Force a connection Recycle the past Hard Sells Mass Media Hype & Gimmicks Direct Advertising Over use political, moral, or emotional topics Brand Labeling & Stereotyping Traditional notions and norms
Generation Y Who are they? What do they value? How do you market to them?
Who is Gen Y Born between 1981 – 1994 Events: War, 9/11, Columbine, Rise of Technology, Social Media, Reality TV Change in parental relationship Quick, Mature, Smart, Demanding Self Sufficient Celebrate diversity AKA Millenials, Nexters, Net Generation, Echo Boomers, Nintendo Generation Grown up in Information Age
Why Target Gen Y Size 3x’s the size of Gen X (approx. 70 million strong) Accustomed to more possessions Great purchasing power ($600 billion) Will replace baby boomers
Generation Y Values Community Environment Optimism Authenticity Innovation Wants to make a difference/Meaningful work Wants significance rather than success Passion
Marketing to Gen Yers Social Media – This is the most effective way to reach Generation Y onthe Internet. Facebook, MySpace, Twitter, YouTube, Second Life, Flickr,and DIGG Blogs Make them feel special Be smart and funny (but simple) AUTHENTICITY Experiential opportunities Show, don’t tell and then LISTEN Connect to Lifestyle Be socially responsible and invest in employees
Sources “6 Rules of Marketing to Generation X ;” Cheryl Sowa; December 22, 2009 “Marketing to Generation X;” Jay Ehret; June 27, 2011 “Marketing to Generation X Parents”; KGA Advertising; Ken Gronbach, president of KGA Advertising of Middletown, CT “Why Gen X Won't Save Our Economy: Inside the Story by the Numbers;” Matt Carmichael; September 6, 2010 Marketing to Generation Y; Campbell Sanderson; Shikatani Lacriox Inc., September 2010 White Paper; http://www.sldesignlounge.com/wp- content/uploads/2010/10/White-Paper-Gen-Y.pdfhttp://www.sldesignlounge.com/wp- content/uploads/2010/10/White-Paper-Gen-Y.pdf “Summer Lovin': Four Ways to Connect With Gen Y This Season;” Charlie Horsey; June 14, 2011 http://millenialleaders.com; Slideshare presentationhttp://millenialleaders.com “What Do Young Workers Want: Social Media, Device Freedom;” Ryan Kim; November 2, 2011 “Grown Up Digital;” Don Tapscott; 2009