Into each generation a buyer is born, isn’t that the phrase? For marketing it has to be. When running or starting any kind of business, big or small, one of the more important things is to know who is it you’re aiming for to become your customer. For you to consider when you set up your business and design its website, these are the main generational groups roaming the market today.
Literally sitting in beTWEEN, not quite teenagers but not young children either, they carry a tremendous buying power not only by themselves being estimated at $2.9 billion annually in Canada and $260 billion annually in the United States, but also playing a strong influential part in household purchases.
They are heavy mobile users and spend much of their time web surfing, photo sharing and texting. Their main expenses are food, drinks, electronics, cellphones and clothing. Not an easy group to market to, being the first generation born after the emergence of the Internet they do everything at incredible speed and use multiple screens at the same time, watch TV while texting on their phones and surfing the web on their tablets.
They must be marketed with inventive ways, they are fast, multitasking, technology-savvy and easily bored. Far from simple to communicate with or sell to, companies struggle with campaigns for this group.
Generation Y or Millenials
One of the biggest and most important (in marketing terms) group, their age ranges from 13 to 32. They grew up in a heavily saturated media era with strong brand awareness and for this reason they are extremely skeptical about marketing and the messages on mass media, they mostly dwell on Instagram and SnapChat and don’t appreciate “hard-selling”.
Millenials put a very strong emphasis on balancing work and life, they want a good job doing something they enjoy and that supports their lifestyle. They love electronics such cell phones, digital media players and video games, a good portion of them are already starting a family and a home and are prime targets for household related products, equipment and tools.
This group is made by people between the ages of 36 and 47. For the most part this group grew up in times of economic recession and had both of their parents working when they were kids. They tend to live longer with their parents and for this reason possess considerable spending power that comes from marring and buying a house later in life.
Made cynical and astute by the times they grew up in, they hardly believe what advertisement sells them, their purchasing decision are driven by worth of mouth from people they know and trust. A very shopping savvy group, their purchasing decisions are made based on functionality and knowledge rather than luxury and status.
A generation born after World War II, they are between the ages of 48 and 66 which represents a big part of the population. They strongly seek a feeling of economic security, which leads them to be individualistic and to believe they will always be able to take care of themselves.
They have an obsession with maintaining their youth and are a little careless about the way they spend their money, this makes them a massive market for anti-age products. Also leisure time represents a high priority for them, this makes them potential customers for many industries like beauty & care and luxury or adventure vacations.
This group is made by people aged 65 or older, they need special attention because they browse a lot before making a purchase, but they have the time and the money to spend. Their principal purchases consist on traveling, luxury cards, electronic equipment, investment and clothing.
Internet usage in their group quadrupled between 2000 and 2010, they mainly use the Internet for emailing, searching for travel information and booking arrangements, banking and they all have Facebook now, to communicate with their family and specially grandchildren.
They appreciate value, quality and classic styles. Convenient locations is a strong factor for them when making a purchase and are willing to spend extra money based on quality.
Do you know what group or groups make up your customer base? If you do then you can customize your product and services to meet their needs. Remember it’s all about your customers, and getting them to your website.