Although the purpose of lead generation has stayed generally stagnant over the years, the delivery has changed significantly. In the 1950s, the primary method of new business leads was through and door-to-door sales. Then, in the 70s, emails and cold calls became the popular delivery for sales information. Now, as technology has evolved buyers are capable of doing research on the internet, so the sales cycle has changed to customers reaching out to businesses much later in the purchasing cycle. So, how can you navigate generational shifts and market effectively?
1. Baby Boomers:
Consumers born between 1946 and 1964 are part of one of the most populous generations to date, so, this means they have significant buying power. However, there are some guidelines to follow when attempting to effectively resonate with this populous demographic. Here’s what we’ve gathered; Baby Boomers use Facebook far more than any other platform and they want clear benefits as to why your product or service is worth their money. Having proper accessibility on your website, app of Facebook page is essential and avoid the use of slang at all costs.
2. Gen X:
Consumers born between 1965-1980 are considered Gen X. Although they are one of the smallest generations, Gen X holds a large portion of buying power. Gen X is one of the hardest generations to target because those born earlier buy more similarly to Baby Boomers while others born later have similar purchasing habits to millennials. Here’s what we’ve gathered; Majority of their shopping is done through sales and taking advantage of coupons as they value the protection of their wealth and authentic marketing is more effective. Most are proficient with the internet and will use it for light research and similar to baby boomers their desired platform is normally Facebook.
Consumers born between 1981-1996 are considered Gen Y, or more popularly known as Millennials. Millennials make up approximately 25% of the population and although they haven’t reached their full buying power yet, millennials have an estimated annual buying power of over one trillion dollars. Here’s what we’ve gathered; Unlike previous generations, millennials don’t value brand loyalty as much and content-driven media is important to them. So, expect millennials to scour the internet for blogs, social media and YouTube videos to find the next best brand to support. Millennials also value authentic marketing so ditch the outbound marketing methods and try informative inbound marketing. Lastly, approximately 90% of Millennials say authenticity is important to them so organic connection rather than pushy marketing fads work best.
4. Gen Z:
Consumers born between 1997-2012 are considered Gen Z. Although they are just starting to gain their buying power, they already represent over $140 billion in annual spending and it’s not because of traditional marketing methods. Here’s what we’ve gathered; Gen Z is more likely to purchase from a relatable influencer over a celebrity, bite-sized content is the most effective and strategies need to be deeper and emotionally driven. Unlike previous generations, strategies are most effective when catered to uses of each social media platform. Gen Z is looking for real connection so plastering the same ad on Instagram, Facebook and TikTok won’t work.