Posts Tagged ‘baby boomers’

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MILLENNIALS – THE BOTTOM-LINE

May 16, 2014

Final post on marketing to Millennials (age 14 to 33). The report I have been quoting from (published by MediaPost) concludes that TV is still the media leader, but social media is coming on strong.

For kids that spent their youth in front of the TV, and not the Internet or game console, TV is their primary influencer in perceiving brand value. 73% of 26–33 year-olds, compared to 66% of 18–25 year-olds, consider TV to be their biggest influencer when it comes to brand value.

TV and social media are now paving the  way with Millennials: 29% and 26% indicated TV and social, respectively, as the media most likely to introduce them to a new product for trial. Both men and women indicated social and online ads are almost as important as TV.

The biggest difference between men and women is exposure to traditional advertising (TV, radio, magazines). Women are almost 2.5 times more likely than men to use traditional advertising in their brand selection criteria. The criteria for selecting a new brand for trial?

  • Value/price – 62%
  • Recommended by friend – 55%
  • Brand reputation – 47%
  • Quality – 35%
  • Brand exposure through social media – 29%
  • Eco-friendly brands – 28%
  • Recommended by parent – 25%
  • Entertaining ad campaigns – 23%
  • Prestige/social perception – 20%
  • Established brands that instill trust – 20%
  • Brand exposure through traditional advertising – 19%

Now, after all this data and all these posts… here’s the bottom-line:  No matter what media you use to find your audience, two generations are driving consumer spending today, Baby Boomers and Millennials. But all age groups still pick you based on four key attributes: 1) value/price, 2) recommendations by people they know, 3) your company’s reputation, and 4) perceived quality of your product/service (price + quality = value). Keep focused on these and you will be fine.

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WHO IS TRAVELING TODAY?

February 28, 2014

A special post for my travel industry friends. Baby-boomers (people age 50 to 68) still drive much of the travel market. In general they have been hurt less by the recession and still have jobs (they won’t give them up to younger workers because they are putting off retirement in record numbers), so they have more disposable income for travel. But if you focus exclusively on this segment, you will not have a long and successful future. Millennials (18 to 30 year olds) also vacation and they spend more money on business trips. Here are some tidbits from a fascinating research report, “The Future of Travel” released last October by Expedia:

Millennials spend more of their company’s money on high-end meals (42%) than they would their own money compared to those aged 46-65 (26%).

Millennials have more opportunities to order room service than any other age group, because they travel slightly more on business. Worldwide, they travel 4.7 times per year on business, versus 4.2 times per year among 46-65 year-olds.

Millennials take more leisure trips. American and Canadian Millennials travel more frequently than any other age group across any nation. They take 7.8 leisure trips per year. European respondents aged 31-45 take 2.7 leisure trips per year (but their trips are often much longer).

Millennials are more likely to extend a business trip into a personal vacation. Younger Americans and Canadians are more likely to do this (70%), than those aged 31-45 (50%) or 46+ (31%).

Millennials love to complain. They are more likely to post a negative review online about hotels, restaurants, flights, public transportation, taxis, and rental cars. Reviews are considered highly important to Millennials for both business and leisure travel.

Here is a link to the report and more findingsPrint it out and share it at your next marketing staff meeting. Good stuff. 

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ANOTHER WORD ON YOUNG AND OLD BRAINS

August 14, 2013

Following up on my two posts discussing the differences between Baby Boomers and Millennials, Nielsen NeuroFocus research concluded their report by describing some characteristics of each group.

Boomers – They prefer clever, light-hearted humor (rather than mean-spirited) and relatable characters who are Boomers themselves or not much younger. The tone should be positive, avoiding words like “don’t.” For Boomer males, clever wit and calm dialogue-driven storylines work. For Boomer females, family friendly humor and sentimental themes resonate best.

Millennials – They prefer off-beat, sarcastic and slapstick humor. Like Boomers, they respond to characters that are relatable to them and their life stage. Highly arresting visuals (special effects, unexpected visual elements) will best capture their attention. For Millennial males, extreme, off-beat and sports-related situations really work. For Millennial females, aspirational themes (female celebs, having fun) are strong.

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MORE ON TWO CUSTOMER WORLDS

August 7, 2013

Following up on my July 25th post, let’s look at how Baby Boomers (49- to 67-year-olds) and Millennials (19- to 36-year-olds) react to ad creative, based on Nielsen NeuroFocus research (Source: Nielsen, June 2013). This research shows that changes in the brain come with age, which makes certain types of communication more and less effective.

Let’s look at baby boomers first. Their brains:

• Like repetition, and will believe information that is familiar to be true.

• Are more easily distracted, lose the ability to suppress distraction.

• Have a broader attention span and are open to more information.

• Prefer contrast vs. color for online ads.

Millennials brains:

• Like elements of dynamism – such as rich media, lighting or rotations, to cut through their perception threshold.

• Can equally deal with the bleeding-over communication we see in most dynamic banner ads (boomers have a challenge with this).

• Have high multi-sensory processing ability – they almost seek multi-sensory communications such as search tasks, interactive sites.

• Seem to respond better to an intense color palette for online ads.

More coming on Friday.

 

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CAN YOUR EMPLOYEES DELIVER GOOD SERVICE?

July 15, 2013

In its ongoing survey of the American workplace, Gallup found that only 30 percent of workers are “engaged, or involved in, enthusiastic about, and committed to their workplace.” That means that 70% of workers may not really give much thought to treating your customers well. The survey classifies three types of employees:

1) Employees that are actively engaged, which represents about 30 million workers,

2) Employees that are “not engaged,” which accounts for 50 million. These employees are going through the motions at work,

3) Employees that are “actively disengaged,” they hate going to work, 20 million workers.

Now, here’s something that might surprise you. Older employees and those with higher education have more discontent. Baby boomers are more likely to be “actively disengaged” than other age groups. Employees with college degrees are also more likely to be running on autopilot at work.

What about your employees? Do you need to look for new ways to stimulate and engage them, especially front-line employees that deliver your product? Good customer service starts with attitude, and this study shows that we have a long ways to go with improving people’s attitudes toward work.

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ARE YOU TARGETING GENERATION SQUEEZE?

March 13, 2013

Baby boomers, people born between 1946 and 1964, are still the driving force in growing the economy. Perhaps one reason the Great Recession seems to linger on in many small towns is that “Generation Squeeze,” a nickname given to baby boomers who are sandwiched between adult children and aging parents, are some of the hardest hit by the economic downfall of the past several years.

A new survey conducted online by Harris Interactive for CouponCabin.com shows just how challenging it is for 79 million baby boomers to spend more. More than one out of four (26%) support adult children financially or have them living in their home. Twenty-one percent have supported their aging parents financially, while 18% supported their aging parents in their home.

The pressure to support both adult children and aging parents, while also struggling to afford their own retirement, is leading to delayed retirement. More than 42% of baby boomers said they have postponed their retirement due to financial issues. For the full survey results you can go here: http://www.couponcabin.com/blog/baby-boomers-survey/

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LIFE AFTER BABY BOOMERS

January 16, 2013

Baby boomers, people born between 1946 and 1964, still have most of the disposable income in this economy. In fact, they have weathered the great recession far better than younger consumers and they will continue to be a driving consumer force for another decade. But as I mentioned in my last post about late night TV, savvy businesses are realizing that consumers in their 20s, 30s and early 40s rival the size of the baby boomer generation. These consumers are now looking for less expensive products that they “perceive” as having real brand value (i.e. they admire the brand and want to be able to afford it).

That’s one reason Apple is working on a less expensive iPhone. They want to use their brand leadership to capture younger cell phone users from Android, Google and Microsoft. They are not alone. BMW just unveiled a new 3 Series sedan with a starting price about $4,000 less than its current least-expensive $37,000 3 Series. Mercedes-Benz’s new 4-cylinder sedan could be priced below $30,000. And Audi is also working on a 2014 version of its A3 compact with a price in the mid- to high $20,000 range.

If your core consumer is the baby boomer, you need to continue to market to them. But you also need to be asking yourself what are you doing to make sure your product or service appeals to consumers in their 20s, 30s and early 40s? It will probably take a different product and pricing strategy.