Tuesday, August 28, 2018
While all generations have similarities, significant differences define each one. The word generation (or a cohort in social science) signifies the entire body of individuals born and living at about the same time, most of whom are approximately the same age and share similar historical, cultural, and sociological references and experiences. These subcomponents of society also are identified as having common beliefs, ideas, preferences, problems, and attitudes that are used to define the traits that represent a generational group. 
The contemporary characterizations used today to define these groups derive from demographers William Strauss and Neil Howe (among others), whose acclaimed 1991 book, “Generations: The History of America’s Future, 1584 to 2069,” theorizes a recurring generation cycle in American history, outlined in a series of generational biographies going back to 1584.
Sociologists, demographers, market researchers, media, advertising, and others use this language to divide society into generational categories to identify similarities within a generation, as well as how a generation differs with (or even challenges) another generation’s values, beliefs, and economic status, and how they view the workplace, consumer and investing habits, political views, and numerous other factors.
When seeking to engage with customers or potential customers, whether in an effort to raise awareness of propane’s benefits or for other marketing objectives, it is helpful to have an understanding of the values and preferences of the generational cohorts (audiences) you aim to reach. The demographic breakdown of the population, i.e., age, gender, and economic status, will help you determine what demographics to target in your customer base.
Understanding the generational landscape that makes up your target area is essential to achieving marketing objectives. When you know the generational composition of your audience, you can better pinpoint whom to target and how to craft effective marketing messages that align with their common values, purchasing preferences, traits, etc. Every marketing plan must address three key questions: Who are you speaking to (audience); Why should they care (benefit); and, What do you want them to do (call to action).
Confused? You’re likely not alone. In order to reinforce marketing success it is important to have a reasonably good understanding of what these generational differences look like so that marketing messages resonate more effectively with the intended audience. Today, baby boomers still have the highest disposable income and most buying power. Some studies say millennials have already surpassed the boomer generation in size. However, according to the Pew Research Center, millennials are not expected to exceed boomers as America’s largest generation until 2019, as boomers decline to 72 million and millennial numbers swell to 73 million. [Generation X is projected to pass the boomers in population by 2028.]
In our changing cultural landscape, it is necessary to note the similarities and the differences between boomers and millennials or risk alienating the loyal spending power of boomers or millennials who are now entering their peak spending years. To do this, consider creating a single brand experience that appeals to both generations at the same time. For a general understanding of the generational groups most commonly marketed to, here’s a brief synopsis:
Baby boomers. (Born between 1946 to 1964.) Baby boomers are defined as having a strong work ethic, motivated by position, perks, and prestige. They relish long workweeks and define themselves by their professional accomplishments. Boomers are less motivated by price than millennials, and they are loyal to the brands they like. Boomers place high importance on customer service.
Generation X (Gen X). (Born between 1965 to 1980.) Identified as the first latchkey kids, Xers are characterized as cynical with a high level of skepticism and a “what’s in it for me” attitude. Defined by day care and divorce, there are more than 45 million Xers in America today who are often forgotten by the media, despite their rising power in the workplace, according to Dan Schawbel, a New York Times bestselling author; partner and research director at Future Workplace; and the founder of both Millennial Branding and WorkplaceTrends.com. Schawbel notes that while more Gen Xers are raising children, they don’t believe they will be able to retire when their parents did, and are looking for a flexible work environment. They are homeowners and make many of their purchases online.
According to Forrester Research, 74% of Gen Xers use the Internet for banking, 72% use it to research products or companies, 81% have made purchases online, and 70% report that brand loyalty was the highest in Gen X consumers. In addition, 95% have a Facebook page, and 25% regularly post to Twitter.
(Xennials are a micro-generation born between 1977-1983, who bridge the gap between analog and digital, having had an analog childhood and digital adulthood.)
Millennials. (Born between 1980 to 2000.) Also referred to as Gen Y, millennials are the audience for long-term success, with an estimated purchasing power of approximately $600 billion a year, according to Accenture. Gen X and millennials are the first generations to grow up “digitally native,” with computers in their homes. Tech-savvy millennials spend five to 10 hours per day consuming content online, so creating an online brand experience serves to cultivate this younger audience that likes to browse more than it does buy. Millennials are less brand loyal than boomers. One of the most popular forms of media used by millennials is social networking, with 44% willing to promote products or services through social media in exchange for rewards, and more than 77% participate in loyalty programs. Some 46% depend on social media when buying online, with 55% also sharing bad experiences online. Additionally, 84% report that user-generated content and reviews on websites at least somewhat influence what they buy. Reviews on Yelp, Angie’s List, and other similar websites often are the deciding factor in the purchasing decision of millennials.
Strauss and Howe characterize millennials as being “civic-minded,” similar to the WWII (G.I.) Generation, having a strong sense of community, both local and global. The demographers ascribed seven general traits to millennials that include: special, sheltered, confident, team-oriented, conventional, pressured, and achieving. Entitled is another trait social scientists often use when defining millennials.
The characteristics and statistics ascribed to generational groupings often are generalizations, subjective, and tend to shift over time. However, both boomers and millennials alike can be equally attractive prospects, making it important for marketers to consider engaging with both.
BusinessInsider.com features a report sponsored by Synchrony Financial titled, “Balancing Multi-Generational Retail Strategies” that examines the shopping habits of boomers and millennials and offers marketing strategies on how to appeal to both generations simultaneously. Below are some of the report’s findings on similarities shared between the two generations:
Online shopping: Both groups are comfortable with browsing, researching, and shopping online.
Coupons: Baby boomers and millennials share a love for coupons, sales, and bargains.
Female shoppers on social media: In both demographics, women are far more likely than men to talk on social media about what they bought, with 82% of female boomers and 83% of female millennials sharing their retail experiences on platforms like Facebook, Twitter, and Instagram.
The following notes some of the differences between boomers and millennials included in the report:
Digital devices: Millennials use digital devices to make shopping easier, doing research on their smartphones and tablets before they buy. Although tech savvy, boomers are less likely to use their devices as a shopping tool.
With baby boomers and millennials now equally lucrative target audiences, some ideas to help you engage with both include:
Today, it is easier than ever for propane marketers to reach current and prospective customers with a consistent brand message that engages consumers from multigenerational audiences. Whether the target audience is 35 or 65, the Propane Education & Research Council (PERC) has developed marketing materials to help propane retailers claim their space across all audiences and marketing spectrums. Collateral materials include digital assets for websites or social media, as well as print for direct mail or ads to use in key targeted geographic areas, giving marketers easy access to materials they can customize to inexpensively and efficiently raise awareness of propane’s benefits — whether the goal is competing against other fuels or connecting with consumers to achieve company-specific marketing objectives.
PERC’s integrated marketing campaign, carefully developed following the council’s consultation with industry and marketing professionals, focuses on business-to-consumer (B2C) and business-to-business (B2B) communications to provide marketing materials that target residential consumers or professionals who touch propane every day, whether in the residential, commercial, or agricultural sectors. Visit PropaneResourceCatalog.com to find high-quality marketing resources to help grow gallons in every segment of the propane market. Market intelligence, talking points, success stories, and a wide range of digital and traditional marketing materials are available. PERC makes it easy to connect with consumers and share the message of propane’s benefits, whatever generation your target audience might be.
And, if you’re not familiar with the 1075 podcasts from PERC, you’ll want to check them out. You can find them at your favorite App store, at SoundCloud.com, or other online sites. —Andrea Young
The contemporary characterizations used today to define these groups derive from demographers William Strauss and Neil Howe (among others), whose acclaimed 1991 book, “Generations: The History of America’s Future, 1584 to 2069,” theorizes a recurring generation cycle in American history, outlined in a series of generational biographies going back to 1584.
Sociologists, demographers, market researchers, media, advertising, and others use this language to divide society into generational categories to identify similarities within a generation, as well as how a generation differs with (or even challenges) another generation’s values, beliefs, and economic status, and how they view the workplace, consumer and investing habits, political views, and numerous other factors.
When seeking to engage with customers or potential customers, whether in an effort to raise awareness of propane’s benefits or for other marketing objectives, it is helpful to have an understanding of the values and preferences of the generational cohorts (audiences) you aim to reach. The demographic breakdown of the population, i.e., age, gender, and economic status, will help you determine what demographics to target in your customer base.
Understanding the generational landscape that makes up your target area is essential to achieving marketing objectives. When you know the generational composition of your audience, you can better pinpoint whom to target and how to craft effective marketing messages that align with their common values, purchasing preferences, traits, etc. Every marketing plan must address three key questions: Who are you speaking to (audience); Why should they care (benefit); and, What do you want them to do (call to action).
Confused? You’re likely not alone. In order to reinforce marketing success it is important to have a reasonably good understanding of what these generational differences look like so that marketing messages resonate more effectively with the intended audience. Today, baby boomers still have the highest disposable income and most buying power. Some studies say millennials have already surpassed the boomer generation in size. However, according to the Pew Research Center, millennials are not expected to exceed boomers as America’s largest generation until 2019, as boomers decline to 72 million and millennial numbers swell to 73 million. [Generation X is projected to pass the boomers in population by 2028.]
In our changing cultural landscape, it is necessary to note the similarities and the differences between boomers and millennials or risk alienating the loyal spending power of boomers or millennials who are now entering their peak spending years. To do this, consider creating a single brand experience that appeals to both generations at the same time. For a general understanding of the generational groups most commonly marketed to, here’s a brief synopsis:
Baby boomers. (Born between 1946 to 1964.) Baby boomers are defined as having a strong work ethic, motivated by position, perks, and prestige. They relish long workweeks and define themselves by their professional accomplishments. Boomers are less motivated by price than millennials, and they are loyal to the brands they like. Boomers place high importance on customer service.
Generation X (Gen X). (Born between 1965 to 1980.) Identified as the first latchkey kids, Xers are characterized as cynical with a high level of skepticism and a “what’s in it for me” attitude. Defined by day care and divorce, there are more than 45 million Xers in America today who are often forgotten by the media, despite their rising power in the workplace, according to Dan Schawbel, a New York Times bestselling author; partner and research director at Future Workplace; and the founder of both Millennial Branding and WorkplaceTrends.com. Schawbel notes that while more Gen Xers are raising children, they don’t believe they will be able to retire when their parents did, and are looking for a flexible work environment. They are homeowners and make many of their purchases online.
According to Forrester Research, 74% of Gen Xers use the Internet for banking, 72% use it to research products or companies, 81% have made purchases online, and 70% report that brand loyalty was the highest in Gen X consumers. In addition, 95% have a Facebook page, and 25% regularly post to Twitter.
(Xennials are a micro-generation born between 1977-1983, who bridge the gap between analog and digital, having had an analog childhood and digital adulthood.)
Millennials. (Born between 1980 to 2000.) Also referred to as Gen Y, millennials are the audience for long-term success, with an estimated purchasing power of approximately $600 billion a year, according to Accenture. Gen X and millennials are the first generations to grow up “digitally native,” with computers in their homes. Tech-savvy millennials spend five to 10 hours per day consuming content online, so creating an online brand experience serves to cultivate this younger audience that likes to browse more than it does buy. Millennials are less brand loyal than boomers. One of the most popular forms of media used by millennials is social networking, with 44% willing to promote products or services through social media in exchange for rewards, and more than 77% participate in loyalty programs. Some 46% depend on social media when buying online, with 55% also sharing bad experiences online. Additionally, 84% report that user-generated content and reviews on websites at least somewhat influence what they buy. Reviews on Yelp, Angie’s List, and other similar websites often are the deciding factor in the purchasing decision of millennials.
Strauss and Howe characterize millennials as being “civic-minded,” similar to the WWII (G.I.) Generation, having a strong sense of community, both local and global. The demographers ascribed seven general traits to millennials that include: special, sheltered, confident, team-oriented, conventional, pressured, and achieving. Entitled is another trait social scientists often use when defining millennials.
The characteristics and statistics ascribed to generational groupings often are generalizations, subjective, and tend to shift over time. However, both boomers and millennials alike can be equally attractive prospects, making it important for marketers to consider engaging with both.
BusinessInsider.com features a report sponsored by Synchrony Financial titled, “Balancing Multi-Generational Retail Strategies” that examines the shopping habits of boomers and millennials and offers marketing strategies on how to appeal to both generations simultaneously. Below are some of the report’s findings on similarities shared between the two generations:
Online shopping: Both groups are comfortable with browsing, researching, and shopping online.
Coupons: Baby boomers and millennials share a love for coupons, sales, and bargains.
Female shoppers on social media: In both demographics, women are far more likely than men to talk on social media about what they bought, with 82% of female boomers and 83% of female millennials sharing their retail experiences on platforms like Facebook, Twitter, and Instagram.
The following notes some of the differences between boomers and millennials included in the report:
Digital devices: Millennials use digital devices to make shopping easier, doing research on their smartphones and tablets before they buy. Although tech savvy, boomers are less likely to use their devices as a shopping tool.
- 62% of millennials respond to offers sent on a mobile device, compared to 39% of boomers.
- 82% of millennials tend to favor word-of-mouth from friends, family, and social media when deciding what to buy — compared to only 52% of boomers.
- Millennials are more cost-conscious than boomers.
- Boomers value customer service more, while millennials depend more on technology to improve shopping experiences.
With baby boomers and millennials now equally lucrative target audiences, some ideas to help you engage with both include:
- Integrate social media into your marketing campaigns. Focus strategic efforts on Facebook and Twitter to create unique social sharing opportunities around relevant offers, payment, pricing or product promotions, routed delivery programs, events, and other information that serves to improve the bottom line.
- Keep copy honest. Millennials are not as trusting of brand messages and prefer to rely on advice of friends, family, and digital user-generated reviews.
- Provide a consistent brand experience across all channels. Whether online with your website or social media, direct mail campaigns, print advertising, or your brick-and-mortar location, use all the tools in your marketing toolbox.
- Have more than one type of media on your website. Use text, but also include video, blogs, podcasts, and other options to make your website appeal to baby boomers as well as multitasking millennials.
- Include digital coupons to promote your unique business, i.e., hearth, appliance, outdoor living showrooms, or other information that drives them to a brick-and-mortar location such as Customer Appreciation Day, company-sponsored local activities, etc.
Today, it is easier than ever for propane marketers to reach current and prospective customers with a consistent brand message that engages consumers from multigenerational audiences. Whether the target audience is 35 or 65, the Propane Education & Research Council (PERC) has developed marketing materials to help propane retailers claim their space across all audiences and marketing spectrums. Collateral materials include digital assets for websites or social media, as well as print for direct mail or ads to use in key targeted geographic areas, giving marketers easy access to materials they can customize to inexpensively and efficiently raise awareness of propane’s benefits — whether the goal is competing against other fuels or connecting with consumers to achieve company-specific marketing objectives.
PERC’s integrated marketing campaign, carefully developed following the council’s consultation with industry and marketing professionals, focuses on business-to-consumer (B2C) and business-to-business (B2B) communications to provide marketing materials that target residential consumers or professionals who touch propane every day, whether in the residential, commercial, or agricultural sectors. Visit PropaneResourceCatalog.com to find high-quality marketing resources to help grow gallons in every segment of the propane market. Market intelligence, talking points, success stories, and a wide range of digital and traditional marketing materials are available. PERC makes it easy to connect with consumers and share the message of propane’s benefits, whatever generation your target audience might be.
And, if you’re not familiar with the 1075 podcasts from PERC, you’ll want to check them out. You can find them at your favorite App store, at SoundCloud.com, or other online sites. —Andrea Young
