Since people often do business with people they like, understanding how the various segments of the generations see themselves can help us communicate better. And given the higher earning power of Gen X 45-54 years old and Baby Boomers 55-64 years old, I wonder whether you feel you should re-think your approach as a business person to building strategic alliances between groups?
Cam Marston is recognized as one of the leading experts on the impact of generational characteristics and differences in the workplace. I was struck by Cam’s point that it is faulty thinking to assume that what makes you interested in something makes me interested in something. His informative video unpacks this idea. Take a quick look at how he slices the generations:
Baby boomers, according to the 2010 Census, comprise half of the 308.7 million population and advertisers have taken note. A recent New York Times article reported that advertisers had shifted their focus from the youth generation back to the baby boomer generation calling them the “ideal customer” because they have money, are optimistic, and consume lots of media.
have you found that advertisers are in fact acting on this information. What are your thoughts about doing business across generations. Do you change your strategies to reach different segments of your market?
Ruth says
I am not sure that advertisers “get it” that this is not only a huge market but this demographic is also so diverse I can go between being offended that someone thinks I should want to be 20 again (I don’t) and being buoyed by the music all in the same commercial…. I am not sure that there is a magic formula to hit us all at once and the harder advertising tries to hit everyone at once, the more they fail. Could it be Patricia, that advertising is in the hands of those imaging how they they think they will feel when they are “old” like us :)? I don’t have any answer but whole lot of questions and opinions!
Patricia A Patton says
Hi Ruth
I do not believe — to be honest– that advertisers “get” it. Facts suggest this should be the reality but reality is definitely not co-signing this. I think advertisers should be paying us to help them figure out how to make sense of this rather than have discussions that make little sense. On your statement that there is no magic formula, I fully agree. Thank you for weighing in. I respect your opinion.