Marketing to Generation X

Generation X doesn’t want to be sold. Generation X doesn’t care about the hype. Generation X is the first group to grow up with a remote control in their hand and a constant exposure to marketing, consumerism, and PR strategies. Generation X gets it. They pride themselves on being able to see through the fluff and focus on the facts. Gen X is interested in how media and marketing works. They don’t dislike marketing but they are not influenced by it like the Boomer generation that preceded them.

Gen X doesn’t care about Brand loyalty. 50 Million strong, this group that was born between 1961-1979 is the frugal generation. They value education and facts rather then hype and gut feelings. This generation was the first generation to grow up in single family households. They were making cost conscious consumer decisions at a much younger age than any generation preceding them.

Gen X is indifferent to the “deeper meaning”. As this generation reaches the apex of their spending power, marketers need to understand what drives the decision making process of this large group of realists. The answer is Value.

While Boomers want to hear a story or have an emotional feeling attached to their brands, X’ers need to be sold on the value of the product. Don’t try to sell them, but rather tell them who you are and let them make up their minds. Give them a quality product with lasting value and come out from behind the curtain.

We must also keep in mind that this is the generation that is sensitive to gender and racial issues. This generation does not react well to the idea of subservient housewives or cookie cutter families.

Generation X was the first generation to be fascinated with “behind the scenes” programs. They want to know how movies, media, commercials, newspapers, and other sources of information work. They don’t take traditional marketing as factual.
So the bottom line is this: Value sell Value sell Value sell. Be honest with them and show them where the value is in your product and you will earn their business. But be aware that their loyalty is to their checkbooks, not to a brand.

Marketing to Baby Boomers

Over 100 Million strong, Baby Boomers are a generation that demands our attention. As this dynamic generation slowly inches towards retirement, marketing experts everywhere are asking themselves, “How do I capture this market that makes up almost 1/3 of the US population?”

Historically, people over the age of 50 have been labeled “undesirables” when it comes to traditional marketing. The reason for this label is because historically, the spending power of people over 50 is very minimal. Coupled with hardened product ideologies, it has always been assumed that by the age of 50, people are set in their buying ways and will not be swayed by advertising.

Enter the Baby Boomers. As they have done in so many other facets of life, this generation is changing the rules of the game. Take, for instance, the fact that they will have double the spending power of today’s 60-70 years olds. In addition, most Boomers are just as likely to brand-hop as any other generation. What does this all mean? It means that we are about to have 100 Million empty nesters who are willing and capable of being active consumers.

But the question on everyone’s mind is “How do we market to them?”

Many studies have been done in the hopes of further understanding the hot buttons that lead this generation into making purchasing decisions. The one common resulting theme from such studies is this: Baby Boomers are more resistant to absolute propositions and much more likely to make gut decisions.

To capitalize on these findings, we must tailor our marketing and sales approach. Since Boomers rely on gut feelings, the first impression of a product is essential. Boomers need to associate products with feelings and emotions. Rather then telling Boomers that your product is “proven to be the best”, try associating your product with a story or an emotion. When it comes to closing, use fewer urgency closes and more white rabbit closes. Try painting a picture of how the product will benefit their life.

The Boomer generation carved out their niche by relying on experimentation and novelty, and resisted pressure or forced lifestyles. So the lesson to be learned is: Let your marketing tell a story. Sell a lifestyle instead of prices. Paint a picture and avoid the pressure close. Focus on giving a positive first impression. Give Boomers the gut feeling that your product is superior and you will be pleased with the results.

Apartment Marketing by Generation Part 1

Over the next few weeks we are going to break down some marketing techniques used to attract renters of the different generations. In particular we will focus on Baby Boomers, Gen X, Gen Y, and the up and coming Re-Generation.

With the advances in Internet marketing and search engines, it is becoming more and more important to be targeted with your marketing. While most apartments seem to have a wide variety of people living in them, one can usually identify the prominent demographic of a property in a matter of minutes.

Everybody in the multifamily industry should frequently ask themselves, what Generation lives at my property? Take a minute and look at your resident files. It will take less than half an hour of your time and it will give you some great
insight into your target market.

However, before we can understand how to market your apartment to each generation, we must define the generations.

According to Wikipedia, The Baby Boomers constitute anyone born post WWII- 1961. While opinions seem to differ on the exact cut off date, a good rule of thumb is to consider anyone born before the mid 60's a Boomer.

The Baby Boomers were followed by Generation X. The cutoff date for Gen X is usually considered around 1981. This Generation is defined by its "Survivor" and "Individuality" mentality.

Anyone born on or after the mid-late 80's is Gen Y. Generation Y is very tech savvy and wants information to be readily available.

The next generation is only about 10 years away from needing apartments.
While this up and coming generation does not seem to have an official title, I have heard them referred to as Re-Generation or Gen Z. This is the most fascinating of the generations because they have grown up in the "Go Green" era, thus leading them to be coined Re-Generation.

In the next week we will take a look at some marketing strategies for each Generation. Tomorrow we tackle the Boomers.

Enjoy!