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How To Market to the World's Most Affluent Generation

Is your business missing out on their biggest market?

Find out how and why marketing to GenerationX makes great business sense.

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How To Market to the World's Most Affluent Generation

  1. 1. © 2017 MYGENERATION LIMITED AREYOU MISSING OUT ONYOUR BIGGEST MARKET?
  2. 2. © 2017 MYGENERATION LIMITED GENERATIONAL OVERVIEW
  3. 3. © 2017 MYGENERATION LIMITED GENX BACKSTORY • Xers came of age in an analogue world and played catch up at the dawn of the digital age One foot in the past, one foot in the future • Started careers at a time when pensions were disappearing, jobs were heading offshore and the stock market crash of 1987 ushered in a recession • Labelled as slackers and ‘losers’.A stereotype reinforced by popular culture • Lacked a name until Douglas Coupland's ‘Generation X:Tales for an Accelerated Culture’
  4. 4. © 2017 MYGENERATION LIMITED GENX MARKET SIZE • 66 million GenX – compared to 74.9 million Boomers and 75.4 million Millennials*. • Smaller size attributed to: • Declining birth-rates - “Baby Busters” • Boundaries of GenX defined by the Boomers and Millennials. Xers wound up with a 15-year generational period versus the 19-20 year ‘norm’ • GenerationX is projected to pass Boomers in population by 2028 Source: Pew Research* 74.9 75.4 66 Population by Generation (U.S.)* Boomer Millennial GenX
  5. 5. © 2017 MYGENERATION LIMITED “ ” GENX ARETHE BRIDGE GENERATION MILLENNIALS BOOMERSGENX
  6. 6. © 2017 MYGENERATION LIMITED WHY GENX? • Marketers often focus on Millennials, overlooking the GenX opportunity. • GenX hold the majority decision-making power over many individuals in the Boomer and Millennial generations: • Nearly half (47%) of adults in their 40s and 50s have a parent age 65+ and are raising a young child or financially supporting a grown child (age 18+) • About one-in-seven middle-aged adults (15%) is providing financial support to both an aging parent and a child • Loyal: • GenX boast the highest rate of brand loyalty to their favourite brands at close to 50%* • GenXers are only 14.6% quite or moderately willing to switch to another brand. Compared to Millennials, GenX are 22.4% less willing to switch • Build a relationship with GenX and you have the opportunity of securing a lifelong customer Source: Crowdtwist*
  7. 7. © 2017 MYGENERATION LIMITED WHY GENX? • GenX have more spending power*: • Millennials make up 30% of total adults, but account for 21% of net-worth dollars and 18% of total income dollars • GenX make up 25% of adults, account for 29% of estimated net-worth dollars in the US and hold 31% of total income • On a per adult basis, GenX rank as the #1 generation based on total net worth dollars and total income dollars • GenX have the highest UK weekly expenditure of any cohort** Source: Shullman Research Centre: GenXers are the generation you can’t afford to ignore 2014* Source: ONS** 0 10 20 30 40 50 60 70 80 25-34 35-44 45-54 55-64 65+ Median Income $ $
  8. 8. © 2017 MYGENERATION LIMITED “ ” GEN X HAS MORE SPENDING POWER THAN ANY OTHER GENERATION AMERICAN EXPRESS
  9. 9. © 2017 MYGENERATION LIMITED HOW TO TARGET GENX • Provide information and a clear value proposition: • Thorough research is a key factor in GenX buying decisions. GenX read more reviews than any other generation • Detail features and benefits and clarify your value proposition. What can GenX expect from your product/service and how can it benefit them? • Make your product visible online through SEO, social and review sites • Build reputation via online review platforms e.g.Trustpilot • Most trusted sources of pre-purchase information (ranked):* • Customer reviews on store websites (female bias) • Online experts (female bias) • Specialist blogs and forums (male bias) Source: Inkling – Marketing to the Jilted Generation* Research Statistics: Yahoo: GenX: Americas most influential generation
  10. 10. © 2017 MYGENERATION LIMITED HOW TO TARGET GENX • Brand Communications Strategy: • Use a combined strategy. • Add value to their lives (simplify) • Earn their trust (backup the offering) • Assure them they’ve made the right decision (post purchase dissonance) • Social Media Strategy: • GenX regularly visit social media sites to consume and share/repost content • Target and recruit advocates. GenX share opinions via word of mouth and online • Customer service.Take immediate action to correct mistakes. Own up and make good • Content strategy. Adapt by platform e.g. Facebook – make it personal, provide tips and solutions to support busy lives Source: Visual: Crowdtwist, Capturing Loyalty Across The Generations*
  11. 11. © 2017 MYGENERATION LIMITED “ ” GEN X IS NOT QUITE AS BIG AND SEXY [AS MILLENNIALS], BUT ATTHE END OFTHE DAY,THEY ARE PRIMETIME INTHEIR INCOME ANDTHEY CAN BUY A LOT OF EXPENSIVE NEW CARS HONDA
  12. 12. © 2017 MYGENERATION LIMITED HOW TO TARGET GENX - SUMMARY • Provide information and a clear value proposition (expectations and benefits) • Know their core values and align messaging • Use the right advertising channels (digital / traditional) • Digital: different screens for different tasks • Traditional: 48% radio, 62% newspaper • Use the most relevant channels based on your product or service offering • Appeal through: sentimentality, convenience and practicality • An effective multi-channel campaign is key for engaging GenX
  13. 13. © 2017 MYGENERATION LIMITED “ ” TO WINTHE HEARTS AND WALLETS OF GENX, COMPANIES MUST BE AUTHENTIC, RELEVANT,AND DEMONSTRATEVALUE CROWDTWIST
  14. 14. © 2017 MYGENERATION LIMITED MARKET OPPORTUNITIES • Real Estate: Millennials are the largest group of homebuyers (35%) but GenX are the second largest (26%)* and have the highest median priced homes of all other buyers • Wearables: 59% of GenX say they will adopt wearable fitness technology within 5 years** • Travel: GenX spend more on travel than either Millennials or Boomers*** • Companies marketing to GenX: • Honda • Red Lobster, • Apple • Patagonia • Wendy’s • John Lewis Source: HOME (Housing Opportunities and Market Experience) Survey * Source: Yahoo: GenX: Americas most influential generation** Source: Virtuoso***
  15. 15. © 2017 MYGENERATION LIMITED LET’S CONNECT TO FIND OUT MORE

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