This large economic group combines all of those people born in the 1940’s to early 1980’s, which according to Neilsen researchers, will make up well over 50 percent of the population in the next five years. The term Generation X stems from their original title, “the unknown generation.” This highly influential group not only controls over 70 percent of the nation’s disposable income, but they also stand to inherit $15 trillion in the next 20 years, making them an extraordinarily critical group for marketers.In order to successfully reach these consumers, marketers should keep in mind the following tips.
Make them feel young – Boomers & GenXers do not consider themselves “old” and are against being labeled as such. However, the whirlwind pace of the digital world feels unsettling for anyone who hasn’t grown up with a Facebook profile. This uneasy feeling means it’s increasingly important for brands to stick to their guarantees and make sure that Boomers & GenXers can easily comprehend the messaging and understand how to use new products, one step at a time.
Visualize – Knowing that this generation grows older every day, companies must take into consideration their sensitivity to issues such as vision loss and create their products, promotional graphics and materials with crystal clear messaging and easy-to-find labels. This way, consumers of all ages can easily differentiate between different options and clearly understand all product messaging – even for things as simple as milk, which has several options these days from soy to coconut to fat-free or 2%.
Add Value – Boomers & GenXers want products that add value to their everyday lives by helping them solve a current problem. Take a cue from brands like Depends, or Life Alert, which highlight common situations that the older demographic worries about on a daily basis, and features their products saving the day, clearly reinforcing the necessity to purchase. Explain what you’re offering, and the value of your product or service, without being aggressive or condescending, and then listen – Boomers & GenXers like to research information and ask questions before they buy.
It’s important to keep in mind that these Boomers & GenXers have reinvented each stage of life they’ve entered, from young adulthood to careers to parenting. It doesn’t matter if this demographic remains in the workforce or is retired, wealthy or on a fixed income, living alone or with other seniors, they constantly want to redefine the definition of “old” – and will not hesitate to focus their purchasing habits to align with companies that hold the same belief.