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October 12, 2015

Marketing and Selling to Specific Generations – Part 6

Issue #396

The demographers, business analysts, writers and sociologists are still toying with what to call the newest generation that is emerging after the Millennials. There are a few names being tossed around — Generation Z, plurals, Generation Wii and iGeneration. iGen seems to be leading the pack. The exact cutoff date between Millennials and iGens varies from 1997 to 2000. But, basically all infants, toddlers, adolescents and teenagers today are all iGens. Of course, some are concerned that this little “i” label does not describe properly the qualities and characteristics of this newest generation. First, what is the “i” supposed to mean? Is it Internet? Interactive? International? “i” as in I or me, implying a certain preoccupation with self? There really is no consensus yet among pundits.

Of course, this makes sense since iGens have yet to come of age and are still being molded and shaped by the social, economic and political events unfolding now and in the decades to come. How can one define what is still being molded? Yes, this newest generation is certainly an Internet-savvy, technology-driven generation. It is also a social-media connected generation that is experiencing human interaction in an entirely different way than any generation before it. They are redefining what it means to be ‘connected’. As for what else their label may come to mean is still to be defined. Here is what is known so far about this youngest generation.
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September 21, 2015

Marketing and Selling to Specific Generations – Part 5

Issue #395

In the crowded landscape of generations, Millennials – initially dubbed Generation Y — may be the most popular, examined and adored of any generational group in a long while. Millennials, the first group to live from birth-to-death in the technology age, are one of the largest and most noteworthy cohorts. Born roughly between 1981 to 2000, it’s estimated that there were approximately 80 million Millennials in the U.S. in 2012. That number is expected to continue growing due to immigration of large numbers of younger people into the country.

Although scrutinized ad nauseam by analysts, demographers and sociologists alike, few agree on what qualities and quirks Millennials have in common. In fact, very diverse opinions reign on what defines a Millennial and what attributes the generation shares. Perhaps that is because it is still early in the process. After all, Millennials currently range in age from 16 to 35 years old. The younger members of that generation are just now coming of age and being shaped by the economic, social, political and technological developments of the 21st century. So what do businesses need to understand to be able to create a Millennial-friendly sales experience and customer service approach? And what should businesses consider as they hire and manage employees from this generation? Continue reading →

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September 7, 2015

Marketing and Selling to Specific Generations – Part 4

Issue #394

When it comes to how much information and insights there are about a generation, the size and uniqueness of the group matters. Behemoth generations get examined closely. Demographers, sociologists, industrial psychologists, advertising researchers, and business analysts all spend oodles of time compiling and parsing data about BIG generations. Because of their sheer size, the predilections, attitudes and actions of large generations have a profound impact on society. Similarly, generations that are conspicuously different from previous ones get a lot of media attention and scientific study simply because they stand out. This explains why the nearly 80 million Baby Boomers and the 75 million Millennials have been the media darlings for decades. Those generational groups are both large and distinctive.

Conversely, smaller and less notable generations get overlooked. Meet Generation X (born 1965 to 1980), the red-headed step-child of 20th century generations. Gen Xers, as they are commonly referred to, have been largely ignored by the population patrollers. As the name implies, they have been Xed out of the demographic spotlight. Born from 1965 to roughly 1980, this somewhat overlooked generation today ranges in age from about 35 to 50. That may very well be part of the problem. This ‘generation’ doesn’t cover the usual 18-20 year span of most generations. Gen Xers also aren’t young and trending or gray and retiring. Some might even argue that they haven’t really redefined society. For the media, this generation hasn’t delivered much in the way of fire, fuss, or freshness. In most of the ways we take stock of generations – their racial and ethnic makeup, political, social and religious values, economic and educational circumstances and technological engagement – Gen Xers are somewhat low-key, smack between adventurous abundant Boomers like Steve Jobs and Sir Richard Branson and the engaging, modish Millennials like Mark Zuckerberg. That said, although many businesses are fascinated with Millennials, it would be wiser to focus on the well-educated Generation X, especially since many companies are now led by Gen Xers.
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August 31, 2015

Marketing and Selling to Specific Generations – Part 3

Issue #393

There are six generations alive in the U.S. today. Assuming that for the most part the GI and Silent Generations are retired, very soon we will have four very different generations (Baby Boomers (ages 51-70), Gen Xers (ages 35-50), Millennials (ages 15-35) and the newest iGeneration (now teenagers) working side-by-side for the first time in history. That’s due, in part, to the fact that people are living and working longer. These four generations will also be customers, with very different values, experiences and styles. They will likely also partake in very different kinds of activities. This is both exciting and challenging. How can a business manage such diverse audience of customers and employees? Knowledge is key.

Today, we’ll look at the Baby Boomers (born 1946-1964). Of all the generations living in the U.S. today, the most well-known and well-documented is probably the Baby Boomers. Born from 1946 to 1964, Baby Boomers were the children of either the GI Generation or the Silent Generation. The parents of Baby Boomers were patriotic, respectful of authority and accepting and trusting of government. Those parents also believed in absolutes, sacrificing for the greater good and following the rules. But the age of conformity, sacrifice and towing the line ended with the arrival of the Baby Boomers. Boomers are known to be mavericks, bucking trends and taking risks. What’s more, even what was known about this generation a decade ago is still evolving. Meet the “Me” Generation.
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August 24, 2015

Marketing and Selling to Specific Generations – Part 2

Issue #392

There are six generations living in the U.S. today. Each spans a period of approximately 15-20 years or so. The oldest is the GI Generation (born 1901-1926). They are followed by the Silent Generation also referred to as the Conformists or Traditionalists (born 1927 – 1945). Then came the well-documented Baby Boomers (born 1946 – 1964) followed by Generation X (born 1965 – 1980) and then Generation Y also known as the Millennials (born 1981 – 2000). The most recent generation to emerge (born 2001 to the present) is being dubbed the iGeneration. They are also being referred to as Generation Z, plurals or Generation Wii.

So what is the purpose of labeling and defining generations? Most people in business, marketing and the media would say that the labels help them connect with and understand specific audiences. Called generational marketing, marketers use the trends and truisms for each group to customize their strategies in line with the values and qualities of the audience. For the media, the labels help to describe and ascribe cultural, social and political trends. But those labels are completely irrelevant to the people in those cohorts. The labels do nothing to shape the identity of the generations. It is life experience that shapes and defines them. Each generation is believed to share a host of qualities and characteristics that are a reflection of, reaction to, or rejection of events occurring whilst they were coming of age.

Indeed, it’s easy to overstate or over-generalize the qualities of a generation. Not everyone identifies with the labels of their generation. For example, the generation known as the Silent Generation, is viewed as one of traditionalists and conformists. Yet, much of what is now known about this generation shows that those labels may not be a perfect fit. While this generation may have followed many of the characteristics of the GI Generation before it, it also bucked many trends. And, given their net worth, it is a generation that businesses should understand well and engage. Continue reading →

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August 17, 2015

Marketing and Selling to Specific Generations – Part 1

Issue #391

Each generation is different from the one before. Each develops its own unique set of qualities, characteristics, and values, as well as likes and dislikes. These are greatly influenced by or in response to the political, economic and social times in which they are coming of age. It is also may stem, in part, from some innate desire to be different than one’s parents. Generation Xers are different than the Baby Boomers before them. And Millenials are different from the Gen Xers that preceded them. Certainly, the newest generation now emerging – being referred to by various monikers including iGeneration, Generation Wii, the Plurals or Generation Z – is bound to differ from past generations as they are shaped by technology and the accelerating speed of change.

Some business owners, leaders or managers may want to ignore generational differences and just develop and market a company’s quality products or services to everyone the same way. That, however, is a potential mistake. The more a company is able to understand generational differences and reach those audiences in a way that speaks specifically to them, the more a company’s products or services will resonate… and sell. Thus, understanding the unique characteristics of each generation is essential. Continue reading →

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May 4, 2015

Go Mobile or Go Home

Issue #376

Marketing is constantly evolving. First there was print advertising. Then came persuasive radio commercials. After that came colorful TV ads. Then, with the evolution of technology and the advent of the World Wide Web, companies established an online presence. Business owners quickly surmised that without a website, their company would not be perceived as ‘legitimate’ or ‘reputable’ by most consumers. Even the smallest mom-n-pop shops set up simple, informative websites Then, as e-commerce flourished, websites became more sophisticated. Then companies were forced to go social. Social media sites sprouted up like weeds and companies had to get engaged or be forgotten. All of this marketing takes time and costs money. Still, the pace of change is relentless and businesses are now facing yet another change thanks to the growing tidal wave of Smartphones. Used by tweens, teens and adults of all ages, Smartphones are quickly taking over the shopping landscape and businesses are now feeling pressured to design websites that are mobile-friendly.

However, many companies have been slow to embrace the mobile revolution. After all, setting up and maintaining mobile websites, in addition to traditional websites, is both costly and complicated. Why go mobile when a company’s standard website works just fine and is delivering tons of traffic and sales? The answer: because Google has just said so. And Google, the 800-pound gorilla of the digital realm, will not take “no” for an answer. Continue reading →

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January 26, 2015

The Challenges Ahead for U.S. Businesses in 2015

Issue #363

According to President Obama’s State of the Union Address this week, “After a breakthrough year for America, our economy is growing and creating jobs at the fastest pace since 1999. Our unemployment rate is now lower than it was before the financial crisis. More of our kids are graduating than ever before; more of our people are insured than ever before; we are as free from the grip of foreign oil as we’ve been in almost 30 years.” Indeed, just a few weeks into 2015, the nation’s economy does seem to be in the best shape it’s been since before the Great Recession (which is indeed good news, but certainly does not set the bar very high). U.S. employment increased by nearly three million jobs in 2014. Unemployment decreased a full percentage point between 2013 and 2014, dropping to the current 5.6% — the lowest rate since 2008 and the largest year-over-year decline since 1984. If things continue on this track, the U.S. is predicted to reach 5% unemployment by the end of the year, which is nearing that economic nirvana of “full employment”. Also, declining oil prices have helped bolster consumer purchasing power. The U.S. dollar is also at its highest value in many years. These are all good indicators.

Despite all the positive economic indicators, most U.S. businesses will still face certain challenges in the year ahead. Even as the U.S. enjoys a healthier economy than most any other industrialized nation in the world today, companies will have to contend with issues, many of which were carried over from 2014. Companies that ignore these problems do so at their own peril. However, recognizing what issues lie ahead is the first step to either tackling them head-on or sidestepping them altogether. Continue reading →

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January 12, 2015

Handling Competitors

Issue #361

There is no business that exists anywhere in the free-market world that is without competition… at least not for long. The moment a product or service is invented and sold, someone somewhere opens a business that rivals it somehow. The competitor’s delivery method might differ. Or its service and support might be better. Or the competitor’s product might be slightly improved. Competition is inevitable.

Since part of being in business includes having competition, businesses must decide how to contend with competitors. Is there a right way to handle business rivals? Some entrepreneurs approach competitors like arch enemies. Others see competition as a good thing, driving companies to continually improve. Still others see competition as a non-issue. And there are some who – at their own peril — dare to ignore competition altogether. Which approach for dealing with business rivals is correct? Is there a right way to view competition and handle competitors? Continue reading →

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December 1, 2014

The Business Conundrum of Quantity or Quality?

Issue #355

About 2000 years ago, Roman philosopher and statesman Lucius Annaeus Seneca was quoted as saying “It is quality rather than quantity that matters.” Some 1900 years later, Scottish author and poet George McDonald agreed saying “It is our best work that G-d wants, not the dregs of our exhaustion. I think he must prefer quality to quantity.” Mohandas Ghandi also said that “It is the quality of our work which will please G-d and not the quantity.” These learned men agree that when it comes to work, excellence trumps volume. Less is more.

Yet, the focus of most businesses is to improve productivity, increase output and amplify profits. For businesses, the goal is quantity… more volume…. greater capacity. In the world of work, more is more. That, then, brings us to the age-old argument of which is better: quantity or quality? Is one deal that generates $1 million in revenue and takes six months to close better than 10 deals that close within a six-month period and each generate $100,000 in revenue? They sound like the same thing, but are they really? Is faster manufacturing with more mistakes better or slower production with fewer errors? Should a company do more content marketing (blog posts, articles, press releases, tweets) or fewer but better quality content marketing initiatives? It is a question that business owners, leaders, and managers alike debate. With 2015 just around the corner, it is a good time to consider whether new business goals and plans should focus on increasing quantity or improving quality. Continue reading →

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