Mastering Multi-Generational Marketing with Data-Driven Insights

In today’s diverse marketplace, with consumers ranging from Gez Z and Baby Boomers, mastering the art of multi-generational marketing isn't just a strategy—it's a necessity for businesses aiming to connect with and appeal to a broad audience. It’s crucial for brands seeking to maximize sales and sustain long-term customer loyalty. 

Often, companies fall into the trap of targeting a single age group or relying on one marketing channel, which can limit their reach and hinder their potential to engage a broader customer base.

Generational Buying Power

Globally, Gen Z constitutes 40% of the consumer population. With approximately 64% of Americans working in marketing, advertising, and PR under the age of 45, avoiding implicit bias when creating a dynamic marketing strategy is imperative (Bureau of Labor Statistics).  

Despite the spending power of younger generations globally, Americans over the age of 60 constitute a huge consumer base. In 2021, the number of Americans over 60 was slightly greater than those in the 20-34 age group. Those over 60 only have 20% lower after-tax income than those below 60. As such, the needs and preferences of the 60+ cohort should be thoroughly assessed. 

Brands primarily targeting younger consumers miss out on huge opportunities to engage older consumers. Similarly, while older consumers still dominate global spending, companies that focus solely on more mature audiences overlook the growing spending potential of a generation that is entering its prime earning years. Gen Z currently represents 5% of global retail sales. By 2030, that number is expected to grow to 17%. 

Omnichannel Marketing

With these stats in mind, a singular approach to marketing is certainly an antiquated one. Companies must instead adopt an omnichannel marketing approach. According to a Harvard Business Review, companies with strong omnichannel customer engagement retain an average of 89% of their customers, compared to 33% for companies with weak omnichannel engagement. 

This method ensures that consumers can interact with a brand in a consistent, cohesive manner whether they are shopping online from a desktop or mobile device, in a brick-and-mortar store, through social media, or via other communication channels. As such, it’s a great way to retarget customers and engage hard-to-reach consumers and audiences across age groups. 

Many companies are hesitant to adopt social media as potential marketing avenues, due to regulatory concerns and their ability to convey credible and more complex messaging. Yet, younger consumers, preferring Instagram, TikTok, and YouTube, often use social media as a tool to research and buy items. Older consumers likewise use the internet but tend to prefer LinkedIn or Facebook. Marketing across platforms can help target people on their preferred outlet. 

Data-Driven Personalization 

Omnichannel marketing can also increase an ad’s personalization. By integrating data from multiple sources, companies can gain comprehensive insights into customer behavior and preferences. 

As the future of advertising increasingly moves away from third-party cookies, AI can also be used to analyze this data, optimize ad placement, and dynamically tweak ads in accordance with real-time feedback. AI can also help to segment consumers, not only based on age but based on a variety of demographics.  

Longevity Beyond Generations 

It’s important to remember that age isn’t the only way to segment consumers, and looking at consumers through this singular lens can often lead to oversimplification. Consumers also increasingly want to be treated as individuals. Further research shows that the lines between generations are far from distinct, and thus, relying on data-driven insights is the best way to accurately appeal to a diversified audience. 

In the long run, the more companies can move away from segmenting consumers strictly by age, the better. While multi-generational marketing is essential for maximizing impact, companies should simultaneously focus on projecting universal values and creating a storyline that resonates with people across ages. 

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