A Generational Gap in Digital Marketing?
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Should financial advisors spend their digital marketing efforts on a specific generation?
The best way to promote your services through digital marketing –depends on who is your target market. That depends on the age range of the people you are trying to reach. Your choices can span from the Silent Generation, Baby Boomers, Gen X to Millennials.
Can all generations be reached with the same message, through the same media?
Each generation has unique characteristics that shape the way they make decisions and how they spend their time and money. To create effective marketing campaigns it is important to understand the differences (and similarities) in how each generation prefers to receive digital content. You may be surprised by what you learn!
First, let’s look at a breakdown of the generations living in America today and some information that will help shape messages you use to reach them:
The Silent Generation (born 1928-1945) grew up in a time of rationing and saving. They are patriotic and value morals and ethics. Seeing and understanding the history of a business or product is important to them, as they appreciate established brands.
Baby Boomers (born 1946-1964) are also referred to as the “Me Generation.” They hold the majority of the country’s wealth, which is partially because women of this generation started working outside the home in record numbers. Boomers respond well to marketing that focuses on what’s in it for them.
Generation X (born 1965-very early 1980s) reached adulthood in tough economic times, and many grew up in homes where both parents worked. As a result, they are more independent and focus less on loyalty. They are currently at an age where they are busy with their career, young families, and are looking for products and services that make things easier for them.
Millennials/Generation Y (early 1980s – early 2000s) are the children of the original Baby Boomers and are set to become one of the largest living generations. This generation is growing up with technology at their fingertips and is used to information coming at them from every direction. They value friendships, so word-of-mouth marketing is effective (think of a Facebook “like” of your financial advisory firm showing up on their newsfeed).