Did you know that the average time spent on digital media is expected to be 482 minute per day by 2022? That’s nearly eight hours a day!
Promoting services using digital marketing is an absolute must. However, who you choose to target and where to find them should be a critical part of your strategy.
Why? Different generations and age ranges respond to different kinds of marketing and use different social media platforms. What works for a Baby Boomer may not resonate with a Millennial. You can’t assume that the same message through the same media will be effective for all market segments.
To understand how these generation gaps impact your marketing strategy, we’re diving into an overview of the generations and the different types of media that can be incorporated into your digital marketing for each one.
Understanding the Generations
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, understand the differences (and similarities) in how each generation prefers to receive digital content.
Let’s look at a breakdown of the generations in America and some information that will help shape messages you use to reach them:
The Silent Generation (born 1928 to 1945) grew up in a time of rationing and saving. They’re 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 to 1964) are sometimes 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 to very early 1980s) reached adulthood in tough economic times, and many grew up in homes where both parents worked. As a result, they’re more independent and focus less on loyalty. Gen X is currently at an age where they’re busy with their careers and families, and are looking for products and services that make life easier for them.
Millennials/Generation Y (early 1980s to late 1990s) are the children of the Baby Boomers and are set to become one of the largest living generations. This generation grew 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.
Generation Z (born late 1990s to early 2010s) are the first generation to grow up in a world where everyone is hyper connected and completely immersed in technology. They watched their millennial counterparts struggle with securing employment and an uncertain economy, so Gen Zers who are now coming of age have a strong appetite for financial security. Their preferred method of communication is their smartphone, so digital marketing of any kind can be highly effective – as long as it’s on the platforms they’re using.
Now that you understand the breakdown of the generations and what motivates them, how do you reach them?
Leveraging Niche Marketing
A niche service is an offering that focuses on one specialization within a broader market that your business can serve. It could mean that you focus on serving one type of client, offering a particular type of service, or offer a combination of a specific client type and service.
A niche can be defined by multiple factors including:
- Age group
- Income
- Geography
- Interests and hobbies
- Price point
- Values
The key to successfully finding your niche market is to research to identify which ones exist or might need to be developed. However, if you focus on a very narrow niche that currently has little to no competition, there may be good reasons for that – that niche may not be profitable.
There are different niches you can focus on, depending on where you specialize. By understanding the generation gap and how it translates in terms of what kind of marketing is most effective, you’re able to make more strategic decisions about where you focus your time and money.
Written content
Written content, like blog posts, can be effective for marketing wealth management services to all generations. A blog gives you the ability to provide relevant content to your clients and potential clients, driving them to your website and social media platforms.
You can vary the messaging in each blog post to reach different audiences, which allows you to keep multiple target audiences engaged. A blog post on creating a family budget may appeal to a Generation X client, whereas a post on financial planning for long-term health care may appeal to a Baby Boomer. If you provide new content on a regular basis, you’ll consistently draw different audiences to your business.
Audio content
Podcasts are incredibly popular, seeing unprecedented growth in 2020. For businesses looking to increase their reach, podcasting can offer many benefits, including:
- Reaching new audiences;
- Showcasing your knowledge and expertise;
- Increasing website traffic;
- Building your brand reputation;
- Creating a more personal connection with your listeners; and
- Providing content for social media posts – allowing you to reach even more people!
When considering if podcasting is right for you, look at your target clients. What generation are they part of? While the generation they’re in doesn’t define them, demographically, it does tell us a little about what their habits are likely to be.
According to PodcastHosting.org’s 2021 Global Podcast Statistics, Demographics & Habits Report, the breakdown of podcast listeners is:
- 12-34: 48%
- 35-54: 32%
- 55+: 20%
Before you decide to dive headfirst into podcasting, think about your budget. Generally, when you look at audio content versus video content, podcasting is less expensive. However, there’s also the cost of your time to consider. You’ll have to create the content, record the content, and then promote it. Like any other content you create, you’ll want to have a strategic plan so you’re not just recording and publishing without intention.
Video content
Video content has been fully embraced as a marketing tool. In fact, it’s estimated that 60% of businesses are using video as part of their marketing strategy.
While creating video content may seem daunting, it doesn’t have to be. Yes, you’ll have to invest more time, effort and money, but the ROI on video marketing is very high.
According to Wyzowl’s Video Marketing Statistics 2021 Report, when the marketers surveyed were asked how they felt about the ROI on their video marketing:
- 86% said video has increased traffic to their website.
- 94% said video has helped increase user understanding of their product or service.
- 84% said video has helped them generate leads.
- 78% said video has directly helped increase sales.
When considering if video marketing makes sense for your business, you’ll once again need to look at the generation gap and which demographics you’re trying to target. According to Statista, the breakdown for Youtube users by age in 2020 was as follows:
- Ages 15 to 25 (Generation Z): 77%
- Ages 26 to 35 (Millennials): 77%
- Ages 36 to 45 (Late Millennials and Generation X): 73%
- Ages 46 to 55 (Generation X): 70%
- Ages 55+ (Baby Boomer & Silent Generation): 67%
Video content consumption spans all generations, so it has the potential to be very effective for your audience. The most important thing is what type of video content – like how-to or explainer videos – will resonate most.
Social media
When considering where to focus your social media efforts, understand how the generation gap plays out on each platform. There’s no sense in wasting time on Twitter if you’re targeting a group that’s hardly using it.
Even though the motives for joining social media may be different for each group, adoption is still growing for all ages. Creating a company page or profile on a social media platform is worth the effort as long as you’re also willing to use it to connect with clients and prospects and keep it updated regularly.
Someone from the Silent or Baby Boomer generation may join strictly to see and post pictures of grandchildren. But if you can connect with them, your updates are likely to be more visible to this group because they typically have fewer “friends” and less showing up in their newsfeed.
Gen Xers like to use the Internet to research products, services, and solutions to problems they’re having or topics they’re interested in. If you give them a solution that’s quick and easy or explains something they’re researching in a way that makes it easy for them to understand, they’ll like it. Using social media to push your blog posts, relevant articles, or information about a wealth management seminar you’re hosting is a great way to reach this group of potential clients efficiently.
To help you choose the right social media platform, here’s a breakdown of who’s hanging out on the most popular ones according to Khoros’ 2021 Social Media Demographics Guide.
Boasting over 2.7 billion active users, Facebook is one social media platform that seems to span the most generations in terms of popularity. Here’s a breakdown of who’s using the platform:
- Ages 18-29 (Late Millennials + Generation Z): 86%
- Ages 30-49 (Late Generation X + Millennials): 77%
- Ages 50-65 (Late Baby Boomers + Early Generation X): 51%
- Ages 65+ (Silent Generation and Baby Boomers): 34%
With over one billion users, Instagram is an appealing social media platform for visual marketing. While you’ll find plenty of Gen Z, Millennials and Gen X users, adoption for this platform is significantly lower for Baby Boomers:
- Ages 18-29 (Late Millennials + Generation Z): 67%
- Ages 30-49 (Late Generation X + Millennials): 43%
- Ages 50-65 (Late Baby Boomers + Early Generation X): 23%
- Ages 65+ (Silent Generation and Baby Boomers): 8%
YouTube
If you love making video content, YouTube may seem like the right place to be. And, considering how wide adoption of the platform is, it could be a great place to focus your digital marketing:
- Ages 15-25 (Late Millennials + Generation Z): 81%
- Ages 26-35: (Millennials): 71%
- Ages 36-45 (Late Millennials + Late Generation X): 67%
- Ages 46-55 (Generation X): 66%
- Ages 56+ (Baby Boomers + Silent Generation): 58%
Twitter
Twitter is a great platform to leverage for short, digestible messages. With a limit of 280 characters, users can get quick hits of information in seconds. While Twitter has a massive pool of users with at an estimated 330 million active users per month, it isn’t the best platform for marketing to the older generations:
- Ages 18-29 (Late Millennials + Generation Z): 38%
- Ages 30-49 (Late Generation X + Millennials): 26%
- Ages 50-64 (Late Baby Boomers + Early Generation X): 17%
- Ages 65+ (Silent Generation and Baby Boomers): 7%
Email marketing
Target email campaigns are the most effective way to reach a specific segment of your client base without overwhelming other groups with non-relevant information. Platforms like MailChimp and Constant Contact simplify the process of segmenting your list into interest groups and sending out information electronically.
Once you have email addresses, you can create separate lists based on age and any other demographic information you’re tracking. You can utilize automated emails, personalization, and activity-trend analysis. By using email marketing, you can reach a specific group in a place that they’re typically checking often – their email.
Create a digital marketing strategy to reach your audience
Marketing across many generations may still require different messages, but by using digital media you can reach each group successfully and inexpensively. The key is to keep the content fresh and ever-changing, targeting a new audience with the next bit of information you’re providing.
The fascinating thing about digital marketing is that record numbers of people are proactively going online looking for information. All you need to do is provide them with what they need, or may need, and just don’t know it yet!