“My Generation”, a song released in 1965 by the English rock band The Who, became a huge hit and one of their most recognizable songs. Written by Peter Townsend, he stated, “My Generation was very much about trying to find a place in society. I was very, very lost.” As a jeweler, you know that it is important to know how to relate to your target consumers.
And you know well that for your marketing messages to be successful, it’s essential that you tailor them to your different audiences, markets and each generational group. “Generational” marketing is targeting your markets by age rather than other demographics. If you want to make sure your marketing is effective for each generation you’re targeting, you must understand the motivations, challenges, and habits of each generation. Further segmentation of your market is necessary but beginning your planning by keeping generational marketing in mind can ensure you’re not excluding a huge part of your target market from the start.
Which generations respond best to telephone calls, who is most likely to shop in-store, who is motivated by price or gets hooked because a brand is endorsed by a celebrity? Read on….
What are the Generations?
There are five generations currently identified in the United States:
- Gen Z or Centennials: Born 1996 – mid 2000’s
- Millennials or Gen Y: Born 1977 – 1995
- Generation X: Born 1965 – 1976
- Baby Boomers: Born 1946 – 1964
- Silent Generation: Born 1945 and before
Baby Boomers are Important
Boomers have the highest value as consumers in the market today! They are receptive to direct marketing/sales tactics. They like to talk to real people. They spend the most money on each shopping trip, and as they reach retirement age, they are more likely to splurge on items that aren’t on the grocery list.
- Holds customer service above all other factors
- Unlikely to test new products/maintains brand loyalty
- Highest percentage to prefer in-store shopping
- Prefers to purchase locally rather than online
Appealing to Generation X
The neglected middle child. Gen X is the smallest generation, and is largely ignored by marketers, but they spend the next highest amount behind Boomers. This generation’s importance will continue to grow as they’re in their earning prime. Gen Xers are top spenders for all categories.
- Prefers honest and clear product and marketing messages
- Most likely to conduct online research at home and shop in person
- Most influenced by email marketing campaigns
- Prefers unique, high-quality products
Marketing to Millennials
Millennials are establishing their careers, paying off student loans, getting married and having families. Their spending power is growing larger, but budget restraints result in less spend per transaction. They are the least frequent in-store shopper. This generation is the most responsive to online shopping opportunities and recommendations from friends and family.
- Does not like traditional ads
- Prefers user-generated content, social selling, word of mouth
- Very price conscious and seeks the best value
- Motivated by brand engagement, especially through social media
Capturing the Silent Generation
So called the “Silent Generation” because they were raised during a period of war and economic depression. This group is small, but at 24 million people strong, it’s still a group that deserves your attention – especially because Silents rank as one of the wealthiest generations. The Silent Generation doesn’t always spend much. But when Silents spend, it’s selective and with the intention of enhancing life. Their pragmatic spending reflects their priorities and they splurge on what they want.
- Prefers direct mail, newsletters, postcards, flyers
- Requires simple, straightforward content
- Prefers imagery that relates to their age group
- Values include family, patriotism, community and respect
Get Social with GEN Z
This demographic makes up 32% of the global population. Digitally savvy, they grew up with smart mobile phones and iPads. Gen Zers has fewer people spending as a generation – but they are active buyers and spend more money per year, through more transactions, than any other generation. With limited responsibilities and many living with their parents they mainly spend on retail, restaurants, and entertainment.
- Distrusting of branding and advertising
- Prefers testimonials/influencer content
- Prefer brands that contribute to social and economic causes
- Most likely to pre-shop on smartphones
One thing that we know is that there are silver collections that appeal to each generational group whether it be the classics of E.L. Design or the sleek looks of Kelim. Find sterling looks for every generation at savorsilver.com.
Talkin’ ‘bout my g-g-g-generation, talkin’ ‘bout my generation