Our industry is notorious for coming up with shiny new lingo du jour every year. I was also skeptical when I first began researching about generational marketing. How is this different then demographic and psychographic segmentation? How is it going to enhance my understanding of consumer purchasing behavior? How is it going to help me make brands more relevant to the consumer? These were the few questions running through my mind starting out.
One of the best books I read on the new generation of consumers was titled "growing up digital" written by Don Tapscott. This was back in 2000. When I read this book I was a content manager for an interactive television channel dedicated to kids ages 5 -14. One of the biggest nuggets of wisdom I got from that book was that the kids these days come into a household with wi-fi internet access and mobile phones just as our generation was born into a household with microwave oven and cable tv. Internet is a non-issue for them.
As these kids grow up, become consumers with their own coined segment, the "Millennials", they start to exhibit their own distinct consumer behavioral patterns. They are media multitaskers. They have low tolerance to advertising speak. But most importantly, they are independent thinkers with influencing power on incredible array of products and services. My 13 year old son is skeptical of any credit card commercial. He scrutinizes car commercials on warranty or standard features. He is definitely a go-to person for me for any major purchase. Why? I want his opinion, I value the perspective he brings to our decision making. It is no joke!
This is just a vivid example of how generational marketing (or segmenting) works in real life.
"Dear Ms. marketer, if you want my business (I am a tale-end Boomer), you better impress my Millennial son first. "
As a marketer, I am approaching marketing challenges landing on my desk from this perspective now.
Please click below to read the related interview published on Business West
http://www.businesswest.com/details.asp?id=1315
Friday, November 02, 2007
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