10.17.22
Generational Marketing Strategy 101: Start With Understanding Common Generational Behaviors
by: BISA Staff
The following is an extension of the “One Size Fits Nobody” article featured in the 2022 issue of “Portfolio” magazine – an exclusive benefit for BISA members. Learn more about the need for more segmented marketing strategies and nine tips for smarter targeting and messaging in “Portfolio” magazine.
As more investors report a willingness to switch providers, smart wealth management firms are using generational marketing strategies to better connect with clients and prospects.
No age-based description is 100% accurate, of course, but behavioral research points to the common characteristics below. The traits are valuable to keep in mind when crafting your generational marketing strategy:
Traditionalists/Silent Generation: Born 1928-1945
They prefer in-person communication and phone calls. They respond to direct mail and traditional advertising. This group values respect, civility and promptness.
Baby Boomers: Born 1946-1964
Now in or approaching retirement age, baby boomers were middle-aged when home computers took off. They’re much more likely than other groups to access the internet via a desktop computer than a smartphone. They’re also more likely to be found on desktop-friendly channels like LinkedIn, Facebook and email. The “me” generation is more tech-savvy than it used to be. They appreciate informative videos, and are more likely to share content on social media than any other demographic. This group values clarity and background context.
Generation X: Born 1965 to 1980
Research indicates they’re the most brand-loyal age group, spending over one-third more each year than millennials. Gen-Xers consider some messaging (especially texts) to be intrusive. They use email and Facebook more than any other group, with the vast majority of them preferring email over other means of brand messaging. This group values authenticity and flexibility.
Millennials: Born 1981 to 2000
Millennials are now parents to half of U.S. children. They’re more likely to research products on their smartphone than any other generation, and grew up watching and sharing videos. They’re more likely to value positive online reviews and testimonials. This group values convenience, corporate citizenship and affinity groups.
Read the full story behind the “One Size Fits Nobody” in the 2022 issue of “Portfolio” magazine – a BISA member-only publication.
Not a member? Join today. BISA is the leading financial services industry association dedicated to serving those responsible for the marketing, sales and distribution of securities, insurance, and other financial products and advisory services through the bank channel.