Who says we are all the same?
With each generation comes a new and vibrant personality. No longer is multigenerational marketing the most effective way to market to your clients. Each generation has its own method of communicating and must be addressed to suit the unique way they wish to be addressed.
Traditionalists like to read the newspaper. Today their newspaper is the internet as the "Greatest Generation" tackle contemporary media to address their need for information. They still enjoy communication by mail and telephone. However to cross the generational gap, internet communication is now an accepted manner to talk to one another.
Baby Boomers, born from 1946 to 1964 are influential due to their sheer size today. Their community is an important aspect of their existence. They, like the Traditionalist love to talk real estate. They love to own real estate. They love to collect real estate! Vacation properties, time shares, second homes, cottages and other investment properties are their love.
Baby Boomers love to talk. They talk on the phone. They gab on the cell phone. They even talk in long wordy emails and blogs.
Generation X is the Latch Key Generation born between 1965 and 1976. in this short period of time society created an anomaly to their parents, kids who had to help themselves as their parent went to work. These are my kids, your kids.
This generation lived in a time when diverse was rampant and single parent homes were the norm. Thus they have delayed marrying, having children as they seek a real live-work balance. Unlike their parents they will not work until the job is done, they work along with the job.
Their careers will likely range from place to place ten or twelve times as they search for a better more fulfilling existence. Personal time is much more important that work time to Gen X.
Technology was a fact of life for Gen X. they were born into the internet, gaming on line, email and more importantly texting. From this generation came much of the techno communication stuff we use today such as Facebook and Myspace.
While Boomers and Traditionalists respond to Brand marketing. Generation X and Y prefer lifestyle marketing. Gen X does not respond to fear based marketing as seen on TV infomercials.
"Buy today before it is too late!" Doomsday marking will not work here!
They are independent, so micromanaging and indirect communication will undermine your relationship with Gen X.
Generation Y, born from 1977 to 1994 is a whole different environment. This is the most educated generation ever. They are confident, fun, optimistic and collaborative. interestingly, they know how to get the correct answer but may not know how to calculate it. "Google it", they will say!
They love to do the right thing.
They have been told they are "Special". Remember the soccer leagues where everyone, even the losers got trophies! They were Generation Y! They have a unique sense of risk and consequences.
Again they do not respond well the brand marketing. They are motivated with money and success and are impatient and do not want to "pay their dues" to achieve success.
Gen Y want it now. Boomers believe you have to earn privileges, Gen Y want privilege now.
This trend has contributed to an important fact we are seeing among first time home buyers. Most young people are electing to stay at home or to rent in desirable areas. Since Gen Y is motivated highly by money, their first real estate purchase may be an investment property rather than a personal residence. In fact, aggressive Gen Y's are buying property in their teens and early twenties if they can get financing.
Gen Y love collaboration and lean on their peer group for advice. "Group think" pays volumes for them. It is imperative to not be the "expert" with Gen Y but to be a helper or influencer. They appreciate the knowledge and will make their own right decision. Let Gen Y navigate through their own direction towards the purchase.
Unlike Gen X who will confront on a moments notice, Gen Y is not confrontational. That is why texting is popular with this generation. They then have time to consider that response.
Generation X and Y are changing how we market. Less time is being spent by these generations at a computer and more is being spent on mobile. They need a condensed version of everything.
Gen Y are interactive. They co create and cooperate on projects. Thus a blog is imperative and must be included in your website. Social networking is a must as you develop trust socially and network collaboratively. Any social must be real and interactive to develop into trust and friendship. But Pinetrest is supplanting Facebook as these young entrepreneurs love picture statements rather than word essays.
On line activity is a must for GEN X and Y, but many like to remain lone wolf surfers, anonymous and social at the same time. Some of he most recent social sites show this character where you can identify single individuals that are close by without fear of retribution.
You must communicate their way. Text messaging is a must. They use a telephone only as a last resort.
So know the newest generations. They are our buyers and will soon be the dominant sellers on real estate as well.
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