As a small business owner I am continually looking at and reading about trends that affect my business, and just as importantly that affect my clients as well – especially when it comes to marketing. One area that I have found very interesting to look at is information with regard to generational trends. Recently I was reading a report on “The Next Generation of American Giving” published by Blackbaud – a major technology and software firm serving the nonprofit and education markets, and this provided the inspiration for this blog post along with some other sources. While the report was specific to fundraising, I believe that some of the information I am highlighting today can apply to pretty much any business.
As a printer by trade, I was very interested to read with regard to the effect that direct mail had amongst the various generations. Admittedly the trend is for more online giving, even for the Boomers (born 1946 – 1964), and yet both Gen X (born 1960-1980) and Gen Y (born 1981-1995) say that direct mail is a perfectly acceptable medium of communication. I had also read recently that the Millennial generation actually finds mail to be preferred over other media forms (Valassis Shopper marketing report).
The report also found that multichannel marketing is the “new normal.” While the ideal mix varies between generations, even the Matures (born 1945 and earlier) give online (27%), view videos (22%) and read or post to blogs (9%). Important ways to stay in touch for the Gen Y’s is to visit an organization’s website (44%) and receive e-mails or e-newsletters (34%), while all of these percentages drop in importance for the Gen X’s and even more so for the Boomers and Matures. An interesting note was that while receiving a text message was pretty low on everyone’s interest, both the Gen X and Matures ranked this media format the same, at 4%!
Social Media is definitely growing as a way to communicate and share information, and as you might expect, the Gen Y group places the most importance on this at 29%, then 20% for Gen X and only about 5% for Boomers. This will likely change in the future and become even more prevalent amongst all generations, and as the report highlighted, while then number of Boomers might not be that great right now, the ones who are connecting will matter a lot in the future. Word of Mouth sharing of information also seems to be much more comfortable for the younger generations as compared to both the Boomers and Matures.
When it comes specifically to giving, both the Boomers (43%) and Matures (26%) are by far the strongest generations. And while the Gen X outpace the Gen Y’s, it is not as much as you may think. It is interesting to note that the Gen Y’s would plan to increase their giving at a higher level than all other generations, and would also be more inclined to give to more different charities than the other groups!
There is so much more to look at when it comes to how different generations react within the marketplace, and I suspect for each business it might vary as well. We should all be very conscious of not only how generations react to marketing trends, but how our own employees look to engage with our clients and prospects. For sure we need to make sure we are communicating in the ways that our clients best react, and at the same time make sure we recognize that all of our future clients will likely be those from the younger generations!
How do you interact with the different age groups?