Generational marketing

At Coldwell Banker I took part in a webinar on niche marketing, which incorporated demographics by learning how to define the market. This enables agents to identify generations and build a relationship to then create appropriate niche marketing for each group. The following generation categories are as follows:

G.I. Generation 1901 – 1926

Silent Generation (Active retirees) 1927 - 1945

Boomers 1946 – 1964

Generation X 1965 – 76

Generation 1977 – 1994

Generation Z 1995

The GI and Silent generation grew up in a full service world where employees were hardworking and community orientated. This group is used to saving money as they lived through the great depression and WWII. They lack imagination as they have been through the Korean and Cold war making them conformists. Agents should tell these clients they will call them as this group has more free time so will expect actions to happen quickly. This group is also indecisive and cautions so information will have to be provided to them in great detail.

The Baby Boomers are ambitious, career orientated, competitive and materialists. This generation lived through the Vietnam War and the Cuban missile crisis. They were able to live in economics times where wealth making was easier by the opportunity to buy low and seller high. They could also invest in blue chip companies.  They like to focus on lifestyle over age and the younger generations of the baby boomers have been brought up being good at debt management and are happy to postpone marriage for a career. They like convenience and rate the reputation of their agents, including network of contacts and their credentials. This generation is able to find information and likes the idea of leading an active lifestyle.

The generation X tends to be speculative, independent, like isolation and carry entrepreneurial abilities. They value quality of family life over career. They lived through the Berlin wall, Chernobyl and the economic recession. They like to have access to everything and be able to negotiate on price and details.  They are risk takers and hold a sense of entitlement. They need the agents help but expect information to be free, with only one chance given.

The generation Y lived through September 11^th  (and many other terrorist attacks), the growth of the Internet, the gulf war and globalization. This generation has been shattered, sensitive to multicultural, over scheduled and good at multitasking. They are used to high tech, low touch services but hold empathy towards elders. This generation likes agents to have a quick response time, agents should use email to contact clients and be sure to update their website regularly as this will be judged.

The generation Z will be into online banking and have high use of the Internet. There services will mostly be done over the Internet as they lived through the digital revolution they will have no memory of the 20^th centaury for an agent to base tips off. This generation is yet to enter the housing market.

I personally thought this was a really neat way of linking a clients needs to what an agents should provide them from the past history of experiences.