Generational Marketing
Customer networks exist across different generations. Firms that engage in businesses target different demographic classes have a significantly challenging task of addressing the needs of the entire customer group. For example, customers above fifty years will behave differently from customers below thirty years. Some goods such as electronics touch different age groups, but the marketing strategies have to be strategized to meet the needs of each customer. In marketing, a generation is always defined in gaps of about fifteen years, and marketing follows those age limits in coming up with marketing strategies. The use of generational marketing will be assessed to come up with a policy of reaching the different generations in the customer network. Generational marketing is essential in the marketing sector as it enables marketers to reach the different generations of customers at their points of need.
The marketing industry has faced several challenges when dealing with generational deviations. The newest generation in the market is the millennial generation that is different from the previous generation (Chaney, Touzani, & Slimane, 2017). The marketing strategies have to be changed to embrace the changes brought about by the needs of the millennials. Generally, the millennials have been said to be perfectionists who need simple-to-use items, which are free from defects. Also, the interests of the millennials are not fixed and vary significantly depending on the trending fashions. Moreover, the developments in technology have come in handy to impact the way fashion trends change faster than in ancient times. Therefore, marketers have a challenge of remaining relevant in the field and should be strategic to avoid losing in the bid to win the loyalty of their customers.
Marketers are always interested in remaining relevant to the target population as much as possible. Generational marketing comes as a solution to the challenges caused by the change in needs between generations. Generally, marketing to a generation has to consider the needs and behaviors of the generation so that the most significant possible number of the target population is reached ((Sox et al. 2016)). For example, the millennials are known to be soft-hearted and literary lazy, and that they rarely visit shopping malls. However, the millennials are known to be heavy buyers whenever they manage to visit the malls. Therefore, the marketers have to come up with strategies that pull the millennial customers towards the shopping malls. One such plan is the use of online marketing. The main reason why millennials are not common in the malls is that they spend most of their time on online platforms. Therefore, online marketing is essential in reaching a high number of customers.
Innovation is a crucial aspect in the marketing sector. The introduction of technology implies that new items continue coming up every day. Generational marketing aims at ensuring a smooth transition between the existing and new things (Sox et al. 2016). With the millennial generation in mind, the aspect of innovation should be given maximum attention by every marketer. The millennials will buy an item that is trending even if they do not need it. Besides, marketers aim to grow their customer network and not to worry about whether the customers only purchase what they need. Generally, the use of generational marketing helps marketers in overcoming the disappointments that might come with the marketing of outdated items among the millennials. Based on the interests of the millennial generation, different plans can be strategized to make generational marketing more effective.
The various plans that can win a marketer loyalty among millennials are a connection and the use of loyalty points. Millennials are always on social media platforms looking for items that impress them (McAlexander, Koenig & DuFault, 2016). The marketer who wins the attention of the customers on the social media platform emerges as the winner. Also, social media platforms can be used for announcing incentives to potential customers. Generally, incentives such as discounts will be more productive and are advertised online than waiting for customers to visit the malls. Also, loyalty programs work effectively among the millennials. Generally, the customers need to be acknowledged for remaining loyal to a particular brand. The loyalty program can be strategized to award customers who do more than just visiting the malls. For example, different loyalty points could be earned for different levels of purchase and referrals.
In sum, generational marketing is essential in the marketing sector as it enables marketers to reach the different generations of customers at their points of need. Generally, marketers have a challenge of remaining relevant in the field and should be strategic to avoid losing in the bid to win the loyalty of their customers. Millennials, for example, are not common in the malls is because they spend most of their time on online platforms, and thus online marketing should be embraced. Based on the interests of the millennial generation, different plans can be strategized to make generational marketing more effective. Generally, generational marketing is essential in addressing the challenges faced by marketers due to generational differences.
References
Chaney, D., Touzani, M., & Ben Slimane, K. (2017). Marketing to the (new) generations: summary and perspectives.
McAlexander, J. H., Koenig, H. F., & DuFault, B. (2016). Millennials and boomers: Increasing alumni affinity and intent to give by target market segmentation. International Journal of Nonprofit and Voluntary Sector Marketing, 21(2), 82-95.
Sox, C. B., Campbell, J. M., Kline, S. F., Strick, S. K., & Crews, T. B. (2016). Technology use within meetings: a generational perspective. Journal of Hospitality and Tourism Technology, 7(2), 158-181.