Generationally Savvy

Selling to the Baby Boomers

                 The Baby Boomers 80 million strong created a cultural wave in purchasing never experienced before. From the time Boomers entered adolescence to now as they begin to enter "retirement age" the sheer numbers of people in this generation has dramatically impacted the market.

Boomers purchasing power is at an all time high. Millions of business people and organizations already directly target their marketing, messaging, and solutions at serving and selling to the Boomers, a generation of wealthy, I want it now, liberal spenders.

However, don't forget it is a "seller beware" market. Boomers are demanding customers who expect great things for their money. Contrary to popular belief they are not brand loyal like their Traditionalist parents. A  2001 Roper/ASW study reports that buyers age 45+ are no more brand loyal than younger people in most categories.

The good news, Boomers can be influenced by advertising and marketing messages. They are constantly looking for new products and services that meet the demands and life opportunities and obstacles they are facing. Here are a few tips on what Boomers are dealing with:

• Boomers are time-stressed.
• They are dealing with aging parents who need their care.
• They have Boomerang Millennial children who keep coming back again and again.
• They need products and services that will save them time.

Boomers are at the peak of their careers and earning potential. Time is money to a Boomer and they are willing to pay handsomely to get back the balance in their life.

But be aware that Boomers have a healthy skepticism of authority from their activism, flower-power years. So be ready to present your convenient, easy, trusty time-saving solutions in a highly ethical and straightforward manner.

These civil rights, human rights babies are value-driven and optimistic by nature. But they will do the research and you will need to match up what you promise with what you deliver.

What Shapes the Generations? Why are we so Different?

You might be puzzled how 2, 3, 10 people who grew up in the "same" general area (but 10, 20, 30 years apart) can have such different values, attitudes and beliefs?

How can we "see" and "understand" things so differently?

Much of the puzzle, and I'm not saying ALL, can be explained by what was happening in your (or the person you are living with, working with, loving, hating) formative years. Between roughly 8 - 18 we are making sense of how the world works, what we believe, who we can trust. We are forming our personal paradigms through the experiences we are having.

Those experiences are directly influenced by the events and conditions of not only our family and our "neighborhood" but the national and international conditions and forces at work. The people, places, or things that are in the news become reference points, not only for me, but collectively for the others growing and forming at the same time (give or take 20ish years) in my generation.

Now this is where it gets interesting. Those decisions we are making from watching and surviving will be embedded deeply and pulled out as a reference guide for the rest of our lives. We will make job choices, purchasing decisions, relationship mistakes etc. based on those influences of our formative years.

The fun and fascinating part is... We can't help it! Sometimes we can go against the pull of our "generational personality", but for the most part there it is saying:

• "anything is possible"
• "I don't trust institutions"
• "I can do anything"
• "self-sacrifice for the greater good is noble"

So what were a few of these influences that are shaping the 4 generations in our workforce and marketplace?

Traditionalists - formative years were filled with tough times that molded them into hard working, loyal individuals. The Great Depression – the future was dark and having food or a job was a privilege.  Sandwiched between the two great wars as soldiers and civilians they banded together to fight as one. They put aside their personal needs for the greater good. Traditionalists value hard work, respect for authority and discipline and above all, work before pleasure.

Boomers - During their formative years the sky was the limit, literally.  They put a man on the moon and had opportunities of education, peace and love, freedom of self-expression. Events like Woodstock, icons like the Beatles and dreams from leaders like Martin Luther King created a world of possibility. Yet it was also a world of fierce competition. 80 million people were vying for your job. Boomers were all about building a Stellar Career and staying ahead of their peers.

X-ers - During their formative years they saw their Boomer parent’s work-centric life style and felt the impact deeply. They were the first latch key kids. With corporate downsizing of the 70’s and 80’s they saw their Boomer parents be let go with out warning. Divorce rates were tripling creating more single parent households than ever before. The world was dangerous and full of hostage situations like the Iran Hostage Crisis. With new diseases on the scene like AIDS, suddenly even love was dangerous.

The Xers do not believe in the myth of organizations and institutions as safe paternal figures. They were responsible for making their own after school snacks and managing their own schedules. They are autonomous, self-directed and a little cynical about exactly what leaders were up to.

 

Millennials- Their formative years are all about being connected and appreciated. These digital natives were born and raised with computers, text messaging, iPods and instant access to information. They are the plug-in generation.

With competitive, optimistic Boomer parents flush with dollars in their mature careers, Millennials have many opportunities, but they also have challenges. They are the first generation to see personal safety as their first concern. They have witness more national killings and international tragedies than any other generation in their formative years. This has built in a resiliency that will support them throughout their lives.

As we work to engage, motivate, inspire or retain these individiuals, knowing where they "came from" generationally can be a distinct advantage.

Generational Contributions - What Traditionalists, Boomers, X-ers and Millennials Bring to the Party

When you think about it over the centuries one thing has remained constant...... No matter what generation you are a part of, when you entered the workforce your parent's generation thought you: lacked work ethic, were rude, disloyal, lazy, etc.

A famous quote by Socrates underlines this point, "The children now love luxury; they have bad manners, contempt for authority; they allow disrespect for elders and love chatter in place of exercise. Children now are tyrants." So it's nothing new, but oftentimes we over look what each generation brought to the party of life and work.

Our Traditionalists ages 61-79 created a solid foundation by the sweat of their brows, literally. If you consider it from Maslow's Hierarchy they were focused on the basics, food, shelter, clothing, safety. They made sure there was a free democratic union for us to live, love and flourish in today.

Our Boomers ages 43-60 got to move up the hierarchy to new levels of self-actualization focusing on education, human rights, civil rights, womens rights. They started charities by the thousands. In 1928  there were 128 charities and foundations mostly started by private families. By 2000 there were 90,000 not-for-profit organizations started by individuals and public organizations. Optimistic, idealistic and competitive, their drive and need to make their mark had many positive impacts, as well as a few environmental draw backs.

That's where much of the Gen X generation have focused their energies. The consumer "pig and the python" phenomenon of the Boomers left the Xers asking, "Ok, but what's the impact of that on the environment for my children's future? While Boomers consumed, Xers conserve- the Three R's, Reduce, Re-use, Recycle.

In come the Millennials (Gen Y) and they more than any other generation have the freedom to ask (Why?) What's my purpose? Do I have a place here? Does this make a difference?

A Traditionalist would say, "Charity starts at home".

A Boomer would say "I'm going to start a charity and change the world." "I'm going to the moon! (or there abouts.)"

An X-er would say "I want to change the world but I'm going to start at the grass roots level one-to-one. Focus, focus, focus! I don't want to over promise and under deliver."

A Millennial, well changing the world is just what they do. Volunteering with their late-Boomer early X-er parents from the time they were in diapers. They have a resume of charity, innovative projects that would make a "Buckhead Betty" proud by the time they enter college.

When trying to attract and retain and X-ers or Millennials showcasing how your company supports and actively encourages their core values can go a long way to persuading them to choose to come to you. Before they care about what you do, they need to know you care about what they value.

Generational Overview - Who's a what and why do I care?

It's amazing! Every time I'm out at a business event or social gathering the conversation turns to the generations. Now I know that I might tend to be a magnet for the conversations as it's an area that I'm quite passionate about, but really everyone (a.k.a. lots and lots of people) is talking about one of the generations.

A quick overview of what they are talking about might be helpful:

Traditionalists (a.k.a. Matures) born between 1927 and 1945 are currently 61- 79 years old.

Baby Boomers (a.k.a.  Boomers) born between 1946 and 1964 are currently 43 - 60 years old.

Gen X-ers (a.k.a. X-ers) born between 1965 and 1977 are currently 30 - 42 years old.

Millennials (a.k.a. Gen-Y) born between 1978 and 1999 are currently 8- 29 years old.

Why are we talking about the generations? What is so important about understanding each generation and how they think, what they value and what they believe...

Bottom line it's affecting the way and how successfully we do business, how we attract, grow and retain our top talent and loyal customers.

Corporations and associations are feeling the pinch as the talent market tightens and the competition for leaders, members and employees heats up.

Currently...

Traditionalists make up 10% of the workforce and are ready to retire.

Baby Boomers (80 Million strong) make up 46% of the workforce and are poised to start retiring or at least change their jobs.

Gen X-ers make up only 29% of the workforce. Only 44 Million ever born, this generation of leaders numerically can't fill in the gap the Boomers will leave, and frankly don't want the same "live to work" life style. They are declining the offers of management saying, "Thanks, but no thanks." to the promotions and senior-management positions that are rapidly opening.

Millennials (76 Million) currently 15% of the workforce and will definitely expand to fill more of the workforce however these "Echo Boomers" will not be quite ready for the top leadership positions for a few years.

Organization leaders need to be asking themselves the tough questions.

• Why do they want to work for us?
• How do we match their values and needs?
• What would their career path look like in the first 6, 12, 18 months?

Because they are going to be faced with them in interviews (both formal and informal) and knowing and living the answers will make all the difference in attracting and retaining the next generations.

Generational Savvy.... the beginning

It's true; I have 18 brothers and sisters. I'm the youngest girl of 19 children and that made my entrance and fascination with the world of leadership, marketing and communication quite natural, particularly multi-generational leadership and marketing.

How to survive on a daily basis and get my perspectives heard and needs met in the market place that was/is my family..... well, it helped hone my skills early and taught me lessons that I've pulled through into my consulting and professional speaking.

When you add to that 18 siblings, 56 nieces and nephews and literally hundreds of cousins, you get a microcosm of what works and what doesn't.

You get quite good at looking down the road of life at what's the next trend, hot button, or opportunity to put your self ahead of the pack.

So here goes...Blogging on leadership, marketing and multi-generational issues and what business leaders need to know.