Four Generations – Four Sales Strategies Distinct cultural differences Unique buying habits
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Transcript of Four Generations – Four Sales Strategies Distinct cultural differences Unique buying habits
Four Generations – Four Sales Strategies
Distinct cultural differencesUnique buying habits
Work and family life balancePriorities
Four Generations in the marketplace
Traditionalists1925 – 194567 – 88 years
Generation X 1965 – 1979 33 – 48 years
Baby Boomers 1946 – 1964 48 – 67 years
Generation Y/ Millennials
1980 – 2000Just reaching 30s
• Mature or Silent Generation• Traditionalists• Influenced by military• 35 million in 2008• Most affluent • 15% of workplace
• Dedication, sacrifice
• Experience will always be the best teacher
• Conformity, blending, unity – “We First” Team
• Hard, hard times then prosperity
• Deference
Traditionalists
• Workaholics• Competitive • Success visible – trophies, plaques, certificates • Defined by their work • “We are the world, we are the children”
Baby Boomers
• Born following WWII• Increased birth rates• 80 million• Most influential • 33% of workforce• Impatient
• Questions authority• No shared heroes; they are the people they know• Watched lifelong employment end• Don’t believe it will happen to them• Carpe diem! Seize the day!
Gen X• 13th Generation• Baby Busters• 45 million • 18% of workforce• Size above Matures• Influence less than Boomers
• Parents a big influence; well cared for by parents• Younger than other generations at same age• Group orientation• Always “on”• YOLO! You only live once!
Millennials•Generation Y• Echo Boomers• Second largest generation • 75 million • 60-65% of workforce
within 10 years
Age of First Time Boat Owners
From Left Brain Marketing
Special Report on Boating & Fishing 2013RBFF and Outdoor Foundation
Special Report on Boating & Fishing 2013RBFF and Outdoor Foundation
Traditionalists & Boomers
still have highest potentialSenior niche of Americans 60 years or
older have the highest percentage of people who are either current boaters/fishermen or are interested in boating and fishing
Of the nearly 40 million seniors in the US
–9.5 million (24%) currently fish or boat
–23.3 million (59%) are interested
RBFF Niche Study – March 2011
Work & Lifestyle Characteristics Traditionalists Baby Boomers GenXers Millennials
Core Values Respect for authorityConformersDiscipline
Optimism Involvement
SkepticismFunInformality
RealismConfidenceExtreme fun/social
Education A dream A birthright A way to get there An incredible expense
Communication Media PhoneFace-to-faceWritten
PhoneCall anytime
Call me only at workEmail
Smartphone/TextFacebook
Communication Style FormalMemo
In person Direct and immediateCasual
Email or textGoal-focused
Dealing with Money Put it awayPay cash
Buy now, pay later Cautious & conservativeSave, save, save
Earn to spend
Work Ethic and Values Hard workRespectSacrificeDuty before funAdhere to rules
WorkaholicsWork efficientlyPersonal fulfillmentDesire qualityQuestion authority
Eliminate the taskSelf-reliant/individualistWant structure/directionSkepticalWant balance
MultitaskingEntrepreneurialTolerantGoal-orientedCivic-minded
Work View An obligation An exciting adventure A difficult challengeA contractFastest route to results
A means to an endFulfillmentSource of identity
Work and Family Life Ne’er the twain shall meet No balance – work to live Balance Balance
• History of organization
• Name recognition of organization
• Tenure in the marketplace
• Historical and perceived quality
What matters to Traditionalists and Boomers
• The Individual, the ego
• How things will affect their lives
• How things will make them distinct
• How you’ll impact their future
• How they’re different
What matters to Gen X and Millennials
Priorities may impact
Consumer Spending
Great recession has changed consumer
attitudes33% more careful with spending
27% not financing purchases
22% are/will be more cautious with leisure purchases
Reasons unlikely to purchase boat in next 3 years:– Lack of disposable income – 16% of current boat owners; 20% of
non-owners
– Too much debt already – 7% of current boat owners; 6% of non-owners
– Unable to get financing – 1% of current boat owners; 2% of non-owners
RBFF-BrandSpark Study 2010: Consumer Attitudes
Target respondents: US residents age 18-69; household income >$60,000 – includes boaters & non-boaters
RBFF-BrandSpark Study, 2010: Consumer Attitudes
• Ask for the “rules of engagement”
• Traditional sales process
• Testimonials, credentials
• Face-to-face or telephone; stay in touch even post-sale
• Under promise, over deliver
Selling to Traditionalists
• Brand, brand, brand
• Expect strong work ethic from you
• Technology, time-savers important
• Communicate along the way, and after the sale
Selling to Boomers
• List all available services and options
• Data and information – more is better• Relationship selling – NOT!• Control• Transparency; straight-forwardness
Selling to Gen X
• Business is transactional• Well-connected, savvy; simple, sleek, modern marketing• Guide them through process; don’t give many choices• Be genuine and helpful• Make financing easy, not scary
Selling to Millennials
DIVERSIFYTraditionalists
Generation X
Baby Boomers
Gen Y/ Millennials
Four Generations – Four Sales Strategies
TRADITIONALISTS BOOMERSAsk for the “rules of engagement” Brand, brand, brandTraditional sales process Expect strong work ethic Testimonials, credentials Technology for efficiencyFace-to-face/phone; stay in touch Time savers importantUnder promise, over deliver
GEN Xers MILLENNIALSList all available services and options Business is transactionalData and information – more is better Well-connected and savvy Relationship selling – NOT Simple, sleek modern marketingControl Provide guidance/not many choicesTransparency; straight-forwardness Be genuine and helpful
Make financing easy, not scary