This is the method of marketing to a specific generation.
The generations are often split into 4 groups:
Millenials - Born after 1980
Empowered and optimistic. They live in a fast world and therefore expect everything to happen quickly. Being the youngest generation they are the most intelligent (the average IQ leaps 3 points with each new generation). This generation is also the most educated.
Baby Busters - Born between 1965 aqnd 1980
Instilled with a sense of economic uncertainty and a reduced expectation of long term fidelity between employers and employees. This is due to events such as the 1973 oil crisis, the 1979 energy crisis, the early 1980's recession.
Baby Boomers - Born between 1946 and 1964
The post WW2 generation. People started settling down into family life and repopulating Britain. Without a war going on people also started to get jobs and establish careers, rebuilding Britains economy. They are aware of what their parents had to suffer and are grateful for what they have as a result. They are intelligent consumers and will not be won over easily by advertising.
Mature Citizens - Born between 1909 and 1945
An ever increasing generation in the UK. Thanks to improved healthcare, cultural changes and increased health awareness people are living older. Therefore the mature citizens market is ever increasing, so much so that it is split into 5 groups.
Over 55 - Approaching or already retired, still has commitments such as mortgage and perhaps children to fund.
Young Olds - Under 70. Both partners alive meaning a lot of disposable income.
Old Old - Over 70. Little money and unfortunatly usually living alone.
Silver Surfer - Less money than old old. Many rely on internet due to inability to travel.
Skiers - Their children are now earning the most they are likely to in their careers and they will benefit from their childs income.
The reader should bare in mind however that the above dates are only contemporarily relevant and need to be constantly updated as generations age and time passes.
Above is a life cycle for those fortunate enough to live a long life. It shows that while there are 4 main stages in life, there are also 3 significant transitions. These transitional periods are essential to marketeers as if they can catch people while they are transitioning, they may be able to influence their buying behaviour for a long period in there life.
Here is a graph demonstrating current population distribution.
It is worth mentioning that some generations e.g. silver surfers become a niche, due simply to the fact that there are so few of them compared to other generations.
SPOTLIGHT - Pester Power
"Kids represent an important demographic to marketers because they have their own purchasing power, they influence their parents buying decisions and they are the adult consumers of the future"
Article on marketing to kids
Industry spend on advertising to children has increased dramatically in the past 10 years, from $100 million in 1990 to over $2 billion in 2000.
This is due to trends such as smaller family size, increased disposable income due to women gaining employment and later in life pregnancies, guilt purchasing.
Pester Power is the ability children have to nag, moan and pester their parents to get what they want. PERSISTANT nagging is simply asking for the item repeatedly, IMPORTANCE nagging however plays on the parents longing to provide the best for their children.
Pester power also plays on quick fix parenting. Parents who don't have time to spend with their child or perhaps do not even live with their child will rely on expensive presents to gain their favor.
Cultural changes in parenting have also had an effect. Children are now rewarded for good behaviour by their parents when in previous generations they were punished for bad behaviour and were expected to be good all the time without the incentive of reward.
Pester power can be very effective, advertise to an adult to sell a childs product and the adult will see it once, advertise to the child and the adult will hear about it a million times!
A child does not have the ability to analyse an advert or a product the way an adult can, looking past the adverts bells and whistles and objectivly evaluating the product. Therefore they are a much less complicated group to advertise to, a real benefit for marketers.
Friday, 23 April 2010
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Looks like you are combining two postings here "marketing to kids" and "generations" - it is all a bit flat and decriptive compared to most of your postings - although I recognise you are doing wider research and the ads are good
ReplyDeleteIf you want to count it as 2, that is fine by me :)
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