Revolutionary Tips on Generational Marketing for Real Estate
Understanding how different generations are shaped will help you understand how to reach potential buyers and sellers when building your sales funnel. How do these groups think? How were they shaped? And How do they like to communicate?
- The Silent Generation – (Born 1925 – 1942)
- Some fought in World War II
- Korean War or
- Vietnam War
Consider the “Lucky Few” and a smaller group due to financial insecurity. Therefore, it caused families to have less children. Why the “Lucky Few”? This group is the wealthiest, healthiest and educated of generation elders than any other eldest group. They have a net worth on average of $228,400 and have set up trust funds for their grandkids.
Baby Boomers – (Born 1946 – 1964)
- Born after World War II
- Grew up during the depression
- More children born – The average number of children born per women as 3.09 post World War II.
- The age of the rejection and redefinition of traditional values. This is arguable.
- Also considered the “ME” Generation –
- “As a group, they were the wealthiest, most active, and most physically fit generation up to that time, and amongst the first to grow up genuinely expecting the world to improve with time.They were also the generation that received peak levels of income; therefore, they could reap the benefits of abundant levels of food, apparel, retirement programs, and sometimes even “midlife crisis” products. The increased consumerism for this generation has been regularly criticized as excessive.” (Wikipedia)
Generation X – (Born 1965 – 1979)
The accelerated generation. Considered to be highly educated, active, balanced, happy and family oriented.
Their worldview is based on change – “Mapping a Youth Culture in Motion, a collection of global essays, Professor Christine Henseler summarizes it as “a generation whose worldview is based on change, on the need to combat corruption, dictatorships, abuse, AIDS, a generation in search of human dignity and individual freedom, the need for stability, love, tolerance, and human rights for all. “ (Wikipedia).
Generation Y/ Millennials – (Born 1980 – 1994)
- Also known as the Millennials, Echo Boomers which refers to their size.
- Generation Me shows signs of confidence, tolerance, a sense of entitlement and some narcissism. This is based on the Strauss – Howe Generational Theory.
- 49% say the best years are ahead – Pew Research
- High student loan debt and employment – Pew Research
- Possible that the suburban Millennial will have helicopter parents
Generation Z – (Born 1995 – Present)
- AKA: Post Millennial, iGeneration, Generation Tech
- Growing up with technology
- Very comfortable navigating social media sites and the internet
- “innovative, entrepreneurial, and highly conscious of their futures and the challenges they face” Patrick Cooper
- Considered to be digitarians because they’ve always been connected to the internet. The first generation to have always been connected to the internet.
Ok, now that we have history and some understanding of different generations, how do we market to each of these groups to capture leads? How do they consume content? Each group is unique in how they consume content, when these groups view content, the type of content consumed and the times content is consumed.
Time Spent Consuming Content
- 23% Millennials are consuming content 5 to 10 hours a week and 21% over 20 hours a week
- 27% of Baby Boomers are consuming content 20 hours per week
- The same is true for Generation X 23% are consuming content 5 to 10 hours per week
When is content consumed?
Generation X and Millennials are consuming content late evening between 8:00pm and 11:59pm at 35%. Where baby boomers are spending time consuming content early morning between 5am up to 11:59am at 18% to 22%.
What device is content being consumed on?
Overwhelmingly Generation X and Baby Boomers prefer to consume content on a desktop computer or a laptop. Where Millennials consume contact on a laptop, desktop or mobile phone.
Types of Consumed Content
Of all the content available on line Blog articles and images are among the top two preferred methods to consume content among all three generations.
Marketing to the generations
After reviewing how each generation is shaped we can build a pretty good picture of how each group can be reached with marketing. The silent generation is stable and will most likely read their mail and answer the phone. Baby boomers are online but were not shaped by technology. Therefore, traditional marketing is important when targeting this audience. Generation X is considered to be highly educated, sense of tolerance and likes stability. Millennials on the other hand are shaped by technology along with the soon to be iGeneration that will enter our market place. With this is mind millennials and the iGeneration generation are more likely to respond to online marketing.
What creative ways will you market to these groups?
- Know your audience – Who are your social media followers? What is their generational makeup? Are they engaging or just researching? Ages 18 to 49 are on social media at 82%+. Ages 50 to 64 65% are using social media. What does this mean for you? If you don’t know how your audience thinks you might miss out on a client opportunity.
- Silent Generation—this group will read their mail, newspaper & most likely answer the phone. They do research on social media. Or what I call research. Consume content in the morning. Target them with traditional marketing use one image that conveys emotion. Keep the marketing simple.
- Baby Boomers—this generation consumes content using a desk top or laptop. The content read comes from blogs, e-books, and reviews. Baby Boomers also search online during the AM hours. 8am to noon. This group places a higher value on face-to-face communication ad want to know what your business stands for!
- Generation X likes to read blogs, view images, e-books and case studies. They are most likely consuming content from 8pm to midnight. The same is true for Millennials. Avoid hard core sales tactics, make sure you are familiar with your market place with statistical data and combine traditional marketing with digital marketing.
- Millennials— Millennials are looking for referrals, they do their own research and will come prepared with questions they might already have the answers to. Have a strong online presence using blogs and social media. Be quick to adopt the latest technology trends.
- iGeneration—This group is born from 1995 to present. The oldest group is turning 21. Not quite ready to purchase but when they do this group will be extremely tech savvy. They are quick with technology. Get ready for this group and learn how to use digital technology. Content Marketing to the Generations
- Social Media & the Generation – Baby Boomers, Gen X and Millennials share content on Facebook, YouTube and twitter in that order. Facebook is ranked the highest. If your network includes the Silent Generation ad or Baby Boomers integrate direct mail with social media and digital marketing. Do you own research. Check your social media insights. What does the data tell you about your followers?