Cross-Generational Marketing: Bridging the Gap

With marketing, we’ve all heard how the various generations are characterized: Boomers can’t use social media without the assistance of their grandchildren; Gen Xers are wary of anything that smells institutional; Millennials require coddling; Gen Z is entitled and demanding, etc., etc.

By now, most of us understand the danger of stereotypes, especially in society but also in business. While stereotypes can be a handy way to categorize large swaths of the population, a couple of things make them less helpful when we want to effectively target a particular market segment.

Sure, stereotypes arise because they have proven broadly useful in some areas. As comedian Daniel Tosh says, “It’s not a stereotype if it’s always true.” But maybe you don’t need five different marketing approaches to effectively reach your target market, even if it is cross-generational. Having a better awareness of key factors that are important across your entire target audience may allow you to design marketing efforts that are efficient for the firm and effective for outreach.

On the other hand, the oversimplification created by stereotypes can also be problematic. Novelist Chinua Achebe reminds us, “The whole idea of a stereotype is to simplify. Instead of going through the problem of all this great diversity — that it’s this or maybe that — you have just one large statement: It is this.” In other words, by relying too much on stereotypes for different groups, we risk not understanding the diversity that really exists in each group.

Diversity consciousness is paramount for effective marketing. But financial advisors need to strike a balance between reaching out to multiple demographic segments and being more attuned to the commonalities across those segments.

Three Key Strategies for Effective Marketing

As the modern adage reminds us, When we assume, it makes an … well, you know what it does to “u” and “me.”

Here are three ways of preventing unfounded assumptions about generational demographics from making your marketing efforts look, yes, asinine.

1. Celebrate Diversity

A fundamental marketing principle is that potential clients want to see themselves reflected in your marketing efforts. You want them to mentally place themselves in the position of receiving your services and feel good about the result, to get the message that you understand and work successfully with people just like them — socially, racially, ethnically, and age-wise.

American society is growing more diverse by the day.

Fortune 500 companies have been increasing their efforts toward diversity in marketing since at least the 1980s, and today’s consumers expect diversity in advertising and marketing. So, it should go without saying—but we’ll say it anyway—that your marketing materials should reflect the same diversity that typifies American society because that’s where your clientele will be drawn from.

And if you want to start or continue building your business with millennials, diversity is almost non-negotiable. This generation will make up an estimated 75% of the workforce by 2025 (i.e., they are building the up-and-coming fortunes that advisors are trained to manage), and diversity is a key value for them. If that’s a stereotype, it’s a positive one.

2. Avoid Assumptions About Media Preferences

Notwithstanding the widespread trope about boomers’ lack of online acumen, surveys indicate that an overwhelming percentage of adults ages 50–64 (69%, to be exact) frequent at least one social media site. Boomers are also 19% more likely to share content on Facebook than any other generational cohort. So, if you think you can only reach older prospects with print and all your social media marketing is aimed at millennials and younger, you’re probably missing out on a prime opportunity to reach a whole other audience of influencers and potential clients. Instead, design digital content that can appeal to all age groups — because they are all part of your potential online audience.

3. Respect Differences, Avoid Generalizations

Your messaging to older clients and prospects should be based on empowerment rather than the need for assistance. Similarly, if your marketing to millennials emphasizes self-interest and ignores social consciousness and the importance of making a difference, you’re probably alienating rather than attracting. And if you’re trying to establish a beachhead with Gen Z, you can’t assume that they only want to interact online; many may actually prefer face-to-face relationships while still valuing the convenience that technology can provide.

The point is, marketing based on stereotypes too often leads to unfair or inaccurate generalizations. This, in turn, can lead to communication that lacks respect or recognition of the inherent individuality of the people we want to work with.

Further Reading: Strengthen Your Brand Through Storytelling

As you design your marketing content, you should always exercise a “higher sense” of observation and eliminate anything that could be read as generational stereotyping.

Just think about your own interactions, whether with family, friends, colleagues or service providers:

• You want to be treated as an individual, not a “type.”
• You want your needs and preferences to be heard and understood.
• You want to feel and believe that the other party in the interaction is sincerely interested in a mutually beneficial exchange, whatever the context.

When your marketing communications are driven by these values, your clients and prospects are more likely to reciprocate by giving you the same respect and consideration they have received from you.

Let’s face it: Stereotypes are easy — even intuitive, in some ways. They are a natural outgrowth of humans’ innate pattern-seeking behavior. But when it comes to communicating effectively and reaching as many people as possible with your marketing message, this particular “shortcut” can actually make the road to marketing success longer and rougher.

Instead, recognize the qualities that connect us all — like sincerity, professionalism and an interest in others — and put those at the forefront of your communications. No matter the age of your prospects, they’ll appreciate your authenticity.