As a financial advisor, understanding your target demographic and their communication preferences is key to standing out in a crowded market, and applying generational marketing strategies is key. But it’s not enough to know their needs and goals—you must also connect with them using their preferred modes of communication, even if they differ from yours.
Let’s explore three generational demographics—millennials, Generation X, and baby boomers—and identify the generational marketing methods most likely to capture their attention.
Generational Marketing Methods
With millennials now surpassing baby boomers as America’s largest generation, targeting this demographic is crucial. Born between 1981 and 1996, millennials account for about one-third of the population. Their wealth has also grown significantly in recent years, totaling $9 trillion by the end of 2021. To catch their attention, consider the following approaches:
- Social Media: Harness the power of social media platforms where millennials are highly active, such as Twitter, LinkedIn, and Facebook. Create a strong online presence and deliver valuable content that addresses relevant topics, like saving for college education or navigating inflation. You can win over millennials and increase your follower base by providing quality content.
- Video: Video content resonates with millennials, especially in a post-pandemic world. Leverage video as a convenient alternative to in-person meetings and as a marketing tool. Utilize smartphones, ring lights, and lapel microphones for optimal results. Consider hosting online events using platforms like Zoom, ensuring engagement and interaction with attendees.
Representing those born between 1965 and 1980, Generation X (Gen X) is often overlooked but comprises about 20% of the US population and 31% of the country’s total income. To engage Gen Xers effectively, consider the following strategies:
- Text Messages: While email remains effective, Gen Xers are increasingly shifting toward text messaging. Adjust your communication approach accordingly, as 80% of Gen Xers rank texting as their most-used method, followed by email.
- Social Media: Gen Xers actively use social media, with Facebook being the primary platform (88.5% participation), followed by Instagram (46%) and Twitter (25%). Leverage these platforms to reach and engage this demographic.
- Traditional Advertising: Despite being tech-savvy, Gen Xers appreciate a mix of digital and traditional marketing methods. Incorporate both digital touchpoints and traditional advertising to connect with this generation.
Baby boomers were born between 1946 and 1964 and represent a historic and wealthy demographic. With significant wealth transfers projected in the coming years, it’s essential to effectively reach and engage this generation:
- Social Media: Contrary to assumptions, baby boomers spend substantial time on social media platforms. On average, they spend 1 hour and 48 minutes daily on Facebook and Instagram. They are also more likely to click on branded content and share it with their connections.
- Video: Baby boomers enjoy engaging video content. YouTube is a popular platform for this demographic, as one in three boomers learns about products or services through the platform. They are also more likely to refer to YouTube tutorials for guidance.
If you have any questions about improving your generational marketing approach, please contact us. We’ve helped many financial advisors create outstanding marketing campaigns that generate significant results.