In addition to being big spenders and real estate mavens, Baby Boomers plan to work longer. Moreover, AARP’s latest study on work and careers shows that many older workers are interested in working into retirement, with a focus on flexible work arrangements such as part-time work and consulting. In fact, the survey found that a shocking 37 percent of Baby Boomers plan to work for pay after retiring from their current career. Among those seeking post-retirement jobs, 44 percent will look to work in new fields while 23 percent say they’ll stay in the same field. In addition, the survey also found that part-time work was appealing to 73 percent of respondents. Fifty-seven percent said they planned to work for someone else, 21 percent said they would be a contractor and 19 percent said they would start their own business. Check out all the key findings in The Kansas City Star>>
With all this hype about Baby Boomers and Millennials, marketers have virtually forgotten about a generation that should not be overlooked: Generation X. Born between 1960 and 1980 – now ages 35 to 55-years-old – few marketers seem to be focusing on the demands and needs of this profoundly influential generation. And the fact of the matter is, marketers should not be. Despite their small numbers, the influence of Gen X is unquestionably mighty. Gen Xer’s connection toward generations before and after (the infamous Millennials and Boomers), as well as their technological savviness and brand loyalty make them an exceptionally unique consumer base. And because of this heavy influence, Gen Xers also have enormous buying potential, particularly when it comes to the Boomers and Millennials. In fact, according to American Express, Gen X has more spending power than any other generation, with 29% of estimated net worth dollars and 31% of total income dollars. This presents a virtual goldmine for marketers – one that many have yet to tap.
As the bridge between Boomers and Millennials, Gen Xers have more influence than marketers even realize, particularly if they are financially supporting both aging parents as well as young adults. According to Pew Research Center, nearly half (47%) of adults in their 40s and 50s have a parent age 65 or older and are either raising a young child or financially supporting a grown child (age 18 or older). And about one-in-seven middle-aged adults (15%) is providing financial support to both an aging parent and a child. Additionally, Gen Xers are on the brink of taking over companies and politics from the Boomers, meaning they hold an enormous amount of influence both at home and in the workplace. With those dynamics in mind, marketers should take note. From digital devices to clothing brands, and retirement homes to healthcare options, it is Generation X who holds the majority decision-making power over many individuals in the Boomer and Millennial generations. Now might be a good time to rethink those marketing strategies.
But before you do, here’s another factor to take into consideration: Gen Xers are, in fact, digitally-savvy, despite what many marketers may think. In fact, Millward Brown Digital, surveyed more than 1,000 consumers in three generations (Millennials, Generation X, and Baby Boomers) to see how different age groups favored digital screens for various activities. Surprisingly, the organization reported that 60% of Gen Xers use a smartphone on a daily basis, while 67% use a laptop/PC daily – which surpassed the 58% of Millennials who use laptops/PCs daily. Gen Xers frequently go online for activities like shopping, banking, researching products, finding the best deals, and/or reading the news. Based on those attitudes toward digital, there is an enormous opportunity here for marketers – with the right strategy.
That being said, the right strategy starts with understanding the influence and attitudes of this generation. From there, you can formulate a successful campaign targeted to reach this once forgotten audience. Here are a few guidelines to help get you started:
OFFER AS MUCH INFORMATION AS POSSIBLE
More than any other generation, Gen X likes to research while shopping online. They read more reviews and visit more opinion sites than any other generation. Most won’t even buy a product until they’ve thoroughly researched it, whether through online reviews or opinions on social media sites. In fact, according to eMarketer, 75% of U.S. Gen X internet users logged on to social networks at least once a month in 2013. Biggest takeaway here? Offer a clear explanation of your product or service and its benefits. Make it vastly visible online utilizing search engine optimization, social media, and/or review sites. Let Gen Xers know exactly what to expect from your brand and how it could benefit them.
KNOW THE SCREENS THEY ARE USING AND WHEN
It’s important to know why Gen X uses laptops and smartphones in order to allocate resources efficiently across the path-to-purchase. This is key in reaching this audience at the right time with the right message. Gen Xers use multiple screens, but the type of screen they use depends on the task they are doing. For instance, Millward Brown Digital notes that for high-attention/high-complexity tasks like reading the news or researching information on health concerns, Gen Xers prefer laptops. However, they will default to smartphones for light-touch/high frequency activities, like checking the weather. Additionally, they prefer laptops to shop for products/services in all industries studied, although smartphones are gaining traction in some categories, like CPG and Consumer Electronics. Here’s a crucial takeaway: for a more targeted ad campaign, ensure you are displaying across the most relevant channel.
CONSIDER THEIR VALUES
Generation X values sincerity, authenticity, and independence – especially when it comes to advertising. They approve of companies that acknowledge that every consumer is different and they do not respond well to a generic marketing approach. In fact, Gen Xers want retailers to provide a personalized brand experience. November 2014 research by IPG Media Lab and Yahoo found that personalized ads boosted brand favorability and purchase intent among all internet users – most notably, the Gen Xers. Evade tricks when targeting Gen X and ensure your marketing messages are clear, straightforward, and truthful. Personalize the brand experience by relating to Gen Xer’s families, health, and their desire to play it safe in all aspects of life. Final takeaway? Build a relationship with Gen Xers by consistently offering high-quality products as well as targeted, unique messaging. By doing so, you might have a loyal customer for life – eMarketer revealed that four out of 10 consumers in this group stick to brands they like.
The definition of programmatic buying goes something like this:
Leveraging technology to replace human-based methods by automating the buying, placement, and optimization of digital media inventory.
Sounds extremely hi-tech and not so hi-touch – yet there’s a lot of industry chatter about how programmatic actually helps you build personalized connections to your customers.
Somewhat confusing, we know. So let’s take a closer, more ‘personal’ look.
By leveraging the power of technology, programmatic creative enables marketers to build, deploy, and optimize endless variations of customized and relevant messages all at scale. The reason this is so important is because today’s customer demands personalization – a simple (or sometimes complex) sign that as an advertiser you understand their wants and needs. Gone are the days of the one-size-fits-all approach which poses an interesting challenge as mobile users and social audiences grow to record numbers. The only way to keep pace? Programmatic technology. It’s the smartest way to reach any audience, large or small. Near or far. Nuanced or not. In the simplest of explanations, technology, such as a DSP or a social management platform, carries the load while your valuable audience data guides the way.
So the next time you want to reach, say, seventy five thousand potential customers on Facebook, with the right programmatic partner you can. And not only that, you can do so with a tailored message or product offering to boot. Chances are, there aren’t enough hands in your department to do that manually.
Whether you call it dynamic creative, real-time creative, programmatic creative -- we call it essential for success in today’s landscape. To learn how to get started, including three key factors to consider, listen to this video featuring Ryan Manchee, Senior Director, Digital Innovations.
Digital marketing consulting network WSI has adopted Centro as its global programmatic provider across all major digital media channels.
Read more on Marketing Magazine
Centro is an ad-tech firm that already has more than 700 employees in some 37 offices across the country. Centro has been ranked as the city's Best Place to Work for four or five years running in the Crain's Chicago survey. The company has almost doubled its headcount in the past 18 months and doesn't see any end in sight.
The brisk fall air is descending upon us and it's almost time to pull out the sweaters. We know that you’re busy working hard (us too!), but if you have some time to spare after you dust off your box of cool weather clothes, we’d love for you to join us for some awesome digital media events! If you’d like additional details on where we will be or if you would like to set up a meeting, email us at [email protected]. We’d love to chat!
What: dmexco 2015
When: September 16 – 17, 2015
Who’s Going: Tim Smith
What’s Going On: The Digital Marketing Exposition & Conference (dmexco) is the most premier global digital marketing event for the digital economy, with a passion for bringing all innovations, technologies and trends to life. Focused on marketing, media, advertising, technology, and the Internet of Things, dmexco stands at the center of the new digital economy: the digiconomy.
Where: Cologne, Germany
What: TrendWatching New York Trend Seminar 2015
When: September 17, 2015
Who’s Going: Jen Bassik, Tom Burg
What’s Going On: During this one-day seminar, Jen Bassik will discuss important insights into the future of consumerism and share best Centro practices with the world’s most innovative brands and corporations. In her session titled, “Trend Panel: Demographics are Dead!” (at 2:00 PM EST), Jen will deep-dive into how consumers are freer than ever before to construct lifestyles according to their own ideals and tastes.
Where: New York, NY
What: WindyCity Rails
When: September 17 - 18, 2015
Who’s Going: Kyle McCluske, Naveed Kakal, Eve Adams, Chris Stump, Lana Rakhman
What’s Going On: Centro is the platinum sponsor of this year’s WindyCity Rails. The event provides a great opportunity for attendees to sharpen their technical skills, network with other professionals, and meet top minds in the Ruby on Rails community. Developers, designers, entrepreneurs, and investors will all find value in attending this event.
Where: Chicago, IL
Baby Boomers may be a realtors dream, but when it comes to saving for retirement, they’re a 401(k)’s worst nightmare. In fact, according to The Insured Retirement Institute Survey released earlier this year, 27 percent of Baby Boomers are confident they will have enough money to last through their retirement, down from 33 percent a year ago and 37 percent in 2011. More significantly, only six in ten Boomers report having any retirement savings at all, also down from previous surveys. This might not come as a surprise considering we recently reported that the Baby Boomers are, in fact, the biggest spenders of any generation. Furthermore, because of Boomers’ low savings rate, two thirds of Boomers aren’t ready for retirement and actually plan on working longer according to a McKinsey Quarterly report. Get the full story on CNBC >>
Recently, Centro CMO Kelly Wenzel and SVP of Media Data & Analytics, Gunnard Johnson, hosted a webinar with the Association of National Advertisers (ANA). As you may have heard if you tuned in, 2015 is shaping up to be a bigger year for digital advertising than even the most generous predictions called for. In addition, the mobile movement is in full swing and consumers are spending more time on more devices and screens now than they ever have before. This exciting growth calls for greater planning around the way in which messages and programs are being consumed across all points of interaction, from print to in-store, on-line and beyond. Today, the path to purchase for consumers is far from linear and presents tremendous new opportunities for marketers. This shift to cross-channel consumption, however, also presents a whole new set of challenges.
To address these challenges and create efficiency, impact, and ROI -- marketers must develop a cross-channel strategy that goes beyond just tactics and includes a concrete performance plan. To learn how to execute this approach, download the recording and the presentation deck now!
Get the recording and deck here!
In this episode of the future of work podcast Shawn and I explore some of the things he is doing over at Centro, how he defines happiness, the overall business impact of happiness on Centro employees, the role of corporate culture, and much more.