decline in consumer spending as a generation ages, this shift is one of the major factors breaking the marketing and sales funnels of many businesses. 📉 Unfortunately, the transfer of wealth and an aging baby boomer population isn’t enough to fully explain why so many small-business owners are struggling to generate leads and convert those leads to new customers post‑pandemic. The Generational Shift in How We Buy As the wealth and spending power of the population transfer to Generation X and the millennials, small-business owners have to adjust how they market to these groups. Both generations are significantly more
targeting Gen X and/or millennials, those formulas don’t work as well as they have previously. Today, Generation X and millennials purchase in (mostly) similar fashion, which is good news for anyone trying to market a business. Marketing to Gen X consists of discovery, exploration (research), personalization, relationship/community, and loyalty. This generation is very cynical but when treated correctly, they are the most loyal generation. To earn their business,
sales and marketing literate, which impacts their decisions to engage with your business or not. To opt-in to your funnels or not. To give you fake information or simply move to the next retailer. They have technology to help avoid marketing messages or screen phone calls and texts. To top it all off, they see more marketing in a day than a boomer would see in a month 30 years ago. Many small businesses marketing in years past focused on creating awareness, interest, desire, and action or problem agitate solution. When
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“For they all wanted to frighten us, thinking, ‘Their hands will drop from the work, and it will not be done.’ But now, O God, strengthen my hands.” Nehemiah 6:9
THE WORD
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