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they demand excellent value for their money and great customer service. To earn their loyalty, Gen X wants to have a relationship with the brand and/or be part of a community, and they want personalized (special) offers for being loyal. To cater to Gen X requires a significant shift in how small businesses operate and allocate their resources. Gen X responds to both traditional and digital marketing lead generation efforts; 86% of Gen X get their mail daily and 60% of this generation has used a coupon in the past month. At least 75% of Gen X is on social media. Gen X prefers email marketing but trusts direct mail marketing significantly more than email marketing. Millennials have had one challenge after the next thrown their way since they
became adults. The oldest millennial will be 43 this year, and the youngest millennial will be 28. They’ve lived through the dot-com boom and bust, 9/11, the Great Recession, a boom in the economy starting around 2015, COVID-19, and inflation of approximately 23% over the last few years. They are the most educated generation, which has led to massive student debt for many. Millennials prefer to make purchases at physical locations rather than online but will purchase from an online-only retailer. They are price conscious and love a discount. Millennials are less loyal than Gen X and, given an average experience with a brand that they don’t feel a connection with, will switch for a 30% or greater discount. If a millennial feels like they have a relationship with a brand and are part of a community, 60% say they wouldn’t switch even for a
large discount. Millennials are also very comfortable with subscription-based purchases, which could be an
opportunity for some entrepreneurs. How to Use This Information to Grow Your Business
The first step is to realize that the market is shifting. That shift in who is buying and how they buy isn’t going to slow down over the next few years. I spent numerous hours studying this change to write this article and here are some of the conclusions
86% 60% 75% OF GEN X GET THEIR MAIL DAILY OF GEN X HAS USED A COUPON IN THE PAST MONTH OF GEN X IS ON SOCIAL MEDIA
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