Last week’s blog identified the changing market place and wealth management for women. As we have established that more women are coming into wealth, this blog will look at how marketing would target this emerging group of women. Often marketers need to segment their audience in order for their messages to be received and understood most effectively by their audiences. One common way of doing this is by identifying different generations.
This is because we have a changing outlook on life as the years progress. Circumstances evolve, responsibilities become more or less demanding and issues around wealth may change. Therefore, it is natural that the generation to which women belong has an influence on how their behaviour and experiences are shaped.
The different generation groups used are:
- Generation Y (sometimes known as millennials)
- Generation X
- Baby Boomers
Generation Y are born between 1980 and 1994, these years vary according to which source you look at. They have an all-encompassing approach to life, bringing together career, fun, relationships and responsibilities. Flexibility and diversity are key, and the concept of a job for life is unrealistic to them.
Generation Y tend to have a positive outlook, they are optimistic, confident and adventurous. Brands need to tap into this in their marketing. Generation Y are comfortable mixing value and luxury brands in defining their originality.
If you’re in Generation Y, you believe life is for living and are not afraid to push boundaries or feel constrained by traditional spending habits.
Recommendations for marketing to Generation Y
- Aspirational and optimistic messages and images
- Take ownership and control of the financial future with a pension that suits your evolving career path
- View a mortgage as a flexible tool to suit changing life circumstances
- Use empowering messages to tap into the independent nature of Generation Y
For this generation group, financial advisors would need to market using social media and content which is particularly suited to mobile devices.
This group are born between 1965 and 1979. They are also independent but display more conventional attitudes.
They fall into a changing scenario from a formal, structured world into a new more flexible one. High on their agenda are concepts such as quality, individuality and a sense of responsibility.
They are looking for down-to-earth realism and integrity, and can be sceptical about brands, so they need marketing to be genuine and transparent, steering clear of hype.
Recommendations for marketing to Generation X
- A down-to-earth approach, avoid superficiality
- Sceptical about being ‘sold’ to
- Recognise their multiple roles and commitments, which has a bearing on the flexibility of the service required
Digital marketing using e-mail, websites and text messages are the most effective approaches to use for this group.
Baby Boomers born between 1946 and 1966 are the post-war generation and are said to be the wealthiest people on the planet. Young at heart, they have time, energy and plenty of spending power. They tend to keep fit and active and wish to live life to the full. Some seem ageless: sixty is perhaps the new fifty, and according to Chung, quoted in Betts 2004, “Thirty-five plus is a code for brands that probably have an average age of around 50”.
This group still wants to be seen as interesting individuals, not heading in a downward spiral towards the ‘old people’ category in terms of products or services. They’re also clued up about their attractiveness to businesses, and as such need to be treated with respect.
A sense of community, harking back to their upbringing, remains strong and they tend to maintain it by participating in online communities.
Recommendations for marketing to Baby Boomers
- Understand their sense of community in an increasingly connected world
- Build connections by listening to their interests and dreams
This group responds mostly to traditional marketing methods such as direct marketing and advertising.
This blog has demonstrated the characteristics and behaviours demonstrated by different generations and highlight the implications for advisers to be aware of when considering marketing strategies and different methods of communication. Therefore, advisors can now offer a service which is relevant for incorporating the emerging needs of women.