Insights For Success

Strategy, Innovation, Leadership and Security

Branding

Marketing to the different GENERATIONS

Branding, Marketing, salesEdward Kiledjian

Long term strategic planning is one of the most important tasks a business executive must perform. Properly determining market direction can mean the difference between becoming number 1 or edging on the precipice of  bankruptcy.

There are 5 distinct generations alive today in the United States.

The GI Generation
This group of the population was born between 1905 to 1924 and at one time accounted for as much as 57 million live births in the USA. This number has now dwindled to less than 5 million. This generation lived through a World War and the Great Depression.

Considering the age of this population, it may not be the best investment of your marketing dollars.

The Silent Generation
Generation waves are classified by their numbers and more large ones are followed by smaller less important (from a marketing perspective) ones. The smaller ones generally adopt many of the characteristics of the previous stronger generation.

This group was born between 1925 and 1944 with an estimated 52.5 million live births in the USA. A rather small group, they adopted many of the characteristics of the GI Generation including art, music, attire and culture.

This generation lived modestly and believed in the value of saving. This group lived during a growth spurt of the economy and experienced very little unemployment.

Companies have successfully markete dto this generation by offering products/services that allow them to maintain their independence longer. This group does not have a fear of aging but would rather not be infirm or reliant on their kids.

The Baby Boomers
The Boomers were born between 1945 and 1964 with approximately 78 million live births (with the peak being from 1957-1961). We all know that they had different ideas from the previous generation and as such developed their own music, art, attire and culture. They believe that they can change the world.

Boomers born in the peak are now around 50 years old and we know that individual spending tends to shrink at this age. They may be a good group to market to because of their numbers. Ideal would be products or services that:
- Make their lives easier
- Save them time
- Feel genuine (not like the establishment is trying to rip them off).

They respond well to traditional marketing mediums such as radio, TV, newspapers, billboards, magazines and direct mail. Your message must be simple and the typeface should be larger.

We know that 40% of boomers are overweight and like everyone else will respond positively to possible solutions. This generation experimented with all kinds of drugs and would rather treat an ailment with a natural products rather than conventional medicine.

Although many will reduce their consumption as they pass the 50 year mark, they are not prepared to give up on the comforts they have become accustomed to.

Generation X
Members of this generation were born between 1965 and 1984 with an estimated 69 million live births in the USA. This is a smaller generation that followed the boomers and most in this category want to “break the mold” and “change the world”.

The boomers consider most GenXers underachievers. As a smaller group, they adopted much from The Boomers such as art, culture, music, etc. The main fiscal concern economists have is that this generation will not be able to support the huge fiscal burden of paying for local, state and federal governments [on their own].

Companies are facing a particular challenge filling their critical senior positions with GenXers because of their small numbers. When the boomers retire, many expect a huge workforce shortage for senior positions.

Many marketers specifically targeting this generation are disappointed because their small numbers result in smaller sales. Unlike the Boomers, this generation does not respond to traditional marketing mediums. Your best bet is to leverage the power of the Internet and try to target them. A caveat here... Some marketers I know disagree with this statement and believe TV may still be effective for this generation but I’ll let you be the judge ;-)

Generation Y
This is a new generation and we are still discovering their characteristics. The first batch of them are now entering adulthood and the indication is that they share little with their previous generation. They have their own interests.

By the end of 2010, they are expected to number in the 100 million range.
From a numbers perspective, they outnumber Generation X and are also expected to easily pass the Boomer generation. As a marketer, you have to realize that even though their numbers are large, we won’t really see the impact of their spending until they reach the Boomers’ income level.

They are a marketers dream because they seem to be spending at a rate of 5 times that of the Boomers (in adjusted dollars). We expect a large number of them to be unemployed leading to potentially more crime. The burden of unemployment will lead many to entrepreneurship.

We know that many will own homes because of higher paying tech jobs, successful business or help from their Boomer parents. They are green “fanatics” and many believe this will be their legacy.

Most generational specialists believe that the Generation Y spending rate will grow with their age thus setting new sales records. They are willing to spend more money on expensive items (think Ipad, iPhone, cameras, etc).

Analysis of this group shows that you will have to tie your product/service to a green or humanitarian story, in order to be successful with this group. This is the most technologically astute generation thus far and they have an uncanny ability to discover “fakers”.  Some generational specialists have gone as far as claiming that this generation may be trouble for poorly made Chinese products manufactured using “slave” labour.

Their use of the Internet is fragmented and targeting them will be difficult. They do not respond to traditional media. One particularity of this group is their love for “snail mail” and coupons.


The "YOU" Brand

BrandingEdward Kiledjian

Of all of the activities you undertake in your professional life, there is one that is supremely more important than all of others. It is the one activity that can differentiate you from everyone else. This activity is You!

Most people do not realize that they are a brand. And like any other brand, your goal should be to create the best possible image and perception of your brand. Your brand is what will allow you to stand out. It is what will differentiate you from a sea of competitors.

Early on in my career, I realized that I needed to differentiate myself from all my competitors. I wanted people to realize that I was better, more efficient and ultimately worth more to their company. However I was not sure how best to convey this message. Hiring managers, like consumers, buy a brand because of their overall perception about that brand.

UNDERSTAND WHO YOU ARE

Before you can build your brand, you need to spend some time to determine who you are and what you want your brand to reflect. It is not how good you are but rather how good your counterparty thinks you are. Remember the old marketing axiom, perception is everything.

So before you embark on your branding activities, it is critically important that you determine what brand you want to build, what you want that brand to mean, and how you want to be perceived.

Remember that your brand has to be built in such a way that will lead your counterparty to where you want to take them.

THE VALUE PROPOSITION

you may be asking yourself the following: is this effort is actually worth it? The market is competitive. Every strategic advantage you can get, should be used, leveraged and maximized. This should not be your only tool, but it should be one of your main tools.

Talk to any marketing specialist, and they will tell you that every one of your messages has three key points. These points (in order of importance are):

  1. that you are different
  2. that you are better
  3. and that you have honesty and integrity


I would like to spend some time looking at each one of these.

YOU ARE DIFFERENT

What makes you better? What makes you different?

In my case, I have over 40 recommendations from customers, employers and peers on my LinkedIn profile. I wanted to convey the idea that I am personable, trustworthy, hard-working and particularly innovative in my approach. The way I accomplish this is to print the 40 recommendations, and attach it to the end of my CV. When presenting myself to a potential customer, I will use carefully constructed sentences (known as conversational process) to encourage the counterparty to review that section of my CV with the intent of confirming those characteristics.

In addition to having a well-built CV that clearly communicates the successes you have brought to former customers. The above provides a one-two punch.

I also want my customer to perceive me as a high-value candidate. Therefore everything I present has to be high-value. When most people present their CV to a customer, it's usually a bunch of paper with a staple on the corner. Not my CV! My CV is a beautifully formatted color document that is professionally bound using a book like spiral-less binding system. It has a clear cover and a plastic blue or black background. In addition, I include a couple of line pages at the end so my customer can take notes.

I have personal business cards. As you can imagine, even my business cards have a twist. First they are printed on high-quality cardboard with a glossy finish. It contains my name, professional designation, cell phone number, e-mail address and my LinkedIn profile web address. In addition to this, it has an avatar of my face centered in the middle. And to top it all off, it has a QR code in the back that allows the more tech savvy customers to scan it and automatically import my information into their PDA. The reason I design my card this way is because it is very distinctive. Most people to whom I presented remember it and in most cases, talk about it to their friends and peers.

You are also part of your brand, so everything you do must be carefully thought out and choreographed. If you lack confidence, it will immediately show in the way you talk, walk and hold yourself. You must address according to the position that you're seeking. Far too many candidates have gotten comfortable wearing business casual and are shocked when the interviewer shows up in a suit. Always research your counterpart. Find out what kind of person they are, How they dress, their workstyle and anything else you can find out.

As you can see, I have gone to great lengths to convey a certain image and then continually working to refine it.

YOU ARE BETTER

It goes without saying that your CV has to be built in such a way that it conveys your expertise beyond any doubt. It must be written in a matter that allows the counterparty to easily understand the benefits you will bring to their organization and how they can sell your value to their executives.

But your branding effort should go a step further. You need to find a way to be seen as an expert in your field. For some, that means that you have to write articles for magazines, newsletters or professional organizations. Take the time to determine how you can position yourself as an expert.

As an example, in a couple of months this blog will be filled with hundreds of different useful tips, tricks, methodologies and frameworks. I could easily use it at that point to demonstrate a mastery of my domain and a high level of expertise.

HONESTY AND INTEGRITY

In a world of spin and one-upmanship, your message must be seen as honest and full of integrity. This will become the cornerstone of your message. Without this key pillar, all of your other efforts will be in vain. So ensure that everything you say is completely truthful. Demonstrate expertise and mastery of your domain without overselling yourself. If you make a promise, make sure that it is verifiable and that you can deliver.

Honesty cannot be faked. If you try, they will see you as a used car salesman and immediately discount everything else you said.

THE RESULTING BENEFITS

You must be realistic in your expectations. Companies spend months and years developing their brand, you are no different. Be prepared to invest in yourself, it is the one investment that is absolutely worthwhile.

Leverage your network. Unless you are Junior, you should already have a fairly healthy network of contacts. You should leverage this network to help sell yourself. You can use them for reference purposes or to help you find your next challenge.