BY ADELE SAMMARCO
SPECIAL TO NEWJERSEYNEWSROOM.COM
Give me! Give me! Give me! Now! Now! Now!
Sound familiar?
Is it the “me” generation or the generation of the millennials? You know the one...the generation that wants it now and they certainly want it fast, perhaps without working as hard to get it. Or maybe they are part of the “work smarter, not harder” generation…where the rest of us just work hard for them, as they ride off more talented coattails, collect the credit, and garner higher salaries in the process.
From their money to their social media marketing savvy, baby boomers and millennials may exhibit vastly different behaviors, but are also hauntingly similar at the same time when it comes to work ethic. Despite that three decade difference, these two self-indulgent generations with equally large egos, have something in common: they are in demand by advertisers wishing to attract their attention and their wallets.
Understanding what motivates these two radically different yet similar generations and how to capture their dollars with glitzy branding is essential to marketers and cornering their market.
In the United States, millennials and baby boomers represent about the same number of consumers.
Baby boomers are classified as being born between the years 1946 and 1964, the result of the post-World War II baby boom. Economists say they have become the wealthiest generation, controlling 70 percent of disposable income across the nation, accounting for nearly half of consumer packaged goods sales, 80 percent of leisure travel spending, 77 percent of prescription drug sales, and 41 percent of new car purchases.
Millennials are primarily ages 19 through 36, who blossomed during the Great Recession, yet unaffectedly spend more than half their income at 82 percent, while facing huge college loan debt. Researchers say the average student loan for the graduating class of 2011 was $26,600.
In many developing economies such as India, millennials comprise almost 30 percent of the population, while boomers make up just 14 percent.
For the most part, boomers do not like to lag behind. They are plugged in technologically and are more likely to use a desktop computer, have a landline, watch traditional television news and read a newspaper, while millennials prefer to get their news from Twitter and Facebook. Studies have found boomers tend to spend 174 hours per month watching TV, as compared to millennials at 107 hours a month, and are the dominant audience in 16 of the top 25 television shows, according to Nielsen. Three-quarters (76%) of millennials own a smartphone, 73 percent own a laptop and 68 percent own a game console.
However, unlike their boomer parents, millennials are not tied down to things and are most likely to be ‘on the go’. They almost never use a landline, but own a laptop and watch all types of content straight from their fingertips.
Would they use their smartphone to actually conduct a conversation?
Research shows millennials are more inclined to use their thumbs to text rather engage verbally.
That’s not to say competitive boomers are not as eager to try the latest tech fad to keep up. Boomers text, too, and they are more apt to run out and buy the latest gadget, such as tablets, where sales have doubled between 2011 and 2012.
Nielsen NeuroFocus research shows neurological changes that come with age result in more effective communication.
According to neurologists, the human brain is not yet fully developed until the age of 25. Some changes in the brain begin around the mid-50s, say scientists, when distraction suppression mechanisms are lessened. As early as the mid-40s, there are drops in neurotransmitter levels, dopamine and serotonin. Decreased dopamine levels may lead to thrill-seeking behavior to compensate, while a serotonin drop may lead to a feeling something is missing, often typical of a midlife crisis.
Nielsen research finds boomers prefer witty, light-hearted humor, rather servile situations much like their generational counterparts, and relate more to boomers themselves. Moreover, the top TV show for boomers is not even in the top 30 for millennials.
For boomer males, sardonic, monotonic dialogues often work, much like in "Seinfeld". For boomer females, family-friendly humor and sentimental themes resonate best. Boomers tend to respond more to those who relate to them and who are at their life stage. Sharp visual elements best capture their attention.
Millennials often prefer sarcastic and slapstick humor. Millennial males follow off-beat trends while millennial females lean toward inspirational themes and the latest celebrity fad, much like reality television.
For advertisers, understanding these differences as well as similarities is essential to marketing to their demographic. For those who do not fall into these generations, learning how to navigate between the two can become quite the challenge.
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Adele Sammarco is the Director of Marketing & Communications for the New Jersey Repertory Company in Long Branch, New Jersey
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