Selling Across the Generations

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For more info:Cam Marston

Generational Insights251.479.1990

cam@generationalinsights.comwww.generationalinsights.com

Find us on Facebook: Generational Insight

and on Twitter: GenInsightCopyright 2011, Generational Insight

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Available on Amazon.com

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Available on Amazon.com

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Generations:

•Matures > 66 yo•Baby Boomers 47 to 65 yo•Gen X 32 to 46 yo•Millennials!! < 31 yo

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Matures & Boomers:•History of organization•Name recognition of organization•Tenure in the marketplace•Historical & Perceived Quality

What seems to matter to them

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Gen X & The Millennials:•The Individual, the Ego•How things will affect their lives•How things will make them distinct•How you’ll impact their future•How they’re different.

What seems to matter to them

Matures

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Matures (Born prior to 1946)•Dedication, sacrifice.•Experience will always be the best teacher.

•Conformity, blending, unity – “We First”. Team

•Hard, hard times then prosperity – still value moderation.

•Deference

Matures (Born prior to 1946)To sell to Matures:•Let their experiences lead you...•Ask for the “rules of engagement.”

•Ex: What can we do to earn this business from you? Are there some things we must do?

•Testimonials & institutions (government, companies, people).

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Matures (Born prior to 1946)To sell to Matures:•Quality is important – they’ll measure it through their own experiences. Remember, your measure of quality and theirs may be different.

•NEVER mention a product is good for their age group.

•Standard and prepackaged is good•Quality is king. Speak to it.

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Baby Boomers (1946 - 1964)

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Baby Boomers (apprx: 47 to 65 yrs old)

•Workaholics•Competitive•Success is largely visible - trophies, plaques, certificates, etc.

•Defined by their work•We are the world, We are the children

Baby Boomers Today (apprx: 47 to 65 yrs old)• Paid their dues “ole school” way.• Still working long and hard; had expected to slow down• 85% will work longer than they had thought to afford

retirement• Proving to be poor mentors:

–“Today’s kids want too much given to them.”–Busy busy busy: Kids won’t leave home and now

parents moving in.• Not transferring the institutional wisdom very well - still

being rewarded for “doing it,” not teaching it.

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Baby Boomers(1946 - 1964)

1970 2011

Long hair Longing for hair

Acid rock Acid refluxHoping for a BMW Hoping for a BMRolling Stones Kidney StonesTrying to look like Liz Taylor or Marlon Brando

Trying NOT to look like Liz Taylor or Marlon Brando

Killer weed Weed killer

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Baby Boomers (1946 - 1964)Connecting with the Boomers:•Talk to them about how you’ll save them time.•Talk to them about how you’ll make the purchase and financing easy. –BUT be very careful of too many technology solutions.

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Baby Boomers (1946 - 1964)Connecting with the Boomers:•Help them feel victorious. Visible gifts.•Become a member of their team. Not

exclusively internal – can include vendors. –Ex: “To me, this is not just about selling you a boat, its about becoming a sort of teammate.”

•Two overriding themes: Forever young. Rebellious. (Example – Cadillac, Harley Davidson.)

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Baby Boomers (1946 - 1964)

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Baby Boomers (1946 - 1964)Communicating with the Boomers:1) Face to face is number one. Relax. Fluid

sentences. Have fun. They’re an optimistic group!

2) Telephone. Follow same rules.3) Email - Full sentences. Few abbreviations.

Opening and Closing.4) Via Web - maybe / maybe not5) Texting - depends on the person. Often OK

for kids but not for vendors.

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Generation X (1965 – 1979)

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• Question authorities• No shared heroes. Their heroes are people they’ve met &

know.• Watched the days of lifelong employment end. Don’t

believe it will happen to them.• Shorter time horizons than other generations• Time is a currency.• Carpe diem - Seize the day! If you’re not enjoying it, don’t

do it.• “Prove it to me.”

Gen X: 32 to 46 yrs

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Gen X Today (apprx. 32 to 46 yrs) • Some are ready for more responsibility. Not all, some.• Gen X is the most discontent of all employees today:

Boomers not transferring knowledge; awareness that they’ll be passed by Millennials

• Looking more and more for stability - job hopping slowed down

• Pressures of the life stage - kids, funding retirement, 529 plans, mortgages...

• But their history of job hopping has made many of them unready for leadership.

• Tend to be remote leaders - manage from afar. “Closed door policy.”

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Gen X (apprx. 32 to 46 yrs old)

Selling Gen X•List all the available products, services,

options, etc. Everything.•Emphasize the short term solutions –

Carpe Diem.•Show back up plans… B, C, and D.•They’ll use the technology available to

double check what you’re telling them. Anticipate it.

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Gen X (apprx. 32 to 46 yrs old) • Distrust anything too promotional, sales-y, or marketing-y. –Sell the steak, they’ll see right through the sizzle.

• Data and information. More is better.• NO vanity advertising. NO photos of you.• Where to go for more information - websites, referral sources, product / service reviews, etc.

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Communicating with Gen X• Probably will prefer email updates.• Likely let your calls go to voice mail and then check the

message to see how important it is and how quickly they need to call you back.

• Texting is OK if content is 1) a request or 2) information: Call me when you can. Or: Just got your msg. Can I call tomorrow to ask some q’s?

• Face to face: Your clients will not want to make hard and fast decisions face to face. Let them think about it and do their research.

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Millennials (1980 ~ 2000

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Millennials: (apprx. 31 yrs old & less)• At long last entering “adulthood”:‣Awareness of long-term investment products risen 50% in

past two years.‣ Interest in home ownership up 25% in last six months.

• Parents are a big influence and will remain so. And vice versa. Well cared for by parents.

• Still much younger than you at same age:‣Only recently began preferring traditional workplace

culture (offices, cubicles, promotions).• Group orientation.

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Millennials: (apprx. 31 yrs old & less)•Amount the Boomers are expected to pass to the next generation: •$41 Trillion.

•Percent of the next generation who will NOT use their parent’s financial advisor: •80%

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Millennials Today (apprx. 31 yrs old & less)

• Same life stages• At much older ages

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Q: What do their messages have in common?

A: A strong sense of individuality.You’re special already.

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Then vs

Now

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Audie Murphy• Medal of Honor• Distinguished Service Cross• Silver Star• Legion of Merit• Bronze Star• Purple Heart• US Army Outstanding Civilian Service Medal• Good Conduct Medal• Distinguished Unit Emblem• American Campaign Medal• European-African-Middle Eastern Campaign Medal• World War II Victory Medal• Army of Occupation• Armed Forces Reserve Medal• Combat Infantryman Badge• Marksman Badge with Rifle Bar• Expert Badge with Bayonet Bar• French Fourragere• French Legion of Honor, Grade of Chevalier• French Croix de Guerre• French Croix de Guerre with Palm• Medal of Liberated France• Belgian Croix de Guerre 1940 Palm

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Millennials Today (apprx. 31 yrs old & less)

Connecting with the Millennials•Advice must have an immediate application to them.

•Must be unique to them.•Want what their friends have and what their friends are doing with a unique twist.

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Millennials Today (apprx. 31 yrs old & less)

Connecting with the Millennials•Spend time. Answer questions. Become a non-stressful provider of information. Be consultative.

•“Sensitive to my needs.”•Individual relevance – “Why is this important to me?”

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Millennials Today (apprx. 31 yrs old & less)Communicating:•Texting is OK. Preferred! Do it.•You must be present on the social technologies.•Recognize individuality and uniqueness. Very important.•Parents! Don’t forget about them. They’ll want to talk to you, too.•Printed: Simple. Sleek. Modern.• Be authentic. Be genuine. Be helpful. Don’t try to fake “cool.”

The Role of Experts

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The Role of Experts - Baby Boomers

• Baby Boomers will largely heed the advice of experts because they respect and recognize expertise.

• Time and experience creates experts.• Experts have earned the right to make specific

recommendations for customers.• Awards, designations, honors and accolades is

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The Role of Experts - Gen X

• Gen X believe experts must prove that they are experts.

• Expertise is not conferred or granted based on history or awards.

• The role of an expert is to lead the customer to a decision he/she has had some input into making.

• An expert proves expertise by their ability to convey their expertise to the non-expert in a buying situation.

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The Role of Experts - Millennials

• Experts are there to help acknowledge the uniqueness of the individual’s situation.

• Experts are teachers.• They guide through the process, educating

along the way.• Experts are resources to be called upon

repeatedly as needed, even long after the transaction has closed.

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Selling Across the Generations

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Exceptions to the rule:•Oldest children. Or a child born five years after their older sibling.

•Military•Raised on a farm• Immigrants from non-Western nations‣And their kids, sometimes…

•From a culture with a rigorous shared Rite of Passage

Top 4 Take Aways:• With Gen X & Millennials - No more “let me tell you about my

company.” Now it must be “Tell me about you” and “Let me tell you about you.” Teach, don’t sell. (This will work in attracting new employees, too.)

• With Boomers and Matures - Your history - company, brand, personal - give you the right to ask for the business. Ask for it.

• It will help if your salesforce looks like your targeted customers.

• Same life stages will happen at older ages. Therefore expect your products to be sold to more savvy buyers.

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Points to Ponder:• The Millennials are buying and financing their purchases.

There are 80+ million of them - large pool of potential customer. And may inherit some money.

• They will soon hit the next life stage and I expect their purchasing power to decrease as kids take over.

• The typical boaters - wealthy white males - are thinning out. Not replacing themselves. Smaller families, less money, etc...

• The Gen X boater is a tough customer.• But if I’m in a family owned boating business and I’m the next

generation, the Gen X customer is a MUST for me. They have the kids that will build your business for the future.

Points to Ponder:• For the younger generations of boaters, your story is less

important than their story- its about them, not you. • The Gen X SuperParent is obsessed with their children’s

experiences, so take the family on a test ride. Do everything possible to make sure the kids have fun.

• Ask your Boomer customers about their children. Listen for opportunities to meet the kids. Make a connection with the kids but don’t try to fake cool - its an agonizing thing to watch.

• With the Matures: You’ve earned this. Go. Enjoy yourself.

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Selling Across the Generations

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