More and more we hear of marketing efforts (and almost everything else) to cohort bands, such as the "Baby Boomers", "Gen Xers" and now "Millennials". These groups are broad bands of consumers united by their birth year. For example, Boomers are widely held to have been born between 1946 and 1964 (although other definitions exist).
The cohort logic is that there are predominant characteristics of these groups. While an individual person may or may not share those characteristics with others of near birth years, get enough together and you'll perceive the majority tendency. Hence we have known for some time through polling, demographic research, and pop culture that Gen Xers (1965-1980?) are relatively more individualistic, risk-accepting, and more skeptical. The and coming Millennials (1981-2001?), we think, are relatively more communitarian and less materialistic.
Human Resources people have been keenly interested in these cohort effects for some time as they impact the workplace. And marketers are getting in the game as well. How do we think about cohorts as small business people?
Cohorts are important as we look at our target market. Some products and services resonate better with some age bands than others. But more to the point, how we position the advertising message will change depending on the cohort. Take something as well understood as clothing. I'll pitch image to a Boomer, price to a Gen Xer and fashion to a Millennial. Same product, different perception.
Bottom line: keep cohorts in mind as you identify your target market. Then think about how affected cohorts will respond to various marketing strategies.
We'll discuss these more in future posts. Stay tuned!
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