Matures were known as the “Greatest Generation”; will Boomers (those adults turning 44-62 this year) become known as the Gloomiest?

According to a report by the Pew Social & Demographic Trends Project, America’s Baby Boomers give lower ratings to their quality of life than other generations; to worry that income won’t keep up with inflation, and to believe that it is harder to get ahead now than it was 10 years ago. For example, when asked, “In the next year, how likely is it?”, 55% of Boomers said it is likely that their income won’t keep up with the cost of living, versus 44% of 18-42 year olds, and 43% of adults 63+.

Source:
“Baby Boomers: The Gloomiest Generation” - Pew Social & Demographic Trends Project, 6/25/08

Also see:
"Baby Boomers: From the Age of Aquarius to the Age of Responsibility," Pew Research Center, 12/8/05
"Social Inequalities in Happiness in the United States, 1972 to 2004: An Age-Period-Cohort Analysis," American Sociological Review, Vol. 73, No. 2, 4/2008
"Inside the Middle Class: Bad Times Hit the Good Life," Pew Research Center, 4/9/2008

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Banks Must Shift Gears to Attract and Retain Gen X and Gen Y

Banks' most loyal customers are their oldest customers, while Gens Y and X are the retail banking customers of the future. They're also the least loyal and hardest to please, according to a recent Maritz(R) Poll. The results revealed more than half of Gen Y (61 percent) and Gen X (53 percent) respondents have considered changing or actually have changed their primary banking institutions in the past two years, compared with 20 percent of Silent Generation and 37 percent of Baby Boomer customers.

"For the most part, the current customer experience model at banks caters to the Silent Generation and Boomers, who more frequently bank in-person at branches. But, younger generation customers are much more mobile and rely more heavily on online interactions," says Thad Peterson, division vice president, sector strategy and solutions for Maritz' financial services sector. "Banks looking to build long-term relationships with Gen Y and Gen X customers need to think about three basic steps:

• Locational convenience has always been the primary tool for attracting new banking customers but Gen X and Gen Y customers also expect online, mobile nd anytime/anywhere banking. Banks need a strategy to attract and retain prospective customers who rarely step into a banking office.
• Identifying and offering products and services that give young people roots at the bank -- like providing incentives for online bill paying services and debit rewards programs.
• Treating them the way they want to be treated. Ensure that the customer experience is appropriate for Gen X and Gen Y, and consistent at all major bank touch points."

In general, the survey results show that younger people can be more impatient, less tolerant and just plain harder to please than their Baby Boomer and Silent Generation cohorts. The survey, which looked at customer satisfaction and loyalty among retail banks, found that younger customers also are more likely than older customers to find fault or have problems with their primary banking institutions:

• 37 percent of Gen Y and 36 percent of Gen X believe they would get better customer service at a different bank, compared with only 24 percent of Boomer and 16 percent of Silent Generation respondents
• 22 percent of Gen Y and 21 percent of Gen X reported being upset in the past year about high fees, whereas only 14 percent of Boomer and six percent of the Silent Generation respondents reported the same.
• 18 percent of Gen Y and 17 percent of Gen X reported being upset about a lack of ATM locations, compared with only 11 percent of Boomer and three percent of Silent Generation respondents.

So How Do You Woo the Gen X and Gen Y Customer?

It is no longer uncommon practice for businesses to reach out via social media in an attempt to attract these younger customers. Even companies like American Express and Bank of America are using social media networks like Facebook to try to connect with Gen Ys. Peterson advises companies against relying too heavily on social media as a way to initially reach younger customers.

"Using Facebook to attract new customers is like standing in a corner passing out business cards at a cocktail party," says Peterson. "If you don't have a genuine relationship with them, all you are going to accomplish is to diminish the value of your brand to that individual."

If social media isn't the way to the "promised land" of Gen X and Y's loyalty, then what is? Peterson has some suggestions:

• Be the source for their first primary debit card - Gen X and Y comprise the debit card generation.
• Highly incent them to migrate to online banking with a significant reward for paying bills online.
• Make sure front-line employees are treating Gen X and Y the way they want to be treated and can solve problems on the spot -- a key to securing lifelong patrons.
• Stay in tune with how younger customers want to connect -- online banking, bill pay and mobile banking are three customer touchpoints that must be state-of-the-art and part of every bank's overall customer experience.

Peterson notes that Washington Mutual is one institution that successfully caters to the needs of younger customers. WaMu no longer requires a signature to open a checking account. The bank simply uses the first signed check as the authorization signature -- incenting new customers to do business with the bank by simplifying the process and eliminating a trip to the bank. It appeals to the Gen X and Y customer desire to just "get it done," says Peterson.

”Banks need to listen to the younger generations," says Peterson. "It's critical for them to stay ahead of the curve and build good relations with younger customers. After all, they're the future of the bank."

Source: Martitz/PRNewsire

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Just 6% of consumers nationally are considered “Digital Savvy,” but Scarborough Research says this influential group predicts digital behaviors that will become the norm.

B-to-B marketers, particularly of computer hardware, software and information technology need to be aware that the Digital Savvy are disproportionately represented among corporate decision-makers.

Source: Understanding the Digital Savvy Consumer, Scarborough Research, May, 2008

See Generational Marketing.

Generational Marketing is based on the premise that marketers must understand the underlying drives associated with different generations and how those generations interact with each other to be able to effectively market to them.

The chart below displays the birth dates and key influences of each generation.

Peanut Labs is an online market research network that specializes in accessing Gen Yers.

Founded in 1935, DC Comics produces more than 80 comics titles each month and close to one thousand titles per year, featuring characters such as Superman, Batman, The Flash, Wonder Woman, and Green Lantern. 

The company is owned by Time Warner.

Marvel Comics has been publishing comic books since 1939. According to the company's 2006 annual report, Marvel Comics are the "comic industry leader, with 45% of the dollar share and 46% of the unit share of the industry."

Primary target audience is male teenagers and young adults 13-23. Readership also extends to readers in their mid-thirties.

In most publications, ten pages (three glossy cover pages and seven inside pages) are allocated for advertising.

Currently under construction, this website owned by Yahoo is a college-focused site that seeks to fill the void created when Facebook decided anyone could join their network, regardless of whether they were in college.

Kickstart.com