Back to Basics (stuff you already know)

Back to Basics (stuff you already know)

By: David Van Rossum

I have been in several meetings over the last few years that focused on the need to address the younger market in today’s society. This consumer constituency has grown up with computers and smart phones. They have embraced social media. They are used to instant responses. This group is different from the Greatest Generation, the TV Generation, the “Latch-key” Generation and Generation X. Their exposure to the real world is extremely broad. They are gamers. They get immersed in reality programming that depicts the unreal. The ability of this generation to search for answers, both important and trivial, is much greater than ever before because of the internet. Reaching this market is paramount for businesses to survive through the next decades as their earning power grows. Employers have become cognizant of creating work environments that combine the companies’ expected productivity with the expectations of this generation that has been raised in a “softer” world than that of their parents. These people are deemed to be different than our parents and rightfully so. Are they different as consumers? Mulling how to address this market has been a boon to consultants. In my view it isn’t as problematic as we sometimes make it out to be. The truth is that today’s young people are not the only ones who utilize internet searches, post on Facebook, publish with Twitter, watch reality shows, and play video games. If you didn’t grow up in the personal computing age it doesn’t mean you don’t avail yourself to the wonders that it has brought. Consumer needs and tastes change over time. Entertainment vehicles and business tools progress. Consumer expectations, however, may not change as much as we think.

How to reach a newer audience is a continuing challenge. Advertising on social media is a relatively new concept, but is truly just an evolution. Newspaper and magazine ads were augmented by radio spots and eventually television commercials. My generation grew up with TV, but our parents watched as well. Our kids are immersed in social media, but social media is used by people of all ages. Advertising has always been tailored to different age groups, but it would be a mistake to ignore the opportunity to reach multiple audiences by believing that is only the younger generation who use the latest technologically generated vehicle of access. We need to be aware that modern mediums reach broad markets.

A couple of years ago a consultant addressed a group that I was involved with in the financial services market. His main theme was how to capture the young consumer base. His presentation concentrated on what was most important to this group. Research data was provided that came to the conclusion that what this group wanted the most was to be treated with respect. I remember musing that this shouldn’t be a surprise. Doesn’t every consumer group want to be taken seriously? If you are trying to sell to a constituency, then you had better treat them right. This is nothing new, just a basic tenet of business. Addressing the most important want of the younger generation should be a piece of cake.

The next thing that this new consumer group was looking for was speed and ease of use. Once again, I don’t believe this is a different want than most of the rest of the market. Good businesses have survived and thrived by developing new services that utilize emerging technologies and concepts to make the consumer experience easier and faster. Years ago banks invested in drive-through stations to accommodate a  more mobile society. Then came ATMs and kiosks that can be placed in convenient locations. Then internet banking boomed, allowing individuals and businesses to bank from their desks. Twenty four hour service is expected. Today, services can be accessed through smart phones, allowing for transactions and even deposits while on the move. Young consumers may expect this, but consumers of all generations use them. Consumer respect and speed and ease of service don’t seem to me to be generationally driven.

Advertising on social media is a relatively new concept, but is truly just an evolution. Newspaper and magazine ads were augmented by radio spots and eventually television commercials. My generation grew up with TV, but our parents watched as well. Our kids are immersed in social media, but social media is used by people of all ages. Advertising has always been tailored to different age groups, but it would be a mistake to ignore the opportunity to reach multiple audiences by believing that is only the younger generation who use the latest technologically generated vehicle of access. It is important to reach audiences through the mediums that they access. Today’s mediums reach broad markets rather easily.

           The fundamental building blocks of a successful company cannot be ignored. Create a good product, price it competitively, reach your market and service both the product and the market to build loyalty and repeat purchasers. Change in generational social environments shouldn’t alter that basic cycle of thinking. It is apparent to me that most consumers want the same things from their vendors. They want quality. They want convenience. They want good pricing. They want post purchase service. In other words, they want respect and speed and ease of use. It doesn’t matter if you are 23 or 53. Reaching target audiences is the art of marketing. Good marketers design campaigns that target groups with relatable themes or personalities. Good marketers also realize that it is not only the young that use the youngest inventions. Good companies realize that every customer is important and the best way to convey that importance is to give them what they expect. The basic elements of what a consumer expects haven’t changed in generations.