Meet Today's Millennials, Moms & New Retirees

Moms in the new economy choose price over convenience. Seniors are living a far different life than their parents. You've no doubt heard a lot about the characteristics that define each generation. But we wanted to really bring these consumer segments to life. Who are they and what makes them tick? What matters most to them and what can they live without? These are just a few of the questions that we set out to answer, and in doing so we discovered a number of tactics that marketers can employ.

Millennials

Every generation has their own personality, and we can truly say that Millennials have theirs. They are confident, open to change, liberal, and self-expressive. And with 21% of total consumer spending in the U.S., they are no doubt a coveted demographic. But companies still struggle with how to talk to them, what they want and the best way to reach them. In chatting with Millennials, we uncovered a few key trends and opportunities.

They want to experience life

Millennials want to roll up their sleeves and experience the world. They strive to be part of something bigger than themselves. So to make this happen, they choose access to possessions over ownership. Think about companies like Zipcar and Rent the Runway. They are the perfect solution for this group, enabling them to use products only when they need it and save some money by doing so. To tap into this trend, marketers should think about how they can provide opportunities for meaningful experiences, and make them feel part of a community or movement.

They want to change the world

Millennials want and believe they can change the world. This strong social conscience is amplified by technology. Because of the Internet, they are now capable of doing things that previous generations couldn't imagine. Look at brands like Panera Bread and Toms Shoes. They have a passion for a specific cause, and this plays a big role in strengthening the brand relationship. What's the takeaway for businesses? Help Millennials change the world, but remember that they are the star and you are the helper.

Authenticity is key

Millennials want what is real and authentic. They value stories behind brands and believe that authentic is better quality. Consider for example the growing popularity of craft beers or buying local from farmers markets or urban flea markets. This takes consumers directly to the source. For companies, the best way to maximize on this is by telling your story. Make sure they know, understand, and feel a part of how your brand has gotten to be who it is.

They are never too young for nostalgia

As young as they are, Millennials have a connection to the past. They watch the shows that older generations have grown up with and have nostalgia for a simpler time (mention Mad Men or Boardwalk Empire and they will be all ears). So marketers, if you're not already doing it, flaunt nostalgia! If you have it, they will love it. But it has to be real and authentic.

How to win with Millennials:

• Make them feel individualistic
• Help them feel part of something bigger
• Engage them with conversation (online and offline)
• Go to them - don't make them come to you
• They want to be respected by companies
• Give them good deals

Moms and the New Economy

Now let's move onto the next group of consumers: Moms. Our economy is not on the side of moms: incomes are going down, while prices are going up. And this has a big impact on them. So what does this mean and how do you approach this group? Here are a couple of trends that emerged from our interviews.

The emotional toll

In some ways, it's been tough for moms. Life isn't working according to plan, and this is creating a strong sense of disappointment. How can you help? Consider the emotional benefits (such as security and confidence) you can provide. Above all, moms need someone to tell her she is going to be okay.

The new normal

Because it's been tough, there's a new normal in the way they shop, take care of themselves, and entertain their family. For one, don't even think about impulsive buys as their shopping is now strategic and precise. They can no longer afford conveniences and are willing to work a bit harder to save extra money. Often, this means spending hours finding the best deals, loyalty programs and coupons. Style choices are driven by cost and eating out is a luxury that just isn't in the budget. So for your next campaign, consider what tools, information and support you can provide to help her succeed in the do-it-yourself space. And given that her life is full of sacrifices, give her a product that can make her feel like she is enjoying a little luxury without compromising her family's budget.

How to win with Middle Class Moms

• Sell optimism
• Discover and innovate with moms
• Be experiential
• Recognize her creativity
• Help commercialize her barter system
• Make an everyday luxury accessible
• Take advantage of her home time - to connect

Meet the `New' Retirees (65+)

The New Retirees are independent, resilient, optimistic, proud, wise and hardworking. They're also the fastest growing population segment on earth. In fact, by 2025, one in every five Americans will be 65 or older. They know how to live, and marketers beware, if you call them old, you've lost them immediately. How can you resonate with this audience? Here are three ways.

There's no place like home

The new retirees are very much connected to home. They want to age in place and bring healthcare into the home. To resonate with the New Retirees, you need to be an expert in aging. Ask yourself, what products, services, cause marketing initiatives can support their desire for independence?

Health, health, health

Health is the primary motivator and influencer in their decision-making. In fact, they have a proactive approach to it and are receptive to technology in this area. Many have been exercising and trying to stay active for a long time. So think health care innovation and dream BIG!

Reinventing retirement

The notion of retirement is very different for this group. This is not their parents' retirement. For them, a second career calls for retooling and rebranding. And keep in mind, it's not always about the money.

How to win with the New Retirees

• Don't talk health benefits, scream them!
• Ride with the silver surfers
• Make your technology easy to adapt. Once they do, there is no going back.
• Influence the influencer: their kids.
• Consider changing physical limitations in product design.

To listen to a full webinar examining these three generations, please click here.