Four Generations – Four Sales Strategies

Distinct cultural differencesUnique buying habits

Work and family life balancePriorities

Four Generations in the marketplace

Traditionalists1925 – 194567 – 88 years

Generation X 1965 – 1979 33 – 48 years

Baby Boomers 1946 – 1964 48 – 67 years

Generation Y/ Millennials

1980 – 2000Just reaching 30s

• Mature or Silent Generation• Traditionalists• Influenced by military• 35 million in 2008• Most affluent • 15% of workplace

• Dedication, sacrifice

• Experience will always be the best teacher

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

• Hard, hard times then prosperity

• Deference

Traditionalists

• Workaholics• Competitive • Success visible – trophies, plaques, certificates • Defined by their work • “We are the world, we are the children”

Baby Boomers

• Born following WWII• Increased birth rates• 80 million• Most influential • 33% of workforce• Impatient

• Questions authority• No shared heroes; they are the people they know• Watched lifelong employment end• Don’t believe it will happen to them• Carpe diem! Seize the day!

Gen X• 13th Generation• Baby Busters• 45 million • 18% of workforce• Size above Matures• Influence less than Boomers

• Parents a big influence; well cared for by parents• Younger than other generations at same age• Group orientation• Always “on”• YOLO! You only live once!

Millennials•Generation Y• Echo Boomers• Second largest generation • 75 million • 60-65% of workforce

within 10 years

Age of First Time Boat Owners

From Left Brain Marketing

Special Report on Boating & Fishing 2013RBFF and Outdoor Foundation

Special Report on Boating & Fishing 2013RBFF and Outdoor Foundation

Traditionalists & Boomers

still have highest potentialSenior niche of Americans 60 years or

older have the highest percentage of people who are either current boaters/fishermen or are interested in boating and fishing

Of the nearly 40 million seniors in the US

–9.5 million (24%) currently fish or boat

–23.3 million (59%) are interested

RBFF Niche Study – March 2011

Work & Lifestyle Characteristics Traditionalists Baby Boomers GenXers Millennials

Core Values Respect for authorityConformersDiscipline

Optimism Involvement

SkepticismFunInformality

RealismConfidenceExtreme fun/social

Education A dream A birthright A way to get there An incredible expense

Communication Media PhoneFace-to-faceWritten

PhoneCall anytime

Call me only at workEmail

Smartphone/TextFacebook

Communication Style FormalMemo

In person Direct and immediateCasual

Email or textGoal-focused

Dealing with Money Put it awayPay cash

Buy now, pay later Cautious & conservativeSave, save, save

Earn to spend

Work Ethic and Values Hard workRespectSacrificeDuty before funAdhere to rules

WorkaholicsWork efficientlyPersonal fulfillmentDesire qualityQuestion authority

Eliminate the taskSelf-reliant/individualistWant structure/directionSkepticalWant balance

MultitaskingEntrepreneurialTolerantGoal-orientedCivic-minded

Work View An obligation An exciting adventure A difficult challengeA contractFastest route to results

A means to an endFulfillmentSource of identity

Work and Family Life Ne’er the twain shall meet No balance – work to live Balance Balance

• History of organization

• Name recognition of organization

• Tenure in the marketplace

• Historical and perceived quality

What matters to Traditionalists and Boomers

• 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 matters to Gen X and Millennials

Priorities may impact

Consumer Spending

Great recession has changed consumer

attitudes33% more careful with spending

27% not financing purchases

22% are/will be more cautious with leisure purchases

Reasons unlikely to purchase boat in next 3 years:– Lack of disposable income – 16% of current boat owners; 20% of

non-owners

– Too much debt already – 7% of current boat owners; 6% of non-owners

– Unable to get financing – 1% of current boat owners; 2% of non-owners

RBFF-BrandSpark Study 2010: Consumer Attitudes

Target respondents: US residents age 18-69; household income >$60,000 – includes boaters & non-boaters

RBFF-BrandSpark Study, 2010: Consumer Attitudes

• Ask for the “rules of engagement”

• Traditional sales process

• Testimonials, credentials

• Face-to-face or telephone; stay in touch even post-sale

• Under promise, over deliver

Selling to Traditionalists

• Brand, brand, brand

• Expect strong work ethic from you

• Technology, time-savers important

• Communicate along the way, and after the sale

Selling to Boomers

• List all available services and options

• Data and information – more is better• Relationship selling – NOT!• Control• Transparency; straight-forwardness

Selling to Gen X

• Business is transactional• Well-connected, savvy; simple, sleek, modern marketing• Guide them through process; don’t give many choices• Be genuine and helpful• Make financing easy, not scary

Selling to Millennials

DIVERSIFYTraditionalists

Generation X

Baby Boomers

Gen Y/ Millennials

Four Generations – Four Sales Strategies

TRADITIONALISTS BOOMERSAsk for the “rules of engagement” Brand, brand, brandTraditional sales process Expect strong work ethic Testimonials, credentials Technology for efficiencyFace-to-face/phone; stay in touch Time savers importantUnder promise, over deliver

GEN Xers MILLENNIALSList all available services and options Business is transactionalData and information – more is better Well-connected and savvy Relationship selling – NOT Simple, sleek modern marketingControl Provide guidance/not many choicesTransparency; straight-forwardness Be genuine and helpful

Make financing easy, not scary