It may seem unlikely that Baby Boomers and Millennials share any commonalities. We hear a lot about the differences between the two generations and what they value. One of the most notable is technology. Two of the biggest changes to how the world works happened as Millennials were growing up – the development of the Internet and the smartphone. AIMsights Group, an international marketing consulting firm specializing in purchasing behaviors of Baby Boomers and Millennials, compared the creation of the Internet and the smartphone to the development of the Gutenberg press. It has been that significant.
However, despite the differences, both groups represent a large buying power. The 80 million Baby Boomers control 70 percent of the country’s disposable income, but the 86 million Millennials are driving spending growth as they start shopping for themselves and their families.
Marketing to both at once
To market to both generations at once, it’s important to focus on value. This is about quality and perception as much as it is about price point. The perception of a product matters, which leads us to the next divergence – food. While Boomers are focusing on better-for-you foods and snacks, Millennials are all about gourmet and trends like gluten-free. Many times these two ideas, better-for-you and gourmet/trendy can be the same food item, whether that’s an arugula salad with homemade blue cheese dressing or a sophisticated (and high priced) sandwich on pretzel bread.
Don’t be afraid that technology will alienate either group. Again, according to the AIM Insights, this is the first time in history that it’s not just the older generation teaching the younger one. The Millennials have a specific skill set that the Baby Boomers don’t always have. The two groups are educating each other, giving them a cross over that no two other generations can really claim. This is as true for the products they eat as mobile devices.
Selling service to Millennials
Vending operators need to be considering Millennials as decision makers, not just as customers. Many are moving up to management positions and gaining more responsibility.
It’s been said that Baby Boomers like personal service. They want to meet to do business, as a way to gauge what is said and if they trust their business partner. This is not unlike the skeptical Millennial, who is online checking reviews and skimming a company Website before the caller has finished his/her phone introduction. The Millennials are interested in authenticity and not being lumped into a category.
Now, I’m not trying to pull the wool over your eyes by claiming that Millennials and Baby Boomers are the same. However, with all the talk about the differences between the generations, there are some similarities, points of commonality that help us get along as a society. These also help marketers reach both audiences with some of the same tactics and are important to remember as you craft your sales programs.
