Your business has been doing well! You’ve found a profitable niche — but you’ve reached a plateau. It’s a challenge that every business will face at one point or another. How can your business create a marketing strategy that will break through to new audiences who will become loyal customers?
The simple answer is to grow your base – yet, this is easier said than done.
It’s no secret that we live in a highly digital age where advertising and marketing skews to favour the younger generations. Advertising and marketing has taken after social media and uses habit forming, satisfying techniques which can be highly effective with certain audiences. Companies can sometimes be distracted by the idea that their product or service can become viral should the right pieces be put in place.
Focusing on this kind of strategy may leave out a group of potential customers who can create long-term growth. Baby Boomers and Elder Millennials can be incredible, lasting customers, should you treat them as such: like customers and not as an abstract.
When creating your marketing plan to extend beyond your current clientele, it is important to review the data that you have at your disposal.
First, define your loyal customer base. Your social channels, analytics and website traffic has a lot to offer you in terms of defining who that is. It is likely that your product or service may be attractive to more than one group, but considering how different demographics engage, this should help you guide your messaging and strategy.
Your first attempt at attracting a new base might be a bust — but that is OK! Testing and trying new things is part of the marketing process. Marketing is never a one and done process. It is just that, a process.
Finding a consulting agency that can help dissect the data you already have could be a great option (Yes, full disclosure, we can help with this). The marketing process is time consuming and having a team dedicated to sifting through your data and finding niches that you hadn’t considered before can be a huge asset. This leaves you with more time to focus on your business.
Some strategies to capture the Baby Boomer and Millennial Markets might be:
Boomers value loyalty just as much as you do. To attract this customer base and keep them around, it’s important to offer rewards based on their allegiance. Whether you decide to:
- initiate a points system
- a referral program (email inventory matters) or
- discounts based on reviews
These are all great options to show your customer you value their business and feedback with tangible rewards.
When attracting Boomers with advertising, focus on:
- Long form content
- clear succinct messages that support their values financial investments (Boomers care about the wealth they’ve worked hard to accumulate.)
Millennials care about causes and are highly vocal online when it comes to both good and bad customer experiences. Millennials tend to trust each other and like seeing themselves online.
- Implementing User Generated Content can have a huge effect on your overall marketing campaigns.
- Monitoring social media and addressing comments sincerely.
A great example of growing your customer base by distinguishing your customer markets is how TELUS extended their consumer reach with the addition of the brand: Koodo. TELUS is successful in securing Boomer customers who look for reliability and quality customer service. With Koodo, they skewed their offering to more youthful (Millennial) customers back in 2008 who wanted the same quality service and devices, but without the hefty price tag.
Media channel selection, messaging and brand identity became super important here, as similar services are being offered, yet the feelings aroused by each brand is different.
TELUS offers its boomer clients:
- A sleek website with plenty of longform content
- Deals and free product (ex. a free apple watch when signing up with TELUS Health MyCare)
- Accessible linking and related imagery to ensure clear messaging
TELUS knew they had a solid base of loyal clients, but knew that growth meant changing the messages being delivered to find new markets.
Koodo has put in the work since 2008 to establish itself as affordable, reliable, and stylish to continually attract young customers. Koodo also acts as a gateway to TELUS products, as when clients are older and looking for more services, TELUS has their needs met (internet, home phone, home security etc).
Koodo offers Millennials:
- An abstract, fun, adventurous website
- One service (mobile) that focuses on affordability
- Access to top brands
These brand marketers know that these two demographics care about different things, especially at the time of conception in 2008. Boomers wanted to protect their assets and Millennials just wanted to access the things being advertised to them (but often seemed out of reach financially). This was a truly well thought through marketing technique, as once Millennials are ready to get serious about their investments, TELUS would be there to funnel them into the next stage of their lives.
Blanketing any demographic as the same will never work, you or your marketing team will inevitably have to boil down your audiences to fit a niche. It is important to make your marketing strategy work beyond quick social media posts targeted to the highly stimulated. Tactics and content that are timeless across digital, social, broadcast, print and elsewhere should reflect the messages that these unique demographics care about.