Marketing to Age: What Artists Can Learn From Analysts

If the two industries were to come together they would discover that they share a common purpose Both are in the business of generating growth for their clients Bankers do it by making investments in financial instruments while marketers do it by investing in media and messagingWhere they differ of course is in how they do that Bankers create a diversified portfolio of investments that is structured to optimize gains while mitigating risk A typical portfolio might consist of a mix of highgrowth moderate and conservative investments balanced in a way that delivers reliable longterm growth While marketers also diversify by deploying a balanced mix of media they are diversifying with the purpose of reaching as many customers as efficiently as possible they are not diversifying their investment to manage riskRisk is everywhere in marketing today especially for those who are prioritizing millennials a generation with enormous future potential but also one that is highly enigmatic Trying to figure out their personal values amp8212 the beliefs that influence their behavior and choices amp8212 is a vexing challenge In this regard the financial analysts have a message for the marketing artists diversify to manage the inherent risk of marketing to this new generationHere39s more advice to help you balance your generational marketingDon39t overemphasize one target audience In their zeal to win first and win big with marketing39s newest generation many brands are placing sizeable bets on millennials As a new audience that39s still coming of age millennials are marketing39s equivalent of an emerging market Although emerging markets can be a highreward investment they39re also inherently risky because they39re volatile that is there39s more about them that39s unknown than knownMarketers are still finding their way with millennials and are now starting to realize that many of them are still five to 15 years away from their peak earning and spending years So while they represent the future of marketing the future isn39t here yet Marketers may need to have millennials in their mix but they would be smart to offset this generation39s inherent risk by also targeting other more predictable generationsDiversify to maximize gain and minimize loss If millennials are marketing39s equivalent of highriskhighreward investments they should be balanced by cohorts such as Gen X ages 40amp821151 and baby boomers ages 52amp821170 who offer the potential for more moderate gains with conservative risk exposure Not only are these potent generations but they also have wellestablished tendencies particularly the boomers An analyst would think of baby boomers as the fixedincome component of a marketing portfolio at 78 million strong and controlling upwards of 70 percent of the nation39s disposable income they are a rocksolid investment that will yield predictable returnsInvest for the longterm The abundance and allure of modern communication technology entice marketers to use the newest tools available to them In this opportunistic and at times reactionary environment amp8212 one where expectations are higher than ever amp8212 shortterm tactics are replacing longterm strategic thinking When this happens the focus shifts to building the business now at the expense of building the brand for the future By contrast smart financial analysts structure their investments around a sustained strategy and a known time frame Because they stay the course they almost always outperform the major indexesWall Street Comes to Madison AvenueThere39s an old investing adage that advises quotTrade the market you39re given not the one you wantquot The market that most brands want today is the emerging millennials and the temptation to win with them is almost irresistible And why not They39re the country39s largest generation and earning their loyalty for a lifetime is priceless But then there39s the other part of the adage The market that brands are given today amp8212 the one they should be trading amp8212 is one made up of others too including the generation with the most money baby boomersIf Madison Avenue were to take a hot tip from Wall Street they would target a balanced portfolio of consumers consisting of a mix of millennials Gen X and baby boomers with the former offering a chance to speculate on future growth and the latter delivering predictable returns nowWhile the artists would tell you that marketing to old folks is not nearly as fashionable as marketing to millennials the analysts would remind us that all businesses are in the business of making money and that objective is one that will never go out of styleClick the social buttons to share this story with your friends and colleaguesThe opinions and points of view expressed in this content are exclusively the views of the author andor subjects and do not necessarily represent the views of MediaVillagecomMyersBizNet Inc management or associated writers

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Marketing to Age: What Artists Can Learn From Analysts

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Peter Hubbell

Jon Miller | Cofounder Marketo, Engagio | The Gumball Machine is Broken - Rethinking B2B Marketing - By Mike Linton

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Peter Hubbell

Jon Miller | Cofounder Marketo, Engagio | The Gumball Machine is Broken - Rethinking B2B Marketing - By Mike Linton

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