The microwave! What a fabulous invention! It’s also one of the many inventions that has helped to shape Generation X also known as “the Young and the Restless Generation” – the next generation to come under the Market Viewpoint customer retention microscope.
Gen X is made up of 46 million people – a relatively small group when you compare them to the 80 million consumers who make up the Baby Boom generation. Gen X is responsible for $125 billion annually in buying power and the word that best describes this consumer group is – skeptical. Born between 1965 and 1980, they grew up seeing everything being called into question including personal relationships (the divorce rate in the US tripled from 1960 to 1980) and professional relationships. They had complex childhoods due to the fast-paced rise of technology. Consider inventions such as cable TV, Digital TV, VCRs, video games, fax machines, pagers, cell phones, and the PC – all became an integral part of the way we live during the formative years of Gen X. They grew up during a time when change was constant and frequent.
If you market to Generation X, know that you are dealing with a generation that is resourceful and independent. I like to think of them as the “Lone Ranger” consumer group. They are savvy at figuring things out and their independent manner of thinking makes them easy targets for the lure of the competition.
Knowing what excites your customers and motivates them to buy should be an important factor in your marketing plan and customer retention strategy. Analyze your customer base and be clear with your marketing messages. The implications are far-reaching and could result in better customer retention rates for your organization.
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