How generation marketing is changing and the majority of brands are vulnerable to disruption. Not because they have a bad service, bad product, or bad business. Because they simply do not understand which generation they are marketing too.
Now this is not because they don’t know their demographic. It is simply because they no longer know where their demographics is paying attention.
Let me explain generation marketing.
At the moment there is a disproportionate spend on advertising through traditional media channels. Print, television, and radio.
Every one of these mediums is in decline from a subscription, viewership, or audience perspective. Compounded by the fact that the generation they are trying to reach is not even paying attention to advertising when they are using these mediums.
Print revenue and subscriptions across the globe are lower than the first year of measurement. Which was back in 1950.
Television free to air consumption for the first time in its history is starting to see a decline. Although the recent elections both in our country and abroad will have gone some way to negate this in 2016;
And if you honestly believe your consumer is listening to your ad on the radio, pulling over on the side of the road or at their next stop and taking action. Well, what can I say?
Now before I go any further, I want to say in defence of all the mediums they produce for the most part wonderful content. But they simply do not hold the distribution medium anymore.
Attention and distribution are now sitting with social media platforms. Or more specifically with the consumer and how they choose to access content.
Mobile will soon dominate the world with over 6.1 billion connections predicted by 2020. And if you do not know how to reach your consumer effectively on this medium you are about to be disrupted by someone who does.
There are now 2.41 billion monthly active users on Facebook. With 3rd quarter advertising revenue on Facebook jumping by 56% to $7 billion dollars. Although worldwide advertising spend is sitting at around $542 billion. The missed generation marketing opportunity by brands is staggering.
Instagram has over 52% of the world's youth connected to their platform daily. With e-commerce capability being released this year!
Facebook Messenger has 1.3 billion monthly active users.
And Snapchat is dominating the tweens.
The fastest growing demographic on social is the baby boomer! Because all the other generations are already there. And generation marketing has now shifted to social.
And for the moment the consumer's attention is yours for the taking.
If it is not you, have no doubt that it will soon be another brand. Because they will realize, you are not engaging your consumer. And they will happily take your place.