Know Thy Allocator
Any good marketer knows that properly segmenting their target markets is key to crafting campaigns and creating messaging that resonates with their audience.
However, segmenting the audience in our industry can be much more challenging than in most other industries. Historically, allocators were seen as a very homogenous group of people. Identifying distinct character traits, understanding a common set of values, and appreciating their ‘needs’ was relatively straightforward.
Similarities amongst them will continue to exist making some stereotyping still possible, but the demographic profile overall has begun to change. And that rate of change will only accelerate as younger generations begin to occupy those seats.
The terms ‘Baby Boomers’, Gen X’, ‘Gen Y’, ‘Millennials’, etc. have been used by marketers to segment audiences based on demographics for a very long time. For good reason too – historically, each segment has been thought to respond differently to various marketing tactics than other segments. The demographic shift in terms of age, gender, and ethnicity is happening much faster than it was a decade ago, or even 5 years ago. Yet, managers in our industry continue to employ the same approach to marketing as they always have.
One glance at age demographics will tell you that the days of old technology are over. Today’s Millennial grew up with well…technology everything. Do you really think they are really going to want to do business using 40-page printouts and be forced to talk to someone to access information?
Despite the generational shift we are experiencing, allocator homogeneity will continue to dissipate – particularly when you start to think about things from a Valuegraphics perspective. That is important to understand as you re-shape your message to appeal to a new audience.
Knowing your audience, acknowledging that any team will consist of varying demographics, and then executing on marketing strategies that will best capture their attention is your best way to be in thorough dialogue with them.
What’s all the rage about Millennials?
Love ‘em or hate ‘em, Millennials have become the largest generation in the workforce. They’re also the fastest-growing generation of consumers in the marketplace, exhibiting different attitudes which will challenge conventional strategies and approaches to capital raising as they begin moving into decision-making seats.
But just like anything…the only constant is change. So, flexibility in marketing will continue to matter. Soon, Millennials will be looking over their own shoulders, too. Known as Gen Z, iGen, or Centennials - a new group of people who will make big waves in education, employment, marketing, and capital raising are fast on their heels…
By Alan Chu