A Rising Tide floats all boats; a falling one sinks them. Those were the thoughts that came to my mind as I read Beware Rising Differences In Outlook in Marketing Daily this morning.
Bob Deutch points out the differences in outlook of Baby Boomers, Gen-Xers and Millennials with a great chart and makes this, very true, statement:
In the past years of easy financial growth and seemingly endless consumer demand, many marketers have gotten away with more general mass-market strategies or sloppy hyper-CRM targeting. Now, in times of fewer goodies and more unpredictability, basic temperamental, generational differences will surface that advertising dollars and ROI will have to take into account.
In other words, marketers, caught up for the last few years of giddiness, MAY have mistaken good economic times for genus. I think we all have. We’ve all been patting ourselves on the back at how brilliant we have been. How we’ve zeroed in consumer need. How we created pin pointed, strategic, successful programs.
Maybe we’ve just been lucky.
Like all of those day traders making money hand over foot in the late 90s…we’ve been caught up in a trend that rewards all those play. Now that the tide is going out, we have a generation of young marketers that haven’t experienced tough economic times and haven’t had to really apply those strategic marketing principles they learned in school.
It’s time once again to dust off the old marketing theories and apply them… albeit with new tools and tactics.
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