Multigenerational Households Offer up Business Opportunities

generationsAs more and more households make the transition from single family to multigenerational, businesses of all kinds must make a shift with the way they market their products and services.

With that said, here are just a few ways multigenerational households are changing the way businesses promote their brands:

Economy and Changing Households

Although the economy is experiencing a slow but steady recovery, the unpredictable job market, rising healthcare costs, and increased cost of retirement are making way for an influx in multigenerational households.

Single-family homes and empty nester households are quickly evolving into environments where adult children, parents, and grandparents all live together under one roof.

This is a direct result of the effects of an economy in recovery.

Recent college graduates are struggling to find work and recent retirees are struggling to afford their retirement costs due to skyrocketing healthcare.

As a result, generations of families are moving in together, which creates a marketing challenge for most businesses.

Focus on the Breadwinner

Instead of breaking marketing efforts up into three or four generational categories, businesses should focus their brand promotions on the household’s breadwinner.

For example, if a recent grad moves back in with his or her parents, businesses should aim their marketing at the parents as opposed to the grad.

Why? Well, for starters, the parents are more financially stable, which means they are more likely to make purchases at this point in their lives.

On the other end of the consumer spectrum, recent grads that move back in with their parents are likely saving money therefore can’t spend beyond their strict budgets.

This is especially important to keep in mind for businesses that sell want-based products and services as opposed to need-based items.

Use Generation-Neutral Marketing Tactics

Businesses wanting to cater their marketing to the multigenerational household masses should consider using generation-neutral marketing tactics. Avoiding using marketing language that’s specific to one generation over the next is wise.

Additionally, using a wide range of marketing avenues including print, email, and mobile marketing is also helpful.

Businesses should also focus their marketing content on the multigenerational households themselves.

Providing helpful marketing content such as tips for living in a multigenerational household will draw the attention of this unique, diverse group of consumers.

Take Advantage of Demographic Data

Demographic research is a large part of any effective marketing plan, especially in the case of multigenerational households.

Businesses trying to enter the multigenerational market should pay close attention to the demographic data available before coming up with a marketing strategy.

Do households in the target market consist of parents and adult children, parents and grandparents, adult children and grandparents, or a combination of the three? A little demographic data research can reveal important household information that’s vital to any marketing campaign.

The right demographic data allows businesses to segment their marketing campaigns and optimize their outreach efforts.

Similarly, demographic data also helps marketers decide who the breadwinner of the household is so they can adjust their marketing attempts accordingly.

When it comes to effective marketing, there are a number of ways businesses can successfully reach multigenerational households.

 

About the Author: Adam Groff is a freelance writer and creator of content. He writes on a variety of topics including marketing strategies and the economy.

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