Q: Could you define the concept of generational marketing?
If you understand each generation’s unique buying habits, you’ll be more successful selling to them. There are currently four generations with purchasing power:
- Traditionalists, ages 71-88 (7.6% of labor force);
- Baby Boomers, ages 52-70 (27.2% of labor force);
- Gen Xers, ages 38-52 (33.2% of labor force); and
- Millennials (aka Generation Y), ages 17-37 (32% of labor force).
Generation Z (16 and under, also known as iGen or Post-Millennials) has yet to really enter the work force.
Q: Do you have any tips about how to increase closing rates when selling to the younger generation?
Understand that each generation requires its own selling approach. While all sales systems require stressing value, benefits and differentiation, individual approaches will differ with each generation. Here are a few tips:
- With Boomers, personal contact is essential. Don’t clutter your presentation, and get to the point. Follow up by phone.
- Gen Xers are open to receiving advice. Consultative sales technique is crucial. Follow up with email.
- Millennials are less trusting, demand a thorough understanding of products or services, and prefer receiving texts.
Q: How many contacts does it take to close a commercial sale?
- 2 percent of sales are made on the first contact,
- 3 percent of sales are made on the second contact,
- 5 percent of sales are made on the third contact,
- 10 percent of sales are made on the fourth contact, and
- 80 percent of sales are made on the fifth through 12th contact.