Generational Marketing - Strategies & Tactics for Engaging Different Generations
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The business landscape is now composed of four distinct generations of purchasers and providers of legal services. Successful marketers and firms understand each generation has their own distinct preferences, skill sets, ways they receive and process information and what influences their decision-making process. This interactive program will provide insights into the four generations, and how law firms can construct and tailor messages – both internal and external – so mesasges are heard by target audiences. Additionally, the discussion will explore the coming tide of Gen-X leaders, who are characterized by their independence, individualism, resilience, self-reliance, adaptability, and an entrepreneurial spirit and how to adapt to their rise in leadership.
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Generational Marketing - Strategies & Tactics for Engaging Different Generations
- 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Generational Marketing Strategies & Tactics for Engaging Different Generations Jonathan Fitzgarrald
- 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .@JRFITZGARRALD @HEATHER_M ORSE Who Am I?
- 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Generations Timeline
- 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not retiring Entitlement Live for today; don’t have to worry about tomorrow Individualistic Characteristic Behavior “Eat what you kill” mentality Not client- team oriented No sharing of origination Short-term mentality Little-to-no planning All attorneys treated the same Lock step pay and promotion Resentment between service partners and rainmakers Hoarding business they should be passing down @JRFITZGARRALD @HEATHER_M ORSE Boomers: What Makes Them Tick?
- 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Peer-focused Tolerance for risk Self-reliant Independent Characteristic Behavior Entrepreneurial Do it themselves Do not ask for assistance Not necessarily concerned with making partner Prefer candor and honesty Ambitious and willing to try new/different things Collaborative (group pitches, client teams, shared originations) @JRFITZGARRALD @HEATHER_M ORSE GEN X: What Makes Them Tick?
- 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Boomer Backlog – AmLaw 100
- 7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 14 88 899 6410 12720 17337 32576 17541 0 5000 10000 15000 20000 25000 30000 35000 20's 40's 50's 60's 70's 80's 90's 00's 10's Total Total ALM Legal Intelligence Lawyer Demographics – AmLaw 200
- 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 5 10 15 20 25 30 35 40 45 50 AmLaw 100 Fortune 100 CEO Fortune 100 GC Nasdaq CEO Nasdaq GC Silent Leading-Edge Boomer Trailing-Edge Boomer GenX AmLaw 100 v. CEO v. GC
- 9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ernst & Young Generations Survey In the Workplace
- 10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BOOMERS GEN X How they process information • Prefer face-time • Phone • Structured networking • Prefer email, voice mail, some social Purchasing influencers • Ratings and reviews • Personal referrals • Peer recommendations Tailor your message by • Testimonials • Link messages to visions, mission, values • Direct, casual messages • Utilize multiple platforms Delivery devices • Smart phones • Tablets • Smart phones • Tablets • Short videos Preferences
- 11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SILENT BOOMER • Seniority • “Experience” • Give them opportunities to lead • Rankings matter GEN X MILLENNIALS • Merit vs. seniority • Don’t defer technology • Be flexible in scheduling • Emphasize results over process • Contribution Reward, Recognize, Engage
- 12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • Generations defined not by age but by markers • Know your firm’s attorneys • Know your firm’s clients • Multi-platform communication is key • Prepare for the change Key Takeaways
- 13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • Engaging a Multi-Generational Workforce: Practical Advice for Government Managers, IBM Center for the Business of Government, 2011 • Generational Marketing, Jeanniey Mullen, Founder, YellowBean LLC, former-CMO, Zinio – LMA-LA Continuing Marketing Education Conference, September 2013. • Generations at Work: A War of Talents, Steelcase Knowledge Paper, January 2009 • I Would Die 4 U: Why Prince Became an Icon, Touré • Rocking the Ages: The Yankelovich Report on Generational Marketing, Ann S. Clurman, J. Walker Smith • Talking About Whose Generation? Why Western generational models can’t account for a global workforce, Deloitte • The O'Shea Report: Generations at Work- The difference between Baby Boomers and Gen Y (Youtube video) • Younger managers rise in the ranks, Members of each generation: perceived characteristics, Ernst & Young, 2013 Resources/References
- 14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Q&A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jonathan R. Fitzgarrald Managing Partner Equinox Strategy Partners JFitzgarrald@EquinoxStrategy.com @JRFitzgarrald Blog: BADfortheBRAND.com
Editor's Notes
- Jonathan – kickoff “Who am I and what role am I playing?” Stand up when you know. Heather – follow up with how each generation sees the same thing but from different perspectives. Jonathan – implications for legal industry
- Heather – for the first time ever, 4 generations in the workforce. Lots of confusion between generations. By understanding each of the generations (markers, etc.), we can better leverage each other’s strengths and preferences. Jonathan – Boomers (aging, not retiring), GenX rising in leadership roles (heads of committees, groomed to take over for MP, leaving firms to start new firms), Millennials (more tech savvy than the businesses they are joining (e.g., fax))
- JRF example of no sharing of origination HLM – Marketing plans sitting in the drawer. Planning the meeting in the car on the way to the meeting. JRF – Chuck story Misty story. Adding her to client teams than trying to get her out the door.
- JRF example of no sharing of origination HLM – Marketing plans sitting in the drawer. Planning the meeting in the car on the way to the meeting. JRF – Chuck story Misty story. Adding her to client teams than trying to get her out the door.
- Historically, retirement was 60-65, lead to firm culture of passing down clients. Jonathan – Chuck Story
- Tidal wave of GenX who will demand leadership and management roles, or they will leave. Baby Boomers are hanging on to leadership in disproportionate numbers. How long will the revenue generators accept leadership that doesn’t speak to them. JMBM story.
- Jonathan – On average, took a look at the various categories of leaders. Interestingly, rise in GenX and fall in Boomers. Clients are in the middle of making the generational shift; law firms have just begun (3 AmLaw 100 GenX leaders). Heather - We need to be coaching our lawyers at identifying which generation their counterparts are in and how to speak to them. Heather story – American General pitch. Jonathan – Story (Jon Gallo servicing a 21 year old billionaire). Diversity is no longer limited to gender, race, sexuality—you have to include generations.
- Heather – we’ve talked about the client side; let’s now address in your firms. Executive presence is still Boomer Revenue generation is shifting to GenX You can’t abdicate social media to Millennials; cite Southerland and McGuire Woods examples
- http://www.youtube.com/watch?v=V2k3Mx07B9I