Marketing Strategies - Paper - Barclays Bank

Average socioeconomic status of the target audience

The baby boomers' socioeconomic status (SES), including their greatest degree of education, their history of employment, present job conditions, occupation, and the high monthly income of the household, also differ across gender and cohort. Male baby boomers are often far higher than women in education. Although the later-born baby boomers of both genders have progressed than early baby boomers in educational achievement, the gender gap still exists. Almost all the men worked in comparison with the women, whereby a small number worked. Work status also varies by sex, with more men working full- or part-time than women. There are more men in professional, management, and technical/associate jobs than women. These last ones tend to hold white-collar occupations of a lesser standard, for example, secretarial employees or sales staff. A greater proportion of men report household incomes of $4,000 or more than women in the early baby-boomer generation. (Conwell & Quadlin, 2021)

Traits and characteristics of the target audience?

In the baby boomer generation, all the traits of mankind are demonstrated. Every value system, philosophy, lifestyles, religion, sexual affiliation, social attitudes, levels of achievement, every economic standing and legal status, every vocation, and degree of education. In this cohort, all human aspects can be seen. Below are their characteristics.

a. Independent

b. Strong Work Ethic

Baby boomers don't worry about putting in a tough day of work. For the majority in this generation, some of their self-worth is derived straight from their job successes. They believe that success stems from dedication to one's career, indicating that it may also be tough to strike the ideal balance in the homework. When it comes to the designing of eLearning for baby boomers, it is important to build modules of a bite magnitude to enable learners to study a certain subject thoroughly before their next move

c. Self-Assured

They are self-confident. They were brought up in a time of chaos in history, whereby they were necessitated to utilize a fair amount of responsibility to perform activities in society. It also implies that they will not fear questioning the authority if they disagree with the status quo. Even if they are inclined to comply with society's standards, they will also speak up if something disrupts their standards and values. (Barge, 2019)

d. Goal-centric

It's all about achieving goals and achieving for this after-war generation. They like to generate objectives for themselves or even be given certain goals to attain (Barge, 2019). It applies to their life, both personal and professional. A progress meter or checklists should be included as part of the eLearning course design, together with milestones that have to be met. The "digital natives" may not be one of the aspects of baby boomers, but technology may still be a useful learning tool.

How the target audience get information about products or services

Baby Boomers acquire information through social media platforms. They are active online shoppers. In the United States, 66 percent of adults over 50 years frequently buy from internet merchants. No organization should be scared to promote internet sales with baby boomers, particularly if they can push their items via e-mail. With its Facebook presence growing and many baby boomers enjoying Facebook usage, organizations should use it for product advertisements. It will ensure that majority of baby boomers get the information since they frequently use Facebook. (Giffin, 2019)

Boomer's purchase services and items for other individuals, not only themselves. Boomers like to spend on educational products and services for their grandkids in particular. A company can receive their attention if they can promote their items with that approach. Boomers value knowledge, loyalty, and genuineness, and any sort of material or product that achieves that aim are important to them.

They are inspired by social media content, and they spend a good percent of their time trying to obtain additional information. Thus, a firm must ensure that their marketing plans are included in the named marketing efforts to fruitfully meet them wherever they search. It demonstrates the significance of completely extensive multichannel marketing plans if any firm must excel and move one step in front of the competitors, whatever of the age range the firm is are targeting. (Giffin, 2019)

Why it is important to      survey the target audience about their personal and buying      characteristics

a. To minimize business risk

b. Helps to create customer loyalty

A target audience can offer a firm an important benefit in comparison with its rivals. The surveys can allow a firm to recognize the ideal audience from the other individuals. Again, the surveys will further enhance customer loyalty if consumers perceive that their views are heard and incorporated in the firm's products and services.

c. Strengthens the brand

Utilizing the knowledge from survey results to improved brand and position on the market. A target audience survey knowledge may provide an organization with a better view of their brand awareness and perception (SmartSurvey, 2021). Then, with superior precision on how the brand equals with that of the rivals, the organization can appropriately separate themselves further and reinforce their market position.

How did the company need to shift in reaching its target audience in light of the pandemic?

Barclay's bank had to shift to social media marketing strategies. As marketing language adapts to different advancements, strategies for achieving certain demographics are likewise in flux. Any approach that worked before the pandemic may not work during the pandemic and maybe tone-deaf or absolute insensitive. Many boomers reported having utilized social media every day, with 84 percent stating that social media might enhance their life. Shifting purchasing patterns are now encouraging older customers to adopt tech-controlled home delivery services, and subscriptions and movement limitations increase communication options. (Giffin, 2019)

Possibly, compared to other generations, baby boomers seem to have more resources to utilize on services and commodities. Due to the pandemic, Barclay's bank had to maximize sharing valuable details and stating how their business can legally sustain their lives throughout this epidemic. They have implemented ideas such as establishing their brands to assist older people stay joyous or prolific at home, provide online purchasing and/or delivery services for elderly people in quarantine, and help inspire them, keep their minds raised, or enhance communication with relatives and friends. (Wiley, 2020)

Barclay's bank also had to implement influencer marketing, an extensively effective approach of involving baby boomers during the Covid-19. Although older influencers can converse directly with baby boomers concerning their requirements, partnering with young influencers of boomer's care providers can be more effective__ since they are responsible for choosing for the boomers what to purchase. (Wiley, 2020)

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