Success For Generations
In today's dynamic business environment, understanding the unique characteristics and preferences of different generational cohorts is essential for chambers of commerce aiming to attract and engage a diverse membership base. Recognizing that not all members are alike, segmenting them into age cohorts allows chambers to better understand and serve their members, leading to growth, revenue, and successful impact.
Understanding the Generations
Baby Boomers (Born 1946-1964) As of 2024, Baby Boomers are between 59 and 78 years old, comprising 20% of North America's population, or about 70 million individuals. They are known for their dedication and loyalty, valuing face-to-face interactions over digital communication. Although they are moderate adopters of technology, Baby Boomers often struggle with the speed of technological change. Succession planning and keeping up with regulatory changes, such as new thresholds for Canada’s capital gains tax, are significant concerns for them. They appreciate stability, networking opportunities, and structured environments.
Generation X (Born 1965-1981) Generation Xers represent 18% of the population, totaling 65 million people. Now aged 43 to 58, this cohort was originally known as, latch key children, because it was the generation born at a time where many moms took to finding work outside the home and kids had to fend for themselves after school. Today, they are independent, resourceful, and value work-life balance. While comfortable with technology, they still appreciate personal interactions. Their main pain points include balancing work and personal life, accessing capital for business growth, and competing in a crowded market. Practical benefits, professional development, and flexible participation options resonate strongly with this cohort.
The next two cohorts represent the sweet spot for chambers of commerce not only because of their sheer size but also because of their diverse business needs. A chamber’s financial success relies heavily on providing services Millennials and Generation Y-led businesses want to buy. Because chambers have been so traditionally tied to serving Boomers and Gen X-led companies, activating memberships for Millennial and Gen Z business owners prove to be a significant challenge for many chamber leaders.
Millennials (Generation Y, Born 1982-1995) Millennials, aged 29 to 42, are the largest generational cohort, making up 24% of the population with 85 million people. They are collaborative, tech-savvy, and driven by purpose. Heavy users of digital technology, Millennials seek meaningful impact through their work. They face challenges in managing rapid business growth and attracting and retaining talented employees. Continuous learning, social impact initiatives, and a strong digital presence are essential for engaging this generation.
Generation Z (Born 1996-2009) Generation Z, currently aged 13 to 28, constitutes 25% of the population, with 90 million individuals. As digital natives, having always had technologies handy since they were born, they are entrepreneurial, collaborative and value purpose-driven work. They expect quick results and instant feedback when facing barriers in starting their own businesses. They prioritize equity and inclusivity. Digital engagement, innovative technology, and a focus on diversity are crucial for appealing to Generation Z.
It's important not to ignore the youngest cohort. Many of these teenagers will be employees, in the near term, but many also share an entrepreneurial spirit with Gen Z. It’s not too early to consider strategies to engage this cohort in your longer-term (10-25 year) plans.
Generation Alpha (Born 2010-Present) The youngest cohort, Generation Alpha, is aged 0 to 12 and comprises 13% of the population, or 50 million people. Although too young to be business owners, they are immersed in digital technology and value personalization. Ensuring their future readiness and developing necessary skills for entrepreneurship are vital. Interactive and future-oriented programs will be key to engaging Generation Alpha as they grow older.
Chamber Success = Generational Success
Unique strategies are required to engage and best serve the nuanced needs and expectations of each generation.
Strategies for Engaging Each Generation
Understanding the unique traits and preferences of each generation is crucial for chambers of commerce to effectively engage and attract members. Here are some practical tips:
Baby Boomers
Focus on Stability: Emphasize the chamber’s role in providing stability, credibility and supporting business growth for generations to come.
Personal Interaction: Organize structured networking events, mentorship programs, where they value the role of both wisdom-sharers (about business) and knowledge-seekers (about technology) with other generations. This cohort also values in-person meetings.
Legacy Opportunities: Offer opportunities for legacy roles (i.e. chairing capital campaigns) and committee involvement (i.e. bylaw review).
Generation X
Highlight Practical Benefits: Communicate the practical value of chamber programs and professional development opportunities.
Flexibility: Provide flexible participation options (tailored sponsorship agreements / member and future-member rates on services) and hybrid events.
Entrepreneurial Support: Develop programs that support entrepreneurial ventures and innovation.
Millennials
Purpose-Driven Initiatives: Align chamber activities with social impact and sustainability goals and invest adequately in communicating these values.
Digital Engagement: Leverage social media advertising, posts, contests and digital platforms to engage members with unique landing pages for the information they seek.
Continuous Learning: Offer continuous learning opportunities on major business needs such as sales, marketing, HR, finance etc. and interactive workshops.
Generation Z
Innovative Technology: Utilize cutting-edge technology and digital resources to engage members. Position the chamber at the forefront – not the same-old, same-old.
Diversity and Inclusion: Prioritize diversity and inclusion in all chamber programs and initiatives.
Instant Access: Ensure quick response times and instant access to information. They get frustrated by delays, bureaucracy and overly cumbersome governance.
Generation Alpha
Personalization: Develop highly personalized plans and tech-driven programs to meet the needs of this emerging generation. This cohort values custom playlists, targeted ads plans that speak just to them.
Interactive Content: Use interactive apps, virtual reality, and gamified platforms for engagement.
Future-Oriented: Focus on continuous innovation and future-oriented initiatives.
What to Avoid
We don’t want to inadvertently irritate a member or prospect, so be sure to consider not only what each generation wants, but what they don’t want too:
Baby Boomers: Avoid over-reliance on digital communication and frequent changes in structure or leadership. Pay a visit or plan regular phone calls to check-in.
Generation X: Avoid excessive formality and rigid structures. Don’t ask them to chair the bylaw review committee. Give it to a Boomer.
Millennials: Avoid lack of transparency and superficial engagement. The organization’s values must be clear, sincere and appropriately demonstrated.
Generation Z: Avoid outdated technology and lack of inclusivity. Don’t send a pdf. Instead, point to the chamber’s app. Take time to socialize decisions and plans before implementing. Having systems that welcome many diverse eyes, ears and minds on solving a problem will go a long way to ensure implementing solutions will be successful.
Generation Alpha: Avoid generic approaches and slow technological adoption. Invest in AI to handle routine processes so that your team can provide more personalized options and approaches that speak directly to their specific needs.
By understanding the unique traits and preferences of each generation, chambers of commerce can tailor their services, programs, and communications to better meet the needs of their diverse membership base. Implementing these strategies will help chambers attract and engage members from all generations, fostering a vibrant and inclusive business community.
