| |
| |
|
Marketing Information |
|
|
|
Baby Boomers - Marketing to the Me Generation
Unless you've been in a dimly lit cavern for the past several decades, you know that "Baby Boomers" is the collective name given to the 76 million people born in the United States between the end of World War II and 1964. Often described as the largest, most knowledgeable and most fiscally influential demographic group in American history, their motto could very well be: Where does a 750-pound gorilla sit? Anywhere it wants! Getting to Know Them Dubbed the "Me Generation" for their nonstop quest for self-gratification, many "Boomers" pride themselves on their counterculture values, for having led movements for social rights and environmental awareness. However, marketers should take note? ? The cultural rift opened by the Vietnam War between Boomers who answered the call and those who avoided military service, or thought service dishonorable, has never completely closed. ? Significant medical and scientific breakthroughs beginning in the 1940s have allowed Boomers to be the first Americans to take responsibility for being healthy, not just avoiding disease; to be fit, in shape, and to live longer...in effect, taking charge of their lives in ways earlier generations could never imagine. ? Boomers value simplicity and like being in control. They view maintaining fitness and good health as manifestations of their ability to affect everything going on around them. For many, for example, the most dreaded aspect of a serious illness is as much being unable to think clearly or exercise as much as they want, as it is losing the ability to earn income. ? Women may have first come into their own in this country as a result of World War II, but it was the demographic clout of fiercely independent Baby Boomer women, combined with their widespread entry into the workplace, that has lead to their increasingly controlling the purse strings of American households and businesses. ? Out of necessity or otherwise, many Boomers of both the popular genders will continue working well-past retirement age. In truth, if all the Boomers who begin turning 65 in 2011 retire on schedule, the effect on national productivity, not to mention the financial markets, will be enormous. As a result, policies that encourage Boomers to remain in the labor force will be a necessity, but you can bet Boomers will find a way to make it all seem trendy (just as they did when they invented the youth culture of the '60s). ? Through all this, the adult children of Baby Boomers will continue to be an important part of their parents' lives. Because Boomers had children later in life than previous generations, some of these children will still be in school and living at home even as their middle-age parents are gearing up second or third careers or just now realizing they may soon have their own parents to care for. What This Means to You? As a result of these and other factors, Baby Boomers' financial obligations will also be long-lived, and so, even now, staying on top of their long-term financial security is (or should be) a very high priority. Because of their economic clout, Boomers will always be an attractive marketplace. Marketers have focused their efforts on Boomers for decades. "One of the surest ways to make sure a product prospers is to wait until Baby Boomers enter that stage of their lives," said Brad Edmondson, senior writer for American Demographics magazine. Younger Boomers are still in their prime home buying and family-starting years. Yet according to LIMRA, this is a generation where life insurance has not been on their radar screens. Similarly, until recently most Boomers also were well behind the retirement planning curve. Let's see why? The children of the '60s married and had children later in life--but many of these marriages didn't take, and second families and weekend visitation privileges became unhappy institutions for this generation. Add the effects of corporate mergers and downsizing, the need to support elderly parents, and the Boomers' mistaken belief that they could keep spending while meeting other financial goals...it's little wonder so many found themselves with credit problems and got a late start on retirement savings. According to a report published by the Investment Company Institute: "Baby Boomers have done less financial planning for their future than did the previous generation. Studies show that despite a large number of two-income households and a higher per-capita income, they have a lower savings rate than their parents. "More than half of the Boomers surveyed said they did not have enough money to save regularly," according the report, which was published on the Web site of financial planning firm, Waddell &Reed, "while two-thirds felt they could not invest for the long term because of the need for immediate access to their money." At the same time, Boomers are confident they can keep earning income later in life, either by postponing retirement, launching new careers or starting homegrown businesses. Ironically, though, according to another study, Boomers still receive as much as 10% of their wealth from living parents. Millions of Boomers began turning 50 in 1996, but you can still market to them as though they were still in their 30s or 40s. This generation never has wanted to be like their parents, and will always be young in their minds. Boomers may have been careless with money in the past, but you can help by giving them another chance to achieve personal financial security. Your message to this generation: It's never too late, but the sooner you start, the more you can do. Want More? Send questions and comments to w.willard3@knology.net. Bill Willard has been writing high-impact marketing and sales training for over 30 years-but as Will Rogers put it: "Even if you're on the right track, you'll get run over if you just sit there." Through interactive, Web-based "Do-While-Learning?" programs, e-Newsletters and straight-talking articles, Bill helps small-business owners and independent professionals get the job done: profitably improving performance, helping grow your business, skipping expensive mistakes, making the journey to success faster, smoother, easier. And fun!
MORE RESOURCES:
Google News |
|
|
|
RELATED ARTICLES
Nurture Sales Leads with Direct Mail Marketing Direct mail is a cost-effective way to make sales and generate leads. But it's also an excellent way to keep your brand name in front of customers, and to nurture leads until they become customers. Your 30 Second Commercial This tip is so simple, that many people we've talked with never bother using it, but it is highly effective. Prepare a 30 second verbal commercial about what your business offers. Are You Attracting or Repelling Prospects? There are basically two ways in which you can either attract or repel prospects. I call these Attraction Marketing and Repel Marketing. Small Business Marketing Tip - Focus on a Niche or Target Market I think selling and marketing today often feels a bit like talking to a brick wall and that in interesting metaphor to help grasp the importance of niche marketing especially when it comes to small business marketing. Imagine for a moment that you are attacking that brick wall with a hammer, randomly hitting it everywhere. Marketing to Success on a ZERO Budget TOP 10 TIPS TO GET YOU MARKETING TO SUCCESS ON ZERO DOLLARS!I come across so many people that absolutely freak out when they think about having to market their business. Heaps of questions come up like, 'Where do I start?', 'I hate selling', 'How do I market my business when I don't have any money?'?. Marketing 101: The Power of Marketing When you hear the word "marketing" what comes to mind? More business or wasted money? If your experience with marketing or advertising has been less than positive your cynicism may be well founded. Yet, have you ever noticed a competitor with a mediocre product and a healthy business? The difference is often marketing. How Price Gouging Can Hurt Your Business "Price gouging" is an emotional, inflammatory term. Everyone is against it, but only buyers, angry over excessive profit-taking, proclaim it. Youre Halfway There!...Or Not Part 2 Now that you have had a chance to create a game plan for accomplishing your business goals during the third quarter of this year, let's focus on the fourth quarter of this year.These last three months of the year are not only crucial for meeting business goals for this year, they are also crucial for making sure you head into the next year on track towards meeting and exceeding future business goals. Promotional Pen - A Pen by any other Name? Have you ever been among a group of people exchanging contact details? Notice the scramble for that good old-fashioned instrument, the pen. See the woman upturn her purse searching for one and the impatient expressions on the faces of the people with her. How To Create Urgency So People Buy Now .. 10 Important Steps to Mail Order Success There are a number of difficulties a beginning entrepreneur may encounter that can "torpedo" his business almost before he knows it. But the wise mail order dealer can sidestep some of the pitfalls of operating his own business by recognizing and avoiding the following common mistakes. Fundraising Letter Envelopes: How To Make Them Irresistible Readers spend only a few seconds deciding the fate of your direct mail fundraising appeals. Either they open them on the spot, set them aside for later, or chuck them in the waste paper basket. Marketing Without Ego Our ego can get in the way of marketing our business. From our need to be right, to talking about ourselves incessantly; coming from an attitude of arrogance to getting attached to the outcomes of what we do, these are just some of the ways our ego can get in our way. 10 Important Marketing Tips Each of the following Ten Marketing Tips is based on a highly effective but often overlooked marketing tactic. How many are you using? How many have you overlooked?Marketing Tip #1: Insulate yourself against the impact of change by increasing the number of products and services you offer . Burnout Today I want to share a question from a reader who writes:How do I keep from being burned out while cold calling? My job is to call current customers and also call new business prospects. I have a quota of 60-80 calls to make per day, but it seems as though I cannot stay focused long enough to make even 50 phone calls. Plant a Seed and Watch Your Business Grow Do you have all the business you could possibly want or need? If you're like me, you're still growing your business. Marketing is an ongoing item on my agenda, and I'm always looking for new ways to market my services. Online Advertising Versus Traditional Media Advertising Before I compare today's online advertising with traditional media advertising I will make an analogy.If you've been on the Internet for as long as I have, you probably noticed that things have changed dramatically. Newsletters are Marketing Machines! Is your business publishing a print or e-newsletter? An informative publication is a great way to stay in touch with your customers and leads. It also reinforces your expertise in your industry. Are Keywords Destroying the Flow of Your SEO Copy? With all the shuffling that's been seen in the search engine world within the last year, the issue of obvious optimizing has become a hot button. The current line of thinking is that most engines (especially Google) are on the lookout for sites that purposely make an effort to optimize their pages in order to get high rankings. Ten Effective Ways to Capture Market 1.Evaluation of Existing Products / Therapies2.
|
| Article List | Index | Site Map |
|
All logos, trademarks and articles on this site are property and copyright of their respective owner(s).
The comments are property of their posters, all the rest is Copyright © 2006 CanadaSEEK.com - All Rights Reserved. |
