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!
Related News
|
 |
|
|
RELATED ARTICLES
How To Get To The Top of The Marketing Food Chain
Are you tired of living off handouts from big-name marketers, earning meager affiliate commissions?
Beware of Magazine Style Yellow Pages Ad Design.
I have been designing Yellow Page ads for the past 15 years. I have been fully submerged in the medium. Even as I sit here writing this article I have various Yellow Page directories from all over the US stacked on my desk.
Know Thy Competition
BREAK FROM HO-HUM MARKETING ? IT'S TOO BORING!
Once you break from ho-hum marketing, and learn to put your deeper beliefs and values into your promotion, a remarkable thing will happen: You will beat your competitors at every turn, attract precisely those clients who really need and appreciate the products or services your company provides, and have a really good time in your business. In other words ? once you know what your clients really value, and how you are different from your competitors then it's an incredibly simple process to promote your company's products or services.
6 Things I Know About Postcards That You Don?t
In my plethora of experience tucked away between these ears, I have managed to cull out for you what I consider the "best of the best" ? in other words, I took the most proven details about postcards that were significant to you starting a postcard campaign and really winning at it. So here goes the most incisive higlights about postcards.
Mark Twain?s Great Marketing Idea
To tell you the truth (and about 53% of this article is true), I don't know where I heard this story about Mark Twain. But I've heard it enough times to verify that it's either (a) at least half true, or (b) a credible lie.
4 Alternative Ways To Gain Lifetime Customers
You will always have more people that turn down
your offer than actually buy. They might not have
bought because of your price, payment options,
or any other possible reason. You will just end up
loosing all these potential lifetime customers.
However, there are many ways you can minimize
the loss of these prospects.
5 Ways to Market for Immediate Results
Sales are down, and I need more customers now! Sound familiar? Maybe you are the one who said it. I know what you're thinking, there's no magic pill for delivering immediate results and no spontaneous marketing effort that will skyrocket sales. You're right, there isn't. Sure, you could launch some catchy TV or radio ad that would spike sales. Of course the initial investment is risky when unpredictable results could leave you breaking even or worse, losing money. Some businesses feel that throwing more sales people at the problem will equate to increased sales. Although more sales people may be necessary to grow your business, this is not the right answer either.
How Much Is Your Popcorn Worth? Powerful Lessons In Marketing & The Psychology Of Selling - Part 5
How Much Is Your Popcorn Worth?: Powerful Lessons In Marketing & The Psychology Of Selling - Part 5
How Do You Know Your Clients Cant Pay More?
"My clients can't afford higher rates."
Your Headlines Are Key To Your Success Or Failure. Do You Know What To Write?
Beyond Repair: The Fixed-price Model
Don't get me wrong. I certainly don't think the majority of vendors who use a fixed-price model are trying to rip you off. In fact, when I started my business that's the way we worked-which is why we have such great insight into the flaws in the system. But there needs to be a transparency to the work. You need to know exactly what you're getting, how long it takes, and how much it costs. You need to know that you're only paying for time actually spent on your account. And you need to know that no risk will ever be taken with your system just to maintain your contractor's profitability. The inherent structure of fixed pricing makes this kind of transparency an impossibility. Here's why:
Writing Marketing Copy That Sells
When your prospects see your marketing materials, your brochure, your web site or your ads you want them to read them. You want prospects to read not just the first sentence but the majority of your copy. Once they've read it, you want them to decide that they need your product or service and either make a purchase or contact you for more information.
Laws of Marketing ? The 10 Immutable
Most marketers believe that anything is achievable if you are energetic, creative or determined enough. But laws of marketing follow laws of business, and if you violate them, you risk your marketing dollars. The conventional answer to all marketing questions is money, which is not true.
The Surprise Inside!
Think about all those Cracker Jacks you ate as a kid. What's your lasting memory? I'm guessing it's not the taste, but the surprise inside ? that tiny package that contained a simple puzzle, brain teaser or temporary tattoo. Today, I still glance over my kids' shoulders reliving fond memories every time they open one.
How to Use Your Newsletter to Research Your Market
A few decades ago, in the early days of automatic
banking terminals, the management at Citibank made a
somewhat reluctant decision to introduce automatic tellers.
Marketing Strategies to Put Yourself Out of Business
Want to learn how to lose a billion dollars?
So You Want To Cut The Crap And Get Into The Money?
So, you´ve been around for a while, and maybe even made a few bucks, but you still need something... well here are four magic tips:
Three Simple Ideas That Increase Profit? FAST!
Are you spending more time trying to get new clients than actually working with them?
Breaking The Voice Mail Barrier
Even if you never place a cold call, you still have to reach people by phone. That customer who was so interested last month never called you back, and now you must call her. You call once, twice, three times, but you can't get her in person. How can you manage to close a sale if all you ever get is voice mail?
Secrets of Trade Show Success
The ropers at Annie Oakley's Real Western Dudette Ranch were all
riding high in the saddle. It was just before their first ecotourism and
adventure travel trade show in Chicago, and they just knew they would
rope in big sales.
|
