Archive for the ‘Buying Habits’ Category

Aging in Place – Accessibility, the Boomer and Your Business

Tuesday, October 27th, 2009

hojoMaking your business accessible is great for business!  Make some changes and then tell everyone that your business is fully accessible for all of your customers and employees!  Around the world, the number of people aged 65 and over is expected to almost double in the next 22 years, going from over 500 million now to just under a billion in 2030, according to the US Census Bureau.  Little wonder then that our Retail example, HOJO, a Health and Wellness shop located in France has set its focus squarely on the aging population and the Baby Boomer.

HOJO is one of the first, if not the first retailer with a store front that offers a more holistic variety of about 400 lifestyle products dedicated to keeping the aging population happy, healthy and independent for as long as possible.  On a brick and mortal level, the company’s shop is tailored to its target with such features as wider aisles, price tags with larger lettering and a staff trained in senior issues.  It also offers one-off events for the aging population on such topics as massage, cooking and computers.

Posted in Buying Habits, Marketplace | No Comments »

Say Your Business Needs a Marketing Revolution?

Wednesday, October 7th, 2009

The 5th of 7 critical insights into the Mindset of the Boomer Generation

Insight #5 – Boomers don’t care about keeping up with the Joneses – they choose life experience

Although “keeping up with the Joneses” is not important to the Baby Boomer, they will acquire possessions so that they can achieve the experiences they want in life. For example, adventure travel and walking tours for personal growth are both interesting to Baby Boomers, so Boomers will invest in high-end travel clothes, digital cameras, travel education such as learning a language and expensive luggage.

The question everyone in business must ask him/herself is… “how can we enhance the experiential benefits of our product or service?” National Geographic with its Society sponsored adventure vacations called National Geographic Expeditions is a great example of a company designing an experience around what the Boomer is craving.

The company’s marketing via a letter from their President brings a sense of adventure, of expedition, to the would-be traveler “Our explorers and scientists often speak of the rush of adrenaline and the excitement of their discoveries, and their enthusiasm is contagious. There is something inspiring about the first sight of Machu Picchu rising above the mist, or discovering Oaxaca, Mexico, through the eyes of National Geographic photographer David Alan Harvey.

The National Geographic Expeditions adventure options address many of the “travel experience dimensions” sought by Boomers:

· The illusion of high adventure with the physical risks,
· A sense of the exotic,
· The flexibility to include individualized side trips and,
· Turnkey experiences, neatly planned and packages.

As Brent Green would say, what is the “e-factor” in your product or service? Baby Boomers love peak experiences, so get creative and think of how you can foster them through your business. Use story-telling to connect the facts and provide a good, enjoyable experience for the Boomer and you will have a customer for life.

Posted in Attitudes and Preferences, Buying Habits, Lifestyle, Marketplace | 2 Comments »

Green Living and Boomers

Wednesday, September 30th, 2009

A Boomer Insight:

Many Boomers raised at the tail end of the 1950’s when environmental activism was born have had a concern for the environment that has been instilled in them for basically their whole life going back to even before the first “Earth Day”. They recycle, plant tress and become members of various environmental clubs. Some even view owning a car as a necessary evil.

The Boomer Generation has driven every major automotive buying trend since the late 1970’s, after giving up on Detroit’s gas guzzlers they began buying small boxy imports built by Toyota and Honda, then mini vans and as their wealth grew, sexier and brawnier sport–utility vehicles to carry their growing families. Along the way Boomers left Lincoln and Cadillac behind to purchase Mercedes-Benz, BMW and Lexus, are they are now on the verge of making another major turn. After years of what has seemed to be indifference, they are starting to change their buying habits to reflect a growing concern for global warming.

Boomers who haven’t given what they drive much thought in the past are beginning to make commitments to purchasing vehicles that will be better for the environment, and are making decisions to live more green overall, in the hopes that efforts made today will in some way help the water and air to be in good condition for their children and grandchildren.

Posted in Attitudes and Preferences, Buying Habits, Lifestyle | No Comments »

Say Your Business Needs a Marketing Revolution?

Monday, September 21st, 2009

The 4th of 7 critical insights into the Mindset of the Boomer Generation

Insight #4 – Boomers aren’t true to brands, they just want choices

Believe it or not, the decades old myth that says people select brands early in life and never switch, does not apply to the Baby Boomer.  And, it doesn’t apply to 91% of consumers who say that they don’t care about brand name, what they want is value.  Today, new choices and new brands come along every day, what is important to the Boomers is the value delivered by the brand, not the brand itself.

Boomers want information about new options and they want choices.  Present the information so they are informed and then let them make their own decision.  Because they have been the generation most marketed to over the years, they know all of the marketing tricks and can see right straight through them.

Show Baby Boomers the big picture; they have learned to look at things from a Holistic point of view.  Help them to see how your products or services fit into the more global view of things.  Empower Boomers with options that allow them to express their individuality and give them a complete overview of all of the possibilities.

To put this in perspective, don’t just sell weight training as a way to preserve youth, present aerobics and yoga in the same fitness package.  If you are selling casual clothing, offer all of the layers needed for a change of weather along with the appropriate shoes and accessories to move from casual to more dressy, from warm weather to cold.  When selling a fast laptop, include the power to manage a company while sipping a smoothie at Jamba Juice.  Include everything that is needed in one package, making life easier and you will be well on your way to attracting the Baby Boomer as a customer.

Posted in Attitudes and Preferences, Buying Habits, Marketplace | No Comments »

Say Your Business Needs a Marketing Revolution?

Friday, August 28th, 2009

The 2nd of 7 critical insights into the mindset of the Boomer Generation

Insight #2 – Boomers are Boomers, but they aren’t all alike. 

Born between 1946 and 1964, the Baby Boomer Generation is comprised of individuals who are anywhere from 45 to 63 years of age.  This sizeable difference in age is one of the things that make this generation stand apart from others.  Diversity coupled with rapidly increasing competition make it necessary for business owners to improve their ability to target their best prospects and retain their more lucrative customers.

In the book Marketing to the Mindset of Boomers and Their Elders, Carol Morgan and Doran Levy, Ph.D. break the Baby Boomer Generation down into four Lifestyle Segments: Upbeat Enjoyers; Insecure; Threatened Actives and Financial Positives.

Upbeat Enjoyers are enthusiastic, active, involved and they believe that their future is bright.  Viewing the world through “rose colored glasses”, upbeat enjoyers believe that age has increased their attractiveness.  Expanding intellectual horizons, working when it is interesting or convenient to do so and having little concern about future financial security are all traits of the Upbeat Enjoyer.

Baby Boomers and Elders in the Insecure segment are deeply troubled by their lack of financial security.  Looking back on their difficult past they see little possibility that their life will improve.  Many are concerned about being the victim of a crime and will end up working well into retirement with few other plans and goals.  Not at all happy with the effects of age on their memory and appearance, the Insecure will purchase all types of products that they believe will make them physically and mentally younger.

Threatened Actives are very intent on preserving their independence by working as long as they can, remaining in their home and continuing to drive their own car.  With a mostly positive attitude and outlook on life, they are accepting of who they are.  Threatened Actives feel that they are somewhat financially secure, they would like to leave some of their assets to their children, are a bit concerned about their safety and do not view retirement as a time for cultivation of new interests.

Those in the Financial Positives segment are realistic and they have spent time and effort in long term planning.  Because of this they definitely do not intend to work in retirement.  Savvy buyers, Financial Positives are seekers of value in everything they purchase regardless of what it is.  They are not satisfied with their appearance and memory making them strong candidates for plastic surgery.

Morgan and Levy have written a book that gives incredible insight into the Lifestyle Segments of Boomers and their Elders.  Think about how you can use this information to define a more specific segment of the Baby Boomer Generation to target and then consider different ways that you can customize your product or service to fit their needs.  Soon you will realize that you are well on your way to experiencing the Boom your business needs!

Posted in Attitudes and Preferences, Buying Habits, Lifestyle | No Comments »

Say Your Business Needs a Marketing Revolution?

Friday, August 21st, 2009

The first of 7 critical insights into the mindset of the Baby Boomer Generation

Insight # 1 – Boomers want to change the world and they have done it every step of their way.

The Baby Boomers Generation, (Boomers as they are sometimes called) comprised of 78 million people who were born between the years of 1946 and 1964, is the largest generation to be born in the history of the world.  If you had been an observer in 1946 when our men came home at the End of World War II, you probably would have been amazed at how many young women were pregnant!

In the 1950’s as American Companies saw this trend continuing, many decided to capitalize on the “Baby Boom” by awarding stock, cars, money to couples who had their baby on the companies anniversary, sales or other date they deemed relevant.  Parents all over the country had something new to be excited about – would their child be born on this or that important date?

In an effort to try and keep track of the Baby Boom a “census clock” was placed in the Commerce Departments Washington D.C., headquarters.  Multicolored flashing lights on the clock signaled a birth every 7 ½ seconds, a death every 20 seconds, the arrival of a new immigrant every 1 ½ minutes and the departure of an emigrant every 20 minutes.  The result was an increase in population of one person every 11 seconds! 

Baby Boomer Power

Parents, Companies, Churches and Government all have catered to the Boomer’s needs over the years by giving them choices that other generations would never have dreamed of.  Today, a Baby Boomer turns 60 years of age every 11 seconds, and as a result, there is a significant daily increase in the total number of people who are over the age of 60. 

What does this huge demographic shift taking place in our world today mean for you and your business?  Think about ways that you can position your business to help the Baby Boomer Generation change the world (make the world a better place) for those who are aging in place and you’ll be well on your way to developing the Marketing Revolution to enhance your business.  You’ll give it the “Boom” it needs!

 

Posted in Attitudes and Preferences, Buying Habits, Demographics, Family, Lifestyle, Marketplace, Special Needs | No Comments »