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 Marketing Effectiveness |
Impact Presenters Change Your Thinking Change Your Results Or be left behind. . . |
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Builders and Baby Boomers Benefit from the expertise of mature market expert Mark Goldstein as he discusses tactics for builders. The baby boomer generation includes roughly 80 million Americans born between 1946 and 1960 – a huge, active and opinionated population. Their income and resources should make them desirable to companies and advertisers in many if not all industries, but builders have more to gain than most by attracting favorable attention from this market. As they approach retirement age, many boomers will look to invest in second homes, either as real estate investments or vacation properties. At the 2005 NAHB International Builders' Show in January, President of Impact Presentations Group Mark Goldstein gave an interview covering implications of our aging population for the building industry. Mr. Goldstein is a co-founder of Age Wave, Inc. and a nationally-recognized mature market expert, who has been delivering talks and programs on this subject for the past quarter of a century. NAHB: Why should builders pay attention to the boomer generation? What's the big deal? MG: First, the building industry has been paying attention to the Baby Boomer generation for years. Boomers have moved through their marriage, career, and parenthood life stages. During this time they have purchased their first level homes and their next level up homes. Baby Boomers own nearly half of all the homes in America.What is required now is that the industry stay focused on Boomers as they enter into their 50+ years. Whereas other generations dialed down their lives in the second half of life, Boomers may very well ratchet up their lives. Baby boomers have generated record business for those companies that have aligned with their needs and desires. Everything from the soft drink, movie, and music industries to alternative and complementary therapies in healthcare has grown exponentially as the boomers migrate through their lifespan. Just as Del Webb brilliantly predicted the lifestyle that would appeal most to the retiring Great Depression generation and World War II generation, the opportunity now exists for an innovative builder to define this stage of life for boomers. There is no "flagship" currently defining the new route for 80-million upcoming retirees. Therein lies the jackpot for both providers and consumers. NAHB: What marketing strategies work best on these buyers? MG: This consumer is both informational and experientially driven. Marketing should target both of these drivers. The greatest opportunities of life stage marketing occur when a generation enters that life stage in mass. People do not enter marriage or parenthood at a particular age, but retirement still revolves around a specific age. The previous institution of retirement is outdated and no longer relevant to the needs of retiring boomers. The new definition of retirement is not yet in place. The opportunity exists for homebuilders to influence this redefinition. NAHB: The boomer market is very diverse. How can builders appeal to different market segments such as affluent, affordable, ethnic, etc.? MG: The boomer market segment follows a trend in the American marketplace; with each new generation, the role of diversity is magnified. Gen X'ers are more diversity driven than baby boomers. And remember, diversity extends beyond cultural and ethnicity, to include all aspects of American life. This trend towards diversity in our culture is mimicked in the marketplace. Baby boomers had two basic kinds of tennis shoes, high tops and low tops. Gen X'ers require 47 different kinds of sneakers to fit every one of their activities. Just as Nike has played into America's need for options, the building industry would do well to enhance their alignment with this important driver. Obviously, a home has numerous opportunities to accommodate the buyer's need for options and control. We have been in the business of defining the numerous consumer segments and ever-changing variety of segments. Builders must follow the same process that we have used for decades. First, determine the segment, and then determine the key drivers of that segment, and finally, target those drivers in the product design and the marketing communication. Back To Mature Market News → Go To The GenerationTarget.com Mature Market Bookstore → |
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