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Capitalizing On The Baby Boomer Market Tips mature market expert Mark Goldstein has for companies and marketers. 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. Yet most marketers have not perceived the opportunity they represent, much less taken advantage of it. At the 2005 NAHB International Builders' Show in January, President of Impact Presentations Group Mark Goldstein gave an interview touching on some ways marketers can appeal to baby boom consumers. 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: How can I capitalize on the boomer market and be successful? MG: Think of this baby boom generation as an 80-million pound elephant lumbering across the lifespan. 90% of businesses wait for the elephant to pass and then shoot arrows at its hind end. 10% of businesses get in front of the elephant and dig a hole. The best way to capitalize on this largest of all consumer segments is to get in front of the trend and position your business in alignment with where it is going. I cannot overemphasize the need to do your homework. Never skimp on the discovery phase of a new campaign. You will be greatly rewarded for every aspect of your understanding of this boomer generation as it migrates into the second half of life. And then, make sure that you communicate this understanding through your organization. Every person that earns a paycheck from your company should be able to understand and communicate the company's position. There is no better business role model than Nordstrom's. They targeted their customer service policies to the affluent mature retail consumer. They then empowered each employee to respond to customer needs and generate satisfaction as the top Nordstrom's priority. The rest is history. Many department stores have imitated this Nordstrom's customer service policy, but to the consumer Nordstrom's maintains the position of the flagship. NAHB: I've heard the boomer women play a major role in the home buying process. How can I make an impression with these buyers? MG: It would be wise for [other industries] to learn from the mistakes of the auto industry. The auto industry has always had a gender bias towards the male. Recent research has shown that nearly one out of every two new car buyers is a woman. Business has not recognized women as more than the selector of color in the purchasing of an automobile. In recent years the auto industry has become aware of these unprecedented demographic shifts, but they are still struggling to understand the psychographics of this new consumer. The first big error the auto business made was in not recognizing the changing demographics of the American family. We are no longer dominated by the Leave It To Beaver nuclear family of the 1950's. Actually, married couples with children as a demographic segment of our national makeup is down by nearly one third since the 1970's. What is on the rise are single person households, which are up by 40%, and single parent households, which are up by over 70%.. Women are the gender responsible for most spending decisions, including home purchases. They are choosing, according to panelists at Urban Land Institute seminars, to live in communities that emphasize social interaction and convenience, enabling them to simultaneously nurture and multi-task. Businesses should note that the experience of community is a key driver for women as well as the proximity to employment and public transportation. When it comes to home amenities, women are very focused on security issues. They are attracted to high tech home security systems as well as automated home lighting systems. Women's lives are such that they appreciate amenities that allow them to save time. Back To Mature Market News → Go To The GenerationTarget.com Mature Market Bookstore → |
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