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Marketing Demographics by Age

Marketing Demographics by Age

Companies seeking long-term business growth can find it by emphasizing the earning power of young workers, near-retirees, and women.

We all want to be treated equally and fairly during the buying and service process, regardless of our age. Let’s examine how you, as a service provider, can give exceptional service by understanding the needs and values of each age group.

Marketing to The Veterans

Marketing to The Veterans These people were born before 1943. Their beliefs and values include: Everyone should adhere and conform to the same rules, regulations, and policies. Those who are older or in positions of authority automatically deserve respect. Patience is an important virtue. The bigger the better. Personal pleasure is secondary to job responsibilities and tasks.

To win them over as a lifetime customers, make them feel special by remembering their name. Honor them by calling them Mr. or Mrs. or Sir and Ma’am. Thank them for their patronage with a personal note. Add a personal touch, and show genuine interest in them as a person.

Marketing to The Boomers

Marketing to The Boomers These people were born between 1943 and 1960. Their beliefs include: If it’s not working, either fix it or move on and find something better. They value personal growth, health, and wellness. They are optimistic. They believe they are the star and deserve center stage.

To keep them as lifetime customers, provide service that treats them as individuals, not just clients. Be personable. They value personal relationships that grow with time. Be solution oriented. If you can’t fix something, be honest; and then offer alternatives. Boomers value their time and want solutions now. Don’t tell Boomers what they can do.

Marketing to Generation X

Marketing to Generation X Baby Busters or 20-somethings were born between 1960 and 1980. They have a need to be self-reliant. They value family and friends. They tend to be informal and look for fun in every situation. They treat everyone as an equal regardless of “rank” but tend to be skeptical. They have respect for knowledge and technology.

If you want them to do business with your company, show interest in their family and friends, and admire their children if they are tagging along, or their pictures are prominently displayed on their desk. Treat them as equals. Approach situations in a relaxed and informal manner. Let them ask questions and seek information. Show that you have nothing to hide. Use technology to demonstrate your product and services.

Marketing to The Nexters

Marketing to The Nexters Generation Y or the Internet Generation were born between 1980 and 2000. They tend to be optimistic, street smart and very computer and technology literate. Achievement oriented, they are also strong believers in civic duty. They learn flexibility early since many come from divorced families.

If you want these customers to do business with your company, appeal to their strengths. These young people like to spend money, and they are more likely to purchase your product if your business donates to non-profit organizations. Also, appeal to their technical shrewdness. If it makes life more convenient, easier or is the latest in technology, they will probably want it.

Conclusion: For successful marketing by age-demographics, consider each age group and customize your service

Service providers can give exceptional service by understanding the needs and values of each age group. I give these guidelines to assist you in providing the best possible customer care, but nothing will ever surpass kind and equal treatment to each and every customer you serve.

Learn to present information in a different manner to appeal to core values, which are different for each generation.

Posted in Business and Strategy Management and Leadership

Creating a Positive Global Community

Creating a Positive Global Community

To create a positive global community, we need to meet three key challenges:

  1. Reaching out to humanity and avoiding isolationism. In the global community, it is easier to reach out and easier to become isolated. Superficial communication with everyone can lead to meaningful impact on no one. We need to be inspired and educated in the value of trying to benefit the world, not just ourselves. As the opportunities for huge individual achievement and wealth form, we need to better recognize people who make the transition from success to significance. Community heroes need to be celebrated based upon their skills in giving—not their skills in taking.
  2. Celebrating diversity and avoiding conformity. Our ability to adapt to changing situations is largely a function of our diversity. Language leads us to view the world in different ways and to have different approaches to making decisions and solving problems. We need to encourage diversity in language, culture, and lifestyle to ensure our own survival. Powerful countries must not try to make other countries become like them. Residents of the global community need to celebrate the fact that “different” may be synonymous with “fascinating,” “enhancing,” and even “necessary.”

Building long-term value and avoiding short-term stimulation. Residents of the global community have almost unlimited access to sources of pleasurable, short-term stimulation. Television, movies, interactive games, virtual-reality experiences, chat rooms, and other options are available at a low cost. Yet few of these activities produce any long-term value. We need to inspire and educate people about the value of “investing” for the future. Long-term value is the result of vision, creativity, innovation, and hard work. We now have access to tools with the potential to dramatically increase our productivity, but we also have access to countless pleasurable distractions that lead nowhere.

Challenges and Opportunities for the Global Community

Challenges and Opportunities for the Global Community

The global community has the potential to become a nightmare:

  • A world of conformity: with billions of people wearing the same baseball caps, baggy shirts, jeans, and shoes, speaking the same language, and laughing at the same jokes.
  • A world of short-term stimulation: with countless hours spent on mindless social media, television, video games, and a virtual reality that begins to eliminate the real human experience.
  • A world of isolation: with lives spent in front of a screen, striving for personal excitement and gain with little thought for others and even less effort devoted to helping future generations.

The global community has the potential to be a dream come true:

  • A world of diversity: with billions of people being able to communicate, trade, share cultural experiences, and appreciate each other, with access to a range of products, services, religions, cultures, philosophies, and languages.
  • A world building long-term value: with countless people working together to advance our cultures, building on what has been learned in a manner that is positive, efficient, and productive.
  • A world reaching out to humanity: with people helping each other in ways that could never have been imagined, celebrating each other’s success, and helping less fortunate members of the community become more productive.

Will the global community of the future become a nightmare or a dream come true? No doubt it will be some of both. The increase in global communication, trade, technology, and culture will continue. By inspiring people and educating them in the values of celebrating diversity, building long-term value, and reaching out to humanity, we can build a global community that is more like a dream come true.

Posted in Business and Strategy Global Business

Advice to Entrepreneurs: Whole Foods’s John Mackey on How Purpose Inspires People

Successful entrepreneurs anchor their vision of the future in certain entrepreneurial philosophies and attitudes that tend to shape the rest of their entrepreneurial team and influence the product or service they develop. Here is advice from John Mackey on how purpose inspires people. John Mackey is the co-founder and co-CEO of Whole Foods Market, the chain of natural foods supermarkets.

  • John Mackey, co-founder and co-CEO of Whole Foods Market Purpose is important to business
  • Purpose inspires people
  • Purpose releases creativity

When people are really enthusiastic about the purpose of a business, they are going to bring a greater depth of commitment and a greater level of creativity to their work.

'World Changers: 25 Entrepreneurs Who Changed Business as We Knew It' by John A. Byrne (ISBN 1591844509) Source: “World Changers: 25 Entrepreneurs Who Changed Business as We Knew It” by John A. Byrne. John Byrne, a former editor at BusinessWeek and Fast Company magazines, co-authored Jack: Straight from the Gut with Jack Welch, former General Electric Chairman and CEO. In “World Changers,” John Byrne presents potent advice on entrepreneurism and fascinating insights into what it takes to succeed as entrepreneurs from successful business luminaries such as Apple’s Steve Jobs to HARPO’s Oprah, from India’s Ratan Tata to Brazil’s Eike Batista. John Byrne argues that the greatest common denominators amongst great world changers are the centrality of purpose in their organizations, their willingness to seek advice through mentorship and peer counseling, and the ability to maintain focus and direction over long periods.

Recommended Reading

Posted in Business and Strategy Leaders and Innovators Management and Leadership

The United States faces Heightened Global Competition

Mount Rushmore

Of the three major long-standing economic crises that America faces, the diminished competitive position globally is the most significant. The other two are debt and unemployment.

Many countries that have historically been socio-economic followers are now emerging as leaders in their own rights. Not only does America, as a nation, complete against the resurging economies of India, China, South Korea, or Japan and Western Europe, but also its companies compete against entrepreneurs and companies in other countries.

America is enduring an immigrant brain drain. Well-educated (on American dime) individuals are returning to their home countries in droves. As interest in engineering and science curriculums has waned in American universities, China produces four times as many engineers. American is also slipping in the number of science and engineering doctoral degrees awarded and the number of technology patents issued.

Statue of Liberty Emerging dominant economies are discovering that they need not necessarily be the inventors of cutting-edge technology to be able to develop practical applications and eek out economic advantages. They are leveraging the low-cost workforce, and the widespread dissemination of tools and techniques to further their economic competitiveness.

Robert Solow, the Nobel laureate, declared a few years ago, “The notion that God intended Americans to be permanently wealthier than the rest of the world, that gets less and less likely as time goes on.”

Posted in Global Business

Global Poverty: The Rich Get Richer and the Poor Get Poorer

The Rich Get Richer and the Poor Get Poorer

In spite of data that imply that wealth is flowing uphill at an alarming rate, this wealth has left the middle class stuck with stagnating incomes while the new super-rich ascended to their opulent lifestyles.

Globalization, as a powerful force of economic life on the planet, has magnified the chasm between the rich and the poor. The wealth generated by globalization has not spilled over and trickled down to boost up the wealth of the underprivileged. The inequalities between the well heeled and the disadvantaged has grown. Africa still contributes to less than two per cent of the world’s exports and imports.

Data is inconclusive on whether the spread of wealth between the rich and the poor and the resulting inequality has increased or decreased during this last economic recession. The historical precedents are not promising either. The sufferings of the poor and the downwardly mobile class matter more than the tiny deprivations of the rich. Poverty and the tight squeeze on the middle class are a big part of what got us into this mess in the first place.

Productivity growth, while promising economic growth, concentrates jobs where skills are the greatest and costs are the lowest, driving masses of people into joblessness.

Capitalism, for all its virtues of dynamism, has failed to come up with a solution to critical problems such as global poverty. Consider the proposition that everyone might be better off if opportunities were spread more equally. Rather than organizing to slow things down, the rich are preoccupied with the increasing complexity of managing to keep up with the pace of globalization.

To be poor is to be confronted with a deprivation of opportunity. There is not enough opportunity for everyone on the planet to eat, to drink safe water, to work, to have medical treatment when sick, to have basic sanitation, to feel safe — there just isn’t enough opportunity for everybody to be financially secure.

Defeating global poverty remains one of the most frightening challenges facing the international community today. Income- and consumption-based strategies fall short of helping the world’s poor climb out of poverty over the long term in the developing world and even in the United States. However, asset-based approaches to development, such as small loans or insurance, can promote public policies that lead to increases in the capital assets of the poor.

Second, the world should take the initiative to target poverty-alleviation projects in countries that have a good chance of success, where the government is welcoming, the local business community eager for well-footed partners for creating economic opportunities, and where public funds or low-cost financing can be obtained for the project’s early stages.

The fierce debates over economic globalization have focused recently on global poverty and income inequality. Academics, journalists, and multilateral organizations of all stripes have weighed in on this matter, and a compromise seems to have formed around the proposal that poverty and inequality are on the rise.

From clean water to disease control to global climate change, a new breed of business people are designing sustainable solutions to promote international development and reduce global poverty. Many international development initiatives have been applying business discipline to improve livelihoods in many different nations. These nations tackled their development problems through a combination of strategic direction by their governments, a gradual expansion and opening of their economies to world trade, heavy investments in health and education (as universal as resources would allow), and social contracts between different sectors of society that were strong enough to keep these processes moving forward. The role of worldwide assistance was simply to support these self-directed efforts by helping to fill temporary gaps in resources and protect them from the destabilizing effects of international economic and other shocks.

The key to poverty reduction, as the examples from many Asian countries clearly demonstrate, is business, especially small- and medium-sized domestic companies. They provide the jobs, the income, and the motivation for individuals to become educated and move up in the world. For local business to flourish, however, it often needs access to world markets, technology, credit, and managerial know-how. This is the reality of globalization. In addition, multi-national companies provide that access.

Posted in Global Business

Domestic Demand is Transforming China

China transforming into a consumption-driven economy

China’s growing middle class has been a prevailing foundation of its political, social, and economic stability. China’s population, which accounts for one-fifth of humanity, is seen as the biggest market ever. The growing consumer demand has been the underpinning for the country’s transformation from an export-driven economy to consumption-driven economy.

For decades, China was the world’s workshop because of its political stability and a dependable, compliant, and competent manufacturing labor force, groomed with a sense of discipline that the government enforces upon this labor force. China is transitioning away from its past fixation on low-cost manufacturing and ushering an era of sustainable development. In chorus, the Chinese government has tried to push domestic consumption and indigenous innovation as the next growth vectors of the Chinese economy after a highly successful wave of economic growth driven by investments in infrastructure and exports.

China is currently experiencing the largest relocation and urbanization revolution in the history of humankind. In a decade, nearly half of Chinese will live in urban areas and semi-urban areas, some of them urban metropolises with populations of million-plus that emerged only a few years earlier. The great transformation in the landscape of China over the last few years has been the migration of hundreds of millions of peasants from rural China, now that the government allows them to leave.

China Service Sector The middle class in China, and their consumption and their need for services, is at the heart of the country’s evolution to a domestic demand-driven economy. Pressures on the middle class in China are ever increasing. Inflation is high, a bubble in the real estate market has dissuaded young families from buying real estate, and tens of hundreds of recent college graduates are unable to find jobs.

China’s transition provides an incredible opportunities in the service sector. The Chinese middle class will have a huge appetite for services in medicine and healthcare, media, tourism, business consulting, environmental services and household consumer services. Some of the persistent challenges that the manufacturing economy had to overcome with respect to China’s legal and intellectual property rights will continue to challenge the service sector as well. The new political leaders of China are expected to sponsor fiscal and administrative policies that will continue to make China flourish as the world’s most prominent consumer market and a resource of global competitiveness.

Posted in Global Business