Getting into Baby Boomers Wallets
Savvy businesses have been marketing to the Boomer generation for years. But interest is accelerating now that Boomers are approaching their 60s. In this day and age, no business can afford to ignore the economic realities of this phenomenon, with one in three adults currently at least the age of 50. The target audience for these marketing schemes should be adults aged 54 to 64. They have the deepest pockets, with an estimated average net worth of $210,000 -- higher than any other age group.
Furthermore, as detailed in the Franchise Help Senior Care Industry Report, the group consisting of Americans over 65 years of age will double between years 2000 and 2050. In total, it will account for 20 percent of the United States' population! The benefits of getting ahead on tailoring marketing practices to this group as early as possible are clear.
Marketing to any target group is a complex process, but the following list of key points should help you get thinking in the right direction.
1. Don't call 'em old!
It's a common mistake to break the population into two market segments-18-49 and everyone over 50. This is NOT the senior market. If you use a "G" word (Gramps or Granny), you'd better duck and cover. Baby Boomers consider themselves at least a decade younger than their chronological age; your marketing must reflect those youthful attitudes.
2. Boomers are extremely smart and savvy consumers.
They look for endorsements and industry ratings. Give them straight talk and avoid hype or spin. Appeal to them with thoughtful messages, not the hard-sell. And don't try to fool them. Using 20-something models to sell wrinkle cream is insulting to anyone's intelligence. However, once you have them do not get complacent, as theBoomers are no more likely to be brand-loyal than any other group. Just because they were once your customers, doesn't mean they'll stand by you.
3. Stay in the present.
Recognize who Boomers are today, not who they were when they came of age. Relying on the cultural stereotypes of the '60s generation with classic rock 'n' roll playing in the background won't cut it. It's been a long strange trip and your marketing message must resonate with who these people are at this moment in their lives.
4. Boomers are tech-savvy.
Using traditional media for advertising can still work with this group, but be sure to include internet marketing campaigns. The overwhelming majority of this generation is online. Even if they don't shop online, they do their pre-purchasing research there.
5. Boomers feel special.
Yes, they're part of the biggest generation in history. But you can't treat them like a mass market. They grew up feeling special; they still want to feel special now.
4 Signs a Franchisor May Not Be Around for the Long Haul
A critical part of the due diligence process for prospective franchisees is trying to discern (to the extent reasonably possible) whether the franchisor will be around for the long haul. After all, much of what you pay for in a franchise opportunity is the right to be associated with the franchisor’s brand and system, the right to use the franchisor’s proprietary materials, and in some cases, the right to an exclusive territory. If the franchisor goes out of business, all of these rights go up in the air (if not out the window), and you may well be left in a worse position than if you had just gone into business on your own in the first place.
Know Before you Go – Non-Compete Provisions in Franchise Agreements
In general, non-compete provisions state that the franchisee will not, during the term of the franchise agreement and for a reasonable period thereafter (typically two or three years), own or be involved in any “competitive business.” What constitutes a “competitive business” will vary from franchise system to franchise system, but most franchisees can generally expect to be prohibited from taking part in any business that offers goods/services that are either identical to or competitive with the goods/services offered under the franchise system. Non-compete provisions must be limited in geographic scope, and generally cover a set radius (usually somewhere around 5 to 25 miles) around the former franchised outlet, and possibly also the outlets of other existing franchisees.
The Franchisee Bill of Rights
On the subject of “fairness” in franchising, we will try to separate the optimists from the pessimists . Hopefully, we will make an optimist out of even the most cynical readers amongst us.