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.
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5 Tips to Fast Track Your New Franchise
Here are some suggestions to get your new franchise off to a fast start.
Franchise Ownership in Your 20s
Your 20s are defined by exploration and the capture of novel experiences. As the shape of your future begins to take form you may find yourself aiming for financial independence and professional success on an earlier time scale than your peers. You are more resilient to stressors and less risk averse, which, combined with having less obligate focus on medical, marital, familial, or personal matters (relative to later decades in life), positions you to invest considerably more time and energy taking a hands-on approach to growing your business.
How Do You Pay for a Franchise?
Whether you’re purchasing a whopper from Burger King or joining the Burger King franchise system, the old mantra holds true: there’s no such thing as a free lunch. When you first get started running a franchise you need to pay a fee to allow you to enter into that franchise. These fees are the largest fees that you will normally pay a franchisor and typically range between $5,000 and $1,000,000 depending on the franchise. The franchisor charges this fee as a way to recoup the costs of expanding the franchise and to continue to grow. From a franchisee perspective, this is a major outlay and can take a long time to make back, but is a necessary step. Aspiring business owners must understand how much capital is available to them so they can ascertain how much they can afford. The cash you have at your disposal is known as liquidity, and there are numerous ways to increase your liquidity above the balance in your bank account. As a result, many people don’t realize how much capital they actually can use for investments, like launching a franchise branch. We’ll run through some of those methods below.
