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.
Big Sandwiches Equal Big Profits at Potbelly's Sandwich Works
The Potbelly’s train is firing on all cylinders and has successfully penetrated the uber-competitive fast casual sandwich sector. Potbelly sells a basic sub (PBJ, Pizza, etc) with relevant options (health, supremes) and offers an awesome dining experience. Their main target demographic is the lunch market, and their lunch lines are often out the door. Their menu includes soups, shakes and salads in addition to subs and the old-wood decor and live music make for a warm, neighborhood feel. Atmosphere is only the beginning though. Their products are well-crafted and satisfying. The quality of their ingredients is a cut above, yet price remains similar to that of their competition.
How Much Money Can My Franchise Make?
With a basic grasp of accounting, a willingness to read through FDDs, and the ability to perform some simple arithmetic, you can build a basic set of financial projections (your mini business plan in numerical form) to estimate the potential profit of your franchise investment.