Attracting & Keeping Diverse Customers in Today’s Marketplace…
Attracting and keeping customers from diverse market segments is difficult today and going to be more challenging in the coming years. Why? 70 million Baby-boomers are in the process of leaving the workforce and reducing their spending… while simultaneously, 70 million Millennials are entering the workforce and increasing their spending. The problem is that the Millennial generation market segment has different core values than their predecessors. Consequently, their motivations, drivers and buying habits are also markedly different. So why should this be a big deal? First, consider how the pace of time has been compressed. It took fifty years for television to reach a market penetration of 50 million people. FaceBook reached the same level of penetration in only 2 years. Additionally, the aggregation of change, choice and complexity within the past ten years has resulted in a paradigm shift of US consumer attitudes and behaviors. Most marketing experts and I agree that, “What got you where you are today won’t take you where you want to be in the future.” In other words, many of the strategies, practices and policies used to get our businesses to the point where they are today, are no longer as effective as they previously may have been, and will be increasingly less so in the future!
- Generation X’rs (born roughly between 1964-1984) were so small as a group, that even with their differences, their impact was negligible as they assimilated
- The Millennial generation, (born between 1984-2004) as a group of almost 100 million, make up a “bubble” force to be reckoned with
- Millennial core values, drivers and buying decisions are markedly different from preceding generations
Alan Adler is an executive coach, speaker & author.
08. December 2010 by Alan
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