Are you ignoring two of the strongest demographics contributing to the economic recovery? Generation X and Y!
You know a lot about the Baby Boomers but did you know that Gen X is turning 45? And Generation Y ("Millennials") has more people in its population than the 20 years of baby boomers? And did you also know that they are not looking where mom and dad looked when it comes to their vendors? Instead they rely on referrals and recommendations on their social networks and make up their mind based on online research.
Generation X is 51 million strong, and Gen Y (born 1977-1998) is numbering to 71 million. What does that mean to your business? As the more affluent of the two, Gen X is considered to be a strong force driving recession recovery. Not only will they make up a good part of your workforce, this generation is oriented differently and they are looking to relationships to find the best solution for their purchasing needs.
So what are you doing to appeal to
Generation Y? They're growing up and investing in homes and higher-end products. They mistrust institutions and use technology like no generation before them. They also have strong feelings about family and extended friends who often make up their family. That means they rely heavily on their connections and won't just buy what their parents bought.
If your current marketing plan does not include meeting the needs of these generations, it is definitely time to brand your company with them. They will research you more on the internet, so it is important that you are there and sell them on your brand over the competition. It is also important to understand that you must overcome the hurdle of trust, which they only believe with evidence. So make your case on your website as to why your company is the best solution to their needs and back it up with testimonials and examples of your work well done. Also plan on putting some of your marketing budget where Gen X and Y are - which is online.
It is also important that you keep in mind how much of your workforce is Gen X and Y. Since their needs are different from past generations, our managers need to understand those differences in order to save your company time and money training and keeping a strong workforce. Keep an eye on the future, because you simply cannot afford to ignore this group if you want to secure your company's future.
Read more about Gen X and Y and how to manage them in your workforce. For more information on targeting Gen X and Y with your marketing efforts, contact Tailor-Made Advertising in Torrance at (310) 791-6300 or email us at tmade.mkt@verizon.net.
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Liz Harsch has been helping companies make the most of their Marketing and Advertising plans since 1982. Her background in small business management helps her understand the financial constraints that small businesses face, as well as the need to initiate and expedite an effective growth plan to achieve your 2010 sales goals.
Tailor-Made Advertising
23670 Hawthorne Blvd., Suite 205
Torrance, CA 90505
www.tailor-madeadvertising.com
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