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Baby Boomers -- Marketing to the "Me" Generation

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By Bill Willard

Please consider this free-reprint article written by: Bill Willard ----------- IMPORTANT - Publication/Reprint Terms - You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included. - You are not allowed to use this article for commercial purposes. - You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications. - You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only. - If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to w.willard3@knology.net - If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to w.willard3@knology.net - We request that you ask permission from the author if you want to publish this article in print. The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article. ----------- Article Title: Baby Boomers -- Marketing to the "Me" Generation Author: Bill Willard Category: Marketing Word Count: 985 Article URL: www.isnare.com/?id=2933&ca=Marketing Format: 64cpl Author's Email Address: w.willard3@knology.net Article Source: www.isnare.com Online Publisher Tool: www.isnare.com/html.php?id=2933 ------------------ ARTICLE START ------------------ Unless you’ve been in a dimly lit cavern for the past several decades, you know that "Baby Boomers" is the collective name given to the 76 million people born in the United States between the end of World War II and 1964. Often described as the largest, most knowledgeable and most fiscally influential demographic group in American history, their motto could very well be: Where does a 750-pound gorilla sit? Anywhere it wants!

Getting to Know Them

Dubbed the "Me Generation" for their nonstop quest for self-gratification, many "Boomers" pride themselves on their counterculture values, for having led movements for social rights and environmental awareness. However, marketers should take note…

• The cultural rift opened by the Vietnam War between Boomers who answered the call and those who avoided military service, or thought service dishonorable, has never completely closed.

• Significant medical and scientific breakthroughs beginning in the 1940s have allowed Boomers to be the first Americans to take responsibility for being healthy, not just avoiding disease; to be fit, in shape, and to live longer...in effect, taking charge of their lives in ways earlier generations could never imagine.

• Boomers value simplicity and like being in control. They view maintaining fitness and good health as manifestations of their ability to affect everything going on around them. For many, for example, the most dreaded aspect of a serious illness is as much being unable to think clearly or exercise as much as they want, as it is losing the ability to earn income.

• Women may have first come into their own in this country as a result of World War II, but it was the demographic clout of fiercely independent Baby Boomer women, combined with their widespread entry into the workplace, that has lead to their increasingly controlling the purse strings of American households and businesses.

• Out of necessity or otherwise, many Boomers of both the popular genders will continue working well-past retirement age. In truth, if all the Boomers who begin turning 65 in 2011 retire on schedule, the effect on national productivity, not to mention the financial markets, will be enormous. As a result, policies that encourage Boomers to remain in the labor force will be a necessity, but you can bet Boomers will find a way to make it all seem trendy (just as they did when they invented the youth culture of the '60s).

• Through all this, the adult children of Baby Boomers will continue to be an important part of their parents' lives. Because Boomers had children later in life than previous generations, some of these children will still be in school and living at home even as their middle-age parents are gearing up second or third careers or just now realizing they may soon have their own parents to care for.

What This Means to You? As a result of these and other factors, Baby Boomers' financial obligations will also be long-lived, and so, even now, staying on top of their long-term financial security is (or should be) a very high priority. Because of their economic clout, Boomers will always be an attractive marketplace.

Marketers have focused their efforts on Boomers for decades. "One of the surest ways to make sure a product prospers is to wait until Baby Boomers enter that stage of their lives," said Brad Edmondson, senior writer for American Demographics magazine.

Younger Boomers are still in their prime home buying and family-starting years. Yet according to LIMRA, this is a generation where life insurance has not been on their radar screens. Similarly, until recently most Boomers also were well behind the retirement planning curve.

Let's see why…

The children of the '60s married and had children later in life--but many of these marriages didn't take, and second families and weekend visitation privileges became unhappy institutions for this generation. Add the effects of corporate mergers and downsizing, the need to support elderly parents, and the Boomers' mistaken belief that they could keep spending while meeting other financial goals...it's little wonder so many found themselves with credit problems and got a late start on retirement savings.

According to a report published by the Investment Company Institute: "Baby Boomers have done less financial planning for their future than did the previous generation. Studies show that despite a large number of two-income households and a higher per-capita income, they have a lower savings rate than their parents.

"More than half of the Boomers surveyed said they did not have enough money to save regularly," according the report, which was published on the Web site of financial planning firm, Waddell &Reed, "while two-thirds felt they could not invest for the long term because of the need for immediate access to their money."

At the same time, Boomers are confident they can keep earning income later in life, either by postponing retirement, launching new careers or starting homegrown businesses. Ironically, though, according to another study, Boomers still receive as much as 10% of their wealth from living parents.

Millions of Boomers began turning 50 in 1996, but you can still market to them as though they were still in their 30s or 40s. This generation never has wanted to be like their parents, and will always be young in their minds. Boomers may have been careless with money in the past, but you can help by giving them another chance to achieve personal financial security.

Your message to this generation: It's never too late, but the sooner you start, the more you can do.

Want More? Send questions and comments to w.willard3@knology.net.

About The Author: Bill Willard has been writing high-impact marketing and sales training for over 30 years—but as Will Rogers put it: "Even if you're on the right track, you'll get run over if you just sit there.” Through interactive, Web-based "Do-While-Learning™" programs, e-Newsletters and straight-talking articles, Bill helps small-business owners and independent professionals get the job done: profitably improving performance, helping grow your business, skipping expensive mistakes, making the journey to success faster, smoother, easier. And fun! ------------------ ARTICLE END ------------------ For more free-reprint articles by Bill Willard please visit: www.isnare.com/?s=author&a=Bill+Willard ------------------------ Yahoo! Groups Sponsor --------------------~--> In low income neighborhoods, 84% do not own computers. At Network for Good, help bridge the Digital Divide! us.click.yahoo.com/EpW3eD/3MnJAA/cosFAA/TBhwlB/TM -------------------------------------------------------------- ------~-> Community email addresses: Post message: Free-Content@yahoogroups.com Subscribe: Free-Content-subscribe@yahoogroups.com Unsubscribe: Free-Content-unsubscribe@yahoogroups.com List owner: Free-Content-owner@yahoogroups.com Shortcut URL to this page: www.yahoogroups.com/group/Free-Content Free Text to HTML Converter for Publishers! website101.com/cgi-bin/t2h/Mt2h.cgi Yahoo! Groups Links <*> To visit your group on the web, go to: groups.yahoo.com/group/Free-Content/ <*> To unsubscribe from this group, send an email to: Free-Content-unsubscribe@yahoogroups.com <*> Your use of Yahoo! Groups is subject to: docs.yahoo.com/info/terms/