Many small businesses are too focused on servicing and marketing to the baby boomers and post baby boom generation (gen x). They fail to see the huge tsunami of potential new clients coming in the Millennial and Gen Z age groups. These two groups account for just over 50% of the population. Both age groups are tech savvy in a way many small business people are unwilling to be and do not use the Yellow Pages, the primary marketing vehicle for the majority of all small business. In fact aside from grandma, Yellow pages probably stopped being useful almost a decade ago. It is surprising that so many people in Insurance, Tax preparation, Real Estate and mortgages are so focussed on old world marketing. These companies focus on attracting new people to their services and yet they stop at a web page for digital marketing. In doing so they miss out differentiating their services or themselves from the competition because they do not understand how the younger generation uses the internet. I have included the demographic information for the target age groups below: *Baby Boomers aged 50-68, 23.6% of the population Gen X aged 38-49, 15.4% Millennials 20-37, 24.5% Gen Z less than 19 years old are 25.9% Of course they have a 25 year cycle not 20. Roughly 4 million Millennials enter the market for durable goods and financial services each year. Yet most small business people are about as tech savvy as my dad who could not program a VCR. Which is why many people using services for the first time still go to companies that are good at online branding but offer inferior services. These well known brands are companies know how to market to these two key demographic groups. They are also companies that spend more on advertising and propping up their brick and mortar business. Their costs are higher and their service typically is less personal and less about quality and more about the numbers coming through the door. This provides a great opportunity for those willing to fight for the new client and market effectively so they can get noticed for what their potential is. *According to U.S. Census 2012 figures.
Posted on: Fri, 01 Aug 2014 14:56:46 +0000
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