Every business is going to be affected as the first of nearly 76 million baby boomers reached Social Security age last year. In my opinion, these baby boomers have had a “devil-may-care attitude toward saving and long term planning. For many of them, their home equity used to represent a substantial part of their retirement savings. The Market has taken care of the rest of their retirement savings and a few are now waking up to the fact that they need to start a “last minute” push for saving. In addition, the current economic scenario has the baby boomers not only worrying about themselves, but also their children and their parents.
Let’s look at a few of the opportunities that exist for a small business with these baby boomers.
- The first on my list is education. They will need help understanding budgeting, retirement, parent care, long term care, lifestyle conservation, and second career options.
- The second on my list is physical fitness. This generation will live longer and have much more responsibilities that the previous one. Good health is no longer a social meeting at the gym, but a serious effort to stay in shape. Again, education in this area is needed.
- Product/service presentation. Marketing has to change for your business. It has to show the baby boomers how your product/service will benefit their; lifestyle, savings, retirement, family concerns, job opportunities, and quality of life.
Marketing has many faces and certainly one of them has to be directed to these 76 million people. They need to re-evaluate what is important from housing to cars, appliances, energy, entertainment, insurance, investments, as well as everything that is needed to live another 30 plus years after retirement.
Be the among the first to incorporate the needs of the baby boomers in your marketing. This is, in my opinion, one of the best opportunities for small businesses to excel. They are much more mobile and can address his issue much faster than a large, bulky, national business.
Let’s talk about your options. E-mail me at Nick@nickpetra.com
“Whether a man purchases a loaf of bread to satisfy his hunger or a suit to clothe himself, he in not buying the object, but a means to satisfy a need.”
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