From The Blog

Baby Boomers are those born between 1946 and 1964, making them 54 to 72 years old, and the U.S. Census Bureau indicates an estimated 74.1 million of them in the U.S.

Photo:  Carolyn Michael-Banks
CEO/Founder of A Tour of Possibilities, LLC
www.ATOPMemphis.com ~ at the LevelUp Conference 2018

The estimated number of Boomer women is 38.44 million. In addition to their existing assets, Baby-Boomers are set to inherit $15 trillion over the next 20 years. Add to this the fact that women drive 70% or more of all consumer purchasing.

Despite these figures, Nielsen estimates that less than 5% of advertising dollars are targeted to adults aged 35 to 64. According to the report, “Typically, once a group of consumers reaches the so-called ‘cut-off’ age of 49, marketers ‘go back to go,’” the report says.

Knowing more about Baby-Boomer women can help you market to them. 7+ facts:

1. Once the college bills are out of the way and children launch their own households, the discretionary spending power of 50-plus women soars. They spend 2.5 times what the average person spends. Women are the primary buyers for computers, cars, banking, financial services and a lot of other big-ticket categories.
– Marti Barletta, Primetime Women

2. Born between 1946 and 1964, Baby-Boomer women represent a portion of the buying public no marketer can afford to ignore. With successful careers, investments made during the “boom” years, and inheritances from parents or husbands, they are more financially empowered than any previous generation of women.
– Mary Brown, Carol Orsborn, Ph.D., Marketing to the Ultimate Power Consumer—The Baby-Boomer Woman

3. Over the next decade, women will control two thirds of consumer wealth in the United States and be the beneficiaries of the largest transference of wealth in our country’s history. Estimates range from $12 to $40 trillion. Many Boomer women will experience a double inheritance windfall, from both parents and husband. The Boomer woman is a consumer that luxury brands want to resonate with.
– Claire Behar, Senior Partner and Director, New Business Development, Fleishman-Hillard New York

4. The number of wealthy women investors in the U.S. is growing at a faster rate than that of men. In a two-year period, the number of wealthy women in the U.S. grew 68%, while the number of men grew only 36%.
– The Spectrem Group

5. Women account for 85% of all consumer purchases including everything from autos to health care:

  • 91% of New Homes
  • 66% PCs
  • 92% Vacations
  • 80% Healthcare
  • 65% New Cars
  • 89% Bank Accounts
  • 93% Food
  • 93 % OTC Pharmaceuticals

American women spend about $5 trillion annually…over half the U.S. GDP.

6. Women represent much of the online market – Digital Divas by The Numbers

  • 22% shop online at least once a day
  • 92% pass along information about deals or finds to others
  • 171: average number of contacts in their e-mail or mobile lists
  • 76% want to be part of a special or select panel
  • 58% would toss a TV if they had to get rid of one digital device (only 11% would ditch their laptops)
    51% are moms

Source: Mindshare/Ogilvy & Mather

7. Women and sports. Women make up:

  • 47.2 % of major league soccer fans
  • 46.5% of MLB fans
  • 43.2% of NFL fans
  • 40.8% of fans at NHL games
  • 37% of NBA fans
  • Women purchase 46% of official NFL merchandise
  • Women spent 80% of all sport apparel dollars and controlled 60% of all money spent on men’s clothing
  • Women comprise about one-third (34%) of the adult audience for ESPN sport event programs

Source – www.she-conomy.com

Here’s what research says, as provided by Jan Marino, BoomerCafe.com:

As the unofficial spokesperson I feel compelled to let you know what I’m hearing from 10K of my closest boomer friends. Here’s a list of ten things that we Boomers want and need from service providers:

  1. Explanations and education about your product or service intelligently delivered informing us why we should invest in your product. 
  2. Options about what the trend of the service/product is … i.e. what’s its “shelf life” 
  3. Engagement with us. We really want to mentor and help others not make the same mistakes we did. We may appear arrogant, but we’re not…we just don’t want to be ignored. 
  4. We want you to know that we control over 70% of the disposal income in this country and we have lots of places to spend that money. We won’t spend it with companies that ignore us or call us aged or aging (even if we are both … you don’t need to remind us). 
  5. Use clever and well thought out campaigns for marketing. Don’t be afraid to go mobile. Offer us deals and great products especially women’s clothing. We have lots of money to spend on clothing, but not many of us can wear a size 0 or show our midriffs. 
  6. We are health conscience and not as worried about our sex lives as ads claim. Help us stay in shape and look good. 
  7. Our pets are part of our family and we think they need stuff, so we’ll splurge on them. 
  8. Our parents are a huge part of our lives and we are taking care of them. Products and services that makes life easier for them and us will sell if treated in an intelligent way…. i.e. NO cold calling…form relationships with families. 
  9. Reinvention and career services that help us stay on top of trends and technology are imperatives. We want to stay well-informed, so we can talk to our children and grandchildren. 
  10. We still care about changing the world and philanthropy. Get large numbers of us interested in worthy causes. We fully understand that the earth’s resources are limited, and alternative methods hold great returns.


NIta Black, CEO/Business Strategist
www.NitaBlack.com

“We provide business tools to help clients monetize their ideas.”

First Down?

“Can you imagine a football game where they don’t keep score? That’s what most businesses are,” Chuck Richards, CEO of CoreValue Software says.  Running a business can be like playing a game with no scoreboard.

Marcus DiNitto, the Contributing Writer for an article published by The Business Journals in June 2017, interviewed Richards who identified three smart ways that increase value by fixing operational elements of an organization. Click on this link to read the full article and download a free assessment tool.

The Market, The Processes, The Metrics

According to CoreValue, nine out of 10 business owners who complete the assessment program (see free assessment tool) do a poor job documenting their market.  Why is this important?  It enables the business with internal communications so every employee is on the same page.  If borrowing funds or selling the business, the information shared externally is key to the outsider(s)’ financing or purchase decisions.

When goods and services are sold, the business promises to deliver to the customer what they purchased.  There should be documented processes in place to ensure this delivery of goods and services.  Every business should have a back-up plan so that operations are not reliant on any one individual, particularly solely reliant on the owner.

“A business owner has an obligation to make sure employees understand the company’s goals and objectives and how they are helping the company reach those goals and objectives. Rarely do companies have effective metrics of performance,” Richards said.  “…employees almost never know if they are winning or they’re losing at work, so they tend to keep busy. But it’s not very productive; it’s not very targeted.”

Knowing the company’s goals and metrics for success makes the work more fun, not only for the owner but also for the staff.

Big Hairy Goals

Remembering when I first started working at a large national bank, we had lots of meetings – meetings about new loans in the pipeline, new employees and organizational changes, and the bank’s financial benchmarks.  At the time the bank’s Return on Equity (ROE) was roughly 6%.  Return on Equity is calculated as Net Income divided by Net Worth.  I distinctly remember one meeting when a new CEO and Board Chairman had been chosen.  He came right out of the chute and said our five-year target for ROE was 21%.  Yowsa!  (We thought he was crazy.)

Five years later we were right at 22% ROE, having exceeded our goal.  What an exhilarating feeling it was to work as a team and make good things happen.

Think about your business as if you were playing football.  What are the plays to make the next first down?  Does your staff know what the plays are and how to score?  For more information on how to fix operations and set metrics, contact Nita Black at (901)413-1315 or go to her website at www.NitaBlack.com.  You can also find Nita on Facebook, LinkedIn, and Google+.

Experience success!


NIta Black, CEO/Business Strategist
www.NitaBlack.com

“We provide business tools to help clients monetize their ideas.”

Nita Black - Business Strategist

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