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Market to Changing Demographics

September 9, 2008

Recent studies show our population is getting older, becoming more multicultural, and are increasingly crunched for time. It’s imperative as entrepreneurs to pay attention to shifting demographics and the preferences of today’s buyers.

How current is your marketing strategy related to today’s changing demographics?
Can you do business the same way you did business five years ago? What has changed?  What haven’t you changed? What must you do to stay competitive? Today’s post provides insight on some of today’s hottest markets.

Money Is With The Baby Boomers: The baby boomer population will increase by 25% in the next decade.  Do you currently have a product or service geared towards this demographic? If not, can you create a new line or service for this growing population? Take a look at your current services and products, along with the needs of people in this age group, and see if you have opportunities to sell to this growing market.

Grab the Attention of the Young and Trendy: As important as the aging baby boomer market is for women entrepreneurs, so is the young and trendy X generation. This age group spends billions a dollars a year on trendy merchandise, services, and products. Do you have a product that can be marketed to this demographic?  Can you re-create or update a current product and create a ‘trendy’ new line for this demographic? Research where this demographic shops, their likes, their spending interests and then create a marketing plan to capture revenue from this billion dollar spending group.

Market Globally: We live in a global buying market thanks to the Internet. Your biggest clients might still be located within close proximity to your business, but don’t forget about the millions of people nationally and internationally who could become your customers. Are you curious about marketing and selling globally? If so, start researching local companies who are already doing business this way and see if you can meet with their owner or talk to someone in their organization about how to get started. Attend a seminar on international marketing. Research advertising options online in order to market your product or service on an international basis.

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