Baby Boomers Create New Silver Bull Industry
31687
Business
May 18, 2007
boostyourbottomline
Baby Boomers Create New Silver Bull Industry
Are you one of them - a 50- or 60-something with a fire in your belly to launch a business or take it to a new level of success? Or a savvy business owner tapping into the market of Silver Bulls - Baby Boomers - who are now reaching retirement age at the rate of 11,000 each and every day? According to recent surveys by AARP, fully 70% of Baby Boomers see their 60s as an exciting opportunity for taking the bull by the horns and starting their own business, buying an existing business or acquiring a franchise of their own, with fewer than 17% opting for the more traditional view of retirement. With their impressive rolodexes and retirement accounts to help them launch everything from consulting firms to fast food franchises, these former executives make up one segment of this new breed of older entrepreneurs. But it's not just Boomers with plenty of cash to back them up and years of corporate contacts to help them get started who are swelling the ranks of silver-age business people. Plenty of formerly hard-working, hourly-wage-earners are striking out on their own as well. We all know the stories of Ray Kroc, who started McDonald's at the age of 52 and Colonel Sanders who sold his first Kentucky Fried Chicken (KFC) franchise at age 65, but there are thousands of examples of lesser-known individuals who have simply made the decision to start their own business at a time when members of their parent's generation were picking out porch swings. This has spawned an emerging market sector called "silver industries," a term coined by AARP's director of academic affairs, Harry Moody. Silver industries include such things as retirement coaches, retirement retreats, self-help groups for senior business people, courses in starting internet businesses, and a wide variety of books on everything from hobbies, to health and wellness, to how to start a second career, as well as a variety of other sources of help and advice. Servicing this huge new silver demographic, estimated to contain as many as 78 million aging Americans, is already spawning its own new growth market, which some see as one of the fastest-growing new markets for the next 10 to 20 years. Now is the perfect time for savvy marketers and business people of any age to take the silver bull by the horns and position themselves squarely in the path of this on-coming juggernaut. Whether you're a silver entrepreneur or a business owner targeting the Silver Bull market, knowing how to properly structure and market a business is critical for success. To attain profitability, it is essential to focus on 4 keys: 1. Establish a memorable and unmistakeable brand identity: The secret to business success is determined by your ability to powerfully communicate your business with laser precision and your ability to deliver a clearly-defined and consistent experience. In a nutshell... it's called branding, and, when done right, it ensures a thriving business with all the customers and profits you need. The secret is to establish a powerful brand identity that sings distinction. And establish that identity before you launch any marketing activities. 2. Create a deep connection with your core target audience - your potential raving fans! Who wants and needs what you have to offer? The only wrong answer is "everyone." If you're a pediatrician, you may see infants and children. Are they your target audience? No! They are your patients, but it's the parents you need to connect with to get the kids in your door. And it's not just any parents - it's a definite group of parents. In marketing, you get a lot more "bang for your buck" if you focus your spending on a well-defined group of people that you enjoy working with. The better you define this group, the more effective your marketing can be. 3. Design compelling offerings that pull customers in like a magnet. 80% of all purchase decisions are based on emotion. It's your job as a marketer to know how your customers want to feel and to get them to visualize how your services can meet their needs. People want to know, "What's in it for me?" Tap into the emotion and create offerings that touch your customers. 4. Craft A Personal, Workable Marketing Plan Marketing is everything you do to make your product or service more visible, more desirable and more profitable. Your marketing plan will clearly define the big picture and provide focus and direction based on the 4 'P's of Marketing - product, price, place/distribution and promotion. Since 90% of small business owners do not have a plan, you'll have a leg up on your competition by crafting your personal, workable marketing plan to ensure that you reach your business goals. Are you ready to create a business you can brag about? Do your homework, listen to your calling, and get out and play big!
Certified Marketing Spitfires Holly George and Leslie Hamp are creators of the 'Fast Track to Marketing Mastery' program. To learn more about the step-by-step program, and to sign up for their *FREE* Marketing Mastery Success Kit, visit www.boostyourbottomline.com
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