Many business owners think that EVERYONE is their customer, so they create a coupon, find a monthly delivery system (a coupon magazine or coupon mailer) and hope for the best. But, understanding your target customer can give you insights into how to price, how to promote, how to utilize media and what special offers will appeal to them.
If you are not in business yet, look at the neighborhoods where you are thinking of locating your business. What is the average age and income of the people in the immediate one mile radius? Check out the three mile radius also. If you have a retail business, the majority of your customers will be local to those areas.
If your answer is Generation X, have you made them the target of your marketing dollars? Do you know how to make your message resonate with them?
What do you get when you mix consumer perceptions of a brand’s quality, value, satisfaction, and reputation, along with impressions of the brand and propensity to recommend it? Overall brand health, per YouGov’s BrandIndex, which has released a list of the brands that top the charts as rated by adults in the US.
YouGov’s BrandIndex score is derived by taking the average of the above-referenced components and ranking the highest brands from 1630 tracked for at least 6 months during a year-long period from July 1, 2017 to June 30, 2018.
The open plan office has become a fixture of the modern workplace. Private offices and cube farms have been replaced by flexible workspaces with little or no partitions. 60% of companies have now adopted open plan layouts, with more than a third having changed from closed to open layout within the past five years.
The trend is particularly prevalent in London, where a rise in flexible serviced offices has contributed to the layout’s increasing popularity. A Deloitte report on office occupation in central London found that floor space dedicated to serviced offices has increased by 67% since 2004.
When is the best time in life to start a business? There’s no “right” answer to this question, of course — every entrepreneur’s experience is different. But based on the seeming abundance of 20-something Silicon Valley startup founders, it’s easy to think that the younger you are, the better off your business will be.
By that same logic, it’s also easy to assume that entrepreneurs who are approaching retirement age may be too out-of-touch with current technology and culture to succeed in the business world. On the other hand, many founders who started their business after age 50 say their decades of experience have been their greatest advantage.
If you’re an older aspiring business owner, don’t assume you missed your chance at entrepreneurial success. Here’s why it pays to jump into the startup game later, and what you can do to make your business flourish.
I’m not here as tech support, but there’s a reason almost every Generation Z participant can do the job of a Baby-Boomers computer engineer: Technology has changed the way we think. Now, I don’t mean to say we each have wires in our brains controlling our thumbs as they type 500 word texts at hyper speed, but the way we think and do things has been forced to evolve as a consequence of the electronic world. We have to be able to think in ways computers can’t. There’s more to it than just the simplicity but I’ve figured out three main things that separate our thinking from other generations and the computers that replace them.
“You never say thank you,” young advertising copywriter Peggy Olson complains to her boss, Don Draper.
“That’s what the money is for!” he retorts.
This exchange from TV’s Mad Men perfectly captures one of the enduring challenges of the workplace: sometimes managers and employees have vastly different notions of which incentives really matter.
I would argue that-including in the case of Peggy and Don-there is a generational component to such differences. Don, a child of the Great Depression and a Korean War veteran, is a classic Traditionalist (the generation born in the 1920s and 1930s) for whom work is a transaction. As he says earlier in this exchange, “I give you money, you give me ideas.”
Each generation uses digital differently to consume content and shop for products and services, and marketers need to understand these differences to target their desired audiences on the devices they are most likely to be using.
Millward Brown Digital surveyed more than 1,000 consumers in three generations (millennials, born after 1980; Generation X, born 1965-1980; and boomers, born from 1946-1964) to see how different age groups favored different screens for various activities.
“What the data demonstrates is that even with our advanced knowledge of digital today, advertisers and marketers can’t make assumptions about how various demographics and targets are using digital devices and mobile to access content,” said Joline McGoldrick, research director at Millward Brown Digital. “It is easy to stereotype and say the best way to reach millennials is on mobile, but that is not always true. As the analysis shows, device usage varies from generation to generation based upon what the activity is. There needs to be a more granular understanding of how activity and type of content dictates preferences for screen usage in order to make a truly effective and efficient marketing strategy.”
Generation X has a gripe with pulse takers, zeitgeist keepers and population counters. We keep squeezing them out of the frame.
This overlooked generation currently ranges in age from 34 to 49, which may be one reason they’re so often missing from stories about demographic, social and political change. They’re smack in the middle innings of life, which tend to be short on drama and scant of theme.
But there are other explanations that have nothing to do with their stage of the life cycle.
Gen Xers are bookended by two much larger generations – the Baby Boomers ahead and the Millennials behind – that are strikingly different from one another. And in most of the ways we take stock of generations – their racial and ethnic makeup; their political, social and religious values; their economic and educational circumstances; their technology usage – Gen Xers are a low-slung, straight-line bridge between two noisy behemoths.
I love watching people who enjoy publicly subsidized medical care and prescription drug benefits stand on street corners with signs warning of a socialist takeover of health care.
Given how long it took the Tea Partiers to realize their first name choice, ‘Tea Baggers’, actually described a sexual practice, there is probably little hope they will grasp how ironic they are. These individuals are the number one enemies of health care reform. The baby boomers. They’re retired (or about to be), they’ve got steady income and a great health plan. They’ve got theirs and you’re not going to mess with it.
This spells trouble for one especially vulnerable group — managers in their 40s and early 50s. They tend to be more expensive than their younger counterparts; they may lack some of the high-tech savvy needed to succeed in a more efficient workplace; and they face a downsized job market that will stay that way much longer than usual.