Demographic-Specific Marketing Can Boost Business, Expert Suggests
While at first glance Generation Xers and Baby Boomers may seem miles apart in terms of characteristics, there is one thing that unites them: they both are key marketing demographics in the kitchen and bath industry.
That's the view of Auren Hoffman, chairman of the San Francisco, CA-based consulting and investment firm Stonebrick Group, who headed up the "Differences Between Gen Xers and Boomers" seminar at this year's Kitchen/Bath Industry Show in Orlando.
As Hoffman explains, both demographics, although fundamentally different, can be a serious boon to a kitchen and bath firm as long as they are marketed to appropriately.
But, to accomplish this, he says, kitchen and bath firms need to first clearly define the differences that exist between the two.
For example, he categorizes Boomers as a growing population of people born between 1942 and 1960 who, for the most part, stand by a traditional sense of morality in both philosophy and product choices. In contrast, he describes Gen Xers as a relatively small population who are opportunistic, self-reliant and generally more computer-savvy.
With this in mind, Hoffman says kitchen and bath firms should consider the following factors when creating demographic-specific marketing plans particularly those geared to Gen Xers:
- For Gen Xers, try tapping into their sense of detached irony,
sarcasm and clipped dialogue.
- Gen Xers are also savvy when it comes to managing their
retirement funds and will be subsequently and somewhat surprisingly
more budget-conscious than expected.
- Furthermore, keep in mind that not only is the world population rapidly increasing it's estimated to exceed 7 billion by 2013, Hoffman notes but that it is getting older, as well, with almost 28% of the U.S. population above the age of 45, as of 2000 a 5% increase from 1990.
Conversely, Hoffman also points out that the number of children under the age of 18 in the United States is projected to reach close to 70 million by the year 2020.
He concludes that this information should enable kitchen and bath firms to tailor their marketing approaches to better reach these unique and growing target demographics.