Presentation is loading. Please wait.

Presentation is loading. Please wait.

The Generation’s Boomers, X, and WhY The Generation’s Boomers, X, and WhY FIRMA April 7, 2008 Ty Bello, RCC

Similar presentations


Presentation on theme: "The Generation’s Boomers, X, and WhY The Generation’s Boomers, X, and WhY FIRMA April 7, 2008 Ty Bello, RCC"— Presentation transcript:

1 The Generation’s Boomers, X, and WhY The Generation’s Boomers, X, and WhY FIRMA April 7, 2008 Ty Bello, RCC

2 Generational Issues The Financial Services Landscape is Rapidly Changing Risk Management Professionals Investment Advisors Broker-Dealers Investment Advisors Broker-Dealers Insurance Companies Insurance Companies Other Providers of Financial Service

3 Generational Issues Are YOU ready for the neXt Generation?

4 For the Success of your Business The Future is about Growing Growing is about Change Change is Inevitable for Success

5 Change is Hard “Awkward is the beginning of NORMAL”

6 The Generation’s Understand the Generations Cultural Aspects and Values How to Bring out the Best in these Generations Boomers as Workers Boomer Retirement (Trend Setters) Marketing To Boomers

7 PARADIGM

8 The Generations Defined Who Are They? Boomers –Born between , 75 million, ages 41 – 59 ages 41 – 59 Generation X –Born between 1965 – 1977, 44 million, ages ages Millennials or WhY –Born between 1978–1998, 100 million, ages 27 and Under ages 27 and Under

9 Generational Changes like never before More than 69 million American workers are age 40 and older Gen X and Y combined can’t replace the number of retiring workers

10 Boomers America’s first mass market 77 Million Consumed: Baby Food, Breakfast Cereals, Made Hoolah Hoop Popular As Adults they are Trend Setters Still Spending Money est. $2.3 trillion (45 years and older) New Campaigns –Pillsbury’s “Cooking for Two”

11 Boomer Tsunami 7918 A Boomer Turns 50 every 7 Seconds Last Boomer Turns 65, 2030

12 Generational Snap Shot Cultural Aspects TopicBoomers Gen X WhY The Future “Is ours” “Sucks” “Might Not Happen” TelevisionBonanza Family Ties Jerry Springer Wealth I’ll Earn It Don’t care much about it Gimme, or I’ll take it For Kicks Drive-ins Drive Thrus Drive Bys Loyalty to Employer Work My way up This could lead to the Top If I can’t take Saturday off, “ I Quit” School / Training Tell me WHAT to do Show me HOW to do it WHY do I need to learn this? Communication Via parents Phone Via personal Phone Pager, cell phone, , chat rooms Video Game PongPacMan Mortal Kombat

13 Generation Exponential GenerationDefining WordsFoodTechnologyMediaHolidays Boomers Fruit manElectric TypewriterNews PaperMake Gifts in TimeMilk manTelephone / Party Line National Geographic Simple Gifts Bleach man Evening Post Corner-store XinstamaticSuper MarketTypewriter w/ Changeable Cartridge News NetworksBuy Gifts T.V. DinnersIBM PC, XT, ATCable TVHigh Tech Gifts Fast FoodFaxESPN Cell Phone Conference Calls Y“i”Convenience StoresInternetWeb CastGift Cards Super StoresNote books / LaptopsInstant MessagingInternet Buying iPodNews updates on Cell PDA’s Wireless Tech Chat Rooms

14 Generation X and WhY, As Team Members “Know The SWEET SPOT” CompetencyFocusConfidence SWEET SPOT Employees Response United States Sweet Spot 29% Neutral 55% Bitter 16% United Kingdom Sweet Spot 17% Neutral 64% Bitter 19%

15 SWEET Spot Around the Globe United States 29% United Kingdom 17% Germany16%Japan9% France6%Singapore4%

16 Development and Application Who are they Learners Increase Opportunity for Growth Make a Contribution Each Assignment a Learning Experience Tap into their individual creativity

17 The Members Gen X and WhY What they want –Come Alongside (In and Outside of Work) –Accept Them –Be open to Change Methods –Community –Build them for Their Future and the Future of your Business

18 Development and Application How to Bring them In (DEVELOP) Communication –Frequently, Sound Bites, Energized HOW? (APPLICATION) E-News Letters Committee Assignments (Select / Elect) Mentoring Program Constant Contact Teleconference Offering Continuing Education CEO Groups Reading Groups

19 Boomer Work Force Bureau of Labor Statistics –2012 – labor force million –2012 – economy require million Attract and Retain Boomers –Provide Training Opportunities (Skills Set Advancement) –Flex hours –Mentoring –Competitive Healthcare Benefits

20 Boomer Retirement Trendsetters It’s Not their Parents Retirement Boomers are Confident and Independent Need more to live comfortably Need more to live comfortably More Self-indulgent that their parents’ More Self-indulgent that their parents’ Healthier and Live Longer Healthier and Live Longer

21 Financial Planning Survey Wall Street Journal 2007 (Households w/ Investments >$250K) At what age are you planning to retire? 37.9% plan to work past % plan to work past % plan to retire before % plan to retire before 60

22 Financial Planning Survey Wall Street Journal 2007 What are the top 5 household financial decisions? Maintaining my existing life style (54.3% rated very important) Maintaining my existing life style (54.3% rated very important) Increasing my current asset level (50.9% rated very important) Increasing my current asset level (50.9% rated very important) Maintain my current asset level(48.3% rated very important) Maintain my current asset level(48.3% rated very important) Affording health care for my family (46.1% rated very high) Affording health care for my family (46.1% rated very high) Managing investment risk (44.8% rated very high) Managing investment risk (44.8% rated very high)

23 Financial Planning Survey Wall Street Journal 2007 The top three reasons for not using a financial planner / advisor? I do the job just as well: 67% I do the job just as well: 67% I enjoy being in control of my financial investments: 62.2% I enjoy being in control of my financial investments: 62.2% The fees are too high: 35.2% The fees are too high: 35.2%

24 Boomer – “ize” Your Business Study Business Sector Quantify Demographic Develop Boomerized Sales and Marketing –Get them In –Get them Active –Keep them –Get the NeXt Generation

25 Marketing To Baby Boomers How is marketing to baby boomers different from marketing to the public in general? Coming of Age Period, Really Intense Coming of Age Period, Really Intense Unique Message Construction Unique Message Construction Offer Strategies Offer Strategies Product Positioning Product Positioning

26 Marketing to Baby Boomers How much influence do boomers have in terms of numbers and disposable income? Next 5 yrs: Household headed by yr olds (Increase 15%) With Annual Incomes of $100K or more (Increase of 61%) 6 million –By 2010, 8 Million

27 Marketing to Baby Boomers Marketing Misconceptions Typical boomer as someone who grew up in a professional, white collar, and economically healthy family Typical boomer as someone who grew up in a professional, white collar, and economically healthy family Brand loyalty hardens with age, and you can’t teach old dogs new tricks. Brand loyalty hardens with age, and you can’t teach old dogs new tricks.

28 Marketing to Baby Boomers What Sales Pitch do they want? Messages that help them process their lives Messages that help them process their lives Promotions, events, and shopping environments designed to engage boomers in a personal and profound way. Promotions, events, and shopping environments designed to engage boomers in a personal and profound way.

29 Marketing to Baby Boomers What topics or approaches to avoid Stereotypical Stereotypical Compliments rather than criticizes Compliments rather than criticizes Messages that elevate rather than denunciate Messages that elevate rather than denunciate

30 How Is Your Customer Service DTDBWETDBW

31 Working for the Boomers and NeXt and WhY Generations PLAN REVIEW TRAIN REVIEW TRAIN EXECUTE EXECUTE


Download ppt "The Generation’s Boomers, X, and WhY The Generation’s Boomers, X, and WhY FIRMA April 7, 2008 Ty Bello, RCC"

Similar presentations


Ads by Google