The Future of Marketing – taking care of the Needs, Wants and Desires of 150 Year Olds

So, you think that the future of marketing is nothing but digital? Also, that artificial intelligence, big data, augmented reality and social media marketing are the big trends? Maybe for now they are, but the future of marketing is about a century and a half away. At that time, marketing will also be about satisfying the needs, wants and desires of 150 year olds…

Of course you should think by now I’m busy losing my marbles! I mean – we’ll be considered fortunate (or unfortunate for some) if we reach our 100th birthday. However, Jeff Glor reporting for CBS, recently suggests that some of the babies that are born today may well live to enjoy their 150th birthday.

To illustrate: In 1850, the average human lifespan was 43 years. Now it’s closer to 80. Indeed, the mortality of older populations has sharply decreased during recent years in most western countries 1. But what is the highest that our lifespan can go?

In fact, the longevity record is held by Jeanne Calment of France, who was 122 years old when she died in 1997…

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Know Your Clever, Less Distinctive Customers – Generation X

Generation X, which refers to those born from the mid-sixties to late seventies is one of the most highly educated generations in history and is characterized by technological and media savvy, skepticism and pragmatism 1. Above all, these shrewd customers usually make informed purchasing decisions and often search the internet for the best deals. So what makes Generation X different from other generational cohorts?

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Selling to the Young Ones, Generation Z

The teens and tweens of today are a cohort of kids that doesn’t have a definitive name yet, however some have dubbed it Generation Z. Generation Z, the largest demographic cohort comprises 25% of the US population (Wikipedia, 2015).  They will start working by 2020 and earning lots of money that need spending. Therefore Generation Z should be taken seriously by retailers who need to know who they are and what their needs, wants and preferences are.

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Shopping Behavior of The Baby Boomers

If you were born 50 to 70 years ago, you’re a ‘Baby Boomer’. Yes, most of you are still alive and do most of things you did as a youngster, but doing it differently. Retailers should realize that you are different from other generations and therefore behave differently when shopping. If they make your shopping trip a pleasant one, they may find that you (Baby Boomers) can be a profitable customer niche. Similarly can retailers with an online presence achieve more sales and positive word of mouth once they recognize Baby Boomers is a valuable consumer segment.

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