Selling Services to the Baby Boomer Generation

1. Selling Services to the Baby Boomer Generation Learning Aid Page 213 Q.1 MGS 3040-03GROUP 3 Justin Bornstein Dagmara Galik Svitlana Panasik Ulascan Senger

2. Innovation in Practice • Larry Jones • Won a scholarship from Cisco Corporation and learned about setting up LAN. • Setup LAN in his fraternity house, helping him make networking connections • Started setting up LAN in other fraternities and sororities on campus. • Began offering support for an extra charge • Started a partnership with several other students

3. What is the Baby Boom generation? • According to Wikipedia, Baby Boom Generation is “a term describing individuals born during the middle part of 20th century”. There are 78 million Baby Boomers born between 1946 and 1964 • Represent about 29 percent of the population • In Canada, they are known as "Boomies” (six million reside there) and in Britain, known as "the bulge." • Most important demographic segment • Pursued since they were adolescents • The last generation to force great changes on society • Grew up in relative prosperity and safety • Came of age in the optimistic sixties and seventies and believe in growth, change and expansion • Tend to pursue promotion by working long hours and demonstrating loyalty • Baby Boomer turning 50 every seven seconds

4. Baby Boomer Characteristics • Two groups make up two different target markets of Boomers. The two groups differ substantially by characteristics. To market effectively to Boomers, you must understand how these Baby Boomer characteristics differ between the two groups: • The Vietnam War group members and the later younger members. • They share characteristics like higher rates of participation in higher education than previous generations and an assumption of lifelong prosperity and entitlement developed during their childhood in the 1950s.

5. Baby Boomer Characteristics • Vietnam group members, the oldest group, were classified as Hippies during their youth. They fought against the Vietnam war and for civil and women rights. • The younger group, were classified as Yuppies in their youth. They grew up without war in a time of economic prosperity, and most prospered as young professionals. • The characteristics of these two market segments differ enough that you need to market differently for each. If you market to them the same, your marketing message may fall on deaf ears, wasting your marketing resources!

6. Characteristics Continued • Baby boomers learned computers in their middle years. They did not grow up with the Internet thus they do not possess many information technology skills (for example they do not know how to buy and sell on eBay because they do not have the knowledge about secure communication over the Internet) • A big mistake is that technology companies don’t have much consideration for Baby Boomers and don’t focus on products that would best meet their needs • Baby Boomers have an enormous buying power, and an exceptionally high interest in technology

7. Baby Boomers and Technology • A recent study conducted by TV Land revealed that 78 million adults who are labeled “baby boomers” are compelled to embrace technology, and entertainment is their primary reason for doing so.  • The four C’s—choice, control, clarity and community are what matter most. • there are standing misconceptions that boomers are tech phobic, as 65% have tried out new technology in the last three years.

8. Baby Boomers and the Internet • they comprise nearly 30 percent of the online population. • The number who use the Internet at least once a month will grow by more than 4 million • Rising from 59.4 million in 2007 to 63.7 million in 2011.

9. Baby Boomers and Networking Sites • The NPD Group, reports that 41 percent of baby boomers have visited social networks such as Facebook, MySpace or LinkedIn. • 61 percent have been to Web sites that offer streaming or downloadable video. • It’s typical for younger users to interact through comments and online conversations • while older users are more comfortable using it to seek information rather than create content.

10. Team Skills • Team skills we possess that Baby Boomers would like: • Knowledge of technology such as: • Computers (including online shopping, downloading music) • Phones • Educated using the latest technology such as • Office • Internet

11. Interview • Interview with Baby Boomers: • The most frustrating part of technology is the learning curve • Unnecessary features that hinder the main function of the technology • Not enough interaction with people when getting information or service for a product.

12. Selling Products and Services to the Baby Boomers • Almost all of the technology based products and services should have extraordinary customer service and video tutorials helping the boomers to understand them step by step. • Marketing and sales strategies can be easily extended by promoting new services/products as shown aside. • These services will also encourage baby boomers to look into the technology based support and devices. • A) Athletic Exercise Equipment • B) Health and Beauty Aids • C) Financial Services

13. Gadgets help Baby Boomers navigate old age Product What it does Any doctor, pharmacist or other health care provider would have instant access to critical health information Tiny radio transmitters in food packages would broadcast ingredients to the device, which would offer advice to the shopper Say your request or touch the screen for the next task Track the movements of residents; if someone falls or fails to keep to his or her regular schedule, the system asks whether he or she is all right; if there is a problem, a message is sent to family and caregivers Use of SSL/TLS makes it safe to send sensitive data such as credit card numbers and bank balances • A computer chip on a card that would contain and update its owner's medical data • A computer aid that would help older shoppers pick foods based on their medical history • A laptop that you can talk to instead of typing • Sensors in the wall and floor • DVD that talks about protocol HTTPS , SSL-Secure Socket Layer, and TLS –Transport Layer Security

14. Services helpful for Baby Boomers Service What it offers Talk to people who help with any questions about technology Classes at senior centers that teach about computers and latest technology, providing materials and knowledgeable stuff • Phone service • Computer classes

15. Advertising • Since they do not use new technology as much • Newspaper • Radio • TV •  Word of mouth

16. Can we make money on it? • Even though they might work for the majority of Baby Boomers, some of them may find computer chips and computer aids too expensive or still too complicated