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How will you measure Your Life? August 2, 2010

Posted by utehagen in Delivering Happiness, Understanding Customers, Your personal success.
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I just came across this very interesting article by Prof. Clayton Christensen, one of the premier Academics in the field of Innovation. I strongly recommend reading the full article here

http://hbr.org/2010/07/how-will-you-measure-your-life/ar/1

It is thought provoking on the theme of happiness and purpose in life.

This is relevant for any marketer as you choose what your business is going to be all about.

Here are the core tenants of the article:

  1. Management is the most noble of professions if it’s practiced well. No other occupation offers as many ways to help others learn and grow, take responsibility and be recognized for achievement, and contribute to the success of a team.
  2. The choice and successful pursuit of a profession is but one tool for achieving your purpose. But without a purpose, life can become hollow.
  3. Your decisions about allocating your personal time, energy, and talent ultimately shape your life’s strategy.
  4. If you want your kids to have strong self-esteem and confidence that they can solve hard problems, those qualities won’t magically materialize in high school. You have to design them into your family’s culture—and you have to think about this very early on. Like employees, children build self-esteem by doing things that are hard and learning what works.
  5. Unconsciously, we often employ the marginal cost doctrine in our personal lives when we choose between right and wrong. A voice in our head says, “Look, I know that as a general rule, most people shouldn’t do this. But in this particular extenuating circumstance, just this once, it’s OK.” The marginal cost of doing something wrong “just this once” always seems alluringly low
  6. If you have a humble eagerness to learn something from everybody, your learning opportunities will be unlimited. Generally, you can be humble only if you feel really good about yourself—and you want to help those around you feel really good about themselves, too.

Why marketers can’t afford to ignore Boomers (50+ aged) July 24, 2010

Posted by utehagen in Boomer Marketing, Business Opportunities, On line Marketing success, Understanding Customers, Your personal success.
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Just found an important posting about winning with the biggest generation of consumers on Nielsen Wire.

Winning with Boomers (50+aged) will be key for marketers world-wide, as this is the fasted growing demographic, particularly in the Western World, but also in developing markets like China.

When it comes to marketing, the focus always seems to be on youth. What are they watching… what’s trendy? As a result media companies focus on reaching consumers age 18-34 or 18-49. But by solely focusing on these groups, advertisers and consumer goods manufacturers are overlooking a group that has tremendous buying power: the Baby Boomers.

Born between the years 1946-1964, the oldest of the Boomers are beginning to retire. But today’s middle aged and older consumers are different than their predecessors.  Boomers are an affluent group who adopt technology with enthusiasm (think about the number of parents or grandparents who regularly send e-mails or upload photos to Facebook and other sites). They have also shown a willingness to try new brands and products and services.

Boomers should be as desirable for marketers as Millennials and Gen-Xers for years to come; they are the largest single group of consumers, and a valuable target audience. As the world continues to age, reaching this group will continue to be critical for advertisers,” said Pat McDonough, Senior Vice President, Insights, Analysis and Policy at the Nielsen Company.

At a time when most analysts are predicting much slower growth in consumer spending, manufacturers and marketers need to look at every opportunity to grow market share. Boomers can represent tremendous potential to those who know how to reach them.

To read the entire article, go to:

http://blog.nielsen.com/nielsenwire/consumer/why-marketers-can%E2%80%99t-afford-to-ignore-baby-boomers/

Important Marketing Lessons from Neuro-Science July 24, 2010

Posted by utehagen in Boomer Marketing, Marketing 101, On line Marketing success, Understanding Customers, Your personal success.
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I just found this article on the Nielsenwire.

http://blog.nielsen.com/nielsenwire/consumer/measuring-the-buying-brain/

It is a good reminder that Neuro-sciences have helped to reveal the secrets of how the human brain works. This includes how we humans make buying decisions. Any Marketer needs to understand the important implications of this.

SEEING is BELIEVING: Among the five senses, vision is the most pronounced and the brain will discount information that is not in concert with the visual stimuli it receives.

SMELL leads to EMOTIONS: The sense of smell is quite powerful too, as it is the most direct route to emotions and memory storage. Being linked with a pleasant, iconic smell can significantly improve a product’s success in the marketplace.

“monkey see; monkey do”: Mirror neuron theory says that when someone watches an action being performed, he or she performs that action in his or her own brain. Activating this mirror neuron system is one of the most effective ways to connect with consumers.

Defining Differences
While human brains are remarkably similar, there are some fundamental differences such as age and gender that affect how we respond to stimuli.

The Boomer Brain:  After age 50, the brain becomes less able to screen out distractions, presenting a huge implication and a great opportunity for marketers.  Young people respond to positive and negative stimuli, but older people more strongly to positive stimuli. Another key trait among older adults is the tendency to overlook the negative. They indicate that, when presented with a negative message, older brains can “delete” the NOT and remember it as a DO over time. A real world example of how this neuroscience discovery is useful for marketers is when crafting a message for the Boomer Brain, say “Remember the milk”, not “Don’t forget the milk”.

The Female Brain: The female brain has four times as many neurons connecting the right and left hemispheres, greatly enhancing its ability to process information through both rational and emotional filters—a fact that must not be ignored when crafting a message.

NeuroFocus CEO Dr. A. K. Pradeep, is the author of the forthcoming book, The Buying Brain: Secrets for Selling to the Subconscious Mind, which provides the knowledge and the tools necessary to help marketers understand how to appeal to the subconscious on a very practical level by covering the five major areas of neuromarketing practice: brand, products, packaging, in-store marketing, and advertising.

To learn more about the book and to discover how neuroscience is impacting the making, selling and buying of projects, visit NeuroFocus.com.

Secrets to winning with Aging Consumers June 21, 2010

Posted by utehagen in Boomer Marketing, Marketing 101, Understanding Customers, Your personal success.
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I just read a very insightful article on Mediapost:

Understand What And How The Consumer Thinks by Jim Gilmartin

http://www.mediapost.com/publications/?fa=Articles.showArticle&art_aid=130551&lfe=1

If you want to be successful with your business endeavors, you must understand the demographic trends that are a fact of life: the Boomer Generation is coming of age, they are starting to age, and therefore the majority of your potential customers are changing in terms of their needs. What worked for you 10 years ago marketing to them, will no longer work. Therefore it is critical that you spent the time to really understand how the Boomer generation thinks and therefore how to relate to them.

As human beings move through the different seasons of their life, their deep motivations change completely.

I highly recommend to read the referenced article and to stop and spend the time to understand your aging customer base.  It will have a positive reflection on your turnover and bottom line, whatever your business is.

Boomers — revolutionizing the workplace again June 2, 2010

Posted by utehagen in Boomer Marketing, Marketing 101, Understanding Customers, Your personal success.
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It is an undeniable fact that the Babyboomers are going to live longer and will hence also work longer. This leads to a significant revolution in the workplace that most companies and governments in the Western Industrialized World have not yet realized. There is a huge opportunity here.

For more on the subject, read Experts Weigh in on Older Americans and Work by Michelle V. Raffer on the Second Act Blog     http://tiny.cc/6ot74

The very interesting fact is that people in this period of their lives (40-60) have very different drives and motivations than younger people. They are more likely focused on giving back, which is a huge opportunity if harnessed correctly.

What do you think?

How to win the hearts and minds of Boomers May 24, 2010

Posted by utehagen in Boomer Marketing, Marketing 101, Understanding Customers.
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I just saw a great article published by Matt Thornhill of the Boomer Project which whom I worked while I led customer understanding at the world’s leading consumer goods company.

Boomers are a very important, yet today underserved, customer group. They are underserved because they are entering a life stage (50+) at which time they typically get ignored by companies, who generally target the 18-49 year old demographic.

There is a huge opportunity in figuring out to win the hearts and minds of Boomers because they are the biggest generational group in the US and other Western countries and they are here to stay for a lot longer.

Matt points out that with entering the “middle age life stage”, people’s motivations change dramatically as they move on from “becoming someone” to “being someone”. Please read the attached article which gives a great illustration of this phenomenon.   http://tiny.cc/i6s7q