Baby Boomers, Gen X, Gen Y & Millennials Suckered In How to create more income for a comfortable and fun retirement
Baby boomer, Generation X, Generation Y, Millennials all are part of your market space. How do you sort them out? They each have different characteristics, wants and needs so your marketing has to match those.
We were all taught in school from grades 1 through 12 that we should figure out what job we wanted to do after graduation. This likely went on through college for many of us.
Why? So we could retire after working 40 hours per week for 40 years on 40% or less of the income we were earning by working.
“ Save for retirement ” we heard over and over and over. We now call it the 40/40/40 plan (or “scam”) which we now know does not work for many folks at all.
Unfortunately we hit many bumps along the way that eliminate our retirement income possibilities. Things like divorce, taxes, mortgages, car costs, medical issues, college costs for kids, etc. The list could go on forever to hear everything takes money out of your pocket during your life while you work a job thinking the 40/40/40 plan (scam) would work for you.
Even the financial gurus will continue to promote this 40/40/40 plan well into your late 40’s and 50’s with statements like “ You just need to save 1/3 of your income every month to make up for those lost years and you can retire in your early 70’s ” or crap like that. Find me someone who has done that and I’ll show you the lone exception to that sort of thinking working for the masses.
So what is the definition of Baby Boomers, Gen X, Gen Y & Millennials?
If you ask anyone on the street if they are a member of one of those groups, the answers will be all over the place because we don’t necessarily identify with those group names. It’s sort of a media thing, these group names by year group.
Here are the “official” definitions of these groups (mostly from Wikipedia so read with a grain or two of salt):
Baby Boomers – Birthdates from 1943 – 1960 o Name based on the “baby boom” after WW2
Generation X – Birthdates from mid-1960’s to the mid-1980’s o The term acquired its modern definition after the release of Generation X: Tales for an Accelerated Culture, a 1991 novel written by Canadian author Douglas Coupland.
Generation Y & Millennial’s – Birthdates from the early 1980’s through the early 2000’s. Although Millennial characteristics vary by region, depending on social and economic conditions, the generation is generally marked by an increased use and familiarity with communications, media, and digital technologies.
As you might guess, each of these groups, based on age, has a different outlook on retirement, savings, building wealth, etc. Approaching them with a one – size – fits – all solution will not work. Their values are different as are their pains, worries and suffering thoughts.
Your marketing approach needs to cater to each individually. Generation characterizations such as these are just a part of what is commonly called “ Picking your niche ” or “ Defining your Avatar ” in marketing training circles.
So if the 40/40/40 plan doesn’t work, what will you do?
Having your own business that brings in consistent income is a very viable option. Defining your business strategy is key:
Will you sell affiliate products?
Will you develop and sell your own products?
Will you promote a Done – For – You business (MLM for instance)?
Will you provide training services?
Will you have a combination of these?
There are a lot of options. I always recommend starting with something you think you will like and stay with it until you get good at it. Along the way, you might find that adding a set of products to sell alongside your main service seems sensible. Or, you might change course 180 degrees if you find you really don’t like what you chose or if it didn’t work out to bring in income.
Be honest with yourself though if you decide the 180% approach be the best option. There could be reasons your business failed that you are not aware of. This happens a lot to internet marketers who don’t strategize and end up buying or “trying” every new shiny object or business that comes along. This is a good way to lose money.
Here are some basics of running an online business that everyone will need.
Personal website: to set yourself apart from the crowd
Blog: for your custom articles, videos and audios to educate and promote
Custom email address: Stay out of the spam filters with an email address from your own domain. NEVER market with a “Free” email like Gmail or Hotmail.
Video promotion: Your ability to make videos will help your professional image as well as lead generation and getting your message across
Social media: Don’t try to master all of these. Pick one (especially if that is where your target market hangs out) and master it first.
List building: A critical factor . Your list is really your only “Asset” in an online business. Take away everything else and you can still make sales with email.
Lead generation: A close second to list building (is this a “Chicken vs. Egg” question?)
You have to be able to modify your tactics if the business strategy dictates. A big piece of that is defining your target market and avatar. This lets you target your advertising to build lists of prospects that are targeted to your products and services.
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