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The Generation’s Boomers, X, and WhY

The Generation’s Boomers, X, and WhY . FIRMA April 7, 2008 Ty Bello, RCC Team@Work. Generational Issues. The Financial Services Landscape is Rapidly Changing Risk Management Professionals Investment Advisors Broker-Dealers Insurance Companies

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The Generation’s Boomers, X, and WhY

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  1. The Generation’sBoomers, X, and WhY FIRMAApril 7, 2008 Ty Bello, RCC Team@Work

  2. Generational Issues The Financial Services Landscape is Rapidly Changing Risk Management Professionals Investment Advisors Broker-Dealers 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 DefinedWho Are They? • Boomers • Born between 1946-1964, 75 million, ages 41 – 59 • Generation X • Born between 1965 – 1977, 44 million, ages 28- 40 • Millennials or WhY • Born between 1978–1998, 100 million, 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 ShotCultural Aspects

  13. Generation Exponential

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

  15. SWEET Spot Around the Globe

  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 162.3 million • 2012 – economy require 165.3 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 • More Self-indulgent that their parents’ • Healthier and Live Longer

  21. Financial Planning SurveyWall Street Journal 2007 (Households w/ Investments >$250K) At what age are you planning to retire? • 37.9% plan to work past 65 • 13.4% plan to retire before 60

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

  23. Financial Planning SurveyWall Street Journal 2007 The top three reasons for not using a financial planner / advisor? • I do the job just as well: 67% • I enjoy being in control of my financial investments: 62.2% • 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 • Unique Message Construction • Offer Strategies • 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 55-74 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 • 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 • 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 • Compliments rather than criticizes • Messages that elevate rather than denunciate

  30. How Is Your Customer Service • DTDBW • ETDBW

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

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