Changing demographics mean that an entirely different population is taking control of the economy. For instance, all the people who will be 21 in 2020 are already born, and these people have their own unique tastes and expectations. Television, video games, magazines, cell phones, and radio are all on fire. Cyberspace is creating an entirely new entertainment media that is posed to take over the market in the near future. Businesses must revolutionize the way they market their products if they want to keep up with these changes and remain relevant in the future.
I have put together some examples of how your business needs to change to attract this younger clientele. Keep in mind, it is not necessarily your product that makes or breaks your business–sometimes the promotional message you send out is much more important.
- The traditional Yellow Pages book is gone–nobody uses it anymore. Instead of paying for advertising in this book, find a more creative way to market your product. Use blogs, industry newsletters, and forums to spread your message and your name. If you want to be more traditional, there is now an online version of Yellow Pages. But being listed on Google Maps can be much more beneficial than any Yellow Pages promotion.
- Telemarketing used to be a popular way to produce constant sales. However, this is no longer a valid tool due to the use of cell phones and Do Not Call Lists. Instead, use text messaging technology to send discount codes to customers and encourage them to use these codes on your websites. Papa John’s has been using text messaging technology to let customers know of their new locations and to send promotional codes. It now even lets customers order pizza by texting. All you have to do is sign-up online for the service.
- At one point in history business flyers were a staple of American economy, but younger generations do not take them seriously. Instead, set up one day sales and advertise digitally by sending e-mails and posting on forums. One day sales have been known to produce remarkable results; just make sure to spread the word early and continuously.
- If you have an innovative new product, instead of going the old fashioned way and trying to promote it to the public at large, target your efforts. Younger generations heavily base their purchasing decisions on what their peers are doing. Consider identifying a number of well-connected people in your target group and giving them your product for free or at a discount. In return, encourage them to recommend this product to their friends and to purchase it on your site. This type of marketing effort was exactly how Airwalk exploded in the mid-1990s and how Hush Puppies became cool again in 2000. Keep in mind that if your product is different than what is already on the market, you need to make an extra effort to get recognized and earn a reputation.
- Instead of putting the standard company information on the product label, start being creative. Consider putting your web-address on the label, and encourage consumers to follow up with your company through its site. This way you will gain additional traffic on your website and will also be able to rise in rankings quickly.
- Finally, positive word-of-mouth is great no matter what age you live in. Facilitate it by giving your regular customers a small gift or a discount toward their future online purchases. Most large corporations follow this policy by establishing point programs or creating their own credit cards.
