Have you ever gone across a "promo" in the supermarket, where a product being sold includes another free product when you buy it? Many consumer goods and services often use this kind of sales and marketing tactic. If you're not familiar with this, this is called incentive marketing. With this strategy, the consumers are offered particular "rewards" when they buy particular goods or services. The main objective of this is to urge the customers to buy an item that's useful to them, while getting an incentive at the same time.
Many costumers find themselves attracted to this marketing tactic, especially if they always keep an eye out for a bargain. For them, it's wonderful to buy the product at that given time because it comes with a free item. They don't mind that it goes against their shopping schedule or their budget. They also think that they will buy it later anyway.
During the whole process, the second target of the incentive strategy is the sales person. Because they are usually given incentives of their own when they reach the required sales quota, they become determined and motivated to prompt customers to buy the products.
Incentive marketing is becoming widespread. There are even reputable institutions that aim to advance the interests of this marketing strategy. One example is the Incentive Marketing Association or IMA. This group is focused on helping people understand the good points of incentive marketing, and how they play an important role in the upward movement of a business, especially in the trade landscape. Groups like the IMA are also very credible and helpful sources of information especially in business development and education.
Incentive marketing groups also help individuals be in touch with one another, as well as let them stay in touch with other companies that also work towards the same marketing goals. These include travel-specialist, marketing and performance improvement companies. They create a contact network that continues to grow.
For the 80 million folks born between 1978 and 1999, Generation Y is their marketing designator. Generally, they are tech-savvy and process information quickly. Changing jobs frequently and not being so-called loyal to their workplace is a trademark of this era, and they identify closely with brands. They do value integrity and responsibility. They grew up using computers, and thus respond strongly to Internet campaigns.
Bottom Line: What you present to them as your Internet presence (including all web products, podcasts, etc.) is highly likely to impress them and you will gain 24/7 access to this segment of the market. Get your brand out there, online and offline, to build recognition for a market that will pay attention - especially if you "think outside the box" to set yourself apart from other brands. Generation Y lights up over innovative approaches.
Generation X applies to the 51 million people born between 1965 and 1977. Because many were raised as latch-key kids by single, overworked parents in households with tight budgets, they tend to be more frugal than Generation Y or the vast population of Baby Boomers. They also are not counting on Social Security to fund their retirement, so they are prone to think about saving more than spending. To appeal specifically to this market segment, keep this in mind as you make decisions about your pricing. Generation X in general places a high value on education and knowledge.
Bottom Line: They are independent and self-reliant, so don't count on brand prestige alone to court them. Provide lots of accurate information with your product or service to get their attention, and let them know why your products and/or services are such a good value!
Baby Boomers are that vast population of 78 million-plus people born between 1946 and 1965. As a group, they are more prone to impulse buying, so think flash, fun and out-front placement of your products. Each spends an average of $41,000 annually on cars, recreation, education, insurance and apparel. Of the Boomers, 28 million are empty-nesters, so children's goods an services won't appeal as strongly to this group, unless they already are grandparents. They tend to have a Peter Pan mentality about aging, so appeal to their youthful and adventurous side. They want goods and services that will have them time, increase their energy and lower stress.
Bottom Line: They boost more college degrees than previous generations, so don't talk down to this market in your advertising copy. And don't assume that all are in love only with the Internet; also include offline approaches in marketing to this age group. And never, ever use the word "aging" in your advertising; they will buy into hip nostalgia, but not into aging.
Seniors are those people born before 1946. Did you know that 25 percent of all toys sold are sold to Seniors? Using modern medicine and technology, this health-conscious group has boosted their numbers over the decades. Strong value is appreciated by them because they lived through World War II and numerous economic events, including the Great Depression. Shopping for fun isn't a concept they relate to; it's about exercising care. It's just another necessity, so don't count on appealing to the fun of shopping to this market. They have more disposable income that future generations won't have access to as they move into retirement because they have pensions they can count on.
Bottom Line: Think smart, practical and sensible with this market. Seniors are millions of dollars strong and hold a vital buying power in today's marketplace. They also tend to be very loyal customers.
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