Marketers know that a change in a household can signal a great marketing opportunity. The beginning of school. Moving to college. Buying a home. Getting married. Having that first child.
Shifting demographics can make make you need to re-evaluate your marketing positioning:
For instance:
- Marriage not only occurs later in life than it used to… In 50% of the first marriages, a baby precedes the wedding. Since 1988, when the “Great Crossover” happened, it is more common in the USA for the first baby to be born to an unwed mother. And the trend is definitely rising. Baby then marriage: In 2011, the average age for the first baby is 25.5 and for the first marriage is 26.5
- Since 1970, there has been a huge change in the number of drivers in the USA. The number of drivers has doubled since 1970 from around 100,000 drivers to over 200,000 drivers on the road.
- And many people don’t realize there is a giant gender gap in new car purchases with women buying 63% of the new cars, and influencing an estimate 85% of all car buying decisions.
Surprised by any of these?
As a marketer, it’s important to know your market. A bit of research can make all the difference. Who is your target market? What do they read, listen to and think about? What are their values?
If you can more narrowly focus your efforts onto a key demographic… and you actually understand how they think, feel and act… you’re way ahead of the game.
Shifting Demographics May Mean More Intense Marketing to a Shifting Group of Key Individuals
I agree marketers would perform only when they will match the shifting demographics and their needs, and that’s why marketing is really the combination of best and worst job in a single package.
Good post. I totally agree that you need to know your market. For example, marketing strategies and selling strategies differ GREATLY between baby boomers and Millennials. They have totally different triggers.
Marketing strategies that worked 20 years ago no longer work today. Although selling is selling, marketing has changed a lot. And if one wants to market their business or services effectively, one has to study their market and stay current with the times.
Nice article.
Cheers!
Shane:
Thanks for the comment. Good point! Different triggers are exactly what marketers have to define for each target market. It’s too easy to assume that the person you’re trying to reach thinks exactly like you do.