I have the privilege to meet during any given year with a variety of business owners who have been in business several years or are just starting up. I often tell them that they are only limited by their imagination; yet it is also true that they are often limited by their tunnel vision. An example would be the concept of what is behind us does not matter, thus leading us to focus on the future at the expense of the past. While many of us assume said concept is correct, perhaps this point of view also has its flaws. The reality is that both past and future need to be considered if we are to help spring board our business into the future.
Most Baby Boomers began working when they were in their early teens and haven’t stopped since.
Statistics suggest that Baby Boomers have more disposable income than any previous generation and in Canada they represent about 1/3 of the population. In my opinion, this represents a fairly large sales opportunity for any SPA since unlike our parents and grandparents; Baby Boomers tend to spend money on things that are of benefit to their inner wellbeing and outer beauty. It is also interesting to note with regards to the G7 countries, the United States and Canada have the lowest proportions of persons aged 65 years and older and now men are also taking advantage of what SPA’s have to offer. Men also tend to spend more than women and that is an important change to take note of because it does affect business development strategies. I recently viewed a segment of Dragons Den and one of the business owners seeking capital from “these potential investors” had developed a line of make-up targeting men. While this may seem as something new if we look to the past Alexander the Great was ridiculed throughout ancient literature for wearing make-up. Yet he was undefeated in battle and ruled the largest empire of the ancient world. It made me realize that it would be worthwhile sharing with you a conversation that took place recently one afternoon with a friend and colleague of mine who wrote the book titled Pure Selling. Our conversation focused on ideas that related to selling to the 1949 to 1964 demographic.
Most Baby Boomers began working when they were in their early teens and haven’t stopped since. I know this as fact because I started working at age 14, and I not only have never stopped I have never been unemployed. Baby Boomers are very committed workers who do not shy away from working long arduous hours. They grew up in an era of expansion, growth, prosperity and great technological change. They also are of the firm belief that through hard work anything is possible and most obstacles are just short-term in-conveniences. They have high expectations for service and quality, and I would say that they recognize that quality and value are more important than price. Like most people, they will still want a good deal, therefore I would suggest that you be prepared to explain why you feel your offer best meets their need.
The best way to do this is for you to develop, through practice a confident selling approach, all the while being prepared to sell on the benefits you are offering. They also like to feel special and appreciated so offering as appropriate a small discount for their loyalty could contribute to sealing the deal. Baby Boomers did not grow up with smart phones; nevertheless they have embraced the technology and use it as to tool to stay connected. Need I remind you that they are more accustomed to meaningful conversations in person; therefore trying to sell to them over the phone might not be your best strategy. In lieu, invite them to meet you (face-to-face) so they can experience firsthand the difference and the importance you have for each client. The reasons for this approach is given to the fact that they like to look people in the eye who are selling products or services to them. This assists them in assessing whether or not you can be trusted to deliver on their needs. Try not to get distracted during this interaction with them by using your iPhone, or worse: start multi-tasking because it could invariably lead them to believe that they are less important (than other clients or potential clients).
I am not certain if it can be guaranteed that you could establish Customers for Life because there are far too many variables that create changes in all of our lives, be it personal or in business. However I am confident to say that the Baby Boomer generation tends to be loyal, and if there was such a thing as a customer for life, well they would be it.
Perhaps taking the time to consider what makes a Customer for Life would be something of benefit to you? Below are some questions to consider.
Define -What is a Customer for Life?
How important is service to the overall sale?
How many people does an average Customer for Life tell about your great service?
How much sales can this Customer for Life (through 5 referrals) potentially provide you for a single year?
How many people call you specifically when trying to buy your product/service?
What is the average sale for one of these “Customers for Life”?
What is the potential total amount of sales they could represent for you in one year?
What’s stopping you from focusing your time to attract and retain perhaps one of the most important demographics any SPA could have?
In summary you just find that 1946 to 1964 just might be the sweet spot that you were looking for in 2016. Do you have the audacity to be the master of your destiny? Want to learn more about how to tap into your underused potential? Visit us at www.tacresults.com