Gen X and Y: what is your profitable segment

This post is included because in marketing we still havea focus on the younger segment.

But now the younger segment is getting more and more into their digital world (with lots of free copies), which segment will make your service flourish??

Lisa Oppenheim
Artist: Lisa Oppenheim

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Boomers at Retail: A Cautionary Tale Source CRM Daily

There’s a cartoon where a young retail clerk enters the store manager’s office and says, “There’s someone out there calling themselves a ‘customer’ wanting something called ‘service.'”

In these troubling times with retailers suffering declines, bankruptcy, and — in the case of Circuit City — liquidation, perhaps a return to delivering good customer service is in order.

Wait, let’s make that a command: Deliver good customer service or die!

Retailers should view Circuit City as a cautionary tale. Media reports say that the self-inflicted mortal blow occurred back in 2007 when the company fired some 3,000 top-earning store sales people as a cost-cutting measure.

Customer service did more than disappear: It got hired by Best Buy. Deep cuts in costs are de rigeur right now, but short-changing customer service could prove fatal.

Customer service as a differentiator is not new, especially to boomers.

We live in a commodity-glutted world.

A good cup of coffee isn’t found exclusively at Starbucks. But a latte hand-crafted by your favorite barista somehow tastes better than the one cranked out by the crew member at Mickey D’s.

Lisa Oppenheim
Artist: Lisa Oppenheim

Think about high-end department stores — Saks, Macy’s, Neiman Marcus, and Nordstrom’s. They all carry the same brands, assortments, and quality, but Nordstrom’s is different because its employees are known for unmatched customer service.

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Lisa Oppenheim
Artist: Lisa Oppenheim

THE MASSIVE boomer generation, some 76 million strong, has been the economic engine for retailers for the past 30 years. We estimate that boomers spend $400 billion (with a “b”) more each year on goods and services than any other generation (based on the Consumer Expenditure Survey conducted by the Bureau of Labor). That amount is more than the annual revenue of Wal-Mart, the world’s largest retailer. But practically all retailers, including Wal-Mart, focus on younger consumers and usually ignore anyone over the age of 50.

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Damm it: again a smart move of the management of Best Buy!

Lisa Oppenheim
Artist: Lisa Oppenheim