Proudly serving the industry for which it was named for more than 50 years, Outdoor Power Equipment provides dealers who sell and service outdoor power equipment with valuable information to succeed in a competitive market.
Issue link: https://read.dmtmag.com/i/59432
FEATURE STORY By Rix Quinn Left: Many young people who grew up riding bicycles to school bought new ones in middle age to use as fitness equipment. Middle: Boomer women were the first generation to explore many careers traditionally occupied by men only. Right: Baby Boomers — the first generation to grow from youth to middle age with television — are used to receiving their information visually. THE BABY BOOMER EFFECT A re you a Baby Boomer? Is your parent? Do you know what a Baby Boomer is? In the United States alone, there are about 78 million of us. Every fourth person you see is a Boomer. What shapes a Boomer's thinking? Can all Baby Boomers still think? Do you care? You really should care because Boomers can be major customers for years to come. How I conducted the survey In 2006, I compiled a list of questions. People receiving questionnaires were men and women born between the years of 1946 and 1964, the time span generally referred to as the "Baby Boomer Generation." During the course of two months, approximately 50 people were asked to participate in this focus group. Some people in the original group suggested others for participation. These people were also sent questionnaires. 15 ways Boomers could affect your business Based on my survey, here's what I think will happen to Boomers — and the many, many lives they influence — in the next few years: After each of the following 15 points, I suggest some ideas — in italicized type — for OPE dealers. 1. Social Security: The system will experience a tremendous jolt as about four million Boomers per year qualify for benefits from 2008 to 2026. My guess: Boomers will be encouraged to work longer, and offered incentives to apply for Social Security at a later age. An aging population, but one with higher disposable income because of deferred retirement, could mean more business for you. 2. Part-time work: As many healthy Boomers retire from full- time employment, they will seek part-time employment. Could you employ some of these part-timers? 3. More college: A surprising number of Boomers will enroll in college undergraduate or graduate programs. This will create a demand for more teachers and more degree opportunities. How about teaching a course in lawn equipment maintenance at the community college? Your students could soon become your customers. 4. Gender power: Boomer women and their daughters, voting in increasingly greater numbers, will determine Presidential and Congressional election winners for the next 20-30 years. Think about creating more female-related sales and promotions. 5. Shrinkage: Boomers who once sought larger suburban homes — and still want to live outside the city — will soon seek smaller, ultra-modern, efficient, autonomous dwellings. Are you stocking products that address some of these "property downsizing" needs? 6. Two-generation homes: Here's another possibility: Many Boomers' children may decide — after high school and college — to return home to live with their parents. New credit restrictions may also make it harder for young adults to qualify for loans. This situation could trigger a demand for low- cost, low-square-footage, high-efficiency homes. Consider marketing lots of high-efficiency products for yard/garden use. 7. More reality shows: This Boomer is convinced reality shows are only beginning. Today, we see dancing, singing, cooking and design competitions. What's next? Have you considered hosting in-store competitions or lawn-care trivia contests, then awarding some sort of prize? 8. Voluminous video: High-tech video cameras, great computer video editing programs, and innovative amateur videographers will combine to produce outstanding short segments suitable for airing on multiple computer video websites. Think about adding some short (one- to two-minute) product 26 OUTDOOR POWER EQUIPMENT www.outdoorpowerequipment.com