Marekting to Generation X, Y

If you are marketing or trying to advertise your services to many groups of people, you may want to keep in mind the buying differences in two groups that have made an impact in the last several years. About 51 million people are in the Generation X category. This generation was born approximately between 1965-1977. Research studies have shown that the events that shaped their lives were corporate layoffs, high divorce rate, end of the Cold War, latchkey kids, and an increase of mothers going back to work. Generation X'ers are also considered to be independent, strive to find a work/life balance, wary of commitment, and tend to be self-sufficient.

Marketing to Generation X'ers can be a little tough. Unlike the baby-boomer generation, they are not known to show loyalty to any one particular brand or company. But if you are offering a deal or special discount it may encourage them to stay around a little longer. Give them benefits of using your product and WHY it would help them. Is it of good value? Try not to market to just stay-at-home moms. Starting with this generation, many more dads decided to stay home with the children and/or spend much more of his time than his own father did.

Now on to Generation Y, also called Millennials. This generation is generally regarded as born between 1978-1997. They number a whopping 75 million and are entering the workforce in large numbers. Their lives have been defined by growing up with school shootings, AIDS, widespread use of computers, the 1990s economic boom and the Internet. They are tech-savvy, racially diverse, self-empowered and extremely independent. Since this generation was raised in a technology driven world, some professionals see them as impatient and image-driven. However, they use these same skills when purchasing a product by using market research and visiting websites in order to find all information about the product. The Internet is their medium.

Whatever generation your target audience is remember to tailor your marketing campaign to that particular audience.

Taxes Due

I'm overdue on my posts- sorry had an illness to take care of. Anyways just wanted to remind everyone that taxes are due tomorrow, April 17, 2007 by 11:59 p.m. I will post another update later on this week!

April is Financial Literacy Month

While the month of April may be known for Easter, spring time, and rain showers, it is also Financial Literacy Month. Financial literacy can mean many different things to different people. For some it may mean teaching their children to be financially responsible. For others it means living a debt-free life. It's not a secret that many Americans, especially in the 18-40 year-old range are living with an enormous amount of debt. Why not start today by choosing to become more financially responsible? As small business owners it is very tempting to overlook these things without thinking about how it can affect us later on.

Some of my suggestions are:

• State 529 Plans for your child's education: All 50 states are offering a 529 Plan. Even states such as Kansas, Maine and Pennsylvania offer a deduction on your taxes to ANY state-sponsored 529 Plan. Check out Kiplinger's for all the state 529 Plans.

• Invest or contribute to a SEP or SIMPLE IRA: This is something that ALL small business owners should be doing. Since we are business for ourselves we cannot rely on a 401k or pension plan to help us during " retirement." Investing in a SEP or SIMPLE IRA still allows you to have a retirement account while still being a small business owner. The IRS.gov website offers much more insight on these types of plans and how they can benefit you. Check them out.

• Other choices can be investing in mutual funds or stocks outside of your IRA, buying individual stock, or even creating a monthly budget.

• Create a living will or trust acct. In the event of your death your wishes will be carried out from what is stated in the will or trust. This may eliminate going through probate court- which can be a very length and emotional process. Sites such as legalzoom.com or medlawplus.com can assist you in creating a living will for a small fee. The wills are legally binding and are much cheaper than going through a lawyer.

The possibilities are virtually endless. It is up to us to become more financially responsible. Happy Financial Literacy Month!