In his book, The Age Curve, Kenneth W. Gronbach describes how many businesses made bad decisions because they expected the future to be just like the past. Gronbach is a demographer and explains how many Gen X -ers have views that are distorted or just plain wrong.
Gen X is 11% smaller than the Baby Boomer Generation. Many statistics about Gen X show how they generally participate less in just about everything than Baby Boomer generation without taking into account that there are less of them! In many instances the Gen X’ers participate at the same percentage as the Baby Boomers, but it is hard to notice because of the size difference.
The Age Curve points out that you need to be aware of your target market, which is fluid, not fixed. If you or your company have been marketing to Baby Boomers, your market is shrinking because Gen X is smaller. Another interesting point is that because Gen X is smaller, they act differently in that they are choosier about their jobs. They don’t have to take a position with a lot of travel if that doesn’t appeal to them. Many industries that build up to serve the Boomers will have trouble since there are not enough Gen X’ers to replace those customers.
With this in mind, what assumptions do you make about your business? Do you have the data to make the correct decisions? This is where we can help you! If you need better systems and better access to you data, then give us a call!
Written by Michael Ericksen, WAC Solution Partners- Midwest