Don't read this if you're not worried about the impending babyboom crisis

“In 2008, the first members of the Baby Boom generation turned 62, the average retirement age in North America, Europe and Asia. Meanwhile, many schools faced with continuing resource, capacity and quality issues, are struggling to graduate qualified candidates.

The U.S. Department of Education estimates that 60 percent of all new jobs in the 21st Century will require skills that are possessed by only 20 percent of the current workforce.” An extract from Deloitte Touche Tohmatsu’s recent report.

If these shocking facts don’t bother you, or you feel your company is not going to be affected by this grave problem, then I suggest you think again. Because even if the baby boom crisis doesn’t affect you; the companies you now serve, will be deeply affected by it, which in turn will affect you and your profit margins, as your client base falls by the wayside.

But there are three strategies you can put in place now, to soften the blow on your ROIs, and they are to know your customer like never before, design a customer centric marketing campaign and focus on building long term relationships.

Know thy Customer

To succeed in business you must get out there and truly understand how your clients really tick. While many companies think they understand their clients, few of them really do.

What most companies view as an understanding of their client’s needs, wants and desires are no more than their own internal biases, perceptions, and judgments.

No longer is that acceptable to your clients and if companies are not willing to ‘get to know them’ then they will invariably move on and find a company who is.

Design Customer Centric Marketing Campaigns

Although some companies have adopted a more customer centric marketing program, most have clung to their campaign and product centric ways.

But campaign and product centric tactics could soon be relegated to the history books based on two key trends discerned by Forrester Research.

The first is increased client resistance to intrusive marketing;

Indeed, according to Forrester, some 68 percent of clients feel, they are constantly bombarded with far too many advertisements on a daily basis, while 63 percent of U.S. households would like to receive fewer direct mail sales packags and 66 percent of e-mails received are not permission based.

Second, clients have grown very proactive, taking the control away from marketers:
Here’s the facts, 75 percent of clients have or intend to sign up for do-not-call lists, and 74 percent have or intend to install pop-up and spam blockers, Forrester says.

In response to these trends, wise companies are starting to listen to their clients and, in some cases, have adjusted their marketing tactics; sending out fewer, more relevant messages that reflect the multichannel relationships they have with their clients.

Focus on building Loyalty

How can that be achieved? By making a promise that can be kept:

For example, Marriott Hotel promises “Achievement Guests” (those compelled to high performance and who thrive on personal excellence) a place that inspires their best. That’s a huge promise.

But they back it up; Marriott designed a three pillar strategy to build credibility and customer loyalty:

1. Achieve. The hotel offers well lit, ergonomic office desks that can be moved easily. In this way their clients can create a working environment that suits them.

2. Revive. The luxury offerings include aromatherapy bath products, 300-thread-count sheets, and high-definition TVs that their clients can connect to personal devices such as iPods.

3. Culture. The focus is on a warm, friendly and sincere service solely built on their pledge to provide a refreshingly human touch in today’s hectic world.

Not all promises are created equal. Each company carries its own unique marketplace perceptions and key skills and must find it’s own promise that resonates best with its target audience.

But making empty promises is a futile and unprofitable exercise. Promises kept are the only way a company will build customer loyalty.

In conclusion, smart companies who really know their customers, design customer centric marketing campaigns and focus on building long term relationships, don’t have to worry about the looming baby boom crisis. Because they’ll be prepared for it and in so doing, increase their ROIs now and way into the future.