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Posts from March, 2013

Respect your elders, help them prepare for the future

Mar 19

In our last post, we talked about Baby Boomer spending habits. While their generosity in supporting their children and parents is admirable, it also puts their financial security at risk. Ironically, despite their best intentions, by raiding their retirement savings to help their families, many are actually doing more harm than good.

Generous Baby Boomer

Uncovered costs related to medical expenses and long term illnesses are the most significant risks today’s Baby Boomers face. Fidelity Investments estimates that a 65-year-old couple retiring now will need $240,000 to cover medical expenses throughout retirement. Assisted living facilities may cost up to $5,000 per month in some states.

Unless today’s Boomers prepare for these risks, the endless loop of one generation sacrificing their financial independence to support another is doomed to go on forever. Yet today’s Boomers have smaller families and their Generation X children have fewer resources to help them.

What can be done so as not to repeat this vicious cycle with each successive generation? That is the challenge several of our clients are facing. Our clients offer a variety of financial services, insurance products and senior care services to the mature market. If your business is facing similar challenges, contact Marty Mitchell, Partner/Chief Marketing Officer at mmitchell@boddenpartners.com

ExpoPlus selected by the Georgia School Nutrition Association

Mar 14

We are proud to announce that ExpoPlus, a Bodden Partners company, has been selected by the Georgia School Nutrition Association to support their annual conference and expo on April 11-13, 2013. In addition to educational sessions advancing the availability and participation in school nutrition programs, the expo will also showcase the newest cafeteria products, services, technologies and equipment. If your target market includes K-12 food service, come join us in Savannah. http://ow.ly/iVROz

Respect your elders, they’re shopping for everybody

Mar 12

The buying power of Boomers is well known. They represent only 44% of the US population, yet hold 70% of US disposable income. According to a recent report, Baby Boomers dominate purchases in 119 of 123 consumer packaged goods categories. And it is no wonder. A survey by Ameriprise Financial shows that Boomers are spending money on a lot of people, not just on themselves. 93% of Boomers have provided financial support to their adult children and 58% have assisted their aging parents.

What are they spending the money on? 71% help pay for college tuition or loans. 53% help their children buy a car as well as cover basic expenses like rent, utilities and insurance. 22% help their parents purchase groceries. 15% help with medical bills and 14% help with utility bills. Despite the hit to their own retirement savings, 86% said if they had to do it all over again, they would.

Baby Boomers are indeed a generous and selfless lot, especially when it comes to their families. Marketers do well to keep this in mind. To see examples of how to effectively communicate with mature consumers across their various roles of key influencer, decision maker and family purchasing agent, contact Marty Mitchell, Partner/Chief Marketing Officer at mmitchell@boddenpartners.com

Three keys to effective trade show marketing

Mar 07

According to recent statistics, the trade show industry is worth over $100 billion and expected to grow another 3% in 2013. Every year between 20 and 30 million consumers attend roughly 10,000 events in the US alone.

In what may come as a surprise to many, the biggest marketing investment among B2B marketers is not social media or website design, SEO or any other component of digital marketing. By far, more business-to-business marketers allocate the largest share of their budget to trade shows. The larger the company, the larger the budget allocation.

Why are companies spending so much to attend trade shows? Exhibitors overwhelming responded that it is the ability to see a large number of high-quality prospects and customers in a short amount of time. How can marketers get the most out of their trade show budgets? Three keys to success: selecting the right show for your product and audience, creating a compelling and memorable exhibit experience and offering real value to attendees.

Let ExpoPlus, a Bodden Partners company, help you design, plan, produce, and install everything you need to make your next trade show, conference or Corporate meeting event a success. We are experts at creating marketing strategies that make your face-to-face efforts stand out among the sea of competitors. Barbara Stroup, VP of Business Development will be happy to assist you. BStroup@ceipexpo.com