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I’ll be conducting a program for the V-Twin Expo in Cincinnati this coming February. If any of you are going to attend the Expo, feel free to participate. There will be two presentations on Sunday with a limit of 100 participants for each. The subject will be “The Power of Ideas”. While doing my research for the event I found some things that you might not know.
During the presentation I’ll have the participants respond to ten of those things. Without giving away too much of my seminar, here’s an example of what I discovered that should make you stop and think, and then make some changes in what you do.
The average age of newspaper readers in the US is 55. Think about that the next time you consider advertising in your local newspaper. You might want to question the potential of advertising primarily to Seniors. The questions you need to ask yourself should include: What’s the most cost effective way to reach those in the age group that meets my demographic market.
According to the US Census Bureau, 17% of the citizens who live in your city did not live there the previous year. Over a three year period about half of those who live in your city came from someplace else. Perhaps you’ll need to find a way to contact these new residents. What do these people have in common? Greater than 90% have Internet access.
85% of all business with sales of $10-million or more have high-speed internet access and comprehensive web sites that are updated at least weekly. You may not be a mega-store but you sure can look like one. The Internet levels the playing field.
There were still more things I discovered, however, I’ll wait until I can talk about them at the V-Twin event.
The reason for my bringing this to your attention now, is to have you understand that what you’ve done in the past may no longer be viable. Not only is the powersports industry changing, the entire country is changing and doing so at a very rapid rate.
Did you know that the latest “generation” is known as the “Echo Generation”? And, that this group is nothing like their “Gen-X” predecessors. They are motivated by different things.
Colleges and Universities are trying to keep up with the social and economic changes that are happening more rapidly than any other time in our history. For example, Beloit College in Beloit, Wisconsin tests their freshman students to see how much they know. In their more recent tests here are some of the things they discovered:
The freshmen had no idea that there was any recording media other than CD and DVD. Not many even knew of VHS tape, let alone Beta max. Only a small percentage were familiar with cassette tapes. Their recorders are digital. None of them had ever heard of an 8-track. They haven’t a clue about geography. Fewer than 10% could identify Florida on a map, yet most were concerned about global warming. Only a very small percentage knew that China was a Communist country, or that the US imported more products from China than from any other country.
That being said, what happens when one of these “Echo’s” comes into your store? OK, so you know they will be ignorant about many things, but they are quick learners and have done their research before they came into your store. They will equate a powersports salesperson with a used car salesman. That ain’t good!
I know I’m out of the contemporary loop. I was watching a morning news program when the host introduced the latest musical talent. He was a scruffy young man full of tattoos. I’d never heard of him. When he began to sing I noticed those in the audience were mouthing the words to the song. They knew him and they knew the song. What does that make me? OK, I know I’m a dinosaur. But I know things these kids don’t and you know things these kids don’t. Let’s leverage what we already know and learn what we need to know.
Feel free to contact me via e-mail (jwconsulting@comcast.net). I respond to all my e-mail messages, even from those I don’t really like. |
