Gone skiing

20 January 2010

Regular columnist Tim Foley is planning to target skiers and scrappers as part of his New Year's resolutions for 2010.Who are they? Read and learn...

Well the 'noughties' are at an end andso begin the 'tensies', 'teenies'?

Whatever we call the new decade, it looks like it will be as financially volatile as the last. As ever, in this changing business environment, it's time again to employ new business methods to court modern consumers who, at the click of a button, can learn more about our company's reputation and prices now than they ever could. New Year is traditionally a time for change of bad habits, outdated business practices and unhealthy lifestyles.

So, how do we go about changing these habits? I must admit I'm personally finding it rather difficult to pass the pieshop to opt for a salad sarnie, but I am stepping on the New Year change treadmill like everyone else.

Since the economic disruption of last year, we have all had to up our game yet again to provide better customer services, enhance our reputation and compete on prices like never before. All these are, of course, key to achieving a sale, but an equally important component is rising to head this list, and in my opinion it counts for more than any of the above - product knowledge.

More and more retailers appear resentful about the threat of e-tail competitors but that wasted energy could be put to better use briefing their web designer to add a web content management system as priority in their e-showroom. Being able to immediately upload written content and images to a website will ensure that staff and customers alike can use a company's expertise to educate themselves on the products on offer.

Safety and security is what most consumers are seeking in an age where the exploits of rogue traders are highlighted on consumer forums and on the TV screen. Nothing is more comforting to the consumer, or holds greater potential for increasing sales, than a seller who knows his stuff.

Which age group gets most frustrated at the lack of product knowledge by sales staff? The over-50s, that's who. It's in the knowledgeable retailer's favour then that all the predictions for optimum target market highlight the over-50s, now known as "skiers" (Spending the Kids' Inheritance). Having just hit 50 myself, I know which jargon I prefer - lets look at the options: "grey pound" or "skiers". Yep, lead me to the slopes!

According to a study by Verdict Research, it was found that by 2017, those aged between 55 and 64 would spend £7,412 a year on retail - an increase of 36.5%.

By comparison, those aged 25 to 34 would increase their retail spending by less than 14%, although they would still spend more per head. The retail market for over-65s, valued at £37 billion in 2007, would be worth £64 billion by 2017, reported the survey.

It makes good sense for retailers and e-tailers alike to spend more energy attracting the skiers.

Changing our marketing to attract more skiers as well as the younger consumers or "scrappers" - which is my label for the age group who Surf, Compare, Research and Purchase - is one of my New Year's business resolutions.

Given that more over-50s are also now using the internet - the importance of supplementing earthbound stores with an effective website is of even greater significance.

BRITAIN'S BEST AND BIGGEST-SELLING KITCHEN, BATHROOM AND BEDROOM MAGAZINE

Welcome to the Kitchens Bedrooms & Bathrooms magazine website

Subscribe to Kitchens Bedrooms & Bathrooms Magazine here

Jackie Daly, Editor

Sorry

The page you requested cannot be found. Please choose a page from the menu along the top

HOME | BACK ISSUES | SURVEY | SUBSCRIBE TO KBB | NEWSLETTER SIGN-UP | CONTACT


Gone skiing	Back
20 January 2010 Regular columnist Tim Foley is planning to target skiers and scrappers as part of his New Year's resolutions for 2010.Who are they? Read and learn... Well the 'noughties' are at an end andso begin the 'tensies', 'teenies'? Whatever we call the new decade, it looks like it will be as financially volatile as the last. As ever, in this changing business environment, it's time again to employ new business methods to court modern consumers who, at the click of a button, can learn more about our company's reputation and prices now than they ever could. New Year is traditionally a time for change of bad habits, outdated business practices and unhealthy lifestyles. So, how do we go about changing these habits? I must admit I'm personally finding it rather difficult to pass the pieshop to opt for a salad sarnie, but I am stepping on the New Year change treadmill like everyone else. Since the economic disruption of last year, we have all had to up our game yet again to provide better customer services, enhance our reputation and compete on prices like never before. All these are, of course, key to achieving a sale, but an equally important component is rising to head this list, and in my opinion it counts for more than any of the above - product knowledge. More and more retailers appear resentful about the threat of e-tail competitors but that wasted energy could be put to better use briefing their web designer to add a web content management system as priority in their e-showroom. Being able to immediately upload written content and images to a website will ensure that staff and customers alike can use a company's expertise to educate themselves on the products on offer. Safety and security is what most consumers are seeking in an age where the exploits of rogue traders are highlighted on consumer forums and on the TV screen. Nothing is more comforting to the consumer, or holds greater potential for increasing sales, than a seller who knows his stuff. Which age group gets most frustrated at the lack of product knowledge by sales staff? The over-50s, that's who. It's in the knowledgeable retailer's favour then that all the predictions for optimum target market highlight the over-50s, now known as "skiers" (Spending the Kids' Inheritance). Having just hit 50 myself, I know which jargon I prefer - lets look at the options: "grey pound" or "skiers". Yep, lead me to the slopes! According to a study by Verdict Research, it was found that by 2017, those aged between 55 and 64 would spend £7,412 a year on retail - an increase of 36.5%. By comparison, those aged 25 to 34 would increase their retail spending by less than 14%, although they would still spend more per head. The retail market for over-65s, valued at £37 billion in 2007, would be worth £64 billion by 2017, reported the survey. It makes good sense for retailers and e-tailers alike to spend more energy attracting the skiers. Changing our marketing to attract more skiers as well as the younger consumers or "scrappers" - which is my label for the age group who Surf, Compare, Research and Purchase - is one of my New Year's business resolutions. Given that more over-50s are also now using the internet - the importance of supplementing earthbound stores with an effective website is of even greater significance.