Customer Speak – A Marketing Blog from Bridgz Marketing Group

Is it Ten Years Already? by Bridgz

The US Census provides access to valuable geo-demographic data that allows companies to more effectively target narrowly defined customer segments, down to a household level. It allows retailers to better define site locations and product mix, and direct marketers to deliver more relevant messages and offers. The problem is that this data has a relatively short freshness date as the market has become increasingly fluid and dynamic, which is why the 2010 census is so important — a lot has changed over the past ten years.

Demographers are speculating that this census update might be one of the most significant of any in history, in terms of shifting demographics and clustering.

What we will find is a rapidly aging population, as the boomer generation has moved ten years closer to retirement. This, fueled by a deep economic recession, has changed attitudes and behavior in this massive cohort where most of the wealth in this country resides. Boomers have largely curtailed excess consumptive spending, with a lessened reliance on credit for purchases, and are focusing instead on debt reduction and record level savings. We also will find that the Gen Y population, the kids of boomers who represent the largest generational cohort in this country, is now ten years older and entering the workforce, while gaining increased consumer relevance and influence. They are the future and corporate America will have to learn how to adapt to very different attitudes, lifestyles and social consciousness, both in the market and the workplace.

We will no doubt find significant demographic shifts and socio-economic stratification down to micro-segments at a neighborhood level. This should expedite the beginning of the end for tradition mass marketing, which is increasingly less effective and cost-viable.

The 2010 census-taking begins in March when a survey will be mailed out to every household in the US, asking 10 short questions that cover topics including age, race, sex, phone number, household makeup, home owner or renter, type of residence and seasonal migration patterns. A quick overlay of lifestyle, wealth indicators and other augmented data will offer companies, marketers, media members and list providers a refreshed view of how the market has changed over the past decade. It also determines the distribution of seats in Congress and how federal funds are divvied up.

This should be interesting.

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