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Are Emerging Demographics reshaping New Emerging Markets

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Creative ways to find new customers

Emerging Demographics Are the New Emerging Markets

Guest Blog Richard Dobbs Jaana RemesJonathan Woetzel

Marketing savvy just isn’t enough to track consumers anymore. Companies will need a more detailed portrait of target customer groups than ever, including their age, income, ethnicity, and shopping preferences. But what could this mean for small businesses?
A radical demographic shift is transforming the nature of consumer markets. Until the turn of the century, population growth powered more than half of global consumption. As population growth slows, that will fall to only one-quarter in the next 15 years.

Per capita spending will be the engine of consumption growth. In this new world, companies need to know which consumers have the purchasing firepower, where they are, what they want to buy, and what drives their spending.

There are surprises. For example, people aged over 50 bought nearly two-thirds of the new cars sold in the United States in 2011. McKinsey Glog research finds that China is expected to spend 12.5% of all consumption growth on education for those under 30 — higher than any other country apart from Sweden. Young people in China are learning to love coffee. And North American millennials don’t trust company claims about their products, but are happy to let a room in their house to a stranger who they trust because of an Airbnb rating.

A recent report by the McKinsey Global Institute, Urban World: The Global Consumers to Watch, has identified three key groups of urban consumers with the numbers and purchasing power to shape the consumer landscape over the next 15 years. One thing common to all the groups is their location in cities. Over 91% of world consumption growth over this period will come from city-dwelling consumers.

The first of these is the 60-plus age group in the United States, Western Europe, and Northeast Asia. Their number will grow by more than one-third to stand at 222 million in 2030. In those 15 years, they will generate more than one-third of global consumption growth. In comparison, European millennials, for instance, will contribute less than 2%. The young may be the darlings of marketers, but for companies chasing growth, the truly glamorous market is the elderly.

To give an idea of their dominance, the 60-plus age group will account for 60% of total urban consumption growth in Western Europe and Northeast Asia, the latter comprised of Japan and South Korea. This group, not surprisingly, spends heavily on healthcare, but that’s not all. In the United States, these consumers will contribute more than 40% of consumption growth in housing, transport, and entertainment. A decade ago, those aged 55 and older accounted for less than one-third of all U.S. spending on home improvement. By 2011, this share was more than 45%. Companies in every sector — some of which have never been associated with the elderly — will need to prioritize this market as never before.

The second group is China’s working-age consumers age 15–59. Their numbers are set to rise by 20% or 100 million people in just the next 15 years and their per capita consumption is expected to double. By 2030, they will be spending 12 cents of every $1 spent in cities worldwide. These individuals are more optimistic about their financial future and willing to spend a greater share of their disposable income than their counterparts in previous generations.

The 2016 McKinsey Global Sentiment Survey of more than 22,000 consumers finds that nearly 30% of these Chinese consumers are willing to pay more for new and innovative household products—double the share of their counterparts in North America and Western Europe. These consumers are the successors to Western baby boomers who were, in their time, the richest in history in their prime years.

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Third is North America’s working-age consumers. They already constitute a major market, and will continue to grow modestly in number and per capita spending. But they also pose new challenges to companies, because inequality is rising, and most incomes are under increasing pressure. Today, the median net worth of the top 20% of young adult households is eight times that of the other 80%; as recently as 2000, that multiple was four times. That means companies need to work harder to offer goods and services at very different price points. Compared with older cohorts, young adults are 10 to 20 percentage points more likely to consider and use sharing economy services from accommodation to car rental to furnishing. The behavioral differences for this age group require new customized strategies from companies seeking their dollars.

The consumer markets that matter have arguably never been more varied and complex. Rising inequality is one challenge. Another is that, as population growth slows, city demographics — and therefore their growth prospects — are diverging. Companies need to be in the right places. Cities are where 91% of global consumption will take place over the next 15 years – the trick will be knowing which cities, and even which neighborhoods within cities will house the highest-spending consumers.

Richard Dobbs is a senior partner in McKinsey & Company’s London office.
Jaana Remes is a partner at the McKinsey Global Institute.
Jonathan Woetzel is a director at the McKinsey Global Institute.

 

 

Don’t let others failures make a monkey out of you

Fear of failure and not standing out from the crowd will not get you far up the ladder of success

article by Diane Shawe M.Ed. Ed
Four monkeys were placed in a room that had a tall pole in the center. Suspended from the top of that pole was a bunch of bananas. One of the hungry monkeys started climbing the pole to get something to eat, but just as he reached out to grab a banana, he was doused with a torrent of cold water.

Squealing, he scampered down the pole and abandoned his attempt to feed himself.

Each monkey made a similar attempt, and each one was drenched with cold water. After making several attempts, they finally gave up.

Then researchers removed one of the monkeys from the room and replaced him with a new monkey. As the newcomer began to climb the pole, the other three grabbed him and pulled him down to the ground.

After trying to climb the pole several times and being dragged down by the others, he finally gave up and never attempted to climb the pole again.

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The researchers replaced the original monkeys, one by one, and each time a new monkey was brought in, he would be dragged down by the others before he could reach the bananas.

In time, the room was filled with monkeys who had never received a cold shower. None of them knew why.

DON’T LET FAILURE MAKE A MONKEY OUT OF YOU!

 

Creating a Win Win situation is not just about Selling

Negotiations outside the box

Negotiations outside the box

Keeping an Open Mind

article by Diane Shawe M.Ed

Have you ever started working on a project and had someone come along with an idea you never thought of that made the project much better? Perhaps it sped up the process, gave it much more depth or meaning, or led to a richer result in some way.

If you were closed-minded about the project, you would not have even noticed that someone came to you with a better suggestion. Being open-minded, however, allowed you to recognise the value and merit of someone else’s ideas, and voila! Things worked out much better than you had ever imagined.

When you apply open-mindedness to negotiating, it helps to support your flexible and adaptable nature. For example, perhaps you set your mind to negotiate the best price you can, but your counterpart approaches you with a better price than you had imagined as your benchmark. If you are open-minded, you hear what your counterpart proposes. If you are closed-minded, you are so focused on the outcome that you might not hear what they offer at all, and you may actually negotiate yourself a weaker deal.

Not every negotiation is about reaching a win-win solution. Sometimes, not everyone can win. For example, when an organization is preparing to downsize, the employees may be looking for the most benefit they can get, but they know that they will not have a job in the end. In collaborative negotiations, your real objective is to reach the best possible result for all parties. This might include some compromise, and should always involve working toward relationships.

Long Term and Short Term Relationships

CPD FrameworkWhen you consider relationships in negotiating, the length of the relationship is very important. If you are negotiating with someone that you will never see again, and with whom you have no investment, go ahead and put everything on the table. This would be the case if you were bargaining about a one-time purchase (such as furniture or a television from a commission based salesman, for example). In many cases, however, you may be looking at a much longer-term relationship. In the case of labour negotiations, many unions have strong negotiators who work with them for many years.

The union negotiators are skilled professionals, and they may approach your meetings very confident that they, themselves, will be around much longer than the current group of managers and negotiators that the employer has. If you are an employer negotiator, you will want to consider the long-term effects of the relationship that you foster, as well as the specific terms that are agreed upon. Expect, for example, that if you are currently negotiating wage or benefit rollbacks, the union is going to be very resistant, and that if you are successful in negotiating those reductions, the union is going to negotiate their reinstatement at the next round.

Labour negotiations are about long-term relationships. Consider also that the terms that you bring up in this kind of negotiation will have a long lasting effect on the company and its employees. The union knows this too, and that it is important to realise that the negotiations are a part of a long-term relationship that can be strengthened or damaged by the results of the negotiations that you are taking part in.

When you are thinking in terms of relationships, be ready to leave some items on the table. That means that some items that you thought were important may not be considered in this round of negotiations. This is one of the times when detaching yourself from the outcome is important; there will be other opportunities to work with this contract or similar ones again, and those may be the times that you will be able to bring those other items to the fore.

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About the Author

Diane Shawe is a speaker, trainer, mentor, consultant, entrepreneur and author with 15 published titles on Amazon.   With more than 25 years of experience. She has personally trained over 2800 people around the world in a variety of fields and has published a number of works. She has contributed to over 100 Kiva Entrepreneur’s around the world.

She was also one of the producers of a Day time Ladies Talk Show in 2015 and Host of one of the UK’s best loved Annual Hair Extensions Awards.

Diane also enjoys oil painting, sailing and clay pigeon shooting. She focuses on topics that she is passionate about in her writing and has attracted over 36,000 followers on her popular blog.

Media Contact
Company Name: AVPT Short Courses
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Phone: +44 208 1333120
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Blog Website: http://www.academyexpresscourses.com
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Diane Shawe’s eBooks are available on Amazon right now at: https://www.amazon.com/Diane-Shawe/e/B0052WG8V6

Diane Shawe Social media links http://www.phollo.me.com/expresscourses

 

To busy to Market your business and get new clients? by Diane Shawe

Without new customers your business dies.

Without new customers your business dies.

No business can grow or survive without new customers!
article by Diane Shawe M.ED

If lead generation – in other words – getting more clients and growing your business – is something you keep put off and try to put right in a panic (when it’s too late!)  because you are too busy the rest of the time, then it is essential that you adopt a system that generates new leads – even when marketing is at the bottom of your priority list.

That’s why websites such as pagewiz.com have done so well over the past 3 years.

But before you can even look at setting up  your marketing strategy – the web pages, videos, emails and all the other things you need – here’s how we can help you, for a very small fee (£9.99 + vat) to shape up your campaign in a 3 hour bootcamp.

  • Step One: Visit http://www.clarity4d.softskills.expert and skroll down to the Bootcamp courses
  • Step Two: Select the bootcamps you would like to attend that will give you the most benefit.
  • Step Three: Complete the form and submit it to us and we will send you an invoice.
  • Step Four: We will confirm the venue details, you have already selected the time

As you can see there is no big sales pitch, you either need it or you don’t.  We wont waste your time.

These will be the most constructive 3hours you have every spent in moving your business on.

This is deliberately designed to give the busy business owner world-class marketing – without the effort, hassle, time and stress needed to do it all by yourself.

I know a good deal 3 hours workshop diane shawe

Why strategies for modernising corporate learning should focus on outcomes

there's never been a better time to start a short coureTHE SPEED OF CHANGE IN MODERN BUSINESS DEMANDS A NEW APPROACH TO SUPPORTING LEARNING AND PERFORMANCE AT THE POINT OF NEED.

article by Diane Shawe M.Ed

“THE IMPORTANCE AND EVIDENCE -BASED APPROACH TO
LEARNING USING MOBILE TECHNOLOGY IS INFLUENCING HOW INVESTMENT IN CONTINUED PROFESSIONAL DEVELOPMENT OF A WORKFORCE IS ACHIEVED”

New market opportunities open and close at blinding speed, new competitors emerge overnight, product lifecycles are getting shorter, and customers are more knowledgeable and sophisticated. This fast-changing environment has led to requirement to change learning and training. However more often than not, the task of aligning the learning organisation to the business can be challenging and the perception of how the business views the learning organisation in terms of aligning to strategic initiatives is different to how the learning organisation perceives itself.

Downsizing has resulted in a mass drainage and outflow of skills as employees or contractors are let go. To ensure that an organisation can compete globally and remains at par with the technological changes in the global market committing to the investment of on-going skill training is often viewed as a potential unnecessary incision into the bottom line
Start a short course to grow

Corporates, enterprises and charities all wish to run their operations at the minimum costs allowed. We all recognise that in today’s environment, business moves faster than ever. Most organisations now recognise the importance of developing a strategic approach to learning and harnessing the internal skills of their teams. Moving away from more tactical based activities associated with training such as measuring skills-based behaviours, to focusing on acquisition of knowledge and learning transfer that result in individual and organisational performance improvements.

With the explosion of mobile technology, organisations need to take advantage of the benefits, scalability, and viability of using mobile e-learning, using smart phones, tablets, and notepads that offer a blended solution.

E-learning has the potential to fully integrate the benefits of personal freedom with connectivity (belonging to a purposeful group of learners). From an educational perspective the “e” in e-learning stands for more than electronic; it can also stand for extending and enhancing the learning experience.

Fulfilling the buyers requirements

Corporate strategy for modernising learning free report by Diane ShaweThe four pillars that go to underpin the buyer’s requirements and therefore still define the industry offerings are centred on the following: • Compliance and accreditation

  • Scalable and flexible whilst achieving a real reduction in Cost
  • Improving, tracking and measuring Learners’ performance
  • Real time management, alignment and communication to support on-going changes.
  • The ability to track and report learner performance remains uppermost in many procurers’ minds.

Isaac Asimov’s quote is now more urgent and relevant if corporates are to gain a lean and competitive advantage with a progressive highly skilled workforce for the 21st century.

“No sensible decision can be made any longer without taking into account not only the world as it is, but the world as it will be.”

Why strategies for modernising corporate learning should focus on outcomes rather than input by Diane Shawe M.Ed