Rite Style Customer Experience

“If I do this right, I If I do this right, I will make your will make your brains hurt.brains hurt.

—MEK

Creating the Customer ExperienceExperience

Michael Karlsrudwww.eyewerx.org

“If things seem If things seem under control, under control, you’re just not you’re just not

going fast enough.”going fast enough.”

—Mario Andretti

Customer Experiences

Talent

Attitude

Branding

Value

Selling

Telling Stories

Women

Boomers

Geezers

Up Front:Creating Customer Creating Customer Experiences Is Experiences Is Not Not Customer Service.Customer Service.

Customer Service is not a

thing.

It is an Attitude.It is an Attitude.

TOP FIVE ISSUES FACING THE OPTICAL INDUSTRY

COMPETITION COST OF DOING

BUSINESS

PERSONNELISSUES

TECHNOLOGY

JOINT VENTURES

Competition with Hoya, Essilor, Zeiss etc. labs

Minimizing Expenses

Employees need to pay attention to details

New technology is beyond financial means

Joint ventures with other labs

Competitive pricing Labor costs Train staff to assume additional duties

Take advantage of new technology

Doctors as partners?

Pricing that brings in new accounts, but not only with lower prices

Cost of & when to update lab equipment

Maintain quality of customer service in rush to do more

Update current technology

Assist accounts in growing their business

Raising prices only way to make more money?

Rapid growth Staff retention Publicize that practice has new technology

Develop specialty type stores with other vendors

Availability of all products to independents

Cost of goods Patient volume fluctuation

Increase value of practice to sell to others

Competition with Wal-Mart & super stores

Cost to staff multiple locations

Attract qualified staff

Cost of no-show patients

Train doctors in customer service

Maintain net revenue while insurance reimbursements decline

Why?• Because the business environment

is changing…… fast.• Competition is going CRAZY• How do I compete, thrive?• How can I get a competitive edge?• How do we make a difference?

Lets talk “Personnel Issues”

SO YOU’RE A“PEOPLE PERSON”?

PROVE IT.

Personnel Issues• Employees need to pay attention to

details• Train staff to assume additional

duties• Maintain quality of customer service

in rush to do more• Staff retention• Patient volume fluctuation• Attract qualified staff• Train doctors in customer service

““The leaders of Great The leaders of Great

GroupsGroups lovelove talent talent and know where to find and know where to find

it. Theyit. They revel revel in the in the talent of others.”talent of others.” —

Warren Bennis & Patricia Ward Biederman, Organizing Genius

65 percent of (employees) say they must be treated like

valued customers.

The The game game has has

changechanged.d.

““People want to be part People want to be part of something larger than of something larger than themselves. They want themselves. They want to be part of something to be part of something they’re really proud of, they’re really proud of,

that they’ll fight for, that they’ll fight for, sacrifice for, trust.”sacrifice for, trust.”

—Howard Schultz, Starbucks (IBD/09.05)

“No matter what the No matter what the situation, situation, [the great manager’s][the great manager’s] first response is always first response is always to think about the to think about the individual concerned individual concerned and how things can be and how things can be arranged to help that arranged to help that individual experience individual experience success.”success.” —Marcus Buckingham,

The One Thing You Need to Know

The key difference between checkers and chess is that in checkers the pieces all move the same way, whereas in chess all the pieces move differently. … Discover what is uniDiscover what is uniqque ue about each about each pperson and erson and cacappitalize on ititalize on it.”.” —Marcus Buckingham,

The One Thing You Need to Know

CCtataOO*

*Chief talent acquisitiontalent acquisition Officer

EVP/EVP/ IBP IBP?*

*Employee Value Proposition, per Ed Michaels et al.,

The War for Talent; IBP/Internal Brand Promise per TP

EVP/IBP = Remarkable challenge, rapid professional growth, respect, satisfaction, fun, stunning opportunity, exceptional reward, amazing peer group, full membership in Club Adventure, maximized future employabilitySource: Ed Michaels, The War for Talent; TP

Employees:

“Are there enough weird (freaky) people in the lab

these days?”Vchmn; pharmaceutical house to a lab director

Why Do I love Freaks?

(1) Because when Anything Interesting happens … it was (1) Because when Anything Interesting happens … it was a a freakfreak who did it. (Period.) who did it. (Period.) (2) (2) FreaksFreaks are fun. (Freaks are also a pain.) (Freaks are are fun. (Freaks are also a pain.) (Freaks are never boring.) never boring.) (3) We need (3) We need freaksfreaks. Especially in freaky times. (Hint: . Especially in freaky times. (Hint: These are freaky times, for you & me & the CIA & the These are freaky times, for you & me & the CIA & the Army & Avon.) Army & Avon.) (4) A critical mass of (4) A critical mass of freaksfreaks--inin--ourour--midstmidst automatically automatically make usmake us--whowho--areare--notnot--soso--freaky at least somewhat more freaky at least somewhat more freaky. (Which is a Good Thing in freaky timesfreaky. (Which is a Good Thing in freaky times——see see immediately above.) immediately above.) (5) (5) FreaksFreaks are the only (ONLY) ones who succeedare the only (ONLY) ones who succeed——as in, as in, make it into the history books. make it into the history books. (6) (6) FreaksFreaks keep us from falling into ruts. (If we listen to keep us from falling into ruts. (If we listen to them.) (We seldom listen to them.) (Which is why most them.) (We seldom listen to them.) (Which is why most organizations are in ruts. Make that chasms.)organizations are in ruts. Make that chasms.)

CCfafaOO*

*Chief freaks acquisitionfreaks acquisition Officer

Our Mission

To develop and manage talent;To develop and manage talent;to apply that talent,to apply that talent,throughout the world, throughout the world, for the benefit of clients;for the benefit of clients;to do so in partnership; to do so in partnership; to do so with profit.to do so with profit.

Statement: Why should I train my staff when all they will do is leave

and work for the competitor?

Counter statement: What happens if you don’t and they stay?

MomentMoments of s of TruthTruth..Jack Welsch, GE

Brand Brand = = Talent.Talent.

Joe J. Jones Joe J. Jones 1942 – 2010 1942 – 2010

HE WOULDA DONE SOME HE WOULDA DONE SOME

REALLY COOL STUFF REALLY COOL STUFF

BUT …BUT …

HIS BOSS WOULDN’T LET HIS BOSS WOULDN’T LET

HIM!HIM!

What’s What’s Your Your

Brand?Brand?

Competition

• Competition with Independents, chains, big-box retailers, integrated multi-disciplined practices

• Competitive pricing• Pricing that brings in new accounts, but not only with

lower prices• Raising prices only way to make more money?• Availability of all products to independents• Competition with Wal-Mart & super stores

“The ‘surplus society’ has a surplus of similarsimilar

companies, employing similarsimilar people, with

similarsimilar educational backgrounds, coming up

with similarsimilar ideas, producing

similarsimilar things, with similarsimilar

prices and ssimilarimilar quality.” —Kjell Nordström

and Jonas Ridderstråle, Funky Business

This is notnot a “mature

category.”

This is an “undistinguished category.”

Web Site

Direct Mail

PR

Advertising

Health Fairs

First Phone Call

Expectations

Greeting

Dispensary

EnvironmentFlow/Hand Offs

Conversations

Follow Up

Seasonal Marketing

Annual Check Up

Emails

Phone Calls

Articles

New Products

Harmonization- Customer Experience

Price VS. Value

Value Proposition- Elements

Linking Attributes to Benefits

“If you have failed to convey any more apparent perceived value than a

service that charges 30% less, the customer will opt for paying 30%

less.”

Pricing Tid Bits

• 61% of Customers will say “Your Price is TOO HIGH!!”

• 44% of the time it isn’t but it IS a NEGOTIATION Ploy.

• 17% of the time, it is pricing and you have a customer that buys on lowest price.

If it is all about price……

We would all be driving

Aveo’s

Source: 2005 VCA Data

35%

28% 21%

What Influences the Purchase Decision?

Why Customers Why Customers LeaveLeave

• 68% Felt they were treated Indifferently

• 17% Price

• 14% Service or Product complaint poorly handled

• 4% Started buying from a friend or relative

• 3% Moved

• 1% Died

“A focus on cost-cutting and efficiency has helped many organizations weather the downturn, but this

approach will ultimately render them obsolete.

Only the constant Only the constant pursuit of innovation pursuit of innovation can ensure long-term can ensure long-term

successsuccess.”.” —Daniel Muzyka, Dean, Sauder School of Business,

Univ of British Columbia

Price Time

1 Yr 2 Yr 3 Yr

Price Influence on Ave Return for Eyewear

“Experiences are as distinct from services as services are from

goods.”

67 percent of shoppers (employees) say that it is extremely important for

retail employees (we) to be courteous.

68% of Customers Stop Buying from a Supplier because they felt an attitude of INDIFFERENCE

by the employee.

MomentMoments of s of

Truth = Truth = BrandBrand

Huge: Customer

SatisfactionSatisfaction versus Customer

SuccessSuccess

Up,Up, Up,Up, Up, Up, UpUp

the Value-added Ladder.

The Value-added Ladder/ STUFF ‘N’ THINGSSTUFF ‘N’ THINGS

GoodsGoods Raw Materials Raw Materials

Suppliers: ““There is an ominous There is an ominous downside to strategic supplier downside to strategic supplier

relationships.relationships. An SSR supplier is not likely to function as any more than a mirror to your organization. Fringe

suppliers that offer innovative business practices need not apply.”

Wayne Burkan, Wide Angle Vision: Beat the Competition by Focusing on Fringe Competitors, Lost Customers, and Rogue Employees

“Acquisitions are about

buying market share. Our Our challenge is to challenge is to

create marketscreate markets.. There is a big difference.”

—Peter Job, former CEO, Reuters

The Value-added Ladder/Stuff & TRANSACTIONSTRANSACTIONS

ServicesServicesGoods

Raw Materials

The Value-added Ladder/ OPPORTUNITY-SEEKINGOPPORTUNITY-SEEKING

Gamechanging Gamechanging SolutionsSolutions

ServicesGoods

Raw Materials

WHAT CAN BROWNWHAT CAN BROWN DO FOR YOU? DO FOR YOU?

“UPS used to be a trucking

company with technology. Now Now it’s it’s

a technoloa technologygy comcomppananyy with with

truckstrucks.”.” —Forbes

““Big Brown’s New Bag: Big Brown’s New Bag:

UPSUPS Aims to Be theAims to Be the Traffic Traffic Manager for Manager for CorCorpporate orate AmericaAmerica”” —Headline/BW/2004

“the FedFedExExEconomyEconomy”

—headline/New York Times/10.08.05

“Any3”: Anything/ Anything/ Anywhere/ Anywhere/ AnytimeAnytime


So What?So What?


600 jpd Germany600 jpd Germany

600 jpd China600 jpd China

“We don’t sell

insurance anymore.

WeWe sell sell speedspeed.”.”

Peter Lewis, Progressive

The Value-added Ladder/ MEMORABLE CONNECTIONMEMORABLE CONNECTION

Spellbinding Spellbinding ExperiencesExperiences

Gamechanging SolutionsServicesGoods

Raw Materials

Experience: “Rebel Lifestyle!”

“What we sell is the ability for a “What we sell is the ability for a 43-year-old accountant to dress 43-year-old accountant to dress

in black leather, ride through in black leather, ride through small towns and have people be small towns and have people be

afraid of them.” afraid of them.” HarleyHarley exec, quoted in Results-Based Leadership

“We Don’t Do FEAR.” “If 105 years have proved one thing, it’s that fear sucks and it doesn’t last

long.”

SO SCREW IT, LET’S RIDE.

“With its carefully conceived mix of colors and textures,

aromas and music, StarbucksStarbucks is more indicative of our era than the iMac. It is to the Age of Aesthetics what

McDonald’s was to the Age of Convenience or Ford was to the Age of Mass Production—the touchstone success story,

the exemplar of … the aesthetic imperative. … ‘Every ‘Every Starbucks store is carefully Starbucks store is carefully

designed to enhance the quality of designed to enhance the quality of everything the customers see, everything the customers see,

touch, hear, smell or taste,’touch, hear, smell or taste,’ writes CEO

Howard Schultz.” -—Virginia Postrel, The Substance of Style: How the Rise of Aesthetic

Value Is Remaking Commerce, Culture and Consciousness

CCXXOO**Chief eeXXperience perience Officer

Think about a time you received extraordinary service.

What made it out of the ordinary?

Beyond the “Transaction”/ “Satisfaction” Mentality

“Good hotel”/ “Happy guest”/ “Exceeded Expectations”

vs.

“Great “Great VacationVacation”/ ”/ “Great “Great ConferenceConference”/”/ “Operation “Operation PersonalPersonal

RenewalRenewal””

Competition

• Competition with other independents, chains, multi-disciplined practices, big box.

• Competitive pricing• Pricing that brings in new accounts, but not only with

lower prices• Raising prices only way to make more money?• Availability of all products to independents• Competition with Wal-Mart & super stores

How do we make How do we make more money?more money?

Raise Prices? Raise Prices?

P P == RR –– C C

EXCELLENCE. SELL. EXCELLENCE. SELL.

SELL.SELL.SELL.SELL.

. “Everyone “Everyone lives by lives by selling selling

something.”something.”

– Robert Louis Stevenson

We Are AllWe Are All

Sales People.Sales People.

SellSellSellSellSellSell

CCRRO*

*Chief Revenue Officer

This is This is notnot about … about …

“customer centrism”“customer centrism”“integrated marketing”“integrated marketing”

etc.etc.etc.etc.etc.etc.

It It isis about … about …

… sellin’ a whole lotta stuff and having

customers go bananas with lovelove

to the point that they tell every friend they have and then start buttonholing strangers

on trains and planes and busses.

Show Me Show Me Some Some Love!Love!

MarketMarket Power = Power =

StoryStory PowerPower

CCSTSTOO*

*Chief Storytelling Officer

“We are in the twilight of a society based on data. As information and intelligence become the domain of computers, society will

place more value on the one human ability that cannot be automated: emotion. Imagination, myth, ritual - the language of emotion - will affect everything from our purchasing decisions to

how we work with others. ComComppanies anies will thrive on the basis will thrive on the basis

of their stories and of their stories and mmyythsths.. Companies will need to understand that their

products are less important than their stories.” —Rolf Jensen, Copenhagen Institute for Future Studies

“How many of you really

cravecrave a new Chevy?”

NYC/IIR/061205

On training dispensers “…in addition to basic product education, training should include motivational and marketing guidance in selling high-end eyewear.” Store personnel “need to be able to tell the right stories about their products and brands.”

Andrea Guerra, CEO of Luxottica Group

VM 4/28/08

People BUY with EMOTION and JUSTIFY with LOGIC.

What do you want patients to tell their friends

about your practice?

““Never forget Never forget

imimpplementationlementation boys. In our work it’s boys. In our work it’s

what I call the what I call the

‘‘missinmissingg 98 98 percentpercent’’ of the of the

client puzzle.”client puzzle.” —Al McDonald

WallopWal*Mart16*WallopWal*Mart16*& the “Big 3”& the “Big 3”

*Or: Why it’s so ABSURDLY EASYABSURDLY EASY to BEATBEAT a GIANTGIANT Company

The “Small Guys” Guide: Wallop Wal*Mart16

**Niche-aimed.Niche-aimed. (Never, ever “all things for all people,” a “mini- (Never, ever “all things for all people,” a “mini-Wal*Mart.)Wal*Mart.)

**Never attack the monsters head on!Never attack the monsters head on! (Instead steal niche (Instead steal niche business and lukewarm customers.)business and lukewarm customers.)

**““DramaticallDramatically y DifferentDifferent”” (La Difference ... within our community, (La Difference ... within our community,

our industry regionally, etc … is as obvious as the end of one’s nose!) our industry regionally, etc … is as obvious as the end of one’s nose!)

**Compete on value/experience/intimacy, not price.Compete on value/experience/intimacy, not price. (You (You ain’t gonna beat the behemoths on cost-price in 9.99 out of 10 cases.)ain’t gonna beat the behemoths on cost-price in 9.99 out of 10 cases.)

**Emotional bond with Clients, Vendors.Emotional bond with Clients, Vendors. (BEAT THE BIGGIES (BEAT THE BIGGIES ON EMOTION/CONNECTION!!)ON EMOTION/CONNECTION!!)


**Hands-on, emotional leadership.Hands-on, emotional leadership. (“We are a great & (“We are a great & cool & intimate & joyful & dramatically different team working to cool & intimate & joyful & dramatically different team working to transform our Clients lives via Consistently Incredible transform our Clients lives via Consistently Incredible Experiences!”)Experiences!”)

**A community star!A community star! (“Sell” local-ness per se. Sell the hell (“Sell” local-ness per se. Sell the hell out of it!)out of it!)

**An incredible experience, from the first to last An incredible experience, from the first to last moment—and then in the follow-up!moment—and then in the follow-up! (“These guys (“These guys are cool! They ‘get’ me! They love me!”)are cool! They ‘get’ me! They love me!”)

**DESIGN DRIVEN!DESIGN DRIVEN! (“Design” is a premier weapon-in- (“Design” is a premier weapon-in-pursuit-of-the sublime for small-ish enterprises, including the pursuit-of-the sublime for small-ish enterprises, including the professional services.)professional services.)


**Employer of choice.Employer of choice. (A very cool, well-paid (A very cool, well-paid place to work/learning and growth experience in at place to work/learning and growth experience in at least the short term … marked by notably progressive least the short term … marked by notably progressive policies.) (THIS IS EMINENTLY DO-ABLE!!)policies.) (THIS IS EMINENTLY DO-ABLE!!)

**Sophisticated use of information Sophisticated use of information technologytechnology. (Small-“ish” is no excuse for “small . (Small-“ish” is no excuse for “small aims”/execution in IS/IT!)aims”/execution in IS/IT!)

**Web-power!Web-power! (The Web can make very small very (The Web can make very small very big … if the product-service is super-cool and one big … if the product-service is super-cool and one purposefully masters buzz/viral marketing.)purposefully masters buzz/viral marketing.)

**Innovative!Innovative! (Must keep renewing and expanding (Must keep renewing and expanding and revising and re-imagining “the promise” to and revising and re-imagining “the promise” to employees, the customer, the community.)employees, the customer, the community.)


**Brand-Lovemark* Brand-Lovemark* (*Kevin Roberts)(*Kevin Roberts) Maniacs Maniacs! ! (“Branding” is not just for big folks with big budgets. And modest (“Branding” is not just for big folks with big budgets. And modest size is actually a Big Advantage in becoming a local-regional-size is actually a Big Advantage in becoming a local-regional-niche “lovemark.”)niche “lovemark.”)

**Focus on women-as-clients.Focus on women-as-clients. (Most don’t. How stupid.) (Most don’t. How stupid.)

**Excellence!Excellence! (A small player … per me … (A small player … per me …

has no right or reason to exist unless they are in Relentless has no right or reason to exist unless they are in Relentless Pursuit of Excellence. One earns the right—one day and client Pursuit of Excellence. One earns the right—one day and client experience at a time!—to beat the Big Guys in your chosen experience at a time!—to beat the Big Guys in your chosen niche!)niche!)

$415$415/SqFt/Wal*Mart

$$798798/SqFt/Whole Foods

“Success means never letting the competition define you. Instead you have to define yourself based on a point of view you care deeply about.”

What Else Can We Do?

Divide.

Conquer.

“Women are thethe majority

market” —Fara Warner/The Power of the Purse

WomenWomenHousehold spending: 80%80%Investment decisions: 53%53%Home improvement purchase decisions: 80%80%New cars: 60%+60%+Computers: 60%60%Managers and professionals, overall: 51%51%New businesses started: 70%70%* (*Women-owned businesses as a share of all new businesses: Employee growth, 3X; Sales growth, 4X.)

Source: Marti Barletta, PrimeTime Women (2007)

Women > 50% of Household Income in >50% of households. In Women > 50% of Household Income in >50% of households. In 48% of the 55% of households/married couples, women provide 48% of the 55% of households/married couples, women provide >50% of income. 27% of households are headed by a single >50% of income. 27% of households are headed by a single

female. 75% of married female execs with the rank of VP or above female. 75% of married female execs with the rank of VP or above out earn their spouse. Women control 51% of private wealth in out earn their spouse. Women control 51% of private wealth in the U.S.; head 40% of households with >$600K assets; 47% of the U.S.; head 40% of households with >$600K assets; 47% of

market investors are women.market investors are women.

Major Credit Union: pre Y2K, modal customer was 53-year-old Major Credit Union: pre Y2K, modal customer was 53-year-old family man; today, 46-year-old single working woman.family man; today, 46-year-old single working woman.

Commercial: 51% purchasing managers are women.Commercial: 51% purchasing managers are women.

Women make >80% consumer purchases; businesswomen make Women make >80% consumer purchases; businesswomen make >90% of household purchasing decisions. Women: 70% of travel >90% of household purchasing decisions. Women: 70% of travel

decisions; purchase 57% of consumer electronics; write 80% of decisions; purchase 57% of consumer electronics; write 80% of personal checks; purchase >50% of cars (primary influence personal checks; purchase >50% of cars (primary influence

>80%).>80%).

Source: Don’t Think Pink: What Really Makes Women Buy—and How to Increase Your Share of This Crucial Market, Lisa Johnson & Andrea Learned

1970-19981970-1998

Men’s median income: +0.6%Men’s median income: +0.6%

Women’s median income: Women’s median income: + 63%+ 63%

Source: Martha Barletta, Marketing to Women

“WOMAN of the Year: She’s the most powerful consumer in America. And as she starts

to turn sixty this month, the affluent baby boomer is doing

what she’s always done—redefining herself.” —Joan Hamilton,

Town & Country, JAN06

50+50+ (BOOMERS) (BOOMERS)$7T$7T wealth (70%)/ $2T$2T annual income

50%50% all discretionary spending

79%79% own homes

40M40M credit card users41% new cars/48% luxury cars$610B healthcare spending/

74% prescription drugs

Ken Dychtwald, Age Power: How the 21st Century Will Be Ruled by the New Old

““Baby-boomer Baby-boomer WomenWomen: The : The Sweetest of Sweetest of

Sweet Spots for Sweet Spots for Marketers”Marketers” —David Wolfe and Robert

Snyder, Ageless Marketing

Selling to men: The The TRANSACTION Model Model

Selling to Women: The The RELATIONAL Model Model

Source: Selling to Men, Selling to Women, Jeffery Tobias Halter

“Women don’t buy

brands. They They join themjoin them.”.”

EVEolution

Heck, I Join Them!

““TheThe most significant most significant variablevariable inin everyevery sales sales

situation is thesituation is the gendergender of the of the buyer, and more importantly, buyer, and more importantly,

how the salesperson how the salesperson communicates to the buyer’s communicates to the buyer’s

gender.”gender.” —Jeffery Tobias Halter, Selling to Men, Selling to Women

Cases!McDonald’sMcDonald’s (“mom-centered” to “majority consumer”; not via kids)

Home DepotHome Depot (“Do it [everything!] Herself”)

P&GP&G (more than “house cleaner”)

DeBeersDeBeers (“right-hand rings”/$4B)

AXA FinancialAXA FinancialKodakKodak (women = “emotional centers of the household”)

NikeNike (> jock endorsements; new def sports; majority consumer)

AvonAvonBratzBratz (young girls want “friends,” not a blond stereotype)

Source: Fara Warner/The Power of the Purse

““To help revive the company’s sales To help revive the company’s sales and profits, and profits, McDonald’sMcDonald’s shifted its shifted its

strategy toward women from one of strategy toward women from one of ‘‘minoritminority’y’ consumers who served as consumers who served as

a conduit to the important a conduit to the important children’s market to one in which children’s market to one in which

women are the women are the mamajjoritority y consumers consumers and the and the main driversmain drivers behind menu behind menu

and promotion innovation.”and promotion innovation.” —Fara Warner, The Power of the Purse

““Since Since 19701970, , women have held women have held twotwo out of every out of every three three new jobs new jobs created.”created.” —FT, 10.03.2006

Women’s Women’s Market = Market =

Opportunity Opportunity No. 1.No. 1.

1. Men and women are different.1. Men and women are different.2. Very different.2. Very different.3. 3. VERY, VERY DIFFERENTVERY, VERY DIFFERENT..4. Women & Men have a-b-s-o-l-u-t-e-l-y4. Women & Men have a-b-s-o-l-u-t-e-l-y nothing in common. nothing in common.5. Women buy lotsa stuff.5. Women buy lotsa stuff.6. 6. WOMEN BUY A-L-L THE STUFFWOMEN BUY A-L-L THE STUFF..7. Women’s Market = Opportunity No. 1.7. Women’s Market = Opportunity No. 1.8. Men are (STILL) in charge.8. Men are (STILL) in charge.9. 9. MEN ARE … TOTALLY, HOPELESSLYMEN ARE … TOTALLY, HOPELESSLY CLUELESS ABOUT WOMEN. CLUELESS ABOUT WOMEN.

Jack and Jill buy slacks in black…

Women.Women.Women business owners.Women business owners.

Boomers-Geezers.Boomers-Geezers.Single-person HHs (Urban)Single-person HHs (Urban)

Geezers

BoomerBucks!BoomerBucks!Boomer turns 50: every 7 seconds. Boomer turns 50: every 7 seconds. 2009: majority of U.S. 2009: majority of U.S. households headed by someone over 50.households headed by someone over 50. 2006-2016: U.S. 2006-2016: U.S. population up 22.9 million; 22.1 million in over-50 group. population up 22.9 million; 22.1 million in over-50 group. 2006: 1 in 5 adults is F, over 50.2006: 1 in 5 adults is F, over 50. Women between 50-70 Women between 50-70

who are single: 35%. who are single: 35%. Age 45-54: highest average income, Age 45-54: highest average income, $59, 021 (national average is $42,209).$59, 021 (national average is $42,209). FASTEST GROWING FASTEST GROWING

INCOME CATEGORY: WOMEN, 55-64INCOME CATEGORY: WOMEN, 55-64 (4X men in same (4X men in same category). category). Women, age 60-64: 50% still in workforce.Women, age 60-64: 50% still in workforce.

Highest net worth: families, 55-64 ($182,000). Highest net worth: families, 55-64 ($182,000). People over People over 50: 70% to 79% of all financial assets; 80% of all savings 50: 70% to 79% of all financial assets; 80% of all savings

accounts; 62% of all large Wall Street asset accounts; 66% of accounts; 62% of all large Wall Street asset accounts; 66% of $$ invested in the stock market.$$ invested in the stock market. Age 50+: 29% of Age 50+: 29% of population, 40% of total consumer spending, 50% of population, 40% of total consumer spending, 50% of

discretionary spending. discretionary spending. Next 2 decades: Next 2 decades: BOOMERS WILL BOOMERS WILL INHERIT $14 TRILLION-$25 TRILLIONINHERIT $14 TRILLION-$25 TRILLION (“largest (“largest

intergenerational transfer of wealth in history”). intergenerational transfer of wealth in history”).

—Marti Barletta, —Marti Barletta, PrimeTime WomenPrimeTime Women

55-64 vs 25-34

E.g.: New cars & trucks: 20% more New cars & trucks: 20% more spending. Meals at full-service spending. Meals at full-service

restaurants: +29%. Airfare: +38%. Sports restaurants: +29%. Airfare: +38%. Sports equipment: +58%. Motorized recreational equipment: +58%. Motorized recreational

vehicles: +103%. Wine: 113%. vehicles: +103%. Wine: 113%. Maintenance, repairs and home Maintenance, repairs and home

insurance: +127%. Vacation insurance: +127%. Vacation homes: +258%. Housekeeping & yard homes: +258%. Housekeeping & yard

services: +250% to +500%. services: +250% to +500%.

Source:Marti Barletta, PrimeTime Women

Average # of cars purchased per household,

“lifetime”: 1313Average # of cars bought per household after

the “head of household” reaches age 50:

77Source: Marti Barletta, PrimeTime Women

50+50+$7T$7T wealth (70%)/ $2T$2T annual income

50%50% all discretionary spending

79%79% own homes

40M40M credit card users41% new cars/48% luxury cars

$610B healthcare spending/74% prescription drugs

5% of advertisin5% of advertisingg tar targgetsetsKen Dychtwald, Age Power: How the 21st

Century Will Be Ruled by the New Old

Median Household Net WorthMedian Household Net Worth

<35: $7K35-44: $44K45-54: $83K

55-64: $112K55-64: $112K65-69: $114K65-69: $114K70-74: $120K70-74: $120K

>74: $100KSource: U.S. Census

44-65: “New “New Customer Customer Majority”Majority” *

*45% larger than 18-43; 60% larger by 2010Source: Ageless Marketing, David Wolfe & Robert Snyder

Does it Work?

EXCELLENCEEXCELLENCE = =

Flawless Flawless EXECUTIONEXECUTION + Continuous + Continuous IMPROVEMENTIMPROVEMENT

+ Brilliantly Trained + Brilliantly Trained PEOPLEPEOPLE

+Gamechanging Gamechanging QUESTSQUESTS + +

WEIRD WEIRD Rosters +Rosters +GASPWORTHYGASPWORTHY Results Results

Do this:Do this:

Identify 5 actions in the next 90 days to revitalize

your commitment to women purchasers

Identify 3 concepts aimed at exploiting boomer-geezer opportunities and wealth this year.

Then ask:

What do you want to do to become WORLD

FAMOUS in the Optical Industry?

Thank YOU!

Slides found atwww.eyewerx.org