Then there are the pre-need products intended for those who are in the twilight of their lives. There is no longer anything morbid about packages that lump memorial service, the choice of a casket, the funeral coach, the choice of burial or cremation, and even the kind of flowers that will be set beside the coffin.
On television and even on huge billboards, diapers for babies and incontinent senior citizens vie for one’s attention. There are cell phones for grade school kids, cell phones for senior executives and everybody in between. There are schools for special kids, schools for business leaders and schools even for barbers, caregivers, cooks and couturiers. There are affordable housing loans and affordable condominiums, as well as stratospheric and exclusive real estate offers in the enclaves of the superrich.
All in all, the advertising spectrum is a snapshot of the dynamic commercial enterprise that we have all come to accept as the urban syndrome – a barrage of products and brands that constantly pushes our decision-making and thin out our wallets. From the bedroom to the boardroom, the forces of free enterprise won’t free us from their grip. Heck, there are even condoms and an assortment of sexual paraphernalia being advertised to put excitement into our boudoir calisthenics.
The youth sector has always been a much-coveted market segment, marketers knowing full well that it holds a good chunk of spending pesos, as well as its strong influence on the buying behavior of the parent segment. Of late, this segment has been getting a lot of attention from corporate marketers who previously ignored it. The trend obviously started from across the Pacific, but the Filipino has become quite adept at it as well. The mini-shopping cart, obviously, intended to be pushed around by toddlers and young kids in the supermarket, is but one outstanding idea of a market push for the young.
The mobile phone for grade-schoolers is also one idea that affirms the strong influence of this segment on parental buying decisions. They may not hold the purse strings, but they sure can be very persuasive (to their parents, anyway). Given the 25 million or so young people in our schools these days (about 20 million in the public school system, the rest in private schools), it is not surprising a lot of marketing effort is being focused on penetrating the school campus.
Radio stations have been an effective medium for reaching out to this segment. FM stations have been successful at positioning themselves as "official" radio stations of certain schools, or of the student population, in general. The relationship between music (especially of the top 40s variety) and kids is a natural (okay, podcasts, notwithstanding).
At the other end of the market spectrum is the emerging mature market, a sector whose age bracket begins in the 50s all the way up to the century mark. There’s been government effort to position the Philippines as a retirement haven for senior citizens from other countries, but the senior citizen population in the Philippines is already a burgeoning market.
The post-war baby boomers have already crossed into the (forgive the clinical harshness here) geriatric phase, characterized by career retirement, an empty-nest situation (although, for most Filipino lolos and lolas, the nest is never really empty – there are always one or two hangers-on in a brood of children, never mind that they themselves are in their 30s or 40s and have a brood of children themselves), and bladder incontinence.
This particular group of individuals is a special lot. They have disposable income in significant amounts (i.e., retirement money, savings, pension, contributions from productive offspring), and have their own unique set of needs. Thus, we have adult diapers, high-end farm lots (for the gentleman farmer), vacation packages (boat cruise, European tour) and health maintenance (supplements to battle osteoporosis, restore energy levels, and invigorate sexual functions).
We are fortunate our close family ties continue to nurture our lolos and lolas. We seldom see (if at all) nearly infirm old ladies driving themselves to the supermarket and walking out from their cars with the aid of a walker. This is not an uncommon sight in the US, for instance, particularly in sunny places like the West Coast. Retirement homes are a profitable business for many Filipinos in the US, catering to old Americans who have been confined to these homes for the aged by their too-busy children. Besides, it is un-American for them to have their grandparents living in their households.
These two distinct market segments now offer the most potential for new business. While the mainstream markets have, at best, maintained their levels, these two "bookender" segments are on the up and up. I wouldn’t be surprised if, soon, we begin to see cars being positioned as ideal for the retired adventurer-couple or a motel packaging a weekend getaway for some love-struck 70-year-olds.
A dynamic domestic market would do well for our troubled economy. The challenge for the marketing professional is to tap potential markets that can yield the most money for our (proffered) value. The youth market has already been identified and targeted to the extreme. The senior market has come on its own. New market segments – OFW, women, metrosexuals, the pink – continue to evolve as the competition to sell heats up more and more.
Nominations can be entered for 12 industry sectors but a CEO can be nominated to not more than two categories. Nominees will not compete against one another but will be evaluated according to a set criteria of communication excellence. This will ensure that smaller organizations, even those outside Metro Manila, will have an even chance to win as their counterparts in large firms.
The CEO nominees should have shown their communication skills in and outside their respective organizations during the last 12 months immediately preceding the deadline for nomination to the 2005 awards on Nov. 7. For details, call the IABC Secretariat at 750-5667, 810-1631 local 123 or visit the IABC website at www.iabc.com.ph or e-mail at info@iabc.com.ph.