Baby-Boomer Marketing How to Tap into a Goldmine
People who have money to spend are more likely to buy your product or service. So, who has the most disposable income? It's the Baby Boomers! 70% of the disposable income in the U.S. is controlled by baby boomers (Nielsen).
Nielsen Reports also indicate, baby boomers spend the most money among the consumer groups yet companies allocate on average only 5 to 10 percent of their marketing dollars to attract them! Despite the many articles being written about their purchasing power,companies continue to neglect this powerful demographic. Are you giving them the attention they deserve?
Boomers outspend younger adults online 2:1 on a per-capita basis and they spend more than other generations by an estimated $400 billion a year. (ImmersionActive)
Baby Boomers By the Numbers
We have officially entered the "AGE OF THE BOOMERS". The trends associated with this demographic are undisputable! Your business cannot afford to ignore this consumer group because it has just begun to hit its growth spurt and is showing no signs of slowing down anytime soon. Within the next 18 months, half of the U.S population will be over the age of 50. By the end of this decade, the spending power of consumers 60 years and older will nearly double; jumping from 8 to 15 TRILLION (Bloomberg). As if that wasn't enough, over the next 20 years they will also inherit 15 TRILLION dollars!(Nielsen)
Understanding Market Dynamics
The Babyboomer Market is the largest, fastest growing, consumer group in America so why aren't companies paying attention to them?
Why is this demographic being looked over if they have so much to offer? People's perception of Baby Boomers tends to be highly inaccurate. When you dissect some of the statistics associated with Baby Boomers it becomes clear that this group of people smash stereotypes on a consistent basis. People assume that this generation is not tech savvy, but numbers say otherwise.
Contrary to popular belief Baby Boomers spend MORE time online that millennials (BetaNews). Even more startling, 8 out of 10 Baby Boomers belong to at least one social networking site (DMN3). The notion that this generation wouldn't respond to digital and social marketing couldn't be further from the truth. In fact, according to eMarketer, 49% of baby boomer tablet users and 40% of smartphone users made a purchase after conducting searches on their devices.
Getting Your Unfair Share of the Market
How do you tap into the baby boomer GOLDMINE? The answer is a simple business philosophy; do what other businesses aren't. Create social media campaigns TARGETED to this demographic, write blog articles TARGETED to this demographic. Simply put, cater to this demographic. While other people are struggling to justify digital campaigns targeted to this group you will be gaining significant market share and credibility with this demo. Seize this opportunity to gain ground or leave competition in the dust by incorporating the Baby Boomers into your marketing strategy TODAY!!!
Do you think that Baby Boomers are a good choice for marketing?
If you think that this is the right directions for you and your business let me know in the comments.
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