Baby Boomers are changing the marketing game.The marketing world is quickly learning that the messaging that may have worked for The Greatest Generation, won’t work for the Baby Boomers. They are proving to be the most savvy audience the retirement industry has seen to date.
Who Are They? Defined as the generation of post-World War II babies born between 1946 and 1964, almost 10,000 of them turn 65 everyday. And by 2030, when the final Baby Boomer has turned 65, 18% of the nation’s population will be 65 or older. Twenty-five percent of them will live to be at least 90 years old. They account for nearly 50 percent of sales on all consumer-packaged goods, 77 percent of prescription drug sales, 80 percent of leisure travel spending and 41 percent of new car purchases.
Change the Conversation According to Media Post’s Engage: Boomers, “With this audience, more than any other, fear-based marketing is the biggest taboo. Showing Boomers how getting older is going to derail their lives, interrupt favorite activities and routines and take them out of their communities is not effective.” Like most of us, they don’t want to constantly be reminded how fragile life is, or how aging will prevent them from continuing to live the life they love. The most effective way to market to Boomers will be through messages of empowerment and acknowledgment of the life they are actually living.
Build A Relationship They might confuse you sometimes. Due to advances in science and healthcare, about 65% of Boomers live an active lifestyle and watch what they eat. But that means that 35% of them struggle with obesity and are at high risk for heart disease, high blood pressure, stroke, and diabetes. It’s important to build a relationship with them and use language that will eliminate taboos or stigmas about the health problems that might come with aging. Even the small distinction of calling them “senior citizens,” might offend, as many of them don’t consider themselves to be old and still think of their parents when they hear that phrase.
Digitally Connect With Them Unlike the generation before them, many of the Boomers are online. More than 70% of adults aged 49 and beyond are online, according to the Pew Internet and American Life Project, and the internet is quickly becoming the most important source of information for that demographic, especially when making major purchases, such as automobiles or appliances. According to SeniorNet, adults over the age of 50 spend about $7 billion a year online and control over 83% of consumer spending. On a daily basis, 76% of adults aged 50-64 go and 70% of adults aged 65 plus go online. And a majority of them use social media. The biggest surprise? Only 73% of people between the ages of 50-64 use Facebook, while a whopping 90% of people who are over 65 use Facebook. If your company doesn’t have a presence on social media because you’re under the assumption that a senior audience doesn’t participate in those platforms, you are sorely mistaken and missing out on a lot of opportunity. Embracing these changes now will only strengthen your connection with the Boomers as they continue to age and continue to spend. Don’t let your company be left behind.
