The Baby Boomer generation is too large of a marketing sector to be ignored. The largest generation thus far these 78 million people can and should be marketed. Unfortunately, only 10% of all marketing dollars are spent on this sector. Much of the efforts for many businesses go towards Generation Y (those who were born between 1979-1994); however, the people with the most disposable income are those who were born between 1946 -1964 and therefore, marketing departments are finally beginning to realize a shift in effort needs to be made immediately. Businesses should be putting more emphasis into marketing to those who have the most to spend and the time to spend.
Baby boomers represent 42% of all US households and control 50% of all spending. 1 Businesses should be working towards tailoring their marketing efforts to receive as much of the dollars as they can. By ignoring Baby Boomers, their market share will shrink instead of grow, as the baby boomer population is large in comparison to Generations X and Y and Seniors. Coupled with the fact that by the year 2010 one-third of the U.S. population will be over 50, therefore businesses not strategic in their plans to target the 50+ market are slowing suffocating their income potential. 2
The key to success in marketing the Baby Boomer generation is know what they want. Research shows that real estate sales and services; financial services; anti-aging and personal enrichment products; retirement recreation; and home health care are important to Baby Boomers. All of these services and products can and should be marketed to the Baby Boomers generation with emphasis on choices and selections in each category.
However, to make the process better, you can list out the benefits of the products and test it for yourself before going ahead with the project and putting it up for sales. Free sales tracking software allows you to manage leads and increase sales for no cost and this helps in increasing the fan base for the products.
To be successful, marketers must pay close attention to the five Cs, which are community, connections, continuity, contribution, and creativity. 3 People in the Baby Boomer generation may have lost certain identities. (For example, with their children grown, they are no longer active in PTA.) They are looking to connect with others who share their values and beliefs, and businesses can use this fact in their marketing efforts by creating affinities such as travel groups and passport savings clubs. It is important to use their language when speaking to them, using words that resonate with them such as “balance life and work” and “never too late.”3 Baby Boomers want to continue to grow and learn; they do not want to be labeled as old. They also want to feel like they can make a difference in the world. An example: A bank in Florida recently advertised that for every new account opened, they would donate $100 to the charity of the customer’s choice, a great way for Baby Boomers to help the community while filling a personal banking need. Baby Boomers want to be able to create their own packages to meet their needs instead of being marketed to as a homogenous group. Instead of offering a single vacation destination with an all inclusive package, a business would be better off offering a list options from which the customer can choose. By serving the needs of the Baby Boomers and focusing marketing efforts on Baby Boomers, businesses will achieve higher profits because Baby Boomers represent the most lucrative marketing sector thus far. Ignoring this fact will prove to be extremely detrimental to the overall financial success of a business.