The claim that 50 is the new 40 might not be too far-fetched. Medical technology and improved nutrition have extended our lifetimes, with many baby boomers (age 54 to 72) living healthier and more active lives than generations before them.
But, while today’s seniors may be more vital, there is still a misconception that boomers are old and stubborn. The reality is that baby boomers are tech-savvy, enjoy learning and, as the most valuable generation in America, are well worth your marketing dollars. Here are a few facts about boomers to consider as you formulate your brand strategy:
They have money to spend. Americans over age 50 have the highest net worth of any segment of our population (Venture Capital Assoc., Ernst & Young) and 70% of disposable income is held by baby boomers (Nielsen). Over the next 20 years, spending by those age 50+ is slated to increase by 58%, so be sure that if this demographic buys your products/services, that your marketing strategy includes reaching out to them directly.
They are social. About 82 percent of boomers belong to at least one social media site, with Facebook being their most popular choice (DMN3). They use Facebook to catch up with friends and family, and to share information: Baby boomers are 19% more likely to share content than any other generation (Fractl). Align your social media content strategy accordingly, using ads, sharing content and engaging with boomers on your page. Be sure to link to your website or product purchase page on your social media posts.
They check their email. According to a Third Age/JWT study, 96% of boomers use email; 92% of those who receive promotional emails click through on the advertising product or service; and 55% have purchased a product or service based on a promotional email. By using a drip email campaign, you’ll keep your brand and services front-of-mind for this audience.
They watch video. According to a study by Google, boomers and seniors spend more time online than they do watching TV. What’s more, more than 50% of baby boomers watch online video. (YouTube is the preferred site with 82% of video watchers using it). The study also found that 3,600+ baby boomers Google “YouTube” every minute of every day—that’s a 10% higher view rate than millennials. Check your brand’s online video activity and consider incorporating YouTube marketing videos and/or ads.
They value personal service. Boomers value—and reward—authentic interaction and exceptional customer service. According to a Loyalty One study, if boomers felt the sales associates did not appreciate their business, 54% were “very or somewhat unlikely” to return (as opposed to only 33% millennials). Include a hand-written note with your product shipment; send an email when a favorite item is restocked—the extra effort will reap rewards.
They are loyal. With many baby boomers downsizing and adjusting to living on fixed incomes, they are partial to incentives and loyalty programs. Start with focusing on maintaining exceptional product/service quality and ROI, and then consider giving a little brand love back to your customers with a simple loyalty program that makes them feel appreciated.
Do you have a strategy for reaching baby boomers through your marketing effort? Join the conversation on Shamrock’s Facebook page.