Most marketers today focus more on marketing to millennials than baby boomers. Though there’s nothing wrong with that, it would be a mistake to exclude the latter, because they are the ones with the most extra money to spend. According to global information company Nielsen, half of the US population will soon be over the age of 50. This age set is set to control 70 percent of the nation’s disposable income and inherit $15 trillion in the next two decades. As such, marketing to baby boomers can be the key to success for many brands.
According to studies, baby boomers focus less on brand loyalty and more on price and experience. The take away is no matter how long you’ve been doing business with a baby boomer, if they can find better prices and services somewhere else, they’ll say goodbye to your brand.
So what should you do to keep the generation with the most disposable income from leaving you? Acknowledge them. Market research reveals that many baby boomers feel ‘overlooked’ and their loyalty is ‘not rewarded’ as much as they’d like. More than offering them discounts, promos, and gift items, one of the most effective ways to acknowledge your baby boomer audience is to use personalized marketing.
International Customer Loyalty Programmes (ICLP), a leading global loyalty marketing agency, offers these tips to effectively market to the baby boomer generation:
- More than 80% of boomers don’t expect relevant branded recommendations, but brands can make recommendations to their interests to spark curiosity.
- Less than 40% of baby boomers expect acknowledgement from retailers, so using personalized and relevant emails and other branding messages can make them feel valued.
- More or less 12% of boomer think retailers know them personally. Compel your employees to know and better understand the customers they deal with to overcome this.
For more help marketing to baby boomers, partner with an expert digital marketing company that serves your industry.
DON’T IGNORE BOOMERS – THE MOST VALUABLE GENERATION, Nielsen.com