Want some BIG numbers? For starters…how about almost 80 MILLION! That’s how many Baby Boomers there are in the U-S of A…about 30% of the U.S. population! By the year 2010, Boomers will represent more than two-thirds of the 50-plus population in the U.S. If you were born between 1946 and 1964, you are a Boomer! Even though it seems like Madison Ave. thinks our 'Boomer Babies' are the most important demographic (paying as much as 50% more to reach the 18-39 crowd), the big consumer spending numbers are in the Boomer column.
How about this number: Baby Boomers will spend 2.3 TRILLION dollars in household expenditures this year! Not only does this segment of America enjoy the highest income of any age group, Boomers were in the best position to take advantage of the ‘window of opportunity’ for the biggest real estate and stock opportunities of this century. And Boomers, the wealth-transfer generation, stand to inherit over 10.4 TRILLION (not billion…TRILLION) dollars.
How do you reach this lucrative segment of the auto-buying public? What motivates their car purchase intentions? For starters, Baby Boomers are remarkably individualistic. Unlike their parents, the die-hard loyalists, Baby Boomers revel in their inner-driven uniqueness. They are not as tied to brands as their parents, and are willing to try new products and services. According to Age Wave, the nation’s foremost thought-leader on population aging, founded by best-selling author Ken Dychtwald, Ph.D. (www.agewave.com), Baby Boomers are 70% as likely as their younger counterparts to try new products and brands.
Boomers Love Great Service!
Where Boomers are loyal (as a group) is with service. Research has shown that Baby Boomers desire and respond to customized services. This is a natural reflection of this group’s desire for personalized attention, and Baby Boomers have demonstrated that they are willing to pay more if a product or service demonstrates the ability to help make their complicated lives less stressful. Boomers resonate with a marketing message that helps them process their lives. Even though they maintain their youthful idealism, Boomers are middle-aged adults with the inherent issues of that period in life. Many are re-discovering themselves and don’t view retirement as the end-game. In fact, many don’t plan on retiring for many years to come!
Don’t Call Me OLD!
Research has shown that Baby Boomers don’t like to be associated with aging metaphors. Many see themselves as younger than their actual years…some by as much as twelve years or more! Marketing messages that portray active, energetic and engaged lifestyles score points with Boomers, especially the ‘leading edge’ Baby Boomers born from 1946 to 1956. The most powerful motivating message in an advertisement geared to this segment of the population is the ‘experience’ and its relevance to the shopper’s own life. Experiences create memories and personal engagement.
Which medium reaches the Baby Boomers?
Most Baby Boomers grew up with radio and television. They are comfortable with these media. News/talk show radio formats have gained popularity with the Boomers in recent years. Many in this age group feel it’s important to contribute ideas to social and current issues. Radio formats with music from the 60s and 70s continue to hold strong ratings in many markets. Boomers spend 25 hours a week with TV, mostly with ‘life-stage’ programming, specific to age. Documentaries, science-fiction and historical and science specials are high on the Boomer view list.
Boomers are Wired!
Baby Boomers are much more open to new media than previous generations. They are online almost as much as the so-called ‘Net Generation’ and have greater access to the Internet than the overall adult population. Baby Boomers are technically savvy and readily embrace new technology. And they can afford the latest computer equipment and broadband connectivity. A full 70% of Boomers say the Internet is the best place to get information about products and services.
In terms of media planning, this is the perfect scenario for implementing a ‘spirally integrated’ advertising campaign. Since the Baby Boomers listen to radio, watch television and go online, use the various mediums to their greatest advantage to build both share-of-mind and share-of-market. Use a portion of your broadcast message to bring this prized shopping group to your website. Have a well designed, easy to navigate website with relevant information on vehicles and service. Consider keeping your web address on the screen at the bottom of your TV ads for the entire length of the commercial. If you don’t have an easy to recall web address, get one! The shorter the better! Remember, you don’t have to change your main website address. You can simply have the shorter URL ‘pointed’ to your existing website. If you employ radio advertising, make sure your web address is in every ad. Remember that service is very important to the Baby Boomer segment. Can your customer make a real-time service appointment on your website…and get an email confirmation? How quickly do you respond to inquiries for information?
SEM is an Effective Tool with Baby Boomers!
A very high percentage of Baby Boomers use search engines (Microsoft, Yahoo, Google) to find products and services on the web. Find out how SEM (Search Engine Marketing) can help drive more business to your website. For a free whitepaper on Search Engine Marketing, e-mail me.
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