How do we market products and services to baby boomers? What has the economy done to alter our philosophy and methods?
The topic surfaced again recently when the folks from Response Magazine called about an upcoming article covering boomer trends, needs and wants. Since smack on the younger edge of that group, I am more than interested in data, opinions and where the generation is headed.
The 79-million baby boomer category is the biggest, healthiest and wealthiest group ever seen ever on the U.S. marketing landscape. It is totally opposed to being labeled as “older” – or even getting to such a place. You’ve heard it all – 70 is the new 50; 80 is the new 60, etc.
The boomer group has revamped every life stage it has entered – retirement is next – and clearly altered every imaginable product from jeans, to automobiles to ice cream. Boomers apparently are hard-wired with a sense of adventure, possess a lust for the exotic, and have never been averse to borrowing. In fact, it’s been said that baby boomers never met a loan they didn’t like. More on that in a moment . . .
What they don’t like is hype, and that’s definitely something all marketers need to keep reminding their customers.
Mark Goldstein, a specialist in the demographic, lifestyle and “psychographic” trends of aging baby boomers and seniors, said the 50+ population is growing at a rate of 10,000 people a day. These numbers bring immense business possibilities and ramifications.
“Not only will this group re-invent retirement,’’ Goldstein said, “but it also will not stand for hype. The style of marketing to boomers must be educational or they won’t be buying.’’
Another critical point for our clients to remember is that Internet activity is increasing fastest in the 50-plus age group. While the web was made for the young and by the young, boomers and seniors clearly respond to a different drummer. One of the online companies that clearly gets this is our online marketing partner, Net Media Group which now specializes in a variety of messages and products for aging boomers.
Now, back to the boomers and their habits on borrowing and spending . . . About one year ago, nearly to the day, this huge portion of the population got an unprecedented wake-up call.
In a three-day period starting on September 14, 2008 Merrill Lynch was sold in distress. On September 15, 158-year old Lehman Brothers declared bankruptcy, setting off a worldwide panic. On the following day, the Federal Reserve loaned $85 billion to AIG, the first of four bailout payments. September 16, 2008 was “The Boomer Moment”. And, the flames were fanned soon thereafter when President George W. Bush uttered “The D Word” (Depression) on national television.
Since only a reported 25 percent of all boomers are financially prepared for retirement, most of those 79 million people in the United States who thought they were heading into retirement on track to live a good lifestyle were finally shaken into reality.
Where will they be willing to spend their hard-earned cash? On products that they can understand and services that will benefit their lives – both presented without hype.
What changes have you experienced in boomer buying trends? Has the economic meltdown done anything to alter their free-spending ways?
I welcome your thoughts.
R. Cesari
