Marketing to the baby boomers
The baby boomer generation (people born in the years 1946 - 1964) is the largest demographic in America. This group also has trillions of dollars of spending power. It would only make sense, then, that most companies are trying to tap into this demographic. By marketing to the baby boomers in the right way, companies can make a huge profit while also building customer loyalty.
As the baby boomers begin to age and approach retirement, their demand for certain goods and services will change, according to their needs. Marketing techniques for this age group will have to adapt. In other words, marketing tactics that worked when the baby boomers were in their 30's may not work for them when they're in their 50's and 60's.Here a few things to keep in mind when marketing to the baby boomers:
- Market your product/service's value
Baby boomers appreciate a good deal, things with a good value. This can be attributed to their upbringing by parents who lived through the Great Depression.Most likely, their parents instilled a need for some kind of frugality, of searching for a bargain, and only spending money on things that are a good deal.So while the baby boomer has more money to spend than the previous generation did, they do feel a need to get the best value possible. Also, as the baby boomers age into retirement, many will be on a fixed income and, as a result, will be even more sensitive to price and value.
To do this, market your product or service as giving them the most bang for their buck. What you sell should be priced reasonably. Offer sales, samples, and coupons.Most baby boomers like to shop around and feel in control of their money.The key is to promote your product in such a way that they feel that whatever amount they spend.
- Remember their life experience
The baby boomers have lived through various social, technological, and political changes. They have seen the television gain popularity (even change from black and white to color), the invention of the personal computer, and the advent of the Internet.They are not new to change and will adapt to new concepts and ideas.So, when marketing to this demographic, don't just assume that they are stuck in old ways and fear new technology. In fact, in many cases, baby boomers enjoy new technology and concepts because it makes them feel with the times in a youthful way instead of being old-fashioned and stuck in the past.
However, while most baby boomers appreciate new things and enjoy innovation, it is also important to remember their past experience. Respect any sort of hesitancy they may have about your product with patience and understanding.Use familiarity as a tool to show baby boomers how the thing you're selling can add to their life experience.
- Ditch stereotypes and perceptions
Even as the baby boomers begin to age and enter retirement, keep in mind that this group of people is quite different than the generation before them. Unlike generations before them, the baby boomers don't see their retirement years as the end. Instead, they are living active, busy, health-oriented lifestyles.Avoid any preconceived notions, stereotypes, and perceptions about getting older - the baby boomer generation will most likely prove be the opposite.
Many baby boomers resent being treated as elderly, with limited ability or activity.It is very important to be careful when marketing to the baby boomer. You want to incorporate their life experience, the years they have lived, into your marketing technique, but not to the extent that you make them feel outdated or as if your product or service is specifically geared for "old people".
Avoid this by using words in your marketing like "mature" or "prime" instead of "older", "senior", or elderly.Also, don't point out their limitations - they already know them. Instead, use active, healthy role models in your advertising - this will give them a feeling that they can deal with the changes of getting older and can face their retirement years with vigor and optimism.