Baby Boomers – Doing It Their Way
Every once in a while I like to revisit the issue that although Baby Boomers have the most disposable income, only 10% of marketing efforts are targeted to that demographic. Perhaps it’s because I’m a Baby Boomer.
A lot of online marketers are totally missing a huge segment of potential customers. Keep in mind this group has $2.3 trillion in disposable income and in 2004, people aged 50 and older spent an average of 47.6 percent of their family’s budget on “nonessentials” (Bureau of Labor). These numbers are staggering for online marketers.
I came across a blog (and site) that talks a lot about marketing specifically to Baby Boomers; it has a lot of valuable info on it that you can take away for marketing your products.
Vim, Vigor and Vassolo makes some interesting points that need to be considered when marketing to Baby Boomers:
- Every Baby Boomer thinks he or she can make a difference
- They care about others
- They care more about substance than trendiness
- Boomers don’t feel old and expect to live forever
- They’re confidant and know who they are
- They want to feel fully alive and connected
- They’re willing to pay a premium for quality
- Baby Boomers expect r-e-s-p-e-c-t
If you’re a young marketer that assumes the world of ecommerce looks like you, you need to realign your thinking.
If you’re selling your own products, give some thought as to how they will appeal to the Baby Boomer segment of the population.
By targeting the people with the most money to spend you’re bound to increase sales and ROI.
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Here is the definition I got from Wikipedia – “Baby Boom Generation is a term which portrays a generation born during the middle part of the 20th Century. The birth years of the Baby Boom Generation are the subject of controversy. Historically, everyone born during the post-World War II demographic boom in births was called part of the Baby Boom Generation. However, as numerous experts have pointed out, generations have traditionally been based on the shared formative experiences of its members; this was the only time a generation had been named by the fertility rates of its members’ parents”.
Yes I think our marketers will come to realize the potential market in Baby Boomers as this market offer opportunity for income and ROI.
Got any good tips on finding them?
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I find most of the clients I deal with wanting custom websites that are realistic about pricing are baby boomers. If they are a little older they might not believe internet marketing or great web design has any value. If they are younger they have friends who say “Oh I can do that $2,000 job for a hundred bucks” and they usually are full of hot air.
What you just said mirrors what I see here in Frederick Maryland.
the “youngins” are so sure Internet Marketing has seen it’s best days and no longer is worth doing (based solely on the fact that they wouldn’t pay for it so it must follow that no one else would either)
The over 60 crowd still thinks “Advertising” means Newspaper, TV and/ or Radio and are totally suspicious of what they don’t understand.
The baby boomers are realistic but they want the lowest bang for the buck or it’s no deal.
Interestingly when I charged under $500 per company for local SEO I had almost no takers.
I raised my fee to $1500 annually and my phone is ringing off the hook.
My competitors charge $1000 a month leaving the small business field to me (all by my lonesome:)
Such a great post breaking down how to effectively market to baby boomers. Quality definitely is the most important thing to them over trends and flashiness.
All the baby boomers I know have kids in college. They don’t have spending money, especially in times like these. Regards!
I agree that this demographic is typically neglected and it is probably because when people think of online marketing and social networking trends they think of Gen X or Y and the people in charge of the campaigns are probably Gen Xers as well…
I was very glad to read in this post that someone is aware we Baby Boomers think of ourselves as caring, substantive, deserving of respect, confident and fully alive. One thing that was left out is “able to laugh at ourselves.” “50ToDeath” is a comedic web series dedicated to proving that very point. You can find us on facebook or by just “googling” our name. We’d love to have you join us in “jousting with the 21st century” laughing all the way.
Being a Boomer, we may not listen and want to do our own thing. I want to spend the way I like and do things that I enjoy doing. It may not effect the Boomer generation as much as others.
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Very true. I’ve done quite a bit of research on marketing to baby boomers, women specifically. It’s overwhelming how much disposable income they have. You also have to consider that they’re generally the ones making the purchasing decisions for holidays and special occasions.
I think there’s always a tendency to develop and design products around young and apparently tech-savvy people but by doing this I’d have to agree – marketers are definitely missing out on a very lucrative demographic.
Perhaps there’s an opportunity there for online companies to offer more eco-friendly or even charity elements to their products at a slight price premium.
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As SEO diva, you are really Baby Boomers with huge respects from me
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I agree with you. My parents are baby boomers here in the Plano area. They do not mind spending money on something that they see being profitable.
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I think a lot of online marketers just don’t know how to go after different demographics. They just market their product or service in the language and style they feel will be best for the masses. It is tough to drive or separate traffic by a demographic like age. There are likely far more young people in online marketing too. So there are less online marketers that actually think the same way or visit the same kinds of sites as baby boomers.
It is funny because most do not think that the baby boomer generation is tech-savvy and lack in this skill, but to my surprise – they are learning and adapting to this Web 2.0 World we live in these days. I found my father getting quite addicted to eBay! They are definitely an important demographic that should be targeted to, especially since they have that youthful and lively manner- they are active and are willing to do almost anything to live longer, healthier, and happier lives.
It is quite funny because most people think that the baby boomers are not as tech-savvy and are lagging behind in this Web 2.0 world, but to my surprise, I found my father addicted to eBay! A clear example that they are learning and adapting to the tech world and have disposable income to their leisure. Their active and youthful manner makes them a great target; I believe it’s just that some don’t know where or how to reach this demographic.
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hey Kay,
Where do you get the 10% figure? It seems that eventually marketers who stay in business go where the money is. Those that don’t, don’t stay in business. That said, I do think our culture likes to focus on the “youth” more than us crotchety old f a r t s. Don’t know why…
~ Steve, the crotchety old trade show guru
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@Steve – you would call me on that! I don’t remember; it’s a bandied-about number, but I did find it in a marketing report. It seems odd to me that a lot of the marketing I see ignores the facts and and presents an ideal world that most of us don’t live in. Oh well, I’ve been a little bitter since Twiggy.
There is not a lot of online marketing to this age group. But then it seems like more than half of the baby boomers I know are not that internet savvy. Many are the type that still pay with checks and go to the store to get it. Maybe that is why they are being overlooked.
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hi Kay,
LOL at Twiggy!
You wrote: “It seems odd to me that a lot of the marketing I see ignores the facts and and presents an ideal world that most of us don’t live in.”
I couldn’t agree more. Most older people I talk to say the viagra TV ads they see are a perfect example of that “ideal world”. Actually, most TV ads in general are a perfect example…
~ Steve, the trade show guru
PS. I wonder if mentioning the word viagra will get this comment thrown in moderation?
Trade Show Gurus last blog post..The Dirty Little Secret to Designing Great Trade Show Exhibits
@Steve – nope, showed right up in comments. I think you have to spell it VI@GRA for Askimet to catch it lol!
There are some staggering stats. This is a group definitely worth marketing at.
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Great points SEO Diva!
But maybe that is the next “edge” in online marketing… With most advertisers going after the obvious segments on a MySpace or Facebook, maybe there is room for a different set of clever marketers to build products and landing pages specifically targeted around that boomer set.
Some of these products, by the way, can be very lucrative… anti-aging, luxury travel, retirement funds, etc.
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Your post really shows that baby boomers are also important to internet marketers. Those are really useful tips to all internet marketers to effectively dealt with baby boomers.
kim
@dental products – your right about this showing the importance to internet marketers.
A great post
I never thought about marketing to baby boomers, since I myself not a baby boomer.