Lately the Millennials seem to be top of mind. At trade shows and educational events, the Generation Y topic appears at least once on the agenda. We’ve been focusing quite a bit on Millennials in this blog so we are not immune to the pull of these digital natives.
Yet, we can’t forget that it’s the Baby Boomers who have the most disposable income today with an annual spending power of $2.3 trillion (compared to Millennials’ 600 million). According to the Huffington post, medical advances will enable boomers to live longer than any generation that’s come before them.
With their sheer size, disposable income and spending power, it’s becoming more and more difficult for marketers to ignore the aging Boomers and only focus on Millennials. Plus, Boomer’s purchasing power is staggering and according to Fona International, they outspend other generations by $400 billion/year on consumer goods/services.
When marketing to Boomers, keep these tips in mind:
Focus on Health
Boomers are expected to spend much of their savings and income on health, wellness and leisure. More importantly, they are willing to pay more for healthier products and are incorporating healthier foods into their diet.
Food as medicine is key for Boomers who are seeking to prevent heart disease, cancer and other issues. Both Millennials and Baby Boomers shop for healthy ingredients; however, Boomers are more concerned with what is on the nutritional label and less concerned with the source of the ingredients.
Boomers are Foodies
Boomers are adventurous when it comes to food and they are not only passionate about living long but also living well. The rise in urban farmer’s markets and community supported agriculture has been fueled, in part, by the desire of Baby Boomers to buy more local, organic, fresh foods. After all, it was Alice Waters who became a leading food influencer for locally grown.
Since Boomers have more disposable income they are eating out more. In fact Boomers buy an average of 193 restaurant meals a year according to Restaurant Hospitality magazine. Restaurants can also take advantage of this trend by highlighting heart-healthy and low-fat items on the menu.
Target Both Digital and Traditional Media
According to the Pew Research Center, at least 65 percent of baby boomers aged 50-64 use Facebook. Google’s Reaching Today’s Boomers & Seniors Online suggests that the majority check their profiles daily. Therefore, geo-targeted ads on Facebook with boosted posts would be an effective strategy.
Google’s study shows that boomers are device agnostic like millennials – utilizing multiple screens at once, i.e. texting, posting and/or watching TV at the same time. This opens the door to compelling mobile programmatic opportunities.
Millennials use their digital devises to make shopping easier, doing research on their smartphones and tablets before they buy. Boomers are less likely to use their devices as a shopping tool.
When it comes to digital shopping, Boomers are becoming increasingly open to shopping for groceries and other items online with more than 54% saying they would participate if made available to them.
According Synchrony Financial’s latest report, “Balancing Multi-Generational Retail Strategies,” Boomers are more likely to use print media compared to Millennials to obtain product information. So we recommend combing digital with traditional media.
Everyone Loves to Save
Baby Boomers and Millennials share a love for coupons, sales, and bargains and 75% of Boomers are more likely to purchase if they have a coupon or loyalty discount according to Synchrony’s study. Boomers are less motivated by price than Millennials, and they’re loyal to the styles and brands they like.
So when it comes to developing targeting marketing campaigns, the Boomers should be top of mind especially when it comes to promoting products focused on health and wellness.
Written by Heidi McIntyre
Managing Partner
Heidi@FullTiltMarketing.net
