UnderstandingMarketing.com has spent a lot of time discussing different ways small business can reach and market towards the youthful generation of today. But a still-exploding market that should not be ignored is that of baby boomers.
The baby boomer generation represents 38 percent of the U.S. population (typically people 50+ years of age) and is expected to grow to reach nearly 49 percent by the year 2020. What’s more, U.S. Census data indicates that 78 million Americans 50 or older (back in 2001) represented nearly $30 trillion, roughly 67 percent, of the country’s wealth. When last reported in 2000, households that included a person between the ages of 55-64 had a median net worth of $112,048 (approximately 15 times what was reported for the under-35 population). Baby boomers spend about $2 trillion a year, and by the year 2010 will outspend the younger generation of adults by a whopping $1 trillion.
So, what does this all mean to the small business owner? Simply put, you need to think long and hard about how you can leverage a variety of different marketing and PR techniques in order to reach this market - if you’re not already doing so. Naturally, your products and services need to be of value to this audience, otherwise you’ll be wasting your time. But odds are you’ll realize that there are plenty of people that fall into this demographic that you can reach. Here is a great resource to help you further - Boomer Consumer: Ten New Rules for Marketing to America’s Largest, Wealthiest and Most Influential Group
Here are some things to keep in mind:
1. Boomers are driven by more internal motivations rather than external. They’re no longer “finding themselves” because they know who they are as a person.
2. Boomers have a variety of different sub-segments (empty nesters, business people, still raising kids, retirees, etc.).
3. They are completely driven by life-enriching experiences, rather than materialistic items.
4. Boomers are a large audience for what is now considered “traditional media.” They still read the printed newspaper, watch television news and listen to AM radio.
5. That being said, they’re growing more Web-savvy by the day. Sites like GrandParents.com, ThirdAge.com and AARP.org are a few great Web sites that deliver news, information and entertainment to the boomer market.
6. Social networking is even playing a larger role with baby boomers, with sites like BoomJ.com growing more popular each day.
Marketing and PR Strategies
Keep all of the aforementioned information in mind as you develop your marketing and PR campaigns to reach this valuable segment. With boomers, you’ll want to create marketing tactics that are heavy on traditional media forms like print advertising, direct mail and direct response, loyalty programs, rewards and incentives, and newsletters. As you learn more about the specific sub-segment of the boomer market you want to reach, take careful consideration in developing any online marketing programs like email marketing, social marketing, SEO and SEM and any form of blogging as a way to engage with this audience.
For PR opportunties, build press releases and media lists that get your news into publications and on television/radio stations. The boomer market is heavy on watching the evening news, so work towards building a visual story and pitch to local television reporters around the country (or in select markets). Same thing with AM radio and print newspapers. The PR Toolkit is a great resource to help you learn how to reach these reporters. For social media, do an intense Google search to identify all kinds of online Web sites and informational blogs that cater to the boomers market. Build a relationship with these bloggers so that you can have a larger presence there.
