While they’re not quite as talked about these days as millennials or Gen Z, the baby boomers simply cannot be overlooked. Not only for their size as a generation, but also their spending power.
Born during the post-World War II baby boom, baby boomer birth years range from 1946 to 1964. As reported by the Pew Research Center, there are currently 71.6 million baby boomers. Until last year, they were the largest living generation, finally dethroned by the millennials at 72.1 million. That’s only a 500,000 person difference!
But here’s the big difference between millennials and baby boomers. With $2.6 billion in spending power, they’re the top spenders in almost every category. (FONA) Millennials may have them beat in numbers, but when it comes to cold hard cash, baby boomers have them beat.
And that’s precisely why marketers need to pay attention.
Here’s what you need to know about marketing to baby boomers in 2020.
A convenient shopping experience. For baby boomers, convenience is a big deal. According to research from Colloquy, baby boomers were less likely to agree with “I think shopping is a great way to relax” than any other generation.
These sentiments are reflected in their shopping habits. Instead of spending their time browsing inside stores, many baby boomers prefer to shop online. According to Deloitte, more than half of baby boomers prefer online to physical stores. One reason why? They love doing their research. Salesfloor reports that 85% of them research products on their web browsers.
Highly influenced by social media. While there’s a growing pessimism toward social media, baby boomers don’t seem to be as affected as other generations. According to Security.org, 83.9% of baby boomers believe that social media improves their life satisfaction.
If baby boomers are your target audience, then Facebook should be your best friend. According to research from The Manifest, 96% of baby boomers check the platform at least once a week. While it’s been declining in popularity with younger generations, baby boomers still actively use Facebook. Many spend a ton of time using it on a daily basis.
Loyalty programs are a must. Earning the loyalty of baby boomers works a little bit differently than the younger generations. Baby boomers are far less likely to switch brands. This ties back into how they value convenience. It’s the old “If it ain’t broke, don’t fix it” approach.
With that said, don’t give up on earning their loyalty. You just need to take the right approach. A loyalty program is a great place to start. More than half of baby boomers (56%) would be willing to choose one brand over the other based on the presence of a loyalty program. (PRNewswire)
While baby boomers have the most spending power, that doesn’t mean they’re always willing to shell out the cash. They place a heavy emphasis on value. And loyalty programs are a big part of that because they help baby boomers save on purchases. A strong program can mean all the difference in keeping these customers engaged in your ecosystem.
What’s new with the other generations in 2020?
ICYM: We’ve been covering what to know about marketing to the different generations in 2020 for the past few months. Check them out at the link below!
- What To Know About Gen Z Marketing In 2020
- What To Know About Millennial Marketing In 2020
- What To Know About Gen X Marketing In 2020
Engage Baby Boomers With CoGoBuzz
Ready to make the most of generational marketing? Marketing across generational lines is a lot easier with a little help. And we think we’ve got what you’re looking for with CoGoBuzz, our state-of-the-art digital marketing service.
With our service, we’ll set your business up with a loyalty program guaranteed to resonate with baby boomers. CoGoBuzz has a diverse array of features designed to keep your customers engaged, rewarded, and involved. Our service simplifies customer engagement down to a simple text message, letting you connect with your customers on the devices they use the most. Automate entire campaigns ahead of time, send birthday messages, and more!
Click here to learn more about CoGoBuzz!
—
What marketing techniques have you employed to engage the baby boomers? Sound off in the comments!