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How to attract the baby boomer market

Web CPA, 1/17/08

Abstract:

Today's baby boomers are a marketer's dream come true. But if you want a share of the $3 trillion that this market has as disposable income, slick ads and catchy jingles will only take you so far. To really appeal to this market of over 78 million people, you need to go beyond traditional marketing and consider the boomers' real needs. In fact, when you make taking care of boomers' needs your top marketing objective, you will not only sell more products and services, but you'll also build a loyal customer base that helps your company grow.

So what are the boomers' real needs? Since many boomers are in a time of transition (doting parent to empty nester, full-time employee to retiree, etc.) their lives often involve transitioning to a new life stage or cycle. For this group, retirement is now an issue. Health changes are occurring. They're taking care of aging parents. They require money to fund a new lifestyle or pay for a child's college education. Grandparenting suddenly becomes a focus. No matter what the situation, many are shifting from an "achievement" mindset to "quality of life" values and concerns.

Some companies are starting to realize how lucrative the boomer market can be. For example, Ameriprise Financial advertises a Dream Book Guide for people to create their own future. Dove Soap has a "campaign for real beauty" where they feature older models with realistic, everyday body shapes. Such campaigns target two of the many needs that boomers have: that of transitioning into the "new" retirement, and of connecting and identifying with similar people.

No matter what industry you're in, whether it's construction, healthcare, insurance, banking, media, or any other business or occupation, the best way to market to boomers is to focus on serving their needs.

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