As the new year begins, and you plot your strategy for 2016, how are you determining who your audience is? Many companies are getting lost in how to attract and sell to millennials. What is interesting is how many companies are ignoring one of the largest segments of people who have money: boomers. This audience is ignored at your peril. According to Baby Boomer magazine, baby boomers:
• Have more discretionary income (wealth) than any other age group
• Control 70% of the total net worth of American households – $7 trillion of wealth
• Own 80% of all money in savings and loan associations
• Spend more money disproportionately to their numbers
• Are not fanatically loyal to brands
• Watch television more than any other age group
• Read newspapers more than any other age group
• Account for a dramatic 40% of total consumer demand
How are you reaching them? As Facebook fades for the youngsters, more retired and older people are getting on it. According to MarketWatch, Facebook is turning into AARP: “Social media usage among Americans aged 65 and older has more than tripled since 2010. Today, 35% of Americans in that age group report using social media, compared with just 2% in 2005 and 11% in 2010, according to a new report by the Pew Research Center, a nonpartisan think tank based in Washington, D.C.” So don’t throw out your Facebook skills and ideas quite yet. Baby boomers are also opening their wallets and spending, and you can see the trends on the Gallup site here: http://www.gallup.com/businessjournal/181367/baby-boomers-opening-wallets.aspx
Remember to include this age cohort in your strategic and business planning. While boomers shop and buy online, they may also have time to visit your brick-and-morter store. What are you doing to attract them? Lifelong learning is an important ingredient for many retirees. Hold classes, invite guest speakers, and invite your customers to your store to learn, and to enjoy the experience. Surround these individuals with your brand, and entice them to think of you and your business when they need your product and service.
This is another avenue for organic growth, and one that can be valuable if you remember it. I look forward to hearing what you think about this.
