Unless you've been in a dimly lit cavern for the past several decades, you know that "Baby Boomers" is the collective name given to the 76 million people born in the United States between the end of World War II and 1964. Often described as the largest, most knowledgeable and most fiscally influential demographic group in American history, their motto could very well be: Where does a 750-pound gorilla sit? Anywhere it wants!
Getting to Know Them
Dubbed the "Me Generation" for their nonstop quest for self-gratification, many "Boomers" pride themselves on their counterculture values, for having led movements for social rights and environmental awareness. However, marketers should take note?
? The cultural rift opened by the Vietnam War between Boomers who answered the call and those who avoided military service, or thought service dishonorable, has never completely closed.
? Significant medical and scientific breakthroughs beginning in the 1940s have allowed Boomers to be the first Americans to take responsibility for being healthy, not just avoiding disease; to be fit, in shape, and to live longer...in effect, taking charge of their lives in ways earlier generations could never imagine.
? Boomers value simplicity and like being in control. They view maintaining fitness and good health as manifestations of their ability to affect everything going on around them. For many, for example, the most dreaded aspect of a serious illness is as much being unable to think clearly or exercise as much as they want, as it is losing the ability to earn income.
? Women may have first come into their own in this country as a result of World War II, but it was the demographic clout of fiercely independent Baby Boomer women, combined with their widespread entry into the workplace, that has lead to their increasingly controlling the purse strings of American households and businesses.
? Out of necessity or otherwise, many Boomers of both the popular genders will continue working well-past retirement age. In truth, if all the Boomers who begin turning 65 in 2011 retire on schedule, the effect on national productivity, not to mention the financial markets, will be enormous. As a result, policies that encourage Boomers to remain in the labor force will be a necessity, but you can bet Boomers will find a way to make it all seem trendy (just as they did when they invented the youth culture of the '60s).
? Through all this, the adult children of Baby Boomers will continue to be an important part of their parents' lives. Because Boomers had children later in life than previous generations, some of these children will still be in school and living at home even as their middle-age parents are gearing up second or third careers or just now realizing they may soon have their own parents to care for.
What This Means to You?
As a result of these and other factors, Baby Boomers' financial obligations will also be long-lived, and so, even now, staying on top of their long-term financial security is (or should be) a very high priority. Because of their economic clout, Boomers will always be an attractive marketplace.
Marketers have focused their efforts on Boomers for decades. "One of the surest ways to make sure a product prospers is to wait until Baby Boomers enter that stage of their lives," said Brad Edmondson, senior writer for American Demographics magazine.
Younger Boomers are still in their prime home buying and family-starting years. Yet according to LIMRA, this is a generation where life insurance has not been on their radar screens. Similarly, until recently most Boomers also were well behind the retirement planning curve.
Let's see why?
The children of the '60s married and had children later in life--but many of these marriages didn't take, and second families and weekend visitation privileges became unhappy institutions for this generation. Add the effects of corporate mergers and downsizing, the need to support elderly parents, and the Boomers' mistaken belief that they could keep spending while meeting other financial goals...it's little wonder so many found themselves with credit problems and got a late start on retirement savings.
According to a report published by the Investment Company Institute: "Baby Boomers have done less financial planning for their future than did the previous generation. Studies show that despite a large number of two-income households and a higher per-capita income, they have a lower savings rate than their parents.
"More than half of the Boomers surveyed said they did not have enough money to save regularly," according the report, which was published on the Web site of financial planning firm, Waddell &Reed, "while two-thirds felt they could not invest for the long term because of the need for immediate access to their money."
At the same time, Boomers are confident they can keep earning income later in life, either by postponing retirement, launching new careers or starting homegrown businesses. Ironically, though, according to another study, Boomers still receive as much as 10% of their wealth from living parents.
Millions of Boomers began turning 50 in 1996, but you can still market to them as though they were still in their 30s or 40s. This generation never has wanted to be like their parents, and will always be young in their minds. Boomers may have been careless with money in the past, but you can help by giving them another chance to achieve personal financial security.
Your message to this generation: It's never too late, but the sooner you start, the more you can do.
Want More? Send questions and comments to w.willard3@knology.net.
Bill Willard has been writing high-impact marketing and sales training for over 30 years-but as Will Rogers put it: "Even if you're on the right track, you'll get run over if you just sit there." Through interactive, Web-based "Do-While-Learning?" programs, e-Newsletters and straight-talking articles, Bill helps small-business owners and independent professionals get the job done: profitably improving performance, helping grow your business, skipping expensive mistakes, making the journey to success faster, smoother, easier. And fun!
Here is a powerful tip on how to substantially increase... Read More
Sometimes, one of the most difficult things to teach beginning... Read More
If an alien civilization from Mars was planning a friendly... Read More
The world of marketing has changed. With increasingly better educated... Read More
Niches are like bathrooms; you never notice them until you... Read More
Direct Mail . . . Newspaper . . . Radio... Read More
If you've got a mailing list of at least a... Read More
Dear Friend:Don't do it.Don't start your fundraising letters with "Dear... Read More
Maybe you've heard these different marketing terms, maybe you haven't.... Read More
Wondering if your marketing message is dancing in the spotlight... Read More
What's in a name?Think of your business name as an... Read More
When Cable began as Community Antenna Television in 1948, all... Read More
Business marketers have a lot of weapons in their arsenals... Read More
"I wouldn't pay more than what I charge now."If you... Read More
How Much Is Your Popcorn Worth?: Powerful Lessons In Marketing... Read More
How many times have you been asked to participate in... Read More
Are you market products and services using PPCs? PPC Advertising... Read More
Toby is one of our two family pets (both cats).... Read More
I'm always amazed that people would spend months to develop... Read More
How to Tie a Tie and How To Kiss -... Read More
When marketing your practice, as well as designing yourbrochure, web... Read More
In a previous installment, we spoke about how to come... Read More
The difference between a successful business and one that just... Read More
In a recent marketing workshop I attended, I discovered that... Read More
So, you want to know what your competitors are up... Read More
Strategy #1: Change Your Mindset That's right, change your mindset!... Read More
Give away your knowledge, and you'll make money. How does... Read More
"Do it!", "Do it now!", or "Do it because..."Which of... Read More
Thousands eyes were fixed. Hearts were beating hard against the... Read More
Today's business marketing rules are different than they were in... Read More
Marketing is actually very simple. It involves telling people what... Read More
Buying your promotional products and corporate apparel online provides five... Read More
Part #26) Food safety is becoming paramount.What this means to... Read More
Do you ever wonder if you could be doing a... Read More
Trade shows are part of the marketing mix and the... Read More
Many of the business owners I speak with are looking... Read More
In today's competitive (sometimes cutthroat) marketplace, savvy business owners need... Read More
Most people mistakenly assume that when you talk about marketing,... Read More
In today's competitive world of business, it takes moxie and... Read More
"When I walked into the grocery store last Saturday, I... Read More
It is a well known web site marketing strategy: To... Read More
We live in an unprecedented era of communication. Because of... Read More
I'm always amazed that people would spend months to develop... Read More
When you want to win and woo new clients with... Read More
It goes against the grain, especially for those of us... Read More
A new client recently emailed us a brief here at... Read More
Can we actually learn a marketing lesson from reality TV?... Read More
Have you ever left a seminar thinking: "I could have... Read More
It is very important to regularly monitor your advertising activities... Read More
The best joint ventures are with people in your own... Read More
Starting to collect proper information to create a... Read More
How to Tie a Tie and How To Kiss -... Read More
Make a vow to keep up your marketing schedule in... Read More
One of the most powerful, yet over looked weapons in... Read More
So, you have a business card? And you have given... Read More
I met Sue at a recent networking event. She is... Read More
Here are three alternatives to increase your testimonial numbers or... Read More
You probably know that February 2nd is Groundhog Day. But... Read More
When commercials come on the television do you get up... Read More
Easy Direct Marketing Methods for Insurance AgenciesThis Month: Strategies for... Read More
If you want to design effective marketing postcards, then aim... Read More
Is your mind muddy on marketing? Do you wake up... Read More
What Stands Between You and Writing an Artist Statement or... Read More
Think the best way to get more customers is to... Read More
The internet of course brings a huge arena of marketing... Read More
60+ hour workweeks, cash flows that constantly keep you up... Read More
Marketing |