The wealthiest generation in history, Boomers currently hold $2.6 trillion in buying power. Wouldn’t it be nice to have some of those dollars flow into your business?
In this podcast I outline the 3 critical factors that influence most of the Boomers purchasing decisions and I also go into the critical difference of marketing products versus services to them.
Take a listen by clicking the links below.
Boomers are rich.
They bought houses when they were affordable and sold off at the right times. They purchased hovels downtown, they sold for millions. Didn’t know how to pick stocks so invested long-term, a boring yet profitable strategy.
Patience and delayed gratification have been virtues.
As the wealthiest generation in history, Boomers currently hold $2.6 trillion in buying power.
Today, Boomers are RE-INVENTING their lives.
They are finding NEW places to work, NEW places to travel to, NEW ways to spend their days, NEW ways to spend time with their children and grandchildren, and NEW ways to stay vital and connected as they age.
Each choice represents enormous business opportunity.
Today’s boomers are planning their full retirement at 80, not 65, and are looking for second, third, or fourth careers or new businesses.
Shrinking, fixed incomes, minimum spending are out the window.
Ken Gronbach, author of Common Census: Counterintuitive Guide to Generational Marketing states:
“They know what they want. At this point in their lives they want only three things:
- Life made easy.
- Time saved.
- Not to be ripped off.
Boomers already own a lot of stuff.
Their needs are getting increasingly fewer, thus they are less interested in or seduced by things.
Boomers are service consumers more than product buyers. They want nothing as a thing; they want a thing that gives time, convenience, freedom, or ease.
Boomers still think in terms of “classic credibility”.
Brand names matter, credible, relevant celebrity endorsements matter, years in business, professional affiliations, access to live humans for resolving problems all matter.
Above all else.
Boomers have had enough life experience to have been disappointed or felt ripped off by a number of purchases and marketers. And they are not eager to repeat the experience.