Donâ€™t Write Boomers Off Yet!

February 28, 2011, 10:30 AM

We see many companies today trying to chase after younger buyers, many times at the expense of what could be their core customer base. Why? It’s kind of like chasing the fountain of youth. Executives running today’s companies are in their 50s and 60s. They fear becoming dinosaurs, so in an effort to prove they – and, by extension, their companies – are on the leading edge of new sales techniques, they begin to go after a younger demo.

Here’s their rationale:

1. Our future is with young professionals 24-35 year olds. As people age, they stop buying as much.

2. Our current buyers are only going to get older and eventually die. We have to reposition our products and services to appeal to the next generation.

3. If we don’t start to sell to a younger audience, our products and services will eventually become irrelevant, and our company will fail.

Certainly all companies should keep a watchful eye on shifts in product relevance and shifts in audience demand, but at Burgess Advertising & Marketing, we suggest that you don’t write off the Baby Boomers too quickly.

At 78 million strong (born between 1946-1964), the Baby Boomers are STILL the largest pool of buyers in the nation.
Boomers control 70 percent of the wealth in the nation, and they spend more on goods and services, technology, luxury cars, dining, travel and home improvement than any other segment of the population.
74 percent of Boomers are working.
Of the 72 million family households in the U.S., 34 million of them are baby boomer households.
By 2015, those aged 50 and older will represent 45% of the U.S. population.
The states with the highest percentage of Boomers in their population are Vermont, Maine, New Hampshire, Montana and Connecticut.

Boomers see themselves and cool, hip and into pop culture and music. In fact, they share the same online use characteristics as 18-34 year olds. They are health conscious, educated and active. So, before you chase new, younger prospects, take a hard look at your products and services, and see where what you offer intersects with who is REALLY buying!

Leave the first comment