Why Boise Dentists want Baby Boomers |
Here's some trivia for you: Which generation makes up 26% of the U.S. population but accounts for well over half of all consumer and discretionary spending? If you answered "the Baby Boomers" . . . you probably read the title of this article. Baby Boomers are now between the ages of 46 and 64. They are the highest earners, with a median average income that is 58% greater than other generations. 80% of Boomers own homes, and they account for 80% of all leisure travel andover 80% of the country's personal financial assets.
Have you ever heard of the "80/20" rule? Look it up. It applies in advertising as well.
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| Baby boomers have come a long way.. |
Full Disclosure--I am a Boomer. And the odds are pretty good that if you are on this mailing list, you are too. We are not talking about a "niche" market here--we are talking about the "new customer majority."
All this begs the question: If Baby Boomers have this ridiculous buying power, why does most dentist advertising today target the 18 to 35 crowd? According to a recent Nielson report, only 5% of advertising dollars currently target 35-64 year olds. Boomers (not to mention seniors, another huge missed opportunity) are almost completely ignored by most companies.
This might be due to outdated thinking about how we "mature" folks spend our money--that we are already set in our ways and can no longer be influenced in our buying decisions. All of that might have been true for my parents generation, but it is certainly not true for mine. Research bears this out:
1. Boomers are not necessarily loyal customers.
We are constantly reassessing our needs. If we find a better deal, we will go for it.
2. If we like you, we will tell our friends. If you get us through your door and give us a great experience, we will reward you.
3. We do a good deal of the spending for younger generations too. Anyone else sent a kid through college recently?
4. We like to feel young.
5. We're getting older. Industries aimed at older people will see a major boost as the Baby Boomers age.
Oh, and one more thing--though we are not as technologically challenged as our kids think we are, Boomers still prefer the reliability of Boise yellow pages, especially in an emergency.
You can bet that Boomers will not be ignored for long. A seismic shift in advertising dollars is already underway. Who are you targeting with your advertising?
Thanks for your business,Reed
P.S. Baby Boomers can go also go to our Boise ID dentists webpage to find good dentists.
Sources: NielsonWire, "Why Marketers Can't Afford to Ignore Boomers," July 19, 2010; McKinsey Quarterly, "Serving Aging Baby Boomers"; ThirdAge, "About Us"; americasbestcompanies.com, "Small Biz Tip: Baby Boomers: Marketing via Print Media," Dec. 9, 2009. Disco picture by x-ray delta one @ flickr.com |
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