We know Baby Boomers are ages 48-66 and hold 70% of the U.S. wealth. They are online, they have life-changing needs and passions and money to spend. They grew up with technology and are embracing time on the Internet. They are spending 39.5 hours per month online. Because I am getting nice feedback on the quiz formats, here is another one for you:
1. What do Baby Boomers do online 39.5 hours per month?
Answer is F. All of the above. And it's important to note Forrester Research says Boomers spend more time and more money online each month (est. $650) than Gen X ($581) and Gen Y ($429). Generally, Baby Boomers are time-starved because of work, family, care giving, planning, social calendar, volunteer and various community leadership positions. The Internet is their new friend.
2. Brands that wish to effectively target Baby Boomers and engage them online should:
Answer is F. All of the above. It’s important to have your banner ads around relevant content, to the right target audience and include social media on the sites -- resulting in higher conversion rates.
3. Baby Boomers purchase the majority of:
Answer is F. All of the above. I was in Detroit last month and will be back next month. The automotive executives and marketers in Detroit are realizing that Baby Boomers purchase 3 out of 5 new cars and research their dream car online. Congratulations, Lincoln, for putting John Slattery of “Mad Men” in your driver’s seat. Your average driver may be age 62 but Baby Boomers ages 48-plus can afford and enjoy the luxury sports cars, too.
I do hope you got an A on this month’s Baby Boomer marketing quiz. The fact is, numbers don’t lie. When you have 78 million people in the U.S. controlling a majority of the wealth and are technology savvy, where would you put your brand that gives you dashboards and metrics to reach them effectively?