Commentary
Understanding Life Cycles Will Increase Sales
- by Nancy Shonka Padberg , February 25, 2013
Baby Boomers are spending more time online each week, 15 hours vs. a teenager's 13 hours per week. Overall, digital advertising will receive an estimated 22% of marketer's overall marketing communication budget, according to eMarketer in 2012.
Baby Boomer Transitions
From ages 48 to 66, Baby Boomers will experience more life transitions than at any other time in their lives. This means opportunities for brands and marketers to engage Boomers and build their brand promise in Boomers’ hearts and minds. The promise should have one or all of these key elements:
- We make your life better.
- We make your life easier.
- We understand you.
One or more of the following Baby Boomer life transitions are eminent as well as marketing opportunities.
Largest Transfer of Wealth
- Physical rejuvenation
- Luxury Travel
- Automotive (dream cars include Porsche, Mercedes, Corvette)
- Second homes
- Health - spa, trainers, home gym
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Empty Nest
- Pets - especially dogs for companionship
- Pursing passions
- Pursuing education
- Pursuing volunteer opportunities
- Decorate home
- Create home office
- Travel services
Caregivers
- Need time
- Need support
- Need pampering
- Need time off
- Special offers for caregivers
Divorce
- Condo sales
- Active adult living sales
- Wealth management
- Travel by age
- Girlfriend getaways
- Downsizing
Grandparent
- Education
- Travel (cruises, theme, adventure, education)
- Books
- Gifts for grandkids
- Savings accounts
- Hip or knee replacement
Menopause
- Comfort
- Understanding
- Education
- Support
- Wellness
In addition to brands positioning themselves as being helpful, web sites are providing invaluable resources and building their brands in the hearts and minds of Baby Boomers and Seniors. There are many sites today where Boomers are seeking information and pursuing their passions.
For instance, when Boomers become empty-nesters, they need information on gardening, golfing, traveling, health issues, spending time with grandchildren, and redecorating.
Take time to understand Baby Boomers’ life cycles because they hold 70% of the U.S. wealth and mostly because you will help your product, service or client increase sales.
"From ages 48 to 66, Baby Boomers will experience more life transitions than at any other time in their lives."
This seems a bit late to the game. Already we have experienced the shift from corded telephones to cordless to basic cellular to smart phones; we've moved from 3 channels that were changed by hand to a limitless number but still complain there is nothing worth watching; and, enough time has passed that locally-grown things have cycled back around and are being packaged now as "organic."
If you can't handle change, then you can't be a Boomer. We have adjusted by necessity. We saw the invention and implementation of all the things our kids take for granted. I'm pretty sure most of will handle whatever comes our way next.
Nancy, a great, great piece. I just shared this as widely as I could!
For Boomers like myself, Change is a Good thing. I embrace it I look forward to it and I relish it. For those who don't they just wither and fade into non-conformity. I know its hard for some for those that want excitement in their lives, change is the way to go. I'm not talking major change but some change. 2013 is a year of major changes coming. So far they have found alien technology in a cave in Afghanistan, The economy has changed dramatically and not for the better and even the major religions need to change for them to continue to exist. I don't mean God just the management and its bad decisions. Even online marketing for boomers has to change. We want more if you want us to spend our hard earned dollars. There is a free blog site that gives so much content that many people are not aware of it yet. It is http://thesmartmkter.com It's free and has some great tips and tricks for anybody who wishes to expand their horizons.