I am a Baby Boomer so, yes, I bring that perspective to this column. And yes, this column totally ignores Gen Xers. Sorry guys, there just aren’t enough of you. Blame it on Baby Boomer parents who were too busy working to have children!
But before we get into where you should spend your marketing dollars, let’s look at the facts.
Baby Boomers were born between 1946 and 1964 and are between the ages of 54 and 72. Depending on which research is used, there are currently between 76 and 79 million Baby Boomers in the U.S. today.
As of 2017, 50 percent of the U.S. population was over 50 years old.
Boomers control 70 percent of the disposable income in the U.S. and will inherit approximately $15 trillion more over the next 20 years. They have $2.4 trillion in spending power each year.
Boomers spend the most across all product categories, but only 5 to 10 percent of advertising is directed to Boomers. Also, 82.3 percent of Baby Boomers belong to a social media site. The vast majority use Facebook, but have insignificant representation on Twitter or Instagram as well.
Finally, 80 percent of Baby Boomers own their homes.
Millennials were born between 1981 and 1997 and are between the ages of 21 and 37. Again, depending upon the source, there are currently between 79 and 83 million Millennials in the U.S. today.
Millennials have about $1.3 trillion in spending power a year, but only 13 percent own their homes.
Recently, at an industry conference, a panel of contracting business owners and equipment manufacturers were asked to comment on the future of our industry. As expected, part of that discussion was about social media and Internet marketing. Of the six people on the panel, all but two of us were younger than 40. In other words, they’re Millennials.
Now I love Millennials, but just like Boomers were at their age, Millennials’ ideas and marketing are focused on their likes and dislikes, their perspectives, their expertise and focus. And so the younger members of the panel focused on social media marketing being the best way to reach Millennials who represent the largest segment of the U.S. population.
All of what these Millennials said was true, but it didn’t take into account a number of facts listed above.
As an owner of a contracting business that focuses on selling equipment and home upgrades costing thousands of dollars to homeowners and with limited marketing dollars to spend, where should you focus your marketing dollars?
My answer is obvious: Focus on a large population whom other product marketers are ignoring, who own homes and have a lot of discretionary income to spend. Conclusion: Baby Boomers.
So how do you do that? Here are 12 ways you can target this still relevant market segment.
Yes, Boomers have lost the position as the largest generation, but when identifying who and how to sell HVACR and plumbing products, remember this generation still holds the purchasing clout.
Processes and procedures can be the difference in whether your business survives even under distress or whether it sinks.
Boomers have lost the position as the largest generation but, remember, this generation still holds the purchasing clout.
Today’s complicated office structure is made up of several different generations of employees, yet there are two that can be radically different: Baby Boomers (approaching retirement; born between 1946 and 1964) and Millennials (entering the workforce; between the ages of 18 to 30).
Millennials — today’s largest group of consumers — want data, speed and trusted advisors who are eager to collaborate when making buying decisions.
When recruiting women, it’s a mistake to think that a majority male workplace is a barrier.