Friday, July 31, 2009

Boomers still in the spending game

Savvy marketers and communicators are those who do not overlook the baby boomers as a lucrative market for their products and services. The boomers have fat wallets that enable them to brand-shop like their progeny, to pamper themselves now that the children are grown ups and have flown the nest.

For the 50-somethings who have retired or have been retired, they will start their own businesses and therefore, get more committed in their social networking – even better than when they were still on a company payroll.

Because they grew up in the era of print, radio/TV advertising, Boomies want to stay connected. Hence Facebook is populated with ‘friends’ commenting on how they miss fellow baby boomer Michael Jackson whose music they grew up with, are posting photo albums of their college days and videos of their children and the new grandchild. They are very much part of the interactive media.

So how to engage them and make them spend? Give them information on what they need - - wellness, personal financial planning, adventure holidays, entertainment, products that youngsters (like their grandchildren) would use and like to have.

Not very smart to look the other way if you want to increase your market share.

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