Baby Boomers: They’ve Got The Money
By Summer Nowak
Next to millennials, there’s another important generation that you need to consider when picking the messages your dealership’s delivering. Baby boomers are a very important generation that cannot be missed in terms of your marketing strategy; however, only 10 percent of marketing budgets are being used to reach the 50+ demographic.
It is said that people that are born between 1946 and 1964 are currently the most profitable marketing segment you can tap into. This is because of:
Money (They are the ones with the money. More than 70% of disposable income comes from them- they have the biggest net worth.)
Social Media (Half of all baby boomers are on social media.)
They’re Willing To Spend (They have both the time and the money to spend on things such as comfort, amenities, entertainment as well as recreation.)
They Buy Things For Others (They love to invest in educational products/services for their grandchildren.)
They Shop Online (They use their cell phones for shopping, researching and purchasing.)
They Are Tech Savvy (96% use email, 92% who receive promotional emails click through to the website.)
They Respond To Hipster Advertising Methods (Loyalty and well-being are important when choosing who to give their money to.)
All of these things make baby boomers one of the most important generations to market to. When advertising your dealership to consumers, next to millennials, you definitely have to keep baby boomers interests in mind. Right now, to spend only 10% of your marketing budget towards a major consumer market, it leaves a lot of room for lost potential profit.