Marketers everywhere are targeting millennials, but according to online marketer, web influencer, and entrepreneur Neil Patel, we’re overlooking a major market by not marketing to baby boomers.
Marketing to millennials is usually high-energy and frenzied, involving Snapchat and viral video content. However, those born between 1946 and 1964 are a more patient (and wealthy) demographic. Here are just a few of Neil Patel’s reasons why it’s important to begin marketing to baby boomers:
They have (and spend) money.
Only 10% of marketing budgets are used to target people over 50, even though that age group accounts for 50% of consumer expenditures. 70% of America’s disposable income comes from baby boomers, and they spend a whopping 3.2 trillion a year. They’re also the generation with the most net worth. Baby boomers have money to spend on comfort, amenities, entertainment, and recreation.
They’re definitely using social media.
Half of people 50 to 64 use social media, especially Facebook. More importantly, they’re a likely source of engagement. Next time you do a Facebook ad, make sure your target demographics are including this age group.
They’re more tech savvy than you’d think.
66% of Americans over 50 shop online, and 96% of them use email. Even better, 92% of baby boomers click through on promotional emails and 55% of them have purchased something promoted in an email. In addition, most baby boomers have smartphones, and use them to shop, research, and purchase.