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, consumers 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 percent of marketing budgets are used to target people over the age of 50, even though that age group accounts for about 50 percent of consumer expenditures. In addition, 70 percent 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 more money to spend on comfort, amenities, entertainment, and recreation.
They’re definitely using social media.
Half of people ages 50 to 64 use social media regularly, especially Facebook. More importantly, they’re a likely source of social engagement. Next time you carry out a Facebook ad, make sure your target demographics include this specific age group.
They’re more tech savvy than you’d think.
In fact, 66 percent of Americans over 50 shop online, and 96 percent of them use email. Even better, 92 percent of baby boomers click through on promotional emails and 55 percent of them have purchased something promoted in an email. Additionally, most baby boomers have smartphones, and use them to shop, research, and purchase.