Written by Bill Napier"Hands On"Marketing Consultant igniting B2C & B2B brands focused on driving growth & profitability. Noted Writer & Speaker specializing in business transformation.
March 16, 2024
March 16, 2024
"UNVEILING THE SHOCKING TRUTH": YOUR MARKETING BUDGET IS VANISHING INTO A DIGITAL ABYSS BY IGNORING BABY BOOMERS, ESPECIALLY FEMALES!
’ll write, you decide. Prove me wrong!
In 2017, I wrote an article titled:
BOOMERS OVER 50 BUY 50% OF EVERYTHING
Yesterday my colleague Walter Holbrook sent me an article from Entrepreneur Magazine titled:
Boomers: The Wealthy Client Group You Can't Ignore — Here's the Best Way to Market to Them.
The article was written by:
Scott Keffer
ENTREPRENEUR LEADERSHIP NETWORK® CONTRIBUTOR
Not much has changed in the 7 years since I wrote my article.
Here are a couple of highlights that are FACTS that Scott called out:
I am NOT against digital marketing at all, in fact, I’m all in with it, BUT if that is the only venue you are using to promote your store or business, you are missing out on a huge opportunity and failing to hit "The Sweet Spot"!
Statista: Wealth Distribution in The United States from the first quarter of 2023 by generation
In 2017, I wrote an article titled:
BOOMERS OVER 50 BUY 50% OF EVERYTHING
Yesterday my colleague Walter Holbrook sent me an article from Entrepreneur Magazine titled:
Boomers: The Wealthy Client Group You Can't Ignore — Here's the Best Way to Market to Them.
The article was written by:
Scott Keffer
ENTREPRENEUR LEADERSHIP NETWORK® CONTRIBUTOR
Not much has changed in the 7 years since I wrote my article.
Here are a couple of highlights that are FACTS that Scott called out:
- Boomers own 51 percent of all wealth in the United States, have the most wealth per household, have the most money in retirement funds, and have the most money in stock and mutual funds.
- In a world barraged with online noise, the key to success with affluent Boomers lies in delivering messages that are normal, natural, and, above all, trusted by them.
I am NOT against digital marketing at all, in fact, I’m all in with it, BUT if that is the only venue you are using to promote your store or business, you are missing out on a huge opportunity and failing to hit "The Sweet Spot"!
Statista: Wealth Distribution in The United States from the first quarter of 2023 by generation
This fact was backed up in Fortune magazine on 02/07/2024
Millennial and Gen Z wealth has grown by 80% in recent years, according to the NY Fed. They’re still $94 trillion behind boomers
BY ALICIA ADAMCZYK (Fortune Magazine)
February 7, 2024 at 4:17 PM EST
Here’s my take on today’s so-called messaging.I’m a Boomer, I watch some TV, but now mostly cable, Netflix, Prime, Hulu, etc.
WHY? I look at the messages and especially the messengers/actors delivering the messages ... most of the time with disbelief at the stupidity, arrogance and totally out-of-touch creative. (I’ll leave it there … and the same with many of the new movies nowadays)
I always ask myself who are they speaking to and more often than not, I have NO desire to engage with those brands because the messenger and the message are totally irrelevant to ME! I believe I am NOT alone with these thoughts.
Baby BoomersSpend the most, with $548.1 billion annually, and account for more than half of all U.S. spending. Baby boomers are buying fast food, groceries, home goods, and services.
Are you paying attention?But here is the real kicker:
Women over 50, also known as "super consumers", influence over 80% of purchase decisions in the U.S. but only 5–10% of marketing budgets are allocated to them. This means that 91% of Boomer women feel ignored and misunderstood by marketers.
Millennial and Gen Z wealth has grown by 80% in recent years, according to the NY Fed. They’re still $94 trillion behind boomers
BY ALICIA ADAMCZYK (Fortune Magazine)
February 7, 2024 at 4:17 PM EST
Here’s my take on today’s so-called messaging.I’m a Boomer, I watch some TV, but now mostly cable, Netflix, Prime, Hulu, etc.
WHY? I look at the messages and especially the messengers/actors delivering the messages ... most of the time with disbelief at the stupidity, arrogance and totally out-of-touch creative. (I’ll leave it there … and the same with many of the new movies nowadays)
I always ask myself who are they speaking to and more often than not, I have NO desire to engage with those brands because the messenger and the message are totally irrelevant to ME! I believe I am NOT alone with these thoughts.
Baby BoomersSpend the most, with $548.1 billion annually, and account for more than half of all U.S. spending. Baby boomers are buying fast food, groceries, home goods, and services.
- Gen X (ages 36-54 years old) follow Boomers with a $357 billion annual spend.
- Millennials (25-35) are next with $322.5 billion in annual spending.
- The estimated average annual earnings for Gen Z are $22,924.68, or $1,910.39 per month.
Are you paying attention?But here is the real kicker:
Women over 50, also known as "super consumers", influence over 80% of purchase decisions in the U.S. but only 5–10% of marketing budgets are allocated to them. This means that 91% of Boomer women feel ignored and misunderstood by marketers.
In the Entrepreneur article, Scott reinforced what we all know.
Only $15.6% of ALL U.S. sales occur online, according to Statista.
AND….over 84% prefer visiting a physical store for virtually all their shopping needs. So the obvious question is, how are you “dressing” your stores with signage and other engaging promotional items?
Enough of the facts. If you don’t believe me, do some due diligence.
So, how does the Baby Boomers like to be marketed to?
#1 - The mail. Direct personalized mail and promotional print in the mailbox.. So I ask, WHY have marketers decreased their mail budgets by 17%?
I know MATH IS HARD, but if you have decreased your ad budgets to this demographic, you need to ask yourself how much “low-hanging fruit” have you left on the tree?
Need more proof?
According to self.inc, the average amount of money that people have in savings is:
I stated in the beginning of the article that you MUST include a savvy digital strategy to grow your retail store and your overall business.
According to eMarketer:
What about the 46.2% NOT engaging on social media, do you just ignore them?
I'll bet you are! So QUIT YOUR CRYING if your sales and marketing strategies are NOT performing to expectations.
The GOOD NEWS....
We are experts in reaching the Baby Boomer market, especially when it comes to "The Mail".
Contact me at [email protected]
Only $15.6% of ALL U.S. sales occur online, according to Statista.
AND….over 84% prefer visiting a physical store for virtually all their shopping needs. So the obvious question is, how are you “dressing” your stores with signage and other engaging promotional items?
Enough of the facts. If you don’t believe me, do some due diligence.
So, how does the Baby Boomers like to be marketed to?
#1 - The mail. Direct personalized mail and promotional print in the mailbox.. So I ask, WHY have marketers decreased their mail budgets by 17%?
I know MATH IS HARD, but if you have decreased your ad budgets to this demographic, you need to ask yourself how much “low-hanging fruit” have you left on the tree?
Need more proof?
According to self.inc, the average amount of money that people have in savings is:
- The Gen Z age group has in savings, an average of $2,410.57.
- Millennials have an average of $23,000.
- Baby Boomers have an average of $156,000.
I stated in the beginning of the article that you MUST include a savvy digital strategy to grow your retail store and your overall business.
According to eMarketer:
- There will be 36.4 million baby boomers (or 53.8%) using social networks in the US in 2024, per our May 2023 forecast.
- Facebook is the most popular social media app used by boomers, per GWI. But TikTok, Snapchat, Reddit, and Instagram are also growing in popularity.
What about the 46.2% NOT engaging on social media, do you just ignore them?
I'll bet you are! So QUIT YOUR CRYING if your sales and marketing strategies are NOT performing to expectations.
The GOOD NEWS....
We are experts in reaching the Baby Boomer market, especially when it comes to "The Mail".
Contact me at [email protected]