Getting into Baby Boomers Wallets
Savvy businesses have been marketing to the Boomer generation for years. But interest is accelerating now that Boomers are approaching their 60s. In this day and age, no business can afford to ignore the economic realities of this phenomenon, with one in three adults currently at least the age of 50. The target audience for these marketing schemes should be adults aged 54 to 64. They have the deepest pockets, with an estimated average net worth of $210,000 -- higher than any other age group.
Furthermore, as detailed in the Franchise Help Senior Care Industry Report, the group consisting of Americans over 65 years of age will double between years 2000 and 2050. In total, it will account for 20 percent of the United States' population! The benefits of getting ahead on tailoring marketing practices to this group as early as possible are clear.
Marketing to any target group is a complex process, but the following list of key points should help you get thinking in the right direction.
1. Don't call 'em old!
It's a common mistake to break the population into two market segments-18-49 and everyone over 50. This is NOT the senior market. If you use a "G" word (Gramps or Granny), you'd better duck and cover. Baby Boomers consider themselves at least a decade younger than their chronological age; your marketing must reflect those youthful attitudes.
2. Boomers are extremely smart and savvy consumers.
They look for endorsements and industry ratings. Give them straight talk and avoid hype or spin. Appeal to them with thoughtful messages, not the hard-sell. And don't try to fool them. Using 20-something models to sell wrinkle cream is insulting to anyone's intelligence. However, once you have them do not get complacent, as theBoomers are no more likely to be brand-loyal than any other group. Just because they were once your customers, doesn't mean they'll stand by you.
3. Stay in the present.
Recognize who Boomers are today, not who they were when they came of age. Relying on the cultural stereotypes of the '60s generation with classic rock 'n' roll playing in the background won't cut it. It's been a long strange trip and your marketing message must resonate with who these people are at this moment in their lives.
4. Boomers are tech-savvy.
Using traditional media for advertising can still work with this group, but be sure to include internet marketing campaigns. The overwhelming majority of this generation is online. Even if they don't shop online, they do their pre-purchasing research there.
5. Boomers feel special.
Yes, they're part of the biggest generation in history. But you can't treat them like a mass market. They grew up feeling special; they still want to feel special now.
Female NASCAR Driver Learns Life Lessons and Transitions to Succesful Franchisee
[Matt Wilson, FranchiseHelp]: Hello everybody. This is Matt Wilson coming from FranchiseHelp.com. I am here with Deborah Renshaw-Parker,former NASCAR driver and Apricot Lane Boutique franchisee. Deborah is coming to us from Bowling Green, Kentucky, where she owns an Apricot Lane franchise. We want to pick her brain a little bit. Thanks for coming on the show.
Why I Have an Issue with the Forbes Franchise Rankings
The 5-Year Growth Rate and 5-Year Franchise Continuity are both great independent metrics of how a franchise is doing on average. As a potential franchisee both of these statistics are vital for selecting a franchise - you want to select a franchise that will provide you with a high return on investment and which will survive in the long run. I think these are, as FRANdata and Forbes suggested, two of the biggest (if not the two biggest) and most obvious metrics for whether or not a franchise is a “good” opportunity for a franchisee. But how do you use these to determine which franchise is BEST? This is the fundamental difficulty in coming up with a ranking system - it isn’t the difficulty in separating the good from the meh from the bad - it’s separating the great from the good and the best from the great. In the case of these rankings I found it to be pretty difficult to comprehend how they differentiated between the top ranked franchises. For instance, if you look at the difference between Discover Map (Forbes #4), Just Between Friends (Forbes #5), & Seniors Helping Seniors (Forbes #6) they all have extremely close continuity ratings and substantially different growth rates. In fact, in the case of these three, the overall rankings are opposite the growth rate rankings. Seniors Helping Seniors is ranked at the bottom of these three franchises despite having a growth rate that is 31 percentage points higher than Discovery Map and a continuity that is only 2 percentage points lower. This suggested to me that continuity was viewed as the dominant factor. But that logic didn’t hold for the rest on the “Economy Class” Top 10, as BrightStar Care (Forbes #7) had the same growth rate as Pop-a-Lock (Forbes #8) but a continuity rate that was 12 percentage points lower. These comparisons show that these were not the only two factors that went into the rankings, which is understandable, but no other factors that are explicitly listed in their results seem to be major factors.
What is a Franchise Consultant
Seriously? What is that supposed to mean?