Market Focus: Baby Boomers
At present, you are more likely to see female boomers making the majority of online purchases, reports Mature Marketing & Research. Male boomers, this research firm finds, typically use the Internet more for research, especially for information on computers and travel.
You Gotta Segment
Spanning nearly two decades, the boomer market is far too large to be targeted in its entirety.
Agreeing with Schroeder, Abudi notes that age does not convey enough insight into modern society to use alone as a prediction of responsiveness.
For example, she offers, household composition varies greatly in the boomer market. The “sandwich generation” of boomers is caring for both young children and parents, while other boomers have become grandparents.
Another lifestyle-change variable that affects the relevancy of messaging and product offer is the work status of boomers, says Abudi. A portion of this market is changing careers to stay in the work force, but in less demanding positions.
Segmentation and modeling are required to find micro-segments of like boomers, says Schroeder. And it’s extremely likely that companies will find several different groups of boomer cohorts in their current housefiles.
Schroeder advises direct marketers to first profile their customer database to identify similar boomer segments. Use the more predictive data variables to isolate relevant behavior and lifestyle characteristics that will help you tailor your creative and product selection to the right audience. These data variables include disposable income, education level, household composition, previous purchasing history, and any known hobbies/leisure activities.
The more detail you can build into your portrait of these micro-segments, the more certain you can be of the most effective way to serve these groups of boomer cohorts, Schroeder explains. Be careful not to base big decisions on the insight of only a couple data elements, he cautions, adding that conducting your own research can be a great way to collect information particular to your company’s data needs.