Targeting Baby Boomers: Tapping a Lucrative Demographic
So there's a rumor on the street that the first of the Baby Boomers turned 60 this year. Have you heard this crazy gossip?
If you're like me, you probably feel browbeaten by the all recent cliche financial planning commercials playing to this age group. And, while I agree that these commercials are cheesy (and ineffective), financial institutions are right to target America's 78 million Baby Boomers.
Why target Baby Boomers?
First of all, the spending power of this generation is, in a word, ridiculous. What kind of figure corresponds with a word like "ridiculous?" $1 trillion dollars. And that money is going toward new cars, homes, healthcare, and investments—all of which need insurance and financial planning.
Which brings me to point number two: Baby Boomers need what you have to offer. Not only do they need adequate car, home, health and life insurance—they're looking for financial planning and advice, too.
You've probably heard the staggering statistics that an estimated 80 percent of Boomers lack sufficient funds to maintain their standard of living through retirement. Combine that with new studies showing that life expectancy has increased by 30 years in the last century, and we're talking about folks that need a sizeable nest egg to get through their golden years, and they need to build that egg quickly and steadily.
And that makes you their go-to guy or gal.
Not sure how to tap this enormous resource? Check out InsureMe's article, Selling to Baby Boomers: Debunking the Myths for tips on connecting with Boomers.
[RECOMMENDED BOOMER READING]: Chuck Nyren's credentials are too long to list here, but he's got a great blog centered on advertising to Baby Boomers. MatureMarket.com is also a great Boomer resource for news and info around the world. I found a great article today entitled, Baby Boomers Like Attributes of Annuities.
Check it out and let me know what you think!
[UPDATE]: Please see Chuck Nyren's comment and the link he posted—it includes some great tips for those of you looking to tap the Baby Boomer well!








Comments
Thanks for linking to my blog, Megan.
I'm also mentioned here:
http://www.insurancejournal.com/magazines/west/2006/01/02/newsbriefs/
Posted by: Chuck | February 23, 2006 08:45 PM
No problem, Chuck. I think you know I'm a fan.
Thanks for visiting our blog, hope to see you back!
Posted by: Megan Mahan | February 23, 2006 09:19 PM