Zoomers and Boomers: Are you listening?

Contributed by Dayna Neumann

Zoomers and Boomers make up the largest, most affluent and influential market in U.S. history.   According to the 2010 U.S. Census, Zoomers and Boomers, the population born between 1946 and 1964, totals 77 million in the U.S. alone.  Today, 35 million people in the U.S. are over the age of 65 and by 2035 1 in 5 Americans will be over the age of 65.  We all know this group is a big deal, but check out their buying power.

The economic impact of Zoomers and Boomers:

  • Control over 80% of personal financial assets in the United States
  • Control more than 50% of discretionary spending power
  • Responsible for more than half of all consumer spending in the United States
  • Buy 77% of all prescription drugs sold in the United States
  • Buy 61% of all over the counter medication sold in the United States
  • Purchase 80% of all leisure travel

What is your strategy for reaching this profound demographic?  We suggest exploring options beyond the same old tired channels of phone, television, newspapers and magazines.

According to a Neilson study, 7.9 million Seniors visited Facebook in 2009 – catapulting the social networking site to the third most popular online destination for this demographic.  For perspective, in 2008, Facebook was forty-fifth among sites visited by Seniors.  This stratospheric rise of Facebook use among Seniors is a clear indicator of an engaged demographic embracing social media.  So what are marketers doing differently to communicate with this vast $20 Trillion market?

In our business, we have seen our health insurance clients embracing multi-channel marketing techniques to reach their Senior members and prospects.  A few new favorites include:

  • Personalized URLs (PURLs)
  • Micro sites
  • Email campaigns
  • QR Codes

When these digital efforts are coupled with more traditional channels like print, campaigns are highly effective in reaching a health aware audience like the Zoomers and Boomers.  What we don’t know is how well our clients are listening to their social media outlets to influence these campaign decisions.  If they are listening intently and using digital media to react quickly and change up messaging, chances are they are realizing the benefits of improved customer acquisition and retention.

Beyond the meteoric rise in Social networking awareness, other technology-enabled communications are seeing similar changes in Senior adoption.  Fast Company reported in their June 2011 issue that email usage by Seniors was up 28% from 2009 to 2010.  On the other end of the demographic spectrum, teens abandoned the medium to the tune of a 59% drop in email usage during the same time period.  Marketers, brand managers, product developers, listen up – Seniors want electronic communication and they have the time and buying power to impact your bottom line.

Do you have a strategy that incorporates multi-channel communication to Seniors and emerging Seniors?  Are you able to quickly and easily change messaging based on social media trends and market conditions?

Dayna Neumann is Vice President of Marketing + Strategy at FetterGroup.  She helps customers increase revenues and attract more members by developing innovative software tools and multi-channel marketing campaigns.  Creating fans is Dayna’s mission.