Baby boomers. We hear a lot of about this generation, but who are they?
Demographically, it’s easy. The generation is made up of adults who were born between 1946 and 1964, in a Post-WW II era that produced massive change throughout the country. Boomers are named such because of the population “boom” at the time, but they’re deserving of the bold name for another reason: Boomers don’t rest. They are characterized as a hard-working, trailblazing generation, and rightly so.
As of March, 2014, there were approximately 77 million Baby Boomers in the United States. If that isn’t enough to make your jaw drop, you’ll be enlightened to know that, together with seniors, Baby Boomers hold 70% of the wealth in this country.
What do Baby Boomers have to do with your business?
Alright, alright. So there are a whole lot of 50-68 year olds living in the States. Let’s look at what it means for you:
- Boomers don’t just make up 25% of our population. They make up the highest spending generation in the United States. According to research firm Nielsen, people aged over 50 years spend close to 50% of all consumer goods dollars. They are the dominant customer right now.
- Despite being born into a world not inundated with endless technology updates, Boomers are hardly slow to adapt. Think Millennials are the only generation severely attached to their mobile devices? Think again. The 50 and up group is quickly integrating new mobile tech into their lives.
- Boomers are both starting and running successful businesses. While a portion of the Boomer generation is retired and living life to the fullest, a significant portion is still working – often in senior level positions – or, better yet – starting their own companies. They’re the decision makers with the purchasing power.
That’s right. Not only do Baby Boomers hold a significant portion of the country’s spending power; they’re using technology to put their money to work in our economy.
Selling to Baby Boomers with technology
According to a January 2014 survey, conveniently conducted just after the 2013 holiday gift-giving season, nearly 42% of adults now own a tablet computer. They’re well-versed in mobile technology, and as such, have come to expect it as a natural part of the buying process. In fact, as of July 2013, Boomers were spending an average of 19 hours per week online, with the majority of it spent on retail sites over networking.
So, it’s clear: Boomers appreciate the use of technology in making buying decisions. But here’s an important note to make – whether you are selling directly to consumers or in the B2B space, expectations are changing at the same pace.
That being said, here are a few more tips for using technology to sell B2B solutions to Boomers, thanks to Life Health Pro:
1 – Sell with information, not persuasion. Boomers don’t want to be slyly persuaded. They want facts and information pertinent to their needs.
2 – Boomers are time-crunched. Don’t waste your time or theirs; uncover their needs and provide them with relevant information as efficiently as possible.
3 – Technology should be used to enhance the relationship. Boomers like face-to-face or phone contact first, but are happy to supplement with technology afterward. Better yet? Integrate both.
4 – Boomers like to be on the cutting edge. Present them with the opportunity to be ahead of their peers, and they’ll likely jump if it fits their vision.
A mobile quoting solution like JobFLEX covers all your bases – facilitating the sale in person by providing all the necessities at the time of need. Quote customers on the spot and get contracts signed. Sounds like a Boomer way of doing things, no?
Invest now
Boomers are the major customer now. They expect technology to be an integrated part of the sales process. And if anything, consider this practice: the expectations of Gen Y and Millennial buyers and business owners are going to be even higher because technology runs in their blood. Stay ahead of the curve; start investing now.
