Baby Boomers -- Marketing to the


By: Bill Willard

Unless you've been in a dimly lit cavern for the past several
decades, you know that "Baby Boomers" is the collective name given
to the 76 million people born in the United States between the end
of World War II and 1964.

Often described as the largest, most
knowledgeable and most fiscally influential demographic group in
American history, their motto could very well be: Where does a
750-pound gorilla sit? Anywhere it wants!
Getting to Know Them
Dubbed the "Me Generation" for their nonstop quest for
self-gratification, many "Boomers" pride themselves on their
counterculture values, for having led movements for social rights
and environmental awareness. However,
marketers should take note.
. The cultural rift opened by the Vietnam War between Boomers
who answered the call and those who avoided military service, or
thought service dishonorable, has never completely closed.


. Significant medical and scientific breakthroughs beginning in
the 1940s have allowed Boomers to be the first Americans to take
responsibility for being healthy, not just avoiding disease; to be
fit, in shape, and to live longer...

in effect, taking charge of
their lives in ways earlier generations could never imagine.
. Boomers value simplicity and like being in control. They view
maintaining fitness and good health as
manifestations of their ability to affect everything going on
around them.

For many, for example, the most dreaded aspect of a
serious illness is as much being unable to think clearly or
exercise as much as they want, as it is losing the ability to earn
income.
. Women may have first come into their own in this country as a
result of World War II, but it was the demographic clout of
fiercely independent Baby Boomer women, combined with their
widespread entry into the workplace, that has lead to their
increasingly controlling the purse strings of American households
and businesses.
.

Out of necessity or otherwise, many Boomers of both the
popular genders will continue working well-past retirement age. In
truth, if all the Boomers who begin turning 65 in 2011 retire on
schedule, the effect on national productivity, not to mention the
financial markets, will be enormous. As a result, policies that
encourage Boomers to remain in the labor force will be a necessity,
but you can bet Boomers will find a way to make it all seem trendy
(just as they did when they invented the youth culture of the
'60s).
.

Through all this, the adult children of Baby Boomers will
continue to be an important part of their parents' lives. Because
Boomers had children later in life than previous generations, some
of these children will still be in school and
living at home even as their
middle-age parents are gearing up second or third careers or just
now realizing they may soon have their own parents to care for.
What This Means to You?
As a result of these and other factors, Baby Boomers' financial
obligations will also be long-lived, and so, even now, staying on
top of their long-term financial security is (or should be) a very
high priority. Because of their economic clout, Boomers will always
be an attractive marketplace.


Marketers have focused their efforts on Boomers for decades.
"One of the surest ways to make sure a product prospers is to wait
until Baby Boomers enter that stage of their lives," said Brad
Edmondson, senior writer for American Demographics magazine.
Younger Boomers are still in their prime home buying and
family-starting years. Yet according to LIMRA, this is a generation
where life insurance has not been on their radar screens.


Similarly, until recently most Boomers also were well behind the
retirement planning curve.
Let's see why.
The children of the '60s married and had children later in
life--but many of these marriages didn't take, and second families
and weekend visitation privileges became unhappy institutions for
this generation. Add the effects of corporate mergers and
downsizing, the need to support elderly parents, and the Boomers'
mistaken belief that they could keep spending while meeting other
financial goals.

..it's little wonder so many found themselves with
credit problems and got a late start on retirement savings.
According to a report published by the Investment Company
Institute: "Baby Boomers have done less financial planning for
their future than did the previous generation.

Studies show that
despite a large number of two-income households and a higher
per-capita income, they have a lower savings rate than their
parents.
"More than half of the Boomers surveyed said they did not have
enough money to save regularly," according the report, which was
published on the Web site of financial planning firm, Waddell
&Reed, "while two-thirds felt they could not invest for the
long term because of the need for immediate access to their
money."
At the same time, Boomers are confident they can keep earning
income later in life, either by postponing retirement, launching
new careers or starting homegrown businesses. Ironically, though,
according to another study, Boomers still receive as much as 10% of
their wealth from living parents.


Millions of Boomers began turning 50 in 1996, but you can still
market to them as though they were still in their 30s or 40s. This
generation never has wanted to be like their parents, and will
always be young in their minds. Boomers may have been careless with
money in the past, but you can help by giving them another chance
to achieve personal financial security.
Your message to this generation: It's never too late, but the
sooner you start, the more you can do.


Want More? Send questions and comments to
w.willard3@knology.net.
About the Author: Bill Willard has been writing high-impact
marketing and sales training for the financial services industry
for over 30 years.

Through interactive, Web-based
"Do-While-LearningT" programs, e-Newsletters and straight-talking
articles, Bill helps agents and advisors get the job done:
profitably improving performance, skipping expensive mistakes, and
making the journey to success faster, smoother, easier. And
fun!

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