Baby Boomers just might be the key to increasing your revenues. There are approximately 76 million Baby Boomers (adults aged 51-69 years) in the United States. And these Baby Boomers hold 70% of the wealth in this country.
While those numbers are significant, what makes them even more powerful is that this demographic slice representing about 25% of the United States’ population also ranks as the highest spending generation. According to research firm Nielsen, people over the age of 50 currently account for nearly 50% of all American dollars spent on consumer goods.
Baby boomers are a dominant consumer right now, and will be for the foreseeable future.
Maybe you’re already aware of the Boomer facts. Maybe Boomers have been on your radar for years. But here’s a question worth examining: are you effectively selling to them in the best way possible?
Integrating technology into Boomer sales
Many businesses consider Boomers to be “old school” in their purchasing. But before printing another catalogue or cold calling prospects, consider this: 42% of adults now own a tablet , according to Pew Internet’s January 2014 survey (the most recent survey available). That number has likely climbed higher by 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 attached to their mobile devices? Think again.
Boomers are well-versed in online and mobile technology, and as such, have come to expect it as a natural part of the buying process, in both consumer and B2B purchasing situations.
Boomers at the helm
So, Boomers are tech-savvy. What does it mean for your business? Boomers are both starting and running successful businesses. While a portion of the Boomer generation is retired and living life to the fullest, many of them are still working – often in senior level positions – or, better yet – starting their own companies. They’re the decision makers with the purchasing power, and they expect and appreciate the use of technology in making buying decisions.
So, in order for your company to effectively serve Boomer customers, it’s crucial to seamlessly integrate technology into your Boomer selling equation.
To tap into that tech-savvy Boomer market, here are four ways to effectively use technology in selling to them (hint: it doesn’t actually begin with technology).