The 2nd of 7 critical insights into the mindset of the Boomer Generation
Insight #2 – Boomers are Boomers, but they aren’t all alike.
Born between 1946 and 1964, the Baby Boomer Generation is comprised of individuals who are anywhere from 45 to 63 years of age. This sizeable difference in age is one of the things that make this generation stand apart from others. Diversity coupled with rapidly increasing competition make it necessary for business owners to improve their ability to target their best prospects and retain their more lucrative customers.
In the book Marketing to the Mindset of Boomers and Their Elders, Carol Morgan and Doran Levy, Ph.D. break the Baby Boomer Generation down into four Lifestyle Segments: Upbeat Enjoyers; Insecure; Threatened Actives and Financial Positives.
Upbeat Enjoyers are enthusiastic, active, involved and they believe that their future is bright. Viewing the world through “rose colored glasses”, upbeat enjoyers believe that age has increased their attractiveness. Expanding intellectual horizons, working when it is interesting or convenient to do so and having little concern about future financial security are all traits of the Upbeat Enjoyer.
Baby Boomers and Elders in the Insecure segment are deeply troubled by their lack of financial security. Looking back on their difficult past they see little possibility that their life will improve. Many are concerned about being the victim of a crime and will end up working well into retirement with few other plans and goals. Not at all happy with the effects of age on their memory and appearance, the Insecure will purchase all types of products that they believe will make them physically and mentally younger.
Threatened Actives are very intent on preserving their independence by working as long as they can, remaining in their home and continuing to drive their own car. With a mostly positive attitude and outlook on life, they are accepting of who they are. Threatened Actives feel that they are somewhat financially secure, they would like to leave some of their assets to their children, are a bit concerned about their safety and do not view retirement as a time for cultivation of new interests.
Those in the Financial Positives segment are realistic and they have spent time and effort in long term planning. Because of this they definitely do not intend to work in retirement. Savvy buyers, Financial Positives are seekers of value in everything they purchase regardless of what it is. They are not satisfied with their appearance and memory making them strong candidates for plastic surgery.
Morgan and Levy have written a book that gives incredible insight into the Lifestyle Segments of Boomers and their Elders. Think about how you can use this information to define a more specific segment of the Baby Boomer Generation to target and then consider different ways that you can customize your product or service to fit their needs. Soon you will realize that you are well on your way to experiencing the Boom your business needs!