Baby Boomers marketing and selling to Baby Boomers. BB2BB. Makes sense for Boomers whether they’re starting a business as an entrepreneur or seeking/keeping your employment. When you consider the Baby Boomer market is the richest, spending the most and vastly underserved as a targeted market, then this realization goes beyond common sense.
Where there is a need and a vacuum there is an opportunity.
There is a growing need, a growing trend and growing opportunity as $15 Trillion in spending is projected for 2020 by older consumers (and not just drugs, diapers and dentures).
Birth rates are dropping and people are living longer. The immense Baby Boomer population bubble will demand more health and wellness services. However, this long-term pattern extends well beyond typical assumptions of eldercare.
“The World has Never Before Seen Such a Powerful Market” headlines Bloomberg. At an increasing rate business and marketing publications are noting the growing Baby Boomer consumer market as Boomers live longer, healthier and remain highly engaged. Baby Boomers have most of the wealth, disposable income, and they are spending it.
Yet, only five to ten percent of marketing dollars are targeted at people over 50 which leads one to wonder how many products and services are created and marketed by those who cannot fully relate to Boomers (imagine an agency’s reaction to the idea of a Boomer marketing to or creating products for millennials).
This is where Baby Boomers as entrepreneurs and employees of businesses targeting the Boomer market makes so much sense.
“Almost all Boomer-focused marketing today is to help older Boomers with age- or health-related maladies. Enough already! Boomers want to know about cars, travel, electronics, packaged goods, home improvement and other products you have to sell that they want to buy.” –Matt Thornhill MediaPost Boomer Project
As an entrepreneur or worker, Boomer related businesses are worthy of targeting and fully leveraging your inherent knowledge.
While may Boomer needs are the same as anyone else even though they are not targeted as such, Boomers also have the stereotypical need that comes with aging.
These needs, as well as the uniqueness of Boomers, creates phenomenal opportunities for anyone interested in becoming a purpose-driven Social Entrepreneur.
As a leading publication focusing on innovation and changing ideas, Fast Company has created an entirely new section focusing on The Business of Growing Old. This alone is telling. Let this trend tell you that you can use your Boomer Power to gain employment or to find a successful market for your enterprise.
For Baby Boomer entrepreneurs understanding the Boomer market in terms of products, services, solutions, and marketing is huge. There is also a level of credibility. Boomers selling to Boomers (BB2BB)
Boomers seeking employment or keeping their jobs and thriving can use their knowledge and credibility for the Boomer market as a major advantage. Touting their experience, skills, and talents as well as being a resident expert is a huge asset.
Any way you look at it from any age or situation, the Boomer market is Booming and who better to take advantage of it than Boomers themselves.