How to Tap into the Baby Boomer Market
Published: November 8, 2013
Author: Cody Vest
According to AARP, the 50-and-over demographic will represent 45% of the U.S. population by 2015. They already hold over 67% of the nation’s wealth (according to the U.S. Census Bureau and Federal Reserve) and spend $230 billion on consumer packaged goods per year (according to Nielsen), representing 55% of that revenue. What many may not know is that they also outspend younger generations online 2:1 (according to Forrester Research).
There is a nut to crack, and a very lucrative one at that.
At Vest Advertising, we’ve had some very interesting case studies lately where we’ve tapped into the Boomer market, and I thought I could share some of the methods here.
1. Put content first
On Facebook, and especially among seniors on Facebook, return on investment can be high whether you drive users off the platform, into contests, etc. However, for longevity – and that’s what we need to consider with a growing demographic like the Boomers – the content on a Facebook page is of immense importance. Promoting posts and relevant Boomer content causes chain effects. In the long term, the content, some of which can be promoted with advertising, is what will bring retention in this market.
So how do you specifically appeal to the Boomers?
Focus on posts that are visual, emotive and family-centered. Get your logo on all images if possible. As you promote one or two of the best posts, once users click on and see more of your content, retention is established and those in this demographic tend to come back to see what else you are posting.
2. Use site-bound advertising
We have found that Boomers are not as averse to leaving the Facebook platform on ad clicks as some other demographics tend to be. Use your Facebook ads to promote custom landing pages for your products and services. The power of this cannot be overstated. This opens up some highly lucrative avenues, such as:
A. Retargeting for viewed products
If the ad is clicked, and the customer lands on the product or service page specific to the ad, this gives you insight into what is likely to interest them most. With a retargeting pixel you can turn this visit into a purchase by retargeting on Facebook for that specific service or product. Or, take it to the next level with…
B. Retargeting for related purchases
If the ad gets clicked, we know they are interested, but we can also surmise that they would likely be interested in services or products related to what they’ve clicked. This could trigger other retargeting ad concepts to promote related products and services. (Sticking with the age idea, someone who likes Ensure might also be interested in Centrum Silver.)
3. Get the most out of retargeting
To make sure that retargeting doesn’t drain your budget unnecessarily (and it seldom does because the ROI is so good and price so reasonable), you can trigger certain pixels to go dormant after a purchase. In order to do this, you load a conversion pixel to trigger that a purchase was made, which will turn off retargeting to that customer.
You can even have it turn off some retargeting and leave other ad retargeting programs running. By turning off retargeting on converted consumers, you can make sure your spend is primarily directed toward outbound new sales, if that is your bigger need.
Our campaigns in the Boomer demo are bearing out very well. Try out the tips above and let me know how it goes.