We’re on to part three of our look at insurance agency marketing to the generations with an analysis of the oft-stereotyped Baby Boomers. Born between the mid-1940s and mid-1960s, Boomers number an estimated 75.4 million in the U.S. Many are looking forward to retirement and have big plans for an active future.
Those big plans mean Boomers are prime consumers. Baby Boomers’ spending is estimated to increase by 58 percent over the next 20 years, while Millennials and Gen X will only increase spending by 24 percent. And, they’re doing more of their shopping online, spending more on average per transaction than Millennials.
These facts point to the same conclusion: Boomers are a powerful buying force. How do you harness that force for your agency?
Read Part One in our series: insurance marketing to the rising Generation Z
A recent study showed over 65 percent of Baby Boomers went for one-on-one meetings when seeking insurance. Boomer’s preference for personal interaction doesn’t stop there: the same study showed Boomers preferred any “live communication” during the purchasing process. Live communication includes over the phone and online chat – any method that gets them in touch with a real person in real-time.
Treat Them Well
It’s critical to provide great service to all customers regardless of age, but it’s especially important to Baby Boomers. They are the most likely to write off a company due to bad service. And, they’re loyal to good service. One study showed 54 percent were “very or somewhat likely” to stick with a business if their patronage was valued. Only 33 percent of Millennials agreed.
Take a look at Part Two on our series, focused on marketing to Generation X
Be Mobile Ready
Half of those 60 to 69 and almost 75 percent of people in the 50 to 59 age range own a smartphone. Yet, Boomers still face a persistent stereotype that they’re not tech savvy. Don’t be fooled. Boomers also own 1/3rd of all tablets purchased in the U.S. Suffice to say Boomers expect websites to be mobile accessible.
Social media continues to rise in popularity for Baby Boomers, with 82 percent belonging to at least one social platform. Though LinkedIn, Pinterest, and Twitter are all in play, Facebook is by far the most used social platform by Boomers, coming in twice as popular as the rest. And, Boomers like to share what they find on social – they’re 19 percent more likely to do so than other generations.
Find out how to get your agency to Boomer’s scrolls in our post on Getting Your Website Seen and Heard
Use Your Words
Contrary to most marketing trends, Baby Boomers are reading what you write. They’re more likely to look at print and read whole articles than Millennials or Generation Z, so give them something to take in. When it comes to writing, Boomers look for straight talk and facts. They’ve been marketed to for years, growing up during the advertising boom, and are almost immune to gimmicky and salesy language. Be clear and honest, and avoid spelling and grammar mistakes as many Boomers take note of these small errors.
Avoid the Age Gap
Don’t call Boomers “old.” Just don’t.
Marketing to the Generations
If you’ve read the other posts in our series, you’ll know each generation is different and responds better to sometimes contrasting marketing methods. Such duplicity means you need varied marketing tactics, segmented to target each group individually.
The Partner Platform Marketing Automation Manager (MAM) is designed to tackle just this issue. With over 50 sample campaigns and 100 pre-built customizable outreach templates, Partner Platform’s MAM makes it easier to craft and send your agency messaging to a variety of audiences.