The big boom-ers: Targeting untapped markets
An untapped market is a group of customers that you (and possibly your competitors) may not be aware of or actively marketing to. Our aging population, with greater wealth than ever before, may be one such market. Let us explore how you may be able to leverage this consumer base and grow your business.
Baby Boomers are defined as those born from the mid-1940s to the mid-1960s. They number 80 million globally and offer a large, potentially unexplored client base for many entrepreneurs. Since Baby Boomers tend to stay in the work force longer than their predecessors, many have more disposable income than retirees from prior generations.
Entrepreneurs should be aware that the term “Baby Boomer” is not synonymous with elderly; this group would rather be seen as a vital and active part of society. Marketing to “seniors” or “elderly” represents only a small portion of the marketing that can be directed at this segment of the population.
To help you reach this target group, you may wish to develop a marketing plan specifically for boomer generation consumers. Try these strategies:
- Use simple marketing campaigns, using facts and potential benefits of a product or service; this audience knows what it wants.
- Tailor your marketing tactics specifically to this demographic group.
- Adapt your website in order to make it more user friendly (use a larger font or offer the option to increase font size).
- Make sure your website offers a simple layout that is easy to use and group products and services for your targeted demographic all in one place.
- Implement surveys for client feedback — this group will enjoy telling you what works and what doesn't.
Be the first to break stereotypes — more of the baby boom generation are tech savvy and use technology efficiently.
Can your business offer mobile services? Developing products and services that are tailored for this generation's needs can go a long way in gaining its trust and loyalty. Some ideas include mobile pet services, hair styling and other esthetics services, grocery delivery services or perhaps even personalized transportation services.
Identifying customers' needs of the Boomer generation might be more difficult than defining those of your current customers. By making a few changes — such as tailoring your marketing strategy or offering specialized services — this untapped market can offer you and your business a possible unexplored opportunity for growth.