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 With the first of the Boomer generation turning 65 this year, and qualifying for Medicare, now is the time to start focusing on marketing to them. The Baby Boomers are a wealthy, educated, and sophisticated generation motivated to purchase by service and information. They expect honesty, trust and openness in their business relationships and look for an open communication about their needs rather than a blanket sales pitch. Research has shown that they are not slowing down their spending, set in their ways, or blindly brand loyal like their parent’s generation.
The Boomers do not respond favorably to fear tactics. The use of strong positive images, appealing to their emotions without being condescending, and empowering them with information to keep them in control of their life will be a much more effective marketing strategy. The Boomers are used to managing their money and making financial decisions. Often times they are in a position to make choices not only for their own health and longevity but also the needs of their aging parents.
It’s also important to understand their youthful side. Boomers are of age to buy Medicare Supplements and Long Term Care insurance, but still respond to marketing targeted at their young and vibrant lifestyle. They appreciate new services and innovations, and embrace technology with more than 80% searching online for health information. Driven by information, you may have to spend more time prospecting with them and engaging them while establishing an open dialogue with a high level of service, quality, and trust. National research firms show that nearly 90% of Boomers participate in viral marketing - telling friends and family about the products they use. Thus, multiple referrals can come from each new client.
The Baby Boomer generation is part of an exploding senior insurance market, with those aged 50 and older accounting for approximately half of the population in the United States by 2015. Contact PSM at 1-800-998-7715 to make sure you have the most effective marketing strategies and products to offer the new generation of seniors coming into your market now.
Please give us your feedback!
In your experience, how is the Baby Boomer Senior different from their parent's generation? Have you already seen a difference in the Boomers entering the supplemental insurance market?
Source: Agent's Sales Journal
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