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3 Tips to tap into the ‘booming silver economy'

‘The silver economy includes all those economic activities, products and services designed to meet the needs of people over 50’. The bulk of this part of the group is represented by the over 65 population and is also referred to as the ‘Baby Boomer’ generation.

Due to advancements in medicines, this generation’s life expectancy has increased substantially which means they are living more healthily for longer.

Believe it or not, ‘Boomers’ are the most active generation and spend ample time exercising, socialising and consuming. They also have disposable income and a good deal of time to spend it.

Brands often neglect this market, spending a lot of creative energy on the younger markets. This kind of exclusiveness is to their own detriment as there are ample inbound opportunities available. Boomers are working longer and well into their ‘Golden Years’ and this change in lifestyle not only affects when they choose to retire but also infers that they continue to have purchasing power.

We at Helium Marketing have a wealth of expertise in dealing with this generational marketing.

Here are our top 3 insights:

1. Speak to me like I matter

Baby Boomers appreciate communication that is clear and expresses the humaneness of your brand. Don’t use slang and chatbots to explain your product and processes, pick up the phone and talk to them. Build relationships and do not patronise, rather listen to their needs and respond with compassion.

2. Meet me on Facebook

Baby boomers use Facebook more than any other social media channel. They use it to keep in touch with family and friends. A great way to gain brand reach is to use the platform, but provide them with useful and helpful information. This encourages them to respond positively and become brand champions.

3. I am an authority within my circle

They dish out advice to their friends, communities, children and word-of-mouth has significance. They influence their families and friends with their purchasing decisions and offer an authoritative sway. They will thoroughly do their research, so always be honest, transparent and authentic with the communication and campaigns that are created for them.

The silver economy is well and truly underrepresented in mainstream marketing and we would love to assist you in tapping into this high value segment of active adults.

Need some help with generational marketing? Feel free to reach out and we’d be happy to help grow your access to this market.

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