August 2008

    
   
   

WHERE COMMUNICATIONS INFLUENCE DECISIONS
   

The Point:
 

Business Is Booming…

    
 

For Companies Who Can Tap into the Boomer Psyche

Gen X may be cool, and Millennials may be rising, but Boomers still carry the big stick.

80 million Boomers will qualify for Social Security and Medicare over the next two decades. They will preside over the largest transfer of wealth ever seen: $40.6 trillion in wealth will change hands by 2052. Many are expected to live energetically into their 90s and 100s. They will have more choices and face more complexity than any previous generation in history.

They are also getting easier to reach: 7.4 million people aged 55 or older made a purchase online in the last six months, more than double the number in all of 2007.

But just because you can reach them doesn’t mean you can move them. To influence their decisions, communications have to address the unique decision-making needs of this cohort that grew up believing they could have whatever they wanted whenever they wanted it.

Here are 6 Decision Rules for Boomers:

1.

Manage expectations

Boomers are more demanding than previous generations and will set high expectations. So be realistic. Lay ground rules and expectations in the beginning.

2.

Think short-term

Boomers are impatient. They will be more willing to make a decision when they can see immediate personal gain. So show near-term results, not just long-term outcomes. If you are talking about money, show them the immediate impact as well as the future. If you’re talking about health, demonstrate that they will see results in weeks, not just over time. Give them fast easy ways check on results with real-time access to information over the internet.

3.

(Gently) create a sense of urgency

Boomers have a natural desire to keep options open, and need reason to take action. So demonstrate how not making a decision is a decision in itself. This is especially important for anything that requires long-term thinking and persistence. For example, Boomers overestimate their assets and underestimate debt when they think about retirement planning. Show them how this disconnect will prevent them from having what they want in the future, while showing them how little they have to give up in the present.

4.

Use information to overcome barriers to
decision-making

Boomers are naturally skeptical and look for solid evidence when evaluating a decision. So be transparent and explain the “why?” Use a variety of channels at once to make sure you provide more information than necessary—in as many places as possible: Put “FAQ” sections on the Web; hold educational forums and workshops; make it easy to find customer service.

5.

Demonstrate value

Boomers evaluate every service against every alternative and aren’t afraid to move on. What is seen as valuable today will become cost-of-entry tomorrow. So frequently re-evaluate your value proposition against competitors and make sure you can back it up: “Because I say so” won’t work for these folks.

6.

Be proactive and stay in touch

Personal service is more important to Boomers than to younger generations who are more self-directed. Give guidance, encouragement, and positive reinforcement along the way. By making information easy to follow, Boomers will feel reassured, even through Web or direct marketing channels.

Boomers are demanding but they will also be very loyal to companies that recognize and work with their unique decision-making process.