Position Your Bank & Products as Gateways to Desired Experiences
by Jim Gilmartin, BOL Guru
In the first part of this article, we talked about 35 characteristics of Baby Boomers and why, in bank marketing and sales, what is important is how they think -- not what they think.
Tap in on Nostalgia
Strong Boomer hook
Yearning for calm
Love their Rock & Roll
Janis Joplin - Mercedes-Benz
Disco hits - Burger Kink
Rolling Stones - Microsoft
Beatles - GTE, Nike
Sell to Boomers pining to recapture old thrills
Family Focus
Boomers want to spend more time with children
Desire traditional standards of:
Good manners
Family life
Parental responsibility
Want to do this in innovative ways
Boomers look for enriching experiences:
Shared by family
In any setting
Especially outside the home
Want time to be a celebration not merely an accommodation
Restaurants - special, formal, calmer & quieter
Homes - family friendly kitchen serving as headquarters for family & guests
Reduce Their Stress
Boomers the most stressed generation in history:
Want to control only the most important things
Willing to delegate one less:
Problem
Concern
Headache
Think of Honda "Simplicity" ads
Boom in personal services continues
Money management & Food shopping
Household chores & Child care
Security, etc.
What not to do
Be careful about technology that makes customers make even more decisions
Too many choices online could be a problem
Reinforce the Strong Boomer Sense of Self-Reliance
Boomers don't want to delegate being in control
Growing need for simplification
Continuing need to control e.g.,
No-haggle pricing for automobiles
One-rate for long distance services
HMO's
Provide simplicity & control simultaneously
Boomers are demanding & want the truth
Aggressive scrutiny helps them keep control
Most likely to want data before they buy
Most likely to seek advice
Already owns product
Consumer information services/reports
Marketing strategies should reinforce the strong Boomer sense of self-reliance & individual superiority but don't require a lot of effort & participation on their part
Mass customization a way to balance simplicity with control
Custom Foot - a shoe store
Be Careful About Using the Word Senior
Boomers think 79 is old
Will avoid bank products pitched to older consumers
More subtle approach is required
Dockers & GAP
Continue to be attracted to romance & adventure
Help Them Find New Ways to Win
Typically responsive to brands effectively positioned as choices for winners
High energy foods
Powerful, sleeker, sportier cars
Areas where Boomers don't want to win anymore
Concerned more with comfort than style
Novelty for its own sake is out
Brand names no longer badges of success
Help Them Find New Ways to Win
Functionality is what Boomers now want
Pizzazz will fizzle & function will flourish
Let them know they are getting a good deal
Boomers want to think they are winning shoppers
Give them reinforcement
Retirement Not in Boomer Dictionary
Retirement Not in Boomer Dictionary. Retread not Retire
Don't view leisurely retirement as a reward
Likely to start new careers
Retirement approached as a work style not lifestyle
Boomers cite work as primary way to express creativity
Boomers may not have financial wherewithal to retire
Boomers are work centered & will continue to focus on this
Still looking for meaning & fulfillment
Ned to reduce debt & plan for eventual retirement
Bank ads and sales approaches should be easy to read and be experiential in nature. They should reflect empathy for the values of this demo in terms of your bank products/services being a gateway to desired experiences of the targets. Understanding how consumer's brains and mind processes information is a key to effective communications and increased sales. If a bank ad or sales presentation fails to connect with a baby boomer's idealized image of self, it is more likely to be ignored. Finally, remember; don't focus upon selling the product. Instead focus upon selling your knowledge of the customer's needs and how your product is a gateway to helping them to reach their goals and desired experiences.
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