A new study says that Baby Boomers, "often retailers’ most affluent audience, aren’t loyal customers because they feel overlooked and under-rewarded."
The report maintains that "most retailers focus their year-round online and mobile marketing efforts on Millennials by appealing to their frugal, post-financial crisis mindset and multi-device-connected lifestyle. However, brands are missing out on a key generation – Baby Boomers – as 84% have a smartphone that they use for various aspects of the shopping journey and 79% are willing to indulge on purchases for their family. This age group controls 70% of the US’s disposable income, demonstrating how important it is that they are paid equal attention to beyond the in-store experience."
However, as many as 93 percent of Baby Boomers "aren’t fully loyal to their favorite brands because they feel overlooked and not adequately rewarded," which means that retailers and brands "are losing out on a major financial opportunity with this generation and increasing the likelihood that these customers will stray to competitors.
"In order to create valuable, enduring relationships with Boomers, it is imperative that retailers target online and mobile marketing efforts towards them and create tailored loyalty strategies that fit with this generation’s needs and expectations."
The study suggests that what Baby Boomers are looking for includes some measure of customized recognition and personalized rewards, relevant communications and recommendations, and some level of tangible responsiveness to consumer concerns.
The ICLP report was commissioned by Survey Sampling International (SSI).
Gee, I'm a little surprised by this. I thought it was only millennials who feel overlooked and under-rewarded. Turns out that they learned it from their parents...