Do You Know; The Most Precious Commodities for Baby Boomers?

May 30, 2021
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Boomers, 79 Million of them in the US, have most of the wealth, nearly $600 Trillion, way ahead of any other age group.  And, their wealth has increased substantially during the pandemic as the stock market rose and their spending was curtailed.  

The average baby boomer is worth nearly a Million dollars!

So, while money is important, if boomers haven’t figured that one out already, it’s probably too late.  They might not be your customers.

If your offerings and marketing aren’t aimed at boomers, you’re missing out on a great opportunity.

But what do boomers want?  Since they already have money, what else do they value?

For Boomers, the most precious commodities are trust, time and comfort.

           IN GOD WE TRUST…everyone else pays cash!

Boomers believe in the slogan “trust but verify”.  They cherish their freedom and want choices presented for nearly everything, with all the benefits, costs and potential consequences.  

They will trust authorities they respect, which might shortcut the “verify” portion.  But don’t take that for granted.  Have the verification at the ready.

Boomers have an inherent skepticism of millenials, who they see as unreliable, entitled and lazy.  So, when a Millenial tries to market to a Boomer they start off at a disadvantage.

And, as the staff of most healthcare practices are composed of Millenials or younger, there is a yet an additional layer of challenge.

So, be precise with Boomers.  Many have hearing issues (but don’t tell them that), so have things written down and please use a large font.

Be up front.  A Boomer’s trust radar will start pinging at the first sign of a lack of transparency.  No surprises please.

If TIME heals all wounds…then why do we have               Hospitals?

Boomers realize that they’re in the 4th quarter, running the last leg, approaching the 9th inning.  Time is NOT their ally.  They know it and act accordingly.  It is their most precious asset.

Hence, anything that can save them time is attractive.  They appreciate that time saved in one place can be spent in another of their choosing.  So anything that can earn them an hour to spend elsewhere or anything that can maximize the value of an hour becomes appealing.

Boomers hate wasting time.  They will go to extraordinary lengths or pay nearly anything not to wait or to “skip the line”.

Disney knows that, which is why they came up with Fast Pass plus an extra special VIP tours, which for a family of 4 can easily cost $10K.  And there’s a line!

For boomers, “SOMEDAY” is NOW.  Things they might have delayed doing  because of other things, now take on greater urgency.  Travel is the most common activity they have put off. Boomers are what fuels the travel and leisure industries.

The pandemic only served to intensify the “Someday is Now” phenomenon among the Boomer generation.

American Boomers also value FREEDOM, especially when it comes to how they spend their time.  They just don’t like being told what to do and when to do it.  They want the FREEDOM to do as they please.  

The Pandemic amplified this, as so many were prevented from doing what they wanted.

Anything that promotes both freedom and time savings will resonate.

Cure sometimes, treat often, comfort always

-Hippocrates

The other Baby Boomer valuable commodity is COMFORT.

Boomers have sublimated their needs for decades.  They have pampered others, children, parents, other family, clients, customers and patients.  Now, they want to be pampered.  They want convenience and ease as accoutrements to their comfort.

Boomers feel that they have worked hard, put up with a lot and now are ENTITLED to a return on their investments.

So how can you provide BOOMERS with what they’re looking for?

Here’s an exercise to help you.

1.  Ask yourself and your team; How can our services be made speedier, faster, less time time consuming.
2. Write the answers down.
3. For each service or process listed, quantify the time savings as best as possible.  Examples; 50% faster, save 1-hour.
4. Do the same for making things easier.  List them as well.
5. Compare the improved, easier, more convenient process with something familiar.
6. Repeat again for processes that can be made more comfortable.
7. List them and also compare them to things that are considered comfortable.

Done?

Great!  Now you have everything you need to both improve your offerings AND communicate the VALUE and BENEFITS in marketing campaigns that will resonate with BOOMERS.

Need some help?

Get our comprehensive marketing analysis:

https://practiceperfectsystems.com/marketing-intake/

Happy Decoration Day,

Michael

Practice Success Insights

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Dr. Michael Goldberg is one of the leading educators on dental practice management in the United States.

Michael ran and sold a prestigious group practice in Manhattan and has been on Faculty at Columbia University and New York-Presbyterian Medical Center for 30 years including Director of the GPR program and Director of the course on Practice Management.

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