Why Insurance Agents Should Market to Baby Boomers

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Legacy
Published on June 21, 2021

When it comes to marketing online, the Baby Boomer generation is frequently overlooked. As of 2019, Baby Boomers are between the ages of 55 and 73, and too many marketers make the incorrect assumption they just aren’t online as much as younger generations. 

Not only do Baby Boomers have the nation’s largest share of disposable income, but they have a significant online presence, and insurance agents should start marketing more heavily to them.

Why Insurance Agents Need To Focus Marketing Efforts On Baby Boomers

Let’s look at some noteworthy statistics.

Wealth & Work

  • Baby Boomers maintain 54% of the nation’s wealth and make up the highest percentage of affluent households (marketingcharts.com)
  • Boomers control about 70% of the nation’s disposable income (Forbes)
  • Baby Boomers spend over 548 billion annually, 200 billion more than the next closest Generation X (marketingcharts.com)
  • Boomers are staying in the workforce longer at rates not seen in over half a century (pewresearch.org)
  • The Baby Boomer generation is currently made up of about 73 million people in the U.S.  
  • According to Moody’s Analytics, in the first quarter of 2017 Boomers were responsible for 41.6 percent of consumer spending

Online Habits

  • 82.3% of Baby Boomers belong to at least one social networking site, with Facebook being the most popular (DMN3)
  • More than 50% of Boomers will visit a business’s website or research a company based on something they saw on social media (DMN3)
  • Boomers spend 27 hours per week online, which is more than the 16-34 age group
  • Baby Boomers are 19% more likely to share content on social media (Digital Trends
  • Boomers are more engaged in slower-paced, longer videos with a lot of information (QuickSprout)
  • An astounding 96% of Baby Boomers use search engines, 95% use email, and 92% shop for products or services online (Forbes)

What Does This Data Mean For Insurance Agents?

These facts and figures are very useful to agents for making marketing decisions directed at this generation. 

It’s easy to conclude from the data that a significant number of Baby Boomers are informed, tech-savvy, financially prepared, and ready to research before making any significant purchases. 

Boomers will most likely have done quite a bit of digging online about any policies they are interested in before you make contact with them. In fact, they probably will try to look you up as well.

Here are some ways you can take advantage of the opportunity with Baby Boomers:

  1. Create a strong presence on Facebook and ask clients for reviews. Anyone visiting your business page will be able to see your excellent reputation and read positive reviews from satisfied clients. Be active on your page and post helpful articles and videos.
  2. Have an email marketing campaign in place, but don’t be spammy. 
  3. If possible, hire a professional to help you rank your website for local searches online. This may involve strategies like starting and maintaining a blog and posting video content. 
  4. Make Boomers feel secure with their hard-earned money and make sure they know you really have their best financial interests at heart.
  5. Assume they have knowledge about what you’re trying to sell before you try to sell them.

As Boomers continue to age, your services will continue to become more valuable as their need for more Medicare solutions, retirement options, annuities, and other policies grows. Insurance agents will play a big role as these demands increase in the coming years. Take the time to personalize your marketing efforts toward Baby Boomers and don’t underestimate their online presence.

What has worked well in your insurance marketing to earn Boomers’ business?  

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