Despite the size of female boomer market, many financial institutions take it for granted.
The baby boomer market is so large that subsets can be considered mass markets in themselves. This is certainly the case with boomer women, according to “Marketing to Baby Boomers,” a white paper from the CUNA Marketing and Business Development Council.
Women control the finances in many, if not most, American households. Considering baby boomers number 76 million, boomer women are a sizeable market.
Despite the size of female boomer market, many financial institutions take it for granted.
Mary Brown and Carol Orsborn, co-authors of “Boom: Marketing to the Ultimate Power Consumer—the Baby Boomer Woman,” list six elements financial institutions may not know about boomer women:
Time is money
Baby boomers have little time to spare and seek out products and services that save time and effort.
Boomers place a great deal of value on time, according to a Yankelovich Monitor study, which asked respondents to place a value on one minute of their time. Boomers valued their time the most at $2 per minute, double every other generational cohort and more than the $1.25 per minute average.
Credit unions should make sure their websites are easy to use and quick to navigate. If it takes more than three clicks or eight seconds to find a product, consumers will go elsewhere.
Next: How boomer women buy