Given the diversity and spending power of older shoppers it can be very detrimental to a brand or channel’s chances for success to relying on traditional thinking. But, according to the 2012 Baby Boomers: Riding the Wave of Diversity report from Symphony IRI by developing marketing strategies that are aligned with shopper needs, retailers and manufacturers can create shopping experiences that will win shopper spending and ongoing loyalty.
And as the chart to the right illustrates, don’t underestimate the older consumer’s use of internet for learning about consumer products.
- Establish profiles of existing ―best customers across boomer cohorts by creating discrete behavioral segments based upon their habits, purchase response and history with competitors
- Invest to understand core health and wellness needs across ―best customer‖ segments, and ensure that product assortment and marketing programs are highly targeted against those needs
- Partner with key manufacturers in the development of loyalty program offers targeted against the needs/wants of key shopper segments
- Examine convenience strategies that make it easier for older shoppers, as well as all time-crunched CPG shoppers, to grab essential products quickly
- Communicate with core shoppers early and through complementary old and new media programs and highly targeted messaging
- Develop and manage core product offerings based upon what your priority customers are buying frequently
- Develop pricing strategies based upon the needs, wants and appetite of your best shopper, and continually measure and adjust to maximize best shopper response
- Encourage cross-purchase behavior with planograms and merchandising displays featuring a full complement of products with high cross-purchase indices within the market or store
- Highlight the features of technology in-store, such as prescription renewals and healthcare management programs