95% of older customers would be disloyal to their favourite retailer if a competitor understood them better.
According to research by ICLP involving more than 10,000 consumers in the UK, 82% of people over 55 say their favourite retail brand doesn’t understand them or their needs.
Just 29% of these older (Baby Boomer) consumers said they felt appreciated as a regular customer of their favourite brand, compared to 48% of Millennials. Even loyalty programs appear to be neglecting Boomers. Just 28% said they felt their loyalty was rewarded compared to 40% of Millennials and 34% of Generation X.
Strange as it may seem, we continue to struggle to convince marketers of the need to include older consumers in their business plans. Research like this helps to underscore the importance and the urgency of doing so as well of the risk of ignoring the blatantly obvious.
It should not be a case of either or. Businesses must learn to appeal across the age spectrum. We call this; Lifetime Customer Experience.