23 Sep Boomers are brand loyal… kinda. Depends how you define loyal.
Ok everyone, time to take all your stereotypes out about our aging Boomer Generation and set them aside. This is of course our largest hardest spending generation – and yes, they are getting older. It’s funny though, how some assume that the minute consumers start pulling out reading glasses they can’t see options anymore. Well, the fact is while Boomers are loyal, they will change quickly if they are not given relevant reasons to stick with you. When surveyed about their favorite brands 41.4 percent of respondents said they would be willing to switch to another brands loyalty program. So, if you have a dip in service or are inconsistent showing value, there is a pretty good chance they are going to try somewhere else. Bummer. But instead of feeling jilted, maybe you need to look at how you define loyalty. Get past the CRM-churning what-have-they-done-for-me-lately mentality. Consider looking at the lifetime value of your relationship. Yes, it’s a relationship and relationships have ups and downs. We all need to be ok with that as a marketing reality and learn from it. When you do see a change don’t assume that an increased offer will bring them back. Maybe it would. But you would have a better chance if the offer reinforced the real and relevant brand attributes that made them loyal in the first place and gave them an opportunity to have a positive experience with your service again. The good news is, if you master this now – Generation X seems much the same, and their spending is catching up just as fast as they need those reading glasses.