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May 01, 2010 at 08:00 PM
Financial marketers have realized that today’s boomer consumers are worthy of their attention, so now they are scrambling to find the best segmentation scheme. That’s because they want to determine which specific parts of the large boomer cohort are their best prospects.
The problem, of course, is that most segmentation schemes have little value to most advisors, agents or producers. They are either too general and don’t apply to a particular consumer in a particular product category or too specific and only apply to purchasers of certain products from certain companies.
“Self”-centered boomers
Recently CNBC broadcasted a Tom Brokaw documentary, “Boomer$!”, which tried to sum up the generation in two hours. Needless to say, Brokaw had a few omissions, including failing to point out that a key generational trait among boomers is their desire to remain “self”-centered. Not self-absorbed but simply more interested in what happens to them than anything else.
Most boomers evaluate everything in life with, “What’s in this for me?” They apply a personal lens–not, “Is this product for someone like me” but “Is this for me, specifically?”
