Tuesday, June 22, 2010

MN AMA Event Recap: Marketing to Boomers

Ovations, United HealthGroup’s direct-to-consumer business dedicated to the health and well-being needs of the Boomer population, hosted the MN AMA’s Healthcare SIG event on May 27, 2010.
The event featured Terry Clark, Chief Marketing Officer of Ovations; Michael Carroll, Vice President of Ovations Marketing; and Bart Reed, Vice President of Ovations Marketing. The three spoke about the complexity of healthcare and the challenges it poses for consumers, specifically the growing senior segment known as “Boomers” (those born between 1946 and 1964).
The event was full of healthcare marketers and provided a great opportunity for learning and networking.

Some of the notable facts included:

• Boomers control 60 percent of the wealth in the US, but only account for 40 percent of consumption

• Hispanics and African Americans will have the largest growth in the Boomer population over the next few years

• Eighty eight percent of Boomers surveyed said they use the internet to research before making a purchasing decision

• Only 6 percent of Boomers surveyed had plans to downsize their home in the next few years

• Life events are buying triggers for Boomers

The underlying theme was that Boomers will not respond to one-size-fits-all marketing. They are a diverse population and should be marketed to as such. Segmenting by generation is a common practice, but Bart Reed reminded us that the right segmentation strategy depends on your objective.

Do they view themselves as a Boomer? Do they consider themselves to be a retiree? What do those labels mean to them?

When marketing to Boomers it is best to understand the sub-segments in order to effectively communicate with them. As with any target audience it is critical to understand their wants, needs, and preferences. Do you understand your market?

Thanks again to UnitedHealth Group and YMM for their sponsorship of the event. Keep an eye out for the next MN AMA Heathcare SIG event in the fall.

Amanda Broman is a Marketing Specialist for Ovations at UnitedHeath Group. She can be reached on Twitter (@abroman) or by email at arbroman08@gmail.com.

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Claire said...

Yes. This is a critical audience. Not only do they make decisions for themselves, many make decisions for/with their parents.

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