Here’s an interesting study on Baby Boomers and their use of word-of-mouth marketing. In summary, 89% of boomers consider friends as reliable sources for product purchasing advice.
A few observations:
- The study notes that boomers use face-to-face and phone conversations twice as much as online tools such as email and the web to make their recommendations. It would interesting to know where that chain begins, though. In other words, are the 45% of boomers who use the web to make their recommendations advising much of the 89% who use phone conversations and face-to-face?
- Boomers don’t like giving advice on financial services – seems most of them don’t need to worry about it (or at least don’t want to talk about it), and it’s frustrating the financial services industry.