New Beginnings: Investing in Digital Solutions for Boomers’ Second Lives

UNDERSERVED MARKET & OPPORTUNITY

SURVEY METHODOLOGY

BBGV THESIS

Personal Finance and Second Careers: Finding Fulfillment & Financial Stability

Healthcare: Aging Empowered

How to win over this customer segment?

  • Addressing Privacy Concerns: 69% of Boomers surveyed are apprehensive about using digital products and services due to privacy concerns. Startups that target them need strict privacy controls and an onboarding process that addresses and alleviates such concerns.
  • Designing Simple & Accessible UI/UX: Boomer-focused startups must develop a differentiated UI/UX design that is intuitive for over 55s. Respondents noted that the product should be simple to navigate, easy to learn, and if possible, include accessible instructions. While millennials prefer a clean and simple design with a quick onboarding process, Boomers prefer more details and how-to tutorials. Many digital solutions assume familiarity with current app protocols or demand a steep learning curve, either of which can make adoption challenging for Boomers.
  • Utilizing a Differentiated Customer Acquisition Strategy: Traditional digital marketing strategies and customer acquisition funnels may not work as effectively for Boomers. According to our survey, the best way to reach Boomers is through television ads (72%), search engine optimization (68%), and word of mouth (59%). Facebook ads (24%) are 30–50% as effective. Given that 22% of respondents are apprehensive about digital products/services and 29% of them find it difficult to learn about companies , startups need to be more thoughtful about their GTM plan. That may include partnerships with offline community groups such as church groups, community centers, and neighborhood associations. For Boomers who don’t currently use many digital products, 71% of respondents said they are more likely to adopt them if they are more convenient than physical alternatives. Understanding why Boomers choose to adopt digital solutions will be critical in attracting and retaining this customer segment.

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BBG Ventures is an early-stage fund backing female founders with big ideas that will reshape the way we live.

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BBG Ventures

BBG Ventures

BBG Ventures is an early-stage fund backing female founders with big ideas that will reshape the way we live.

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