As business owners, we need to sell our products and services to customers with money. Talk radio is one of the best ways to do that. 76 million American baby boomers born between 1946 and 1964 during the post-World War II baby boom are 51 to 70 years old today. 57% of talk radio listeners are over 45. Boomers are 24% of the US population though control 70 % of US disposable income. Disposable income is total personal income minus personal current taxes. So how are boomers listening to the radio and spending their money?
How are boomers listening to the radio? 93% of US adults listen to the radio on a weekly basis making it the leading reach platform. Boomers spend the most time each week with radio at more than 15 hours. The top daypart is midday, 10am – 3pm. News/Talk radio is 10.7% of all listenership. 51% of radio listenership takes place in the car. The Jacobs Media survey found the emotional connection driving radio listenership. 55% said they enjoy working with the radio on, 45% said it keeps them company and 40% said they listen to get in a better mood.
What are baby boomers spending their money on? Education expenditures increased the most spent mostly on helping children with college payments. 59% of parents are supporting their adult children who are no longer in school. 40% of parents have paid off their adult children’s debt. 29% have paid off their student loans. 75% of middle-aged to older people still have mortgages. 15% of all baby boomers will not get out of debt in their lifetime. From 1990-2010, utility payments including gas, water and telephone increased 15%. Health care expenditures increased 25%. Housing expenditures including principal, mortgage interest, taxes, maintenance and insurance increased 25%. Credit card debt increased 44%. Pension contributions more than doubled from 2.5% to 5.9%. Food purchases including restaurants declined 19%. Household furnishings declined 29%. Clothing expenditures declined 56%. Transportation expenditures including car purchases, maintenance, gas and public transportation declined 14%.
So you can see that promoting your company’s products and services through talk radio will reach boomers with money. Are you doing that? Why not? Let me know if I help show you how talk radio can grow your business.