Communication Activity of Retail Banks in The Context of Information Sources of the Baby Boomer Generation

Proceedings of The 2nd International Conference on Research in Management and Economics

Year: 2019

DOI:

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Communication Activity of Retail Banks in The Context of Information Sources of the Baby Boomer Generation

Małgorzata Kieżel

ABSTRACT: 

The present demographic situation and the population ageing result in growing importance of elderly people as consumers (for example, in Poland in 2020, every fourth Pole will be a senior, and in 2035 – every third). This group has its own specificity and requires the use of appropriately selected marketing activities. This also applies to broadly understood marketing communication. The paper aims to present the main forms of marketing communication used by retail against the sources of information preferred by people from the Baby Boomer generation. The article presents the theory (literature review) and part of the results of own quantitative research (survey method). Research has shown that older consumers use mainly traditional sources of information, for example they prefer personal contact with a bank employee (even though they are increasingly more often seeking new methods, such as the Internet). Such results have practical implications for the communication campaigns which are mainly based on modern media and are conducted by retail banks. This means that banks should create marketing campaigns for this specific segment. This is important from the point of view of social implications. As for now, both the theory and practice of retail banks neglect the importance of the “silver segment”.

Keywords: Communication Channels; Consumer Education; Financial Knowledge; Marketing Communication; Silver Generation Marketing.