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Are You Missing 70% of Your Market?
 

Are You Missing 70% of Your Market?

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Baby Boomers account for the majority of wealth and disposable income in the US; yet most marketers overlook them in favor of the "typical" target of 18-49 Adults.

Baby Boomers account for the majority of wealth and disposable income in the US; yet most marketers overlook them in favor of the "typical" target of 18-49 Adults.

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    Are You Missing 70% of Your Market? Are You Missing 70% of Your Market? Presentation Transcript

    • Are you missing 70% of your market? What your Social, Online, or Traditional Advertising & Marketing strategy might have left out …
    • Successful marketing reaches your audience with the right message. Most advertisers target their marketing and message to Adults 18-49
    • Who are you targeting?
    • Who are you targeting? Are you sure that’s your best customer?
    • There is a famous line from the movie All The President’s Men …
    • There is a famous line from the movie All The President’s Men … “Follow the money.”
    • Baby Boomers spend close to 50 percent of all CPG* dollars. Source: Neilsen/BoomAgers 2012 Report *Consumer Packaged Goods.
    • Baby Boomers spend close to 50 percent of all CPG* dollars. Yet less than 5 percent of advertising is directed to them. Source: Neilsen/BoomAgers 2012 Report *Consumer Packaged Goods.
    • That would be called leaving the “low hanging fruit.”
    • That would be called leaving the “low hanging fruit.” That could also be called missing a big opportunity.
    • Baby Boomers make up 44% of the population, but have 70% of the disposable income. Source: Forrester Research, November 2011
    • Baby Boomers make up 44% of the population, but have 70% of the disposable income. Who are you targeting? Source: Forrester Research, November 2011
    • Source: Neilsen/BoomAgers 2012 Report Older Boomers (age 56-66), spend more online than any other generation.
    • Source: Neilsen/BoomAgers 2012 Report Older Boomers (age 56-66), spend more online than any other generation. Younger Boomers (age 46-55), were the next biggest online spenders.
    • The only age group with LESS disposable income than Adults 25-34, are Adults 65+. Source: GIS Consortium, 2012
    • Source: GIS Consortium, 2012 Average disposable income for 35-64 Adults is double Adults 35 and under
    • Source: GIS Consortium, 2012 Average disposable income for 35-64 Adults is double Adults 35 and under Are you sure your product or service is just for 18-34 Adults?
    • Millennials are characterized as being close with their parents.
    • Millennials are characterized as being close with their parents. So even if your product or service is for <35 Adults it’s likely the customer will seek parent input (for all but the smallest purchases).
    • Are you designing your message to reach tech savvy 18-34 Adults?
    • Internet users over the age of 50 are driving the growth of social networking. Source: Neilsen/BoomAgers 2012 Report
    • Internet users over the age of 50 are driving the growth of social networking. Source: Neilsen/BoomAgers 2012 Report 53% of Boomers are on Facebook. Their usage of the social net has doubled in the last year. That means there’s a large group of Boomer Facebook newbies.
    • Isn’t my message reaching everyone, even Boomers?
    • Isn’t my message reaching everyone, even Boomers? Is it?
    • Not-so-random fact: 41% of Apple computer customers are Boomers. Source: Neilsen/BoomAgers 2012 Report
    • Not-so-random fact: 41% of Apple computer customers are Boomers. Boomers want clean, easy, and a low learning curve. Is your message delivered clean and easy? Source: Neilsen/BoomAgers 2012 Report
    • Another not-so-random fact: After age 50, almost 100% of adults need vision correction Source: National Library of Medicine/ ABC News
    • Another not-so-random fact: After age 50, almost 100% of adults need vision correction Boomers’ vision is not the same – even after correction – as adults under 40. Source: National Library of Medicine/ ABC News
    • The verdict after 100,000 web site usability tests? Source: Moz.com/5 Lessons from 100,000 Usability Tests/2013
    • The verdict after 100,000 web site usability tests? Source: Moz.com/5 Lessons from 100,000 Usability Tests/2013 • Avoid multi-level navigation It may look cool – but it’s hard for any user to use – not just Boomers.
    • The verdict after 100,000 web site usability tests? Source: Moz.com/5 Lessons from 100,000 Usability Tests/2013 • Avoid multi-level navigation It may look cool – but it’s hard for any user to use – not just Boomers. • Links should look like links The text should be colored different from surrounding text AND underlined.
    • The verdict after 100,000 web site usability tests? Source: Moz.com/5 Lessons from 100,000 Usability Tests/2013 • Avoid multi-level navigation It may look cool – but it’s hard for any user to use – not just Boomers. • Links should look like links The text should be colored different from surrounding text AND underlined. • Make stuff easy to find Whether it’s via your internal search function – or through logical categorization – link the same information under two categories if you have to.
    • Is there an easy way to know if my message is “Boomer-friendly?”
    • Do you know what a “Charlie” computer is? Is there an easy way to know if my message is “Boomer-friendly?”
    • Do you know what a “Charlie” computer is? A “Charlie” computer is an older computer, running an older operating system, connected to the Internet with DSL speed … Large online sites use it to check for load times and compatibility. Is there an easy way to know if my message is “Boomer-friendly?”
    • Find a couple human equivalents of the “Charlie” computer: adults in their late 50’s to mid 60’s.
    • Find a couple human equivalents of the “Charlie” computer: adults in their late 50’s to mid 60’s. Relatives are a great source for this. Seriously.
    • Find a couple human equivalents of the “Charlie” computer: adults in their late 50’s to mid 60’s. Relatives are a great source for this. Seriously. Watch them complete a few tasks, such as linking on your ad to buy your product, and listen to what questions they have.
    • I can personally attest to the time my own Mother previewed my new website, asked a question I thought was irrelevant, and it came back to haunt me.
    • I can personally attest to the time my own Mother previewed my new website, asked a question I thought was irrelevant, and it came back to haunt me. Yes, Mothers are usually right.
    • By 2017 over the US population will be over 50. Source: Neilsen/BoomAgers 2012 Report
    • By 2017 over the US population will be over 50. Source: Neilsen/BoomAgers 2012 Report Between now and 2030, the 18-49 segment is expected to grow +12%, while the 50+ segment will expand +34%.
    • Besides clean and easily visible – what else can I do to improve sales to Boomers?
    • Besides clean and easily visible – what else can I do to improve sales to Boomers? Make it easy.
    • Easier said than done? Here are a few quick examples:
    • • Feature “Tips for New Visitors to our Site” Be sure it’s easy to find – and not buried inside FAQs. Easier said than done? Here are a few quick examples:
    • • Feature “Tips for New Visitors to our Site” Be sure it’s easy to find – and not buried inside FAQs. Easier said than done? • Focus on your blog Hint: They’re easy to use, personal, and – hopefully – informative. … It’s no wonder their growth and usage is exploding. Here are a few quick examples:
    • • Feature “Tips for New Visitors to our Site” Be sure it’s easy to find – and not buried inside FAQs. Easier said than done? • Focus on your blog Hint: They’re easy to use, personal, and – hopefully – informative. … It’s no wonder their growth and usage is exploding. Here are a few quick examples: • Use traditional advertising to supplement your online offer Boomers are still large consumers of traditional newspaper and TV advertising. Find a good rep who can show you affordable ways to reach them.
    • • Feature “Tips for New Visitors to our Site” Be sure it’s easy to find – and not buried inside FAQs. Easier said than done? • Focus on your blog Hint: They’re easy to use, personal, and – hopefully – informative. … It’s no wonder their growth and usage is exploding. Here are a few quick examples: • Use traditional advertising to supplement your online offer Boomers are still large consumers of traditional newspaper and TV advertising. Find a good rep who can show you affordable ways to reach them. • Offer a “need help?” contact Requests for help should be answered at least two – preferably four or more – times a day.
    • In summary … • Follow the money Boomers can be price shoppers – but they shop online and offline more than any other age group. • Make sure your social media addresses newbies Social media growth is coming from Boomer social net adoption. • Use traditional advertising to supplement your online efforts Boomers are still large consumers of traditional newspaper and TV advertising. Find a good rep who can show you affordable ways to reach them. • Test your marketing on a Boomer Watch and listen to learn, then apply changes if needed. This is also the chance to show your Aunt or a friend’s Parent what you do. • Keep it simple Isn’t this true with all marketing?
    • This presentation is meant to be only a starting point Here are a few resources to learn more: • Neilsen: Marketing’s Most Valuable Generation http://www.nielsen.com/us/en/reports/2012/introducing-boomers--marketing-s-most-valuable-generation.html • Huffington Post: Boomer Marketing Report Card http://www.huffingtonpost.com/2012/05/17/boomer-marketing_n_1516551.html • Bloomberg: Aging Boomers Befuddle Marketers http://www.bloomberg.com/news/2013-09-17/aging-boomers-befuddle-marketers-eying-15-trillion-prize.html (Be sure to check out the Infographic)
    • I’d like to hear about your experiences marketing to Boomers!
    • Sandy Glantz Advertising & Marketing Professional, Consulting/Freelance: Media, Web, Mobile, Social Marketing Strategist www.linkedin.com/in/sandyglantz/ I’d like to hear about your experiences marketing to Boomers! Connect with me on LinkedIn: