Marketing to Boomers and Seniors

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Marketing to Boomers and Seniors

  1. 1. Marketing to Boomers & Seniors: Today’s 50+ Consumer Shannon Ingram President, GenAge Marketing Co-Founder, BoomerReviews.com
  2. 2. “So come with me where dreams are born, And time is never planned. Just think of happy things And your heart will fly on wings Forever in Never Never Land” ~Peter Pan 2
  3. 3. The Essence of the Boomer Mentality A Forever Young Party Animal 3
  4. 4. Agenda • • • • • • Generational Segmentation Boomers & Pre-Boomers Ageless Marketing Exercise Learn Something Have Fun 4
  5. 5. Generational Segmentation • Generational Cohorts & Birth Years – GI or Greatest Generation, 1901-1924 – Pre-Boomers or Silent Generation, 1925-1945 – Baby Boomers or Boomers, 1946-1964 – Gen X, 1965-1983 – Gen Y or Millennials, 1984-2004 5
  6. 6. Our Focus: Boomers • Boomers & Pre-Boomers = 50+ • Pre-Boomers – 46 Million – Children of Great Depression & WWII Parents – Marriage is for Life – Korean & Vietnam Wars – Big-Band/Swing – Common Values & Near-Absolute Truths – Disciplined, Self-Sacrificing, Cautions 6
  7. 7. Our Focus: Boomers • Baby Boomers – 73 Million – Children of WWII & Korean War Parents – Assassinations of JFK, MLK, RFK – Space Program and Walk on the Moon – Rock ‘n Roll – First Divorce Generation – Women’s Movement, Birth Control – Self-centered “Me Generation” 7
  8. 8. Market Size • Approximately 119 Million Boomers & PreBoomers in US Today • First time 50+ Age Group is Largest Percentage of US Population • By 2015, 50+ = 45% of US Population • By 2030, 65+ will Double to 71.5 Million Sources: Age Wave, AARP 8
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  10. 10. Wealth • 55+ Controls More than ¾ US Wealth • Boomer Median Income Today is 55% Greater than Younger Gen X & Millennial • 50+ Owns 65% of Aggregate Net Worth of All US households Sources: International Council of Shopping Centers, US Government Consumer Expenditure Survey 10
  11. 11. Spending Habits • Outspend Other Generations by $400 Billion per Year on Consumer Goods, Services • Discretionary Purchase Decisions Include: – Decreased sensitivity to price – Increased sensitivity to affordability – Sharply increased sensitivity to VALUE Sources: US Consumer Expenditure Survey, Forrester 11
  12. 12. Spending Habits • 55-64 Age Group Currently Outspends Average Consumer in Most Categories: – Household furnishings – Personal care – Entertainment – Gifts Source: US Government Consumer Expenditure Survey 12
  13. 13. Spending Habits • Boomers Take Pride in the Appearance of Their Homes • 21% Report Spending More than $10K on Home Improvements in the Past Year • NAHB Predicts Aging in Place Remodeling to be $20-$25 Billion – 10% of All Home Improvement Sources: Scarborough, National Association of Home Builders (NAHB) 13
  14. 14. Granny Pods 14
  15. 15. Spending Habits • 96% Participate in Word-of-Mouth or Social Proof Marketing – Pass product or service info to friends – Reading online reviews Source: 3rd Age 15
  16. 16. Online Habits • The Internet’s Largest Constituency is 50+ • 2012 – Boomers Spent 27 hrs/week Online; Millennials Spent 25 hrs/week • 72% of Adults 55-65 Shop Online • 47% of Adults 73+ Shop Online Sources: Jupiter Research, Nielsen, Forrester 16
  17. 17. Online Habits • 89% of Adults 65+ Have Personal Email They Check an Average of 5 times/week • The Internet is the Most Important Source of Info for 50+ Making Major Purchases such as: – Automobiles – Appliances – Large Electronics – Home Furnishings Source: Nielsen 17
  18. 18. Online Habits • In 2011 Boomers Increased Use of Social Media by 60% • 82% Research Health & Wellness Online • Top 4 online sites: • • • • Google Facebook Yahoo YouTube Sources: AARP, WSL Strategic Retail, Pew 18
  19. 19. Psychology • Unifying Turmoil – 60’s & Vietnam • Self-Empowered Identity – Be the best you can be… • Altruism • It’s Still “All About Me” – McDonald’s 1974 & 2014 • From Young Moms to Grandmoms 19
  20. 20. Psychology: CRAZY. Sexy. Cool. • Crazy – Denial • Optimistic • Challenging Aging Bodies • Spending – Increase in Marijuana Usage • In 2012 for adults 50 to 54, the rate increased from 3.4% in 2002 to 7.2 % in 2012. • Among those aged 55 to 59, the rate increased from 1.9% in 2002 to 6.6% in 2012. 20
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  22. 22. Psychology: Crazy. SEXY. Cool. • Sexy – Fitness – Vitamins – Topicals & Tablets for Everything – Fashions – Dating & Relationships – We’re NOT stupid 22
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  26. 26. Psychology: Crazy. Sexy. COOL • Trends still matter – Refined Minimalism into Universal Design – Talbot’s, Chico’s, Tommy Bahama • Not stereotyped “old people” • Keep working • Still have aspirations, fun 26
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  28. 28. How to Succeed in Marketing to Boomers… DO • Practice Ageless Marketing • Use Aspirational Imagery • Appeal to Crazy. Sexy. Cool. • Have a Strong Digital Footprint: Web Site, Social Media, Advertising • Use Email Campaigns DON’T • Position Your Product or Service for Older Consumers • Use Pictures of ‘Old People’ in Your Communications • Talk Down • Underestimate Boomer Value as Consumers 28
  29. 29. Case Study: OXO 29
  30. 30. Case Study: Builders Appliance Center 30
  31. 31. Idiot Wind “You’d have to be an idiot to turn your back on this humongous growth market.” ~Jody Holtzman, AARP To paraphrase Boomer Poet Laureate, Bob Dylan, there’s an Idiot Wind blowing across corporate America… 31
  32. 32. Exercise • Review Magazines • Identify Best/Worst Ads and Discuss Why • Create an Ad for a Liner: – Use Aspirational Imagery – Write Copy to Connect and Relate Boomers via Emotion – Decide on a Great Headline – Identify Someone to Share 32
  33. 33. Reading & Research Books: • Turning Silver into Gold: How to Profit in the New Boomer Marketplace by Mary Furlong • Dot Boom: Marketing to Baby Boomers by David Weigelt Web Sites: GenAge Marketing BoomerReviews.com Vibrant Nation Immersion Active Huff/Post50 Next Avenue Purple Clover 33
  34. 34. Reading & Research Reports: • Nielsen “America’s Most Valuable Generation” • E-marketer “Baby Boomers in the Marketplace” 34
  35. 35. Summary • 73 Million Boomers + 48 Million Pre-Boomers = 119 Million 50+ • Outspend other generations by $400B/year • Average 27 hours/week online & Internet is most important source for purchasing decisions • Crazy. Sexy. Cool. • Practice Ageless Marketing for Success 35
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  37. 37. A DIVISION OF GENERA STRATEGIES

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