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Marketing to Seniors: The Disruptive Demographic

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For our latest Google Marketing Platform meetup, we spoke about marketing to baby boomers with Bronwyn White, CEO of New Young Consulting. Bronwyn discussed the most predictable marketing opportunity we have ever had: Marketing to Seniors.

Bronwyn will help us connect with this multi-trillion dollar global economy – the most cashed-up, time-rich generation of our lifetimes. She will share her deep understanding of the baby boomer generation including the nuanced complexities and a complete, well-rounded understanding of the opportunities available for growth in this sector.

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Marketing to Seniors: The Disruptive Demographic

  1. 1. THE MOST PREDICTABLE MARKETING OPPORTUNITY WE HAVE EVER HAD “We should have seen the flood coming: the aging of (baby) boomers was perhaps the most predictable large historical event of the last century”. Joseph Coughlan. MIT Agelab 1
  2. 2. Why should we care about baby boomers? • Lots of them! • More are retiring every day • More time than anyone else • More money than anyone else 2Source: https://blog.id.com.au/2012/population/demographic-trends/who-are-the-baby-boomers/
  3. 3. HOUSEHOLD WEALTH The bar chart represents wealth of households in Australia, by age bracket. As you can see, the mass of Australian wealth sits with the +55’s market. $1,040,550 $1,239,700 $944,900 $573,300 $268,800 65- 74 55- 64 45- 54 35- 44 25- 34 AGE Millennials / GenY Older Boomers Gen X Younger Boomers Builders (Boomers) $$$ Australian Bureau of Statistics (ABS). Household wealth TEXT: 0408 225 766 WITH YOUR NAME AND EMAIL ADDRESS FOR A COPY OF THIS PRESENTATION
  4. 4. 4 CONSUMER SPENDING BY SEGMENT https://usa.visa.com/partner-with-us/visa-consulting-analytics/baby-boomers-still-outspend-millennials.html, https://www.huffpost.com/entry/the-7-incredible-facts-about-boomers-spending_b_6815876 TEXT: 0408 225 766 WITH YOUR NAME AND EMAIL ADDRESS FOR A COPY OF THIS PRESENTATION
  5. 5. Interesting life history that shaped their attitudes 5 Fun, active and adventurous. Loads of ‘firsts’ Travelling before the Internet, Tripadvisor, Instagram – they just had to go there to find out what was there Popping all sorts of pills and going to festivals before you were  They didn’t call it the swinging 60’s for nothing. Sexual freedom driven by The Pill TEXT: 0408 225 766 WITH YOUR NAME AND EMAIL ADDRESS FOR A COPY OF THIS PRESENTATION
  6. 6. HE WORKS FOR THE DEPARTMENT OF HOUSING, SHE IS A NURSE, THEY HAVE 3 GROWN UP KIDS 6Bobby and Nick Ercoline
  7. 7. 7 • In 1900, life expectancy for much of the industrialised world was under 50. • Today, living well into one's 70s, 80s and beyond • Desire to purchase enjoyable, satisfying and memorable experiences rather than possessions • Concerned with not longer life but quality of life. • Active interest in health and fitness Key differences to past older generations “They are not stopping spending, like previous generations did, not even spending reluctantly, just spending differently for different reasons” Dan.s.Kennedy.
  8. 8. 8 Dan.S.Kennedy https://tripadvisor.mediaroom.com/press-releases?item=126198 https://www.cheapoair.com/miles-away/baby-boomer-travel-trends/
  9. 9. 9 “AS A GLOBAL ECONOMY THIS SECTOR IS THE 3RD LARGEST, BEHIND USA AND CHINA”. JOSEPH COUGHLAN. MIT AGELAB
  10. 10. So what are they good for? Mythbusting TEXT: 0408 225 766 WITH YOUR NAME AND EMAIL ADDRESS FOR A COPY OF THIS PRESENTATION
  11. 11. MYTH #1 SCARED / OUT OF TOUCH WITH TECHNOLOGY • This used to be true of the silent generations • When computers first arrived in workplaces, baby boomers had to learn to use them • Very comfortable using and spending on technology • Overwhelmingly see technology as having a positive impact on their lives, always connected and willing to spend online. 11TEXT: 0408 225 766 WITH YOUR NAME AND EMAIL ADDRESS FOR A COPY OF THIS PRESENTATION
  12. 12. 12 1982 Complete with carry handle incredibly light at 7.2kgs 1989
  13. 13. MYTH #2 THEY DON’T USE THE INTERNET MUCH FOR RESEARCH • The most sophisticated and heaviest online researchers I have seen – in the travel vertical • Spending hundreds of hours researching Implications • Massive implications for customer journey marketing • User experience • Content marketing • Same, same content won’t cut it. New news, interesting content. 13 TEXT: 0408 225 766 WITH YOUR NAME AND EMAIL ADDRESS FOR A COPY OF THIS PRESENTATION
  14. 14. Internet search (travel) 14 “I tend to research very thoroughly. I would spend days spread out over weeks. It becomes a mission and I lock down quite specific details . I also like to plan options in case things don't work out as originally planned from my desktop” “Lots of time in the lead up to a holiday, it's sort of foreplay. (Sorry)” “100s and 1000s of hours!. I'm afraid I am a frustrated travel agent with a penchant for finding the best authentic deal.” TEXT: 0408 225 766 WITH YOUR NAME AND EMAIL ADDRESS FOR A COPY OF THIS PRESENTATION
  15. 15. CONTENT MARKETING SHOULD BE KING AND QUEEN • They tend to have good attention spans • You simply cannot have enough content for this market when they are actively researching • They can spend hundreds of hours researching on high involvement purchasing like travel • Stories (blog) • Video – they will probably watch the whole thing • Images 15TEXT: 0408 225 766 WITH YOUR NAME AND EMAIL ADDRESS FOR A COPY OF THIS PRESENTATION
  16. 16. MYTH #8 USE IMAGES OF SENIORS IN MARKETING TO THEM • Seniors don’t think they are senior • Don’t call them senior • No old people photos • They don’t want to see pictures of old people in advertising • They feel youthful and adventurous • There is a true discrepancy between chronological age and perceived age. 16TEXT: 0408 225 766 WITH YOUR NAME AND EMAIL ADDRESS FOR A COPY OF THIS PRESENTATION
  17. 17. There is a disconnect between Grandpa on the outside and Grandpa on the inside…you need to talk to the ‘inside Grandpa’ 17 Grandpa looks like this. But Grandpa thinks he looks like this...HOT
  18. 18. IMAGES AND VIDEO General rule of thumb • Good high-quality imagery • Images with people • Images with movement • Relatable • Not staged • Images with single women • No geriatric style images with ‘daggy’ looking old people 18 Ugly photos on your site are doing you no favours… This image would be great in a Campaign. This IS what retirement is all about. Good times, and hanging out with your Grandkids. TEXT: 0408 225 766 WITH YOUR NAME AND EMAIL ADDRESS FOR A COPY OF THIS PRESENTATION
  19. 19. DON’T USE THIS TYPE OF IMAGERY 19 Actual quotes from the research when respondents were asked to comment. Although it may be true, travellers don’t want to be reminded that they are travelling like this! TEXT: 0408 225 766 WITH YOUR NAME AND EMAIL ADDRESS FOR A COPY OF THIS PRESENTATION
  20. 20. ENGAGE IN AGELESS MARKETING PRACTICES • When in doubt, from a tactical perspective, it is much safer. • They are involved in everyone’s lives • Attractive scenes should be incorporated • By practising ageless marketing, you don’t risk alienating others • Boomers are often making the decisions on behalf of others or at least, have a high influence 20TEXT: 0408 225 766 WITH YOUR NAME AND EMAIL ADDRESS FOR A COPY OF THIS PRESENTATION
  21. 21. MARKETING CRIMES COMMITTED AGAINST ‘SENIORS’ IS YOUR MARKETING TEAM GUILTY OF THE BOOMER CRINGE IMAGE?
  22. 22. Contrived, implied and stereotyped
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  24. 24. 24TEXT: 0408 225 766 WITH YOUR NAME AND EMAIL ADDRESS FOR A COPY OF THIS PRESENTATION
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  29. 29. BRIEFING IS KEY • Ensure your ad and digital marketing agencies are briefed • Ensure your marketing staff are briefed 29
  30. 30. 30 Words – this is the start of a new life. Don’t finish us off! Self improvement and learning Spontaneous Break new ground Challenge yourself Try new things Take a few risks – get out of your comfort zone Experience things you wouldn’t normally in every- day life Life is just beginning New experiences, new things Time to do what you always wanted to do Curious Learning about yourself You deserve this Broaden your knowledge Open to the new Today’s Boomer women start 70% of all new businesses
  31. 31. THE FUTURE IS FEMALE ITS JUST WHERE THE BUCKS ARE. 31
  32. 32. WATCH YOUR GENDER BLIND SPOT • Boomer women are high in numbers • Make 85% of purchasing decisions for their households • They will control more than 75% of US wealth as they inherit from parents • Influence spending around them: • buy on behalf of the people who live in their households, as well as for extended family (such as older parents and in-laws) and friends. 32TEXT: 0408 225 766 WITH YOUR NAME AND EMAIL ADDRESS FOR A COPY OF THIS PRESENTATION
  33. 33. FACT 33 “If there is a disconnect between how marketers view Boomer women and how these women perceive themselves, it could be because 97% of all creative directors are male, and still seeing marketing through a male lens”. Boomer Women, The Invisible Goldmine Whitepaper (Girlpower Marketing) TEXT: 0408 225 766 WITH YOUR NAME AND EMAIL ADDRESS FOR A COPY OF THIS PRESENTATION
  34. 34. INFLUENCER, NOT INVISIBLE • 91% of Boomer women feel that marketers do not understand them • Appreciate balanced images in marketing campaigns • Boomer women are: • Strong • Active • Fearless • Know what they want • Ageless marketing that doesn’t paint them as 20 years old or nearly dead…somewhere in the middle is good! 34TEXT: 0408 225 766 WITH YOUR NAME AND EMAIL ADDRESS FOR A COPY OF THIS PRESENTATION
  35. 35. TIPS ON HOW TO MARKET TO BOOMER WOMEN • Appeal to their sense of adventure, curiosity, renegade energy and continuous development • Implying they’re ready to toddle off into the sunset will repel them 35TEXT: 0408 225 766 WITH YOUR NAME AND EMAIL ADDRESS FOR A COPY OF THIS PRESENTATION
  36. 36. TIPS ON HOW TO MARKET TO BOOMER WOMEN • Show Boomer women in a variety of roles and settings • Each Boomer woman is an individual, not just “half of a whole” • Don’t always show her accompanying a husband. 36TEXT: 0408 225 766 WITH YOUR NAME AND EMAIL ADDRESS FOR A COPY OF THIS PRESENTATION
  37. 37. THANK-YOU BRONWYN WHITE | CEO | NEW YOUNG CONSULTING BRONWYN@NEWYOUNGCONSULTING.COM MOBILE 0408 225 766 NEWYOUNGCONSULTING.COM 37 TEXT: 0408 225 766 WITH YOUR NAME & EMAIL ADDRESS FOR A COPY OF THIS PRESENTATION

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