Commentary
10 Reasons To Put 'Em In Your '10 Plan
- by Matt Thornhill , December 28, 2009
We wonder, though, how many of those marketing executives even have a marketing plan that includes Boomers. Our bet: practically none.
Twenty Ten (get used to it, trust us) is going to change that. Years ago, David Wolfe, author of Ageless Marketing and one of the most visionary marketing minds out there, was asked when marketers would wake up to the older demographic. He said, "When there is pain." That is, when business softens and marketers realize more money is in the hands of the older half of the population -- the one they've been ignoring.
In the last year we think marketers have experienced enough "pain" to their bottom line to examine the opportunities of targeting Boomers, or those over 50. To help in that examination, we offer 10 reasons Boomers need to be part of your marketing plan in 2010.
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1. You will build your career and legacy on their backs. (We thought we'd start with a personal reason to motivate you to keep reading.) In 2020, the marketing leaders in organizations will be the ones that figured out how to make their products or services relevant to the over-50 crowd. That's because the over-50 crowd will grow 21% in size in 10 years. The 18-49 crowd will remain the same size. We're not making this up. It's Census data.
2. They buy things. Lots of things. Overall, the over-50 crowd outspends the under-50 crowd by $400 billion. That's more than Walmart sells annually. Want some of that action?
3. They try new things. Boomers were raised in front of the TV; they are not "set in their ways." They'll buy your product if you make it relevant. So make it relevant.
4. They are easy to reach. They read newspapers. They watch TV. They listen to the radio. They are easier to target than younger generations.
5. They think they are in the middle of Middle Age. With a median age of 54, Boomers are far from being done. They don't think they will reach Old Age until age 75 or so. You have plenty of years of strong revenue from their wallets.
6. They use the Internet. They search, they shop, they buy. There may not be as many of them on social networking sites, but they are online -- just as many and just as often as younger generations. You can sell to them online.
7. They have grandkids. Some 40% of all Boomers are already grandparents. Over 55% of all grandparents alive today are Boomers. They spend money on their grandkids, practically without thinking. It's like taking candy from a grandbaby.
8. They are control freaks. They control their parents' consumption of healthcare and their kids' education. They are a sandwich generation that likes being in the center of it all. Think "ham." They like to influence everyone's purchases -- family, friends, Facebook buddies.
9. They like advertising. Sure, they are skeptical, but they are also fans of good advertising. They will respond to your effort if it speaks to them.
10. They are the future. "Old" is where the action is for the next 20 years and Boomers are the new "old." New products, businesses and industries will cater to the new "old." Will you?
Put Boomers into your 2010 plan and demonstrate you've got 2020 foresight.
i have been trying to get companies to market to boomers for 10 years using most of the reasons you outlined above. the only reason i could determine they marketed to 20 somethings instead is that they did not see marketing to boomers as being 'cool' or 'hip' ... personally i would rather have paying customers than worry about being cool or hip ... maybe 2010 will be the year when more people wake up to a large and under marketed audience: the boomer!
The cumulative wisdom and experience of Boomers is vital not only as a market but also as a resource. Using the 3D Multi user platform known as Second Life, I (a Boomer) am able to use what I know in so many ways, including entertaining people in weekly shows at the edge of their seats and tips of their fingers. Sit back & relax has become Lean Forward & Engage.
AVATAR The Boomer is a reality and one where people can participate from all over the country from their favorite location.
After having all 7 grandkids and their parents here for Christmas I agree 100% with #7...
We spent a small fortune this year and loved every minute of it!
The online gift market will really like us Boomers in the future...
The "never trust anyone over 30" is now the generation neglected by the "under 30" controlled media. I'm hoping they will realize that Boomers have money and are willing to spend it regardless of the reports about our financial demise. How about campaigns focused on vibrant, healthy 50+ people who are engaged and interested in living?
Airlines and travel industry take note. Your major income is from those over 50 years old. If you think keeping people in their seats for over an hour plus when they have to use the bathrooms, you'd better be prepared for many law suits. So either get with the security program BEFORE the plane leaves the ground or it will cost you aplenty. Where or where has the lobbiests' money gone? If anyone thinks we will be safer with this new ruling, they better fly with diapers on and lots of disinfectant/perfume.
Barb,
reality is that the "under 30" controlled media is not the problem. in fact the folks running the media are boomers themselves. the problem is they want to be hip and cool and think that only 20 somethings are hip and cool so in order to stay 'cool' that is who they market to and convince clients that that is the only market worth going after forgetting that boomers have more money than any other demographic.
All kidding aside, boomers are booming and taking the kind of risks they only thought about when they were '20 something'. Ask Oprah! :) This is a demographic that is eager to take advantage of your reach so be sure to include them in mobile as well as targeted and personalized email, as they are ready to respond with purchases, donations and action.
How relevant this is can be exposed by a client of mine. They insist in trying to fill their restaurant on a Saturday night with kids and face painting. I have been trying to convince them to make it an over 50's (ONLY) night, seductive, candlelight. I am sure you will get the old fashioned 3 courses bought and a high profit bottle of wine as opposed to chicken nuggets and a nut sundae.
http://kurtjohansen.com
Great content,
Why most will miss the boomer market is a lack of understanding of their current markets as I discuss in my blog: http://nosmokeandmirrors.wordpress.com/2009/12/28/colonel-custer-had-a-plan-what-to-do-when-your-plan-is-not-driven-by-market-or-internal-truths-and-you-lack-a-market-driven-motivation/ , as "Custer had a plan..”.it sucked and the battle was over in less than an hour, but he had a plan.
How many marketers will launch plans to reach boomers based on inaccurate and old market information in 2010? my guess....80%.
Mark Allen Roberts
www.outbsolutions.com
This is a great article. It articulates the reasons boomers should be considered not old but wise. Planners must be convinced of the value of this important demographic. I think it will take a thorough educational process before the battleship turns. But it will turn and PBS will be there to give access to these people.