October 2011 Archives

Baby Boomer Life Transitions Create New Opportunities for Marketers

| No Comments | No TrackBacks

The American Advertising Federation Central Regional Conference was terrific last month. I presented there about the economic strength of baby Boomers and their behavior online and began with this statement: if you are a marketing or media executive and you don't know that Boomers hold 70% of the U.S. wealth and Boomer women make or influence 80% of household purchase decisions - then you should be looking for a new job.

Next, I posed the question, how many in the audience are currently targeting Boomers with their media dollars? About half of the audience raised their hands. After the presentation several attendees gathered to discuss targeting Boomers online. I sensed there was a new media strategy burgeoning - targeting Boomers online. It certainly is sound rationale with the increased time Boomers spend online each week, 15 hours vs. teenager's 13 hours per week. Overall, digital advertising will receive an estimated 22% of marketer's overall marketing communication budget according to eMarketer in 2012.  

Baby Boomer Transitions

From ages 45 to 65, individuals experience more life transitions than at any other time in their lives. This means opportunity for brands and marketers to engage Boomers and build their brand promise in Boomers' hearts and minds. The promise should have one or all of these key elements:

                We make your life better.

                We make your life easier.

                We understand you.

One or more of the following Baby Boomer life transitions are eminent as well as marketing opportunities:

Largest Transfer of Wealth: An estimated $14 Trillion will be inherited by Baby Boomers. 

                Luxury travel

                Automotive

                Second homes

                Health (spa, trainer, home gym)

                Physical rejuvenation


Empty Nest: 

                Decorate home

                Create a home office

                Travel

                Pets - especially dogs and cats for companionship

                Pursing passions


 Caregiver: 

                Need time

                Need support

                Need pampering

                Need time off


 Divorce: 

                Condo sales 

                Active adult living locations

                Wealth management

                Travel

                Girlfriend getaways

                Downsizing


 Grandparent: 

                Education

                Travel (cruises, theme, adventure, education)

                Books

                Gifts

                Savings accounts

                Hip or knee replacement


 Menopause

                Comfort

                Understanding

                Education

                Support

                Wellness


In addition to brands positioning themselves as being helpful, web sites are providing invaluable resources and building their brands in the hearts and minds of Boomers and seniors. There are many sites today where Boomers are seeking information and pursuing their passions. For instance, when Boomers become empty-nesters, they need information on gardening, golfing, traveling, health issues, spending time with grandchildren, and redecorating. It's understanding life. 

A few Boomer brands that are doing a good job targeting ages 45 - 65 are Lincoln, Olay, Lee Jeans and we can't forget to mention Apple. Apple made a brand promise to Boomers long ago to Think Different. And they delivered. Now the average age of a Mac customer is 50. Apple creates products like the Mac, iPhone and iPad that are user friendly, intuitive and become a part of you. Now that is truly getting into the hearts and minds of Boomers. Thank you Steve Jobs. We will miss you. 

Note: Some sites that are helping baby boomers:

www.silverplanet.com - Eldercare, answers when you need them most

www.grandparents.com - Where grandparents are grand

www.vibrantnation.com - What women 50 + know

 

Link to Article:

http://www.mediapost.com/publications/article/160581/life-transitions-create-new-opportunities-for-mark.html

Online Advertising from Direct Response to Branding Media

| No Comments | No TrackBacks

Brand marketers focus their attention on display advertising, a medium historically known to elicit a direct response.

"Online display advertising continues to shift from a direct-response form of advertising to branding media" Laurie Sullivan says on Mediapost.com in an article published last Friday. She points at a study released by Collective, finding that 57% of agencies believe the majority of their display objectives are to build the brand, yet only 11% cite ad creative as critical to the campaign's success. Although 60% of agencies cite brand recall and intent to purchase as the most important measures of online success, clicks and conversions however remain the key criteria agencies say they use to evaluate media, according to the Collective study.

New technologies and ad formats, enabling interactive messages, brought advertising and promotion to a next level beyond clicks, impressions and conversions as a measure performance. 

Full article on Mediapost.com: 

http://www.mediapost.com/publications/?fa=Articles.showArticle&art_aid=159708&nid=131751

Note: We are seeing a shift of ad dollars to baby boomers because they are online more hours each week and spend more money online than the Gen Y.


Baby Boomers are Online and Click More then Gen Y

| No Comments | No TrackBacks


Boomers are healthy, wealthy, and online. While generation Y, also known as the millenniums are thought to be the most media savvy, many Boomers spend more time of the web than their children and grandchildren. Many brands are targeting this lucrative audience online because they spend 15 hours per week online, more time than teenagers. 

  • Not only boomers spend more time online, they are also more likely to interact with online ads and click on them.                   
  • 76% of respondents age 55+ had clicked on online ads during the preceding six months, compared to just 58% of 15-24 year-olds. (AARP Survey)
  • Younger demographics have been shown to be more cynical about advertising, boomers seem to use the internet as a way to gather information for a future purchase

Here are reasons why marketers are targeting boomers:

• 98% more likely to have an investment portfolio $100,000+
• 80% more likely to own a vacation home
• 60% more likely to have a valid passport
• 57% more likely to have a master's/higher degree
• 54% more likely to be an influential
• 42% higher median household net worth

Sources: AARP, US Census; GfK MRI Fall 2010 AARP 

5 Reasons why Baby Boomers are Ideal Target Market

| No Comments | No TrackBacks


Marketers cannot ignore Boomers anymore: Largest generational group, they buy and spend more than any others.

They are the largest generational groups: Baby boomers. They are also the most influential, fastest growing and longest lasting. 42% of the adult population is composed of boomers; they are growing fast, and estimated to grow 7 times faster than their successors aged 18-49. It is essential that businesses tap on this demographic, understand their needs and develop a strategic communication plan to reach them today. 

  • Indeed, Boomers are in the market, and will not leave it for a while
  • According to 2010 US census figures, they will dominate the market for the next 40 years. 
  • No wonder the demo is the battle cry of many retailers such as CVS or Wal-Mart.

Here are Five Boomer Facts that demonstrate the attractiveness:

• Biggest demographic - 42% of adult population
• Boomer Group - 84% of Boomers are already 50+
• Buy more - 45% of all consumer goods 
• Most assets - 75% of discretionary wealth
• Most influential - 68% give money to their adult kids

Sources: AARP, US Census; GfK MRI

HuffPost 50 Targeting the Baby Boomer Market

October 3, 2011 

Baby Boomer Examiner (Excerpt)

Huffington Post has brought on actress Rita Wilson to head up section devoted to Baby Boomers.

Huff/Post 50 it covers a variety of news and issues related to sex, health, travel and money of interest to the Boomer generation.

Rita Wilson, who is married to actor Tom Hanks, turns 56 on Oct. 26. She is an actress, writer and producer.

Huff/Post 50 debuted today with a variety of content that includes an interview with actress Jane Lynch ("Glee" and this year's Emmy awards host) on life after 50.

"The future for Boomers is different. Our parents were winding down at middle age; we are winding up," wrote Wilson.

Marketing to Baby Boomers is a growing trend as more and more companies recognize not only the size of the generation but the relative wealth of the cohort.

Beyond the marketing of pharmaceuticals, we've seen growing attention to lifestyle.

Consider some recent television advertising for the Toyota Venza. The spots have Millennial kids lamenting about the life of their Baby Boomer parents. The kids think Mom and Dad have no life, when in fact the Millennials don't have a life while the parents are having the time of their lives and using their Venza to help live it out.

Read Full Story Here: http://www.examiner.com/baby-boomer-in-national/huffpost-goes-after-boomer-market



Boomers and Seniors are Online in Record Numbers

| No Comments | No TrackBacks

From New Site Reach 50 Plus:

A couple of trends are changing that way businesses and organizations connect with the best consumers - boomers and seniors.

Boomer and seniors are going online in record numbers. Search and email are their dominant activities but they are also the fastest growing demographic group in social media. It's not uncommon these days to see an older boomer multi-tasking via smartphone and tablet. Consuming video online, staying connected, and shopping armed with online reviews are no longer activities reserved for the young.

Second, a number of factors are converging. The age wave is no longer coming - it's here. Next, the Internet is becoming more pervasive as it extends to mobile devices and takes in a much greater share of all adverting purchased each year. Finally, re-alignment and turbulence in the economy have made every dollar invested and earned count that much more. These factors are combining to make the 50-plus consumer more important than ever.

Reach 50 Plus and David Weigelt's Welcome Video:
http://www.reach50plus.com/about-reach-50-plus-site/


87% of Mature Consumers Use a Mobile Phone

| No Comments | No TrackBacks

Mature consumers (just a little older than baby boomers) around the globe are using technology at high rates, according to the A.T. Kearney Global Maturing Consumer Study. Data from the study indicates 87% of global consumers age 60-64 use a mobile phone, as do 74% of those 65-79 and 50% of those 80 and older.

Mature usage rates for internet and internet shopping are not quite as high but still show some solid penetration among the 60 and older set.

For example, 68% of consumers age 60-64 use the internet, although this figure drops to 46% for consumers 65-79 and 19% for consumers 80 and up. Out of online mature consumers, 49% of those 60-64 shop online, as do 41% of those 65-79 and 29% of those 80 and older.

Sixty-nine percent of respondents have both fixed-line and mobile phones. The percentage that uses only a mobile phone is 11%, while 22% have fixed-line phones only. In addition, exactly half of the survey respondents use the internet, with 20% taking advantage of it for shopping, research and communication.

More Details and Charts Here:

http://www.marketingcharts.com/direct/mature-consumers-use-tech-19468/




 

About this Archive

This page is an archive of entries from October 2011 listed from newest to oldest.

September 2011 is the previous archive.

November 2011 is the next archive.

Find recent content on the main index or look in the archives to find all content.