By Matt Thornhill Monday, December 28, 2009
For the last two years, the Marketing Executive Networking Group has polled its members to learn about the issues on the minds of top marketers. Both surveys included questions about the "most important marketing segment." Both times Boomers topped the list. Higher than Women or Hispanics/Latinos.
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.
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......annnnnd....
The Good Dr. Philip Jay...wishes you and yours and healthy, happy and joyous New Year...Have a blast you all!!!
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