Boomers and your brand
Marketing to the over 50’s continues to be a key industry trend. It’s easy to understand why… the Boomer generation of +72 million controls nearly a third of U.S. net wealth.
If we’ve learned one thing, it’s that this set of seniors is unlike any we’ve ever met. They’re sharing their adventure-vacation snaps on Facebook, Skyping with their grandkids, devoted to yoga, marathon running and use their Smartphones to RSVP for their next event. There doesn’t’ seem to be a limit to this generation and they’re anything but homogenous!
So how will your brand capture the important “gray dollar?”
If you think that they’ll stick by your brand simply because they’ve chosen you before– think again. An AARP study showed that of older adults age 60+, 88% said they cared about the value of the product-not the brand- as compared to 92% of adults age 42 to 59. In addition, 65% of the 60+ adults said they would pay more and switch brands if a product better meets their needs and 65% feel it does not pay to be loyal to one brand. Which leads us to another question:
Does my marketing-media plan need to be specifically designed for seniors?
Actually no! Please don’t be fooled into thinking that today’s senior only reads newspapers, listens to the oldies on the radio and watches TV till 9pm. Today’s active, healthy senior is digital-minded. 90% go online for email and 80% use search engines.
Bottom line: they’re pretty much like you and me
The generation gap many of us witnessed between ourselves and our parents and grandparents has all but faded away. Smart marketers and advertisers realize that to gain a sale from the burgeoning senior market the message needs to be direct and targeted to them. The advertisers take this group seriously and treat them with respect will enjoy results!