The Do’s and Don’t of Generational Target Marketing · The Do’s and Don’t of Generational...
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The Do The Do ’ ’ s and Don s and Don ’ ’ t of t of Generational Target Generational Target Marketing Marketing Marketing to Baby Boomers Marketing to Baby Boomers and Beyond and Beyond Presented by Tracy Needham, AARP At the Marketing Financial Services to Baby Boomers Conference Chicago, IL, March 27-29, 2006
Transcript of The Do’s and Don’t of Generational Target Marketing · The Do’s and Don’t of Generational...
The DoThe Do’’s and Dons and Don’’t of t of Generational Target Generational Target
MarketingMarketingMarketing to Baby Boomers Marketing to Baby Boomers
and Beyondand Beyond
Presented by Tracy Needham, AARPAt the Marketing Financial Services
to Baby Boomers Conference Chicago, IL, March 27-29, 2006
Presenter
Presentation Notes
Good afternoon. Since 1958, AARP has been a watchdog for older Americans. Each generation is different because of the experiences and the circumstances that shape their lives, especially their formative years. We have been watching the tidal wave of the post WWII boomer generation approaching for a number of years and trying to learn as much as we can about them. This is because a lot of what is going on with the 50+ population these days is directly attributable to the boomers – both in terms of market size and psychology I’m going to start today by reviewing a few basic facts about how the 50+ population is changing Then we will talk a bit about changing lifestyles and psychology, and finally, I want to talk about some of our thoughts on ways to reach the 50+ market.
AARP’s Mission
“AARP is dedicated to enhancing quality of life for all as we age. We lead positive
social change and deliver value to members through information, advocacy and
service.”
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Our mission rests on two equally important pillars that represent the primary ways we see to achieve our vision Leading positive social change Delivering value to our members AARP currently has 35 million members which constitutes nearly 45% of the 50+ population, and so in many ways, they are a microcosm of the 50+ population
Products and ServicesProducts and Services
Information and Education
Advocacy
Member Services
Community Service
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These are the tools with which we pursue our mission. Information and Education Advocacy Member Services Community Service And all require an understanding of the marketing, whether it be social marketing to try to get people to adopt healthy behaviors, government representation, providing needed market services to our members … Or helping other marketers to understand what older Americans need and how they can best meet their needs, both through product and service development and through marketing communications.
You Have Heard The You Have Heard The StatisticsStatistics
Every day 11,000 Americans are turning 50By 2020, there will be 35 million more Americans 50+, a growth rate of 43%More than one in three Americans will be 50 or older in 2020
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Some statistics on the growing population Every day 11,000 Americans are turning 50 By 2020, there will be 35 million more Americans 50+, a growth rate of 43% This means that more than one in three Americans will be 50 or older in 2020
The Age WaveThe Age Wave
0%
5%
10%
15%
20%
25%
30%
35%
40%
1900
1910
1920
1930
1940
1950
1960
1970
1990
2000
2010
2020
2030
2040
2050
% Age 50+
Source: U.S. Census Bureau, middle series projections and historical data, U.S.
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This graph shows us the tidal wave of the growing 50+ population. In 1900, less than 15% of the US population was age 50 or older. In the year 2020, that percentage is projected to increase to over 35% - where it will remain until at least 2050. Moreover, when the boomers come into full swing, about one person out of every five will be 65 or older One reason for the increasing older population is clearly the huge increase in life expectancy over the last 100 years – from under 50 years on average in 1900 to about 80 as of last year. And the other reason is the arrival of the post WWII baby boom in the older age group AARP has been following this cohort even before they became eligible for membership, not only in the US but around the globe.
Why Is This Market Why Is This Market Important?Important?
They will help your business grow!
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Why is this market important? They will help your business grow.
What Has ChangedWhat Has ChangedBoomers bring
DiversityMarket sizeMarket powerAttitudeSpending
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These are just some of the changes that the boomer cohort is brining to the 50+ population. Boomers bring Diversity Market size Market power Attitude Spending
Boomer DiversityBoomer DiversityOne in four boomers are
African American 11%
Hispanic/Latino 10%
Asian 4%
Source: 2005 Current Population Study
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The boomer cohort is more diverse than any previous generation in history. 25% of the 77.5 million boomers are either African American, Hispanic, or Asian. Hispanics alone have grown 60% in the last 10 years.
They are spendingThey are spending
That’s 2.6 trillion
dollars!!!!45+ account for 56% of total
consumer expenditures!
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The changes in spending power and in willingness to spend have translated resoundingly into increased spending. So that by 2002, the 45+ population accounted for more than half of the total consumer expenditures in the US. (If you change the age to 50+, you drop below 50%, but well over 40% of the total expenditures come from those ages 50 and older.)
45+ Ready to Spend!45+ Ready to Spend!Biggest spending on prescription drugs, 77%; health care 70%
69% of all home maintenance, repairs, insurance
53% of all women’s and girls’ apparel
59% of all new car purchases
55% of all groceries
55% of all personal care products
52% of housing
51% of all restaurant spending
54% of entertainment
Presenter
Presentation Notes
Here are some key areas where they are spending Homes – not downsizing but remodeling or upsizing Autos – 7 new cars on average after age 50 Travel – domestic and foreign Food – getting out of the kitchen Charitable giving – half from people over 65 You can see here that the biggest spending by the 45+ population is on prescription drugs and health care. 69% of all dollars spent on home maintenance, repairs, and insurance are spent by someone 45 or older. 59% of every dollar spent on new car purchases is spent by someone 45 or older. And so on. Boomers are driving these spending habits. They don’t just have money and assets, they are spending and that goes for those with low as well as high incomes. Their definition of what constitutes a “necessity” is much broader than it was for their parents’ generation. Boomers have different attitudes toward spending than the generations preceding them – and that makes all of the difference
We DonWe Don’’t Cut Back Like t Cut Back Like They Used ToThey Used To
Source: Roper Reports 2001
5644
7072
90
2946
65
1981 1991 2001
AnythingFood
Luxuries
Percent Cutting Back
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Boomers aren’t cutting back like their parents did Where nearly 90% of the 50+ population as recently as 1981 said they would do something or plan to do something to cope with high prices, that proportion had already slipped to 72% by 1991 and was down to 56% in 2001. And when you look at budgeting for food and clothing, as well as cutting back on luxuries, the same period saw a decline from 65-70% who would cut back in 1981 to 27-29% 20 years later. The decline had clearly already started before the first boomer reached 50 – but it has continued on a steady decline.
Boomer Midlife Boomer Midlife PsychologyPsychology
Boomers at MidlifeSatisfied with lifeAmbitious for futureOptimisticYearning for self-reliance
Yet in some areasFeeling out of controlLeast satisfied with leisure and finances
Boomers at Midlife: The AARP Life Stage Study, 2004
Presenter
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From AARP’s Boomers at Midlife Life Stage Study we found that boomers are Satisfied with life Ambitious for future Optimistic Yearning for self-reliance Relationships with family and friends, religion or spirituality, and physical health are the top three priorities in life. Boomers are least confident in reaching their goals in the areas where they are furthest behind and according to our Boomers at Midlife survey, we find that these are also the areas in which they feel they have the least ability to control – personal finances and leisure.
5050--plus is truly plus is truly 5050--Plus!Plus!
The Boomers are becoming plusers!
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50+ is truly 50 + - it has truly become a positive time for boomers More years = new experiences and interests New family members leads to new hopes and dreams More money = new destinations and pursuits The fact that they will need more money leads to new work styles and 3rd, 4th, careers More knowledge and experience = new career paths and lifestyles
The Drivers of PlusThe Drivers of PlusGrowing populationMore are workingLife changes – divorce, becoming a parent or grandparent, caregiving for parents, empty nestSpending more and account for a larger market shareMore independent working womenMore self-reliantHealthierMore planningMore tech have’s
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Here are some of those drivers of Plus Perhaps because they didn’t do anything “on time” – the boomers are experiencing many of life’s important events after 50 Like becoming a parent for the first or second time Caring for their parents Changing careers or being downsized or fired from a job Divorce and remarriage – older adults were with one lifetime mate, and when that person died, they despaired. Boomers are more accustomed to changing partners Become a grandparent (the average age is 47) Leading edge boomers face multiple heavy impact life events and suffer losses Death in the family Major illness in the family or in themselves Empty nest Care giving for a parent 25 million in the sandwich generation (boomers 45-55) feeling stress from both ends of the spectrum as they often have both children at home and older parents that may need their help. But they’re healthier and more self-reliant than their parents. Women are the driving force in the face of 50+. They have been encouraged more than older women have. They are greater in numbers. They are a driving force in changing the face of singles, divorcees, workers, and consumers.
The Plus QuotientThe Plus QuotientPlus AmbitiousPlus IndependentPlus Work-OrientedPlus Experiential
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What is that “Plus” Quotient It consists of: Plus Ambitious Plus Independent Plus Work-Oriented Plus Experiential
AmbitionAmbitionI have earned my time.
“There is a book out now that lists the 1000 places that you
should visit before you die. I’d love to see many of them.”
Online Bulletin Boards, Roper/Langer Qualitative Research, December 2003
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The age 50+ is “my time” for boomers as opposed to the traditional depiction of 50+ as a time of loss. Today we ask – age or attitude, which matters most? The 50+ boomer says age is but a number, it’s the attitude that counts. They have reached their midlife peak of productivity, affluence, and self confidence, and at least to date, continuing to demand – and command – the same level of attention they have received all of their lives. Consider the results of a syndicated study by Yankelovich, a market research company, showing that for boomers travel is a right. For their older counterparts, what we call in the US the GI generation, it is a privilege. Boomers are learning to skydive, studying new languages, traveling to the ends of the earth and finding pleasure in mastering new skills that once were considered too time-consuming when life was centered around the demands of earning a living and raising children. From a 50+ consumer responding to an online bulletin board in 2003. Quote
No Longer Luxuries, No Longer Luxuries, Boomers Need MoreBoomers Need More
% of 45-59 year olds today who say the following are necessities
74
60
58
36
36
20
TV set
Air conditioningfor home
Auto airconditioning
Secondautomobile
Dishwasher
Second TV set
+18
+36
+47
+12
+26
+17
Pt. Diff. From 1974
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Things such as a TV set, air conditioning, a second car, dishwasher are no longer luxuries for the boomers.
Plus IndependentPlus Independent
Best Not To Rely on Past Solutions
Erosion of Traditional Safety Nets
JobPensionSpouseRetirementGovernment
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Plus Independent Boomers feel it is Best Not To Rely on Past Solutions as their parents did They’ve seen the Erosion of the Traditional Safety Nets their parents had Job Pension Spouse Retirement Government
Independent from AgeIndependent from Age73% of boomers expect to live longer than their parents.54% of boomers expect to be in better health than their parents.Old is getting older – adults 50+ place the beginning of old age at 78 – 10 years higher than those under 50.Boomers continue to think of themselves as 7 years younger in age.
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Boomers are independent from age. Age is not a number but an attitude! Most boomers expect to live longer than their parents. Many boomers expect to be in better health than their parents. Old is getting older – adults 50+ place the beginning of old age at 78 – 10 years higher than those under 50. Boomers continue to think of themselves as 7 years younger in age.
Independent from Independent from BrandsBrands
Smart consumers generate healthy skepticism
55% of adults 45+ feel “it doesn’t pay to be loyal to one brand” vs. 58% of adults under 45.
Brand loyalty is over-ratedJust 25% of adults 50-64 say “I buy the brands I grew up with.”
Presenter
Presentation Notes
Of most importance to marketers is the tumbling of the myth that older people are brand loyal. People 50 and older, led by boomers, want to buy products that better meet their needs. They are less likely to say they buy brands they grew up with unlike people age 65+ who are more likely to say they buy the brands they’ve always known.
Desire to Be Financially Desire to Be Financially IndependentIndependent
Gap between interest and doing90% say they think about the future vs. 30% feel they’ve done all the planning they need to do
Realistic expectations83% say they will need more money to live comfortably than their parents79% say they are more self-indulgent than their parents39% say they will save more for retirement than their parents
Tension Between Aspiring More and Having the Resources to Do More
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Boomers have a strong desire to be financially independent BUT There is a gap between interest and doing! They think about the future A LOT, but few are planning for it They have realistic expectations in that they know they will need more money to live comfortably than their parent But again, few are doing the financial planning they need to do
Plus WorkPlus Work--OrientedOrientedWorking in Retirement – The Majority Experience
79% of Baby Boomers plan to work in some capacity in retirement
Working longer, starting over“I am not fully retired. I work a few
days a week doing office temp stuff. If I didn't have the office temp stuff to do,
I think I would be bored.”
Online Bulletin Boards, Roper/Langer Qualitative Research, December 2003
Presenter
Presentation Notes
The whole definition of retirement has undergone a sea of change. The 20th century concept of retirement, where one retires on a pension and enjoys one’s rest, are gone forever - probably partly as a result of the great difficulty in preparing for a “longevity bonus” in retirement of 30 years. Late last year, we repeated a survey of the whole boomer cohort that we had originally done in 1998 – and we found that more than 8 in 10 boomers still plan to work in some capacity after they have “retired.” Older Americans realize they are going to have to either not retire or work during retirement – but they also have an increasing number of family concerns to deal with while they are extending their work life. So a key requirement for this generation to keep working is to have some flexibility to deal with their family issues. They need to cycle between work and leisure. From a 50+ consumer responding to an online bulletin board in 2003. Quote
Plus WorkPlus Work Future PredictionsFuture Predictions
Some Will Just Need the Money25% say they will work part-time for the needed income
Others Will Look For a New Experience30% say they will work part-time for interest or enjoyment’s sake
Watch for Entrepreneurs15% say they will start their own business
Presenter
Presentation Notes
So as I said, boomers will continue to work Some will need the money Others will look for new experiences Still others will start their own businesses However, those continuing to work expect to be more than retail clerks. If they’ve tired of their occupation after several decades, they’re looking to start anew in work that’s pleasurable and makes the kind of societal impact they imagined achieving when they were younger. It is worth noting that the number of students over 50 in divinity and rabbinical schools has surged. More are becoming teachers or nurses or non profit executives as a second or third career.
Plus ExperientialPlus Experiential A Marketplace Motivated by A Marketplace Motivated by
ExperiencesExperiences
The desire to deepen your life experience grows stronger with age!A host of themes have popped up over the years
TravelContinued learningEntertaining at homeNew romanceCultural activityMaster new technologyDesire to give back to the communitySpiritual activity
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Presentation Notes
There is an old marketing myth that says that older people can’t be expect to buy much because they already have everything they need. Different attitude leads to more spending – boomers may have what they need, but they don’t have everything they want. Remember, experiences lead to spending!
Not Just Older, But Not Just Older, But Experienced ConsumersExperienced Consumers
They have seen at least 30+ years of advertising and marketing messages.They can better distinguish good products and services from the also-rans.They define value for the money in terms of quality – not just price.Save to splurge.
Presenter
Presentation Notes
What does all of this have to do with marketing? The operative fact about older consumers is not that they are older, but that they are more experienced than younger consumers. They’ve seen it all so to speak when it comes to advertising. They are looking for quality and willing to pay for it. They buy solutions to the problems caused by their existence. It is important to understand that they save to splurge. Even those living pay check to pay check save to splurge. �Recently we had some visitors from France at AARP. They asked us why Wal Mart and other discount stores are so popular with Americans including the older population. Many are saving to splurge.
Offer ControlOffer Control
Financial servicesSecurity for future at low costControl of own destiny
LeisureMake time for fun, leisureLife planning
Independence/Self-reliance
Presenter
Presentation Notes
How can you address this market? Boomers especially are noted for valuing their self-reliance – they want to make their own decisions and control their lives But as our tracking surveys have shown, they are having some control issues in some areas I don’t have a good example today, but we think that any marketer who can show boomers how a product can help them control their own future, stands to have a customer for life. Need help with their lives. This provides market opportunities, market needs which must be addressed They are afraid – show them that something is better than nothing, they can take small steps, it’s not too late to plan. If they’re not taking advantage of a matching 401 (k), they’re throwing money away. Don’t suck all of the equity out of their house. Financial planning that encompasses the “whole picture.” In terms of financial services from generation to generation, boomers might be willing to take more risks while the 65+ population might be more conservative when it comes to investing. The 65+ population is more settled but they need the same thing. They might want to maintain assets rather than trying to grow them
Mind the GapMind the GapThe generation gap that is
The New 50+ see themselves as different from their parents:
“I am definitely more independent thanmy mother, and I am glad of that
difference…. Today women can have jobs and support themselves.”
Online Bulletin Boards, Roper/Langer Qualitative Research, December 2003
Presenter
Presentation Notes
As marketers, mind the generation gap. The new 50 plusers see themselves as different from their parents. From a 50+ consumer responding to an online bulletin board in 2003. “I am definitely more independent than my mother, and I am glad of that difference…. Today women can have jobs and support themselves.”
Pay AttentionPay AttentionShow us who we are…
“I wish the advertising honchos could . . . see what over-45
people think of them. . . Older people do drive, go to restaurants,
and spend a lot of money; these advertising geeks should wake up.”
Online Bulletin Boards, Roper/Langer Qualitative Research, December 2003
Presenter
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This older consumer doesn’t want to be portrayed or targeted as needing only health aids. From a 50+ consumer responding to an online bulletin board in 2003. “I wish the advertising honchos could . . . see what over-45 people think of them. . . Older people do drive, go to restaurants, and spend a lot of money; these advertising geeks should wake up.” I read a statistic that the average age for an advertising executive is somewhere in the mid-30s. Marketing to boomers and beyond will encompasses throwing out the old rules and showing boomers and beyond who they are.
Stay Young, but Not Stay Young, but Not Too YoungToo Young
Take 10 years away, but don’t take out all of the wrinkles
“Getting enough sleep, eating the rightfoods, exercising, and keeping mentally
active are all important things to do in orderto age gracefully…. A little plastic surgerydoes not hurt. Last year, I spent $600 to
have my teeth whitened.”
Online Bulletin Boards, Roper/Langer Qualitative Research, December 2003
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Presentation Notes
Being/feeling younger is also something to promote But having all of the models look too young can be seen as glorifying youth and as insulting to the older population Remember, they see themselves as 7 years younger than they are. They want to see advertising with people who could conceivably their age. From a 50+ consumer responding to an online bulletin board in 2003. “Getting enough sleep, eating the right foods, exercising, and keeping mentally active are all important things to do in order to age gracefully…. A little plastic surgery does not hurt. Last year, I spent $600 to have my teeth whitened.”
Retire Retire RetireRetireWorking longer, starting over
“I feel more active and have a moreinteresting life than in the past. I have beenmarried for four years and have taken up thehobby of fly-fishing. I am not fully retired. I
work a few days a week doing office tempstuff. If I didn’t have the office temp stuff to
do, I think I would be bored.”
Online Bulletin Boards, Roper/Langer Qualitative Research, December 2003
Presenter
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We have seen the data on retirement – and here is the voice of one consumer to illuminate the new retirement. “I feel more active and have a more interesting life than in the past. I have been married for four years and have taken up the hobby of fly-fishing. I am not fully retired. I work a few days a week doing office temp stuff. If I didn’t have the office temp stuff to do, I think I would be bored.” And companies are feeling the pinch as those on the older fringe have started to leave the workforce. More than 60% of US companies are currently bringing back retirees as contractors and consultants. When the older worker retires, they take the institutional knowledge with them. There seem to be two distinct storylines developing about boomers at 60. The generation is portrayed as either a crushing burden or a huge benefit. In some ways they boomers are seen as “the gray menace.” They will bankrupt America by living too long. By returning to work or hanging on to their jobs for income they will keep the Gen X waiting and make it difficult for them to move up. Retirement is a rather recent phenomenon – about 75 years old.
Click ThroughClick ThroughSavvy and enthusiastic about technologyMore than half have computers in their homesLarge majorities are familiar with other tech devices
“Over the last ten years the Internet has been the single most beneficial thing that
has changed the way I shop.”
Online Bulletin Boards, Roper/Langer Qualitative Research, December 2003
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From a 50+ consumer responding to an online bulletin board in 2003. “Over the last ten years the Internet has been the single most beneficial thing that has changed the way I shop.”
Target Boomer Target Boomer PsychographicsPsychographics
Target Attitude, not AgeRetire RetirementCan the ClichésTalk the Talk & Lose the LabelsWomen Rule!Make Love not WarMarket to MulticulturalismAct GloballyBe Funny and Edgy – but not hostileLook at Legacy
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Presentation Notes
Rule 1 Target Attitude, not Age As marketers move away from the old paradigm of marketing to each generation, once it hits 50, in exactly the same way—as if everyone of “a certain age” always sees and experiences the world in exactly the same way--they need to focus in on a new paradigm: marketing to attitudes and interests. And specifically, the attitudes and interests of the Boomers. Rule 2 Retire Retirement Retirement no longer means not working. Between 2002 and 2012, the number of people 55 and older in the workforce will increase 51%; for those 65 and older the number will rise 43%. What does that mean for marketers? New opportunities to target these workers for personal services—everything from housekeeping to lawn care, laundry, takeout meals, financial services, etc. (Roper 43) Rule 3 Can the Cliches The 50+ market is not resistant to change. They are not reluctant to part with their money and do not have everything they want and need. They are not all heading for the Sunbelt and they are far from technophobic. They are older, yes, but unlike some advertising stereotypes, they are intelligent, responsive, risk-takers--and eager to learn. (Roper p. 89)
How is AARP Serving How is AARP Serving Boomers and Beyond?Boomers and Beyond?
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I wanted to share with you some successes and learning’s we’ve experienced at AARP when marketing to boomers and beyond. AARP wants to meet the needs of the 50+ population – not just get them interested in membership We are interested in getting them SERVED With that in mind …
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Presentation Notes
A benefit of AARP membership includes two key publications: AARP The Magazine, a bimonthly lifestyle magazine AARP Bulletin, a monthly issues-driven publication We also have AARP Segunda Juventud – which translates to second youth. We began this bimonthly, bilingual publication in 2002 to serve the needs of the older Hispanic/Latino population. We know that youth rules – especially in the Hispanic/Latino market so AARP wanted to provide information to an the under-served older Hispanic market. �
Modern MaturityModern Maturity
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Since 1957, AARP has had a bimonthly lifestyles magazine. Until recent years, it was called Modern Maturity. Moved to 3 versions – 50s, 60s, and 70s Can tailor better to meet needs Established AARP for boomers US Postal Service requires segmented versions of the same publication to have only 25% content differences Different ads Different treatments of stories Covers – different cover lines
MMMM
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In 2001 we went from Modern Maturity to MM
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and added the magazine My Generation in March 2001-September 2004 My Generation was a magazine aimed at boomers while MM was aimed at the post boomers �In My Generation we tried to talk to them as boomers The premier issue had Ed Harris on the cover. On the right there’s another sample of a My Generation cover which you can see is directly aimed at boomers. We have a story about Radicals on the cover and cover lines dealing with sex as well as ski vacations. In the end, the existence of the two magazines proved to be problematic We lost our brand See hidden logos We didn’t let people know what we were doing. They didn’t realize My Generation was different. �From our research we found that it was unclear. In research studies, when asked what they get from AARP they invariably said “Modern Maturity” or a magazine. Few mentioned My Generation by title.
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We moved to a new magazine, one magazine which would address our members of every age. After research, we re-named our magazine AARP The Magazine However, we began to segment the magazine in three versions.
50s edition
60s edition
70s edition
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One version for those in their 50s, another for those in their 60s, and finally one for those in their 70s. By doing this, we are able to better tailor articles and ads to the needs of these different age groups. The United States Postal Service requires publications that are segmented to have no more than 25% content differences. So There are different ads Different treatments of stories And you’ll see we have different cover lines This is an unusual example in that we have two different celebrities on the cover of the same issue. We usually have the same celebrity on the cover. But you’ll see that the cover lines are different. For instance, in the Kevin Spacey cover and the 60s edition with Julie Andrews on the cover, online dating is featured on the cover, but not in the 70s cover.
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I don’t want to sound like I’m pushing AARP but AARP wants to meet the needs of the 50+ population – not just get them interested in membership We are interested in getting them SERVED
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In addition, we offer programs, services, and activities appeal to all age segments – both members and non-members. Driver Safety training is available to anyone age 50 or older. It costs $10 and consists of a class lasting 8 hours either in one day or spread out over two days. Most insurance companies will give graduates of this class a discount on their car insurance. We have free information on a variety of topics including social security, health and well being, retirement, consumer fraud, etc. Our advocacy efforts include Protecting Social Security and Medicare Protecting older workers as well as grandparent rights We have Money management program where volunteers sit down with people and go over their budgets Website We have a national event each year featuring speakers, entertainment, and educational sessions aimed at the 50+ population. We have our charitable arm of the Association which administers many of our programs including tax aide and job training.
DonDon’’ts of Marketing to ts of Marketing to Boomers and BeyondBoomers and Beyond
Don’tskimp on the research!insult them by going too youngportray older people as stupid or sillyassume they are brand loyalassume they are tech averseassume they will retire when they’re 65forget the internetcall them names such as boomers, senior citizens, geezersassume sex and romance is taboo for the 50+ singlesforget the women!
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Don’t skimp on the research! – know your segment insult them by going too young portray older people as stupid or silly assume they are brand loyal, tech averse, or that they will retire when they’re 65 Don’t forget the internet assume sex and romance is taboo for the 50+ singles forget the women! call them names such as boomers, senior citizens, geezers
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I read an article in Parade magazine in which readers came up with alternatives to the term “boomer.” Life 102 The Third Half Geri-Actives Re-Generation Rewirement Givebackers Longivety Legacy Launchers The Metallic Stage – it is so named for the silver in your hair, the gold in your teeth, the tin ear you’re developing, the platinum credit card you’re being offered, the titanium implant in your hip, and the lead in your behind. In London I saw the term Super Adults (60+) used rather than senior citizen
See Real PeopleSee Real PeopleKeep in mind
WomenSinglesMulticulturalWorking/retiredLife stagesLifestylesValues
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Here are some of the key themes to pay attention to in marketing to this population 50+ is not the same. What is true is that baby boomers have buying power, and their buying power demands tailoring to their attitudes, lifestyles, and needs. This is a market that is incredibly diverse. Success in marketing to them will require tailoring both product design and marketing communications to the needs, wants, and emotional drivers for each segment. The changing face of 50+ behooves us to develop and offer products and services that meet the new hopes and dreams, new lifestyles, and new opportunities of those age 50+. The new 50+ will want these, and jump on these at the expense of dispensing old brands, old traditions, and the idea of “old.” We have to communicate to them not as old fogies, rigid and living to die, but rather with a spring in their steps, living to live. We hope marketers will get our message – because a market ignored is a market whose needs will never be met.
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Differences Naturally, there are degrees of differences. There aren’t abrupt changes in generation 65-70+ Need to market using different media, traditional media – TV, newspaper. Not so much internet Not as demanding, more easily satisfied Different experience – more accepting of authority They adapted to society unlike the boomers who expect society to bend to their will In terms of retirement, they were more “used up” – physical labor in their youth working on farms, in factories, and mills; going to war. Women – having many kids. When 65 came, they were ready to retire; they really needed to retire More likely to have had one partner in life Keep in mind about Boomers Not all spent the 60s surfing, listening to the Beach Boys, and limiting their participation in the events of the era. There were boomers who were antagonistic to the great movements of the period.
The DoThe Do’’s and Dons and Don’’t of t of Generational Target Generational Target
MarketingMarketing
Marketing to Baby Boomers Marketing to Baby Boomers and Beyondand Beyond
Presented by Tracy Needham, AARPPresented by Tracy Needham, [email protected]@aarp.org
www.aarp.org
Presenter
Presentation Notes
Thank you very much. Please visit our research website to stay current on new studies. AARP surveys touch on such subjects as Lifestyles including sex, divorce, and dating Work issues Retirement issues Boomers
