marketing to boomers and seniors
TRANSCRIPT
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Marketing to Boomers & Seniors: Today’s 50+ ConsumerShannon IngramPresident, GenAge MarketingCo-Founder, BoomerReviews.com
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“So come with me where dreams are born,And time is never planned.Just think of happy thingsAnd your heart will fly on wingsForever in Never Never Land”
~Peter Pan
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The Essence of the Boomer Mentality
A Forever Young Party Animal
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Agenda
• Generational Segmentation• Boomers & Pre-Boomers• Ageless Marketing• Exercise• Learn Something• Have Fun
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Generational Segmentation
• Generational Cohorts & Birth Years– GI or Greatest Generation, 1901-1924– Pre-Boomers or Silent Generation, 1925-1945– Baby Boomers or Boomers, 1946-1964– Gen X, 1965-1983– Gen Y or Millennials, 1984-2004
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Our Focus: Boomers
• Boomers & Pre-Boomers = 50+• Pre-Boomers – 46 Million– Children of Great Depression & WWII Parents– Marriage is for Life– Korean & Vietnam Wars– Big-Band/Swing– Common Values & Near-Absolute Truths– Disciplined, Self-Sacrificing, Cautions
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Our Focus: Boomers
• Baby Boomers – 73 Million– Children of WWII & Korean War Parents– Assassinations of JFK, MLK, RFK– Space Program and Walk on the Moon– Rock ‘n Roll– First Divorce Generation– Women’s Movement, Birth Control– Self-centered “Me Generation”
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Market Size
• Approximately 119 Million Boomers & Pre-Boomers in US Today
• First time 50+ Age Group is Largest Percentage of US Population
• By 2015, 50+ = 45% of US Population • By 2030, 65+ will Double to 71.5 Million
Sources: Age Wave, AARP
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Wealth
• 55+ Controls More than ¾ US Wealth • Boomer Median Income Today is 55% Greater
than Younger Gen X & Millennial • 50+ Owns 65% of Aggregate Net Worth of All
US householdsSources: International Council of Shopping Centers,
US Government Consumer Expenditure Survey
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Spending Habits
• Outspend Other Generations by $400 Billion per Year on Consumer Goods, Services
• Discretionary Purchase Decisions Include:– Decreased sensitivity to price– Increased sensitivity to affordability– Sharply increased sensitivity to VALUE
Sources: US Consumer Expenditure Survey, Forrester
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Spending Habits
• 55-64 Age Group Currently Outspends Average Consumer in Most Categories:– Household furnishings– Personal care– Entertainment– Gifts
Source: US Government Consumer Expenditure Survey
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Spending Habits
• Boomers Take Pride in the Appearance of Their Homes
• 21% Report Spending More than $10K on Home Improvements in the Past Year
• NAHB Predicts Aging in Place Remodeling to be $20-$25 Billion – 10% of All Home Improvement
Sources: Scarborough, National Association of Home Builders (NAHB)
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Granny Pods
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Spending Habits
• 96% Participate in Word-of-Mouth or Social Proof Marketing– Pass product or service info to friends– Reading online reviews
Source: 3rd Age
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Online Habits
• The Internet’s Largest Constituency is 50+• 2012 – Boomers Spent 27 hrs/week Online;
Millennials Spent 25 hrs/week• 72% of Adults 55-65 Shop Online• 47% of Adults 73+ Shop Online
Sources: Jupiter Research, Nielsen, Forrester
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Online Habits
• 89% of Adults 65+ Have Personal Email They Check an Average of 5 times/week
• The Internet is the Most Important Source of Info for 50+ Making Major Purchases such as:– Automobiles– Appliances– Large Electronics– Home Furnishings
Source: Nielsen
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Online Habits
• In 2011 Boomers Increased Use of Social Media by 60%
• 82% Research Health & Wellness Online• Top 4 online sites:
• Google• Facebook• Yahoo• YouTube
Sources: AARP, WSL Strategic Retail, Pew
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Psychology
• Unifying Turmoil – 60’s & Vietnam• Self-Empowered Identity – Be the best you can
be…• Altruism• It’s Still “All About Me”– McDonald’s 1974 & 2014• From Young Moms to Grandmoms
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Psychology: CRAZY. Sexy. Cool.
• Crazy– Denial• Optimistic• Challenging Aging Bodies• Spending
– Increase in Marijuana Usage • In 2012 for adults 50 to 54, the rate increased from
3.4% in 2002 to 7.2 % in 2012. • Among those aged 55 to 59, the rate increased from
1.9% in 2002 to 6.6% in 2012.
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Psychology: Crazy. SEXY. Cool.
• Sexy– Fitness– Vitamins– Topicals & Tablets for Everything– Fashions– Dating & Relationships– We’re NOT stupid
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Psychology: Crazy. Sexy. COOL
• Trends still matter– Refined Minimalism into Universal Design– Talbot’s, Chico’s, Tommy Bahama
• Not stereotyped “old people”• Keep working• Still have aspirations, fun
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How to Succeed in Marketing to Boomers…
DO• Practice Ageless Marketing• Use Aspirational Imagery• Appeal to Crazy. Sexy. Cool.• Have a Strong Digital
Footprint: Web Site, Social Media, Advertising
• Use Email Campaigns
DON’T• Position Your Product or
Service for Older Consumers
• Use Pictures of ‘Old People’ in Your Communications
• Talk Down • Underestimate Boomer
Value as Consumers
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Case Study: OXO
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Case Study: Builders Appliance Center
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Idiot Wind
“You’d have to be an idiot to turn your back on this humongous growth market.”
~Jody Holtzman, AARP
To paraphrase Boomer Poet Laureate, Bob Dylan, there’s an Idiot Wind blowing across corporate America…
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Exercise
• Review Magazines• Identify Best/Worst Ads and Discuss Why• Create an Ad for a Liner:– Use Aspirational Imagery– Write Copy to Connect and Relate Boomers via
Emotion– Decide on a Great Headline– Identify Someone to Share
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Reading & Research
Books:• Turning Silver into Gold:
How to Profit in the New Boomer Marketplace by Mary Furlong
• Dot Boom: Marketing to Baby Boomers by David Weigelt
Web Sites:GenAge MarketingBoomerReviews.comVibrant NationImmersion ActiveHuff/Post50Next AvenuePurple Clover
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Reading & Research
Reports:• Nielsen “America’s Most Valuable Generation”• E-marketer “Baby Boomers in the
Marketplace”
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Summary
• 73 Million Boomers + 48 Million Pre-Boomers = 119 Million 50+
• Outspend other generations by $400B/year• Average 27 hours/week online & Internet is
most important source for purchasing decisions
• Crazy. Sexy. Cool.• Practice Ageless Marketing for Success
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A DIVISION OF GENERA STRATEGIES