Tuesday, May 26, 2009
Baby Boomers Rule!
1:42 pm cdt
As you may recall, I was the
capstone speaker at the recent marketing conference, Targeting Boomers and Beyond, held in Washington, DC on May 15.
Here are a few highlights:
While Baby Boomers constitute about a quarter
of the population, own two-thirds of the wealth and account for $2 trillion (!) in spending, they are not a good
target market per se.
Why? Because Boomers are not an affinity group—a
demographer’s definition does not a segment make.
Smart marketers, therefore, have been creatively and
meaningfully slicing and dicing this cohort (now aged 45-63) into segments like:
VibrantWomen™, Prime Time Women™, grandparents
(this group actually starts younger than Boomers and extends beyond them) and the like.
· Photographic images work well with Boomers because: 1. They’re
easier for ageing eyes to perceive and comprehend than long copy. 2. Verbal memory declines faster than visual memory. 3. They provide a direct link to memories and emotions.
· Mainstream media buyers still think 18-49 is the way to bet. Wrong. Yesterday’s 49 year old is
today’s 50 year old and Boomers have been turning 50 at the rate of 10,000/day since 1996. It’s the same people. One of the best explanations for
this error is: “If the horses had gods, they would look like horses.” Epictetus (Greek