Ignore Baby Boomers At Your Peril
November 16 2010 by David Hadaway
Advertisers continue to covet the 18 – 54 demographic in both the online and offline world. On what data are these targets based? Of course, the old school thought-process was get to the younger crowd and develop brand loyalty early on. And that certainly worked 30 years ago. Was your dad a Ford, GM or Chrysler guy? Did your family use Crest or Colgate? Scope or Listerine? Miller or Bud?
I vividly recall my marketing professor’s teaching the importance of the younger generation back in my marketing classes back in the 80′s. Hasn’t the access to mountains of data and sophisticated customer intelligence analysis identified new strategies and segments over the past 25 years?? Brand loyalties are seemingly shifting with the next Groupon or coupon coming down the pike. And brand’s are so fragmented and cannibalized, how much brand loyalty is left? Dare I say, our toothpaste drawer consists of at least 3 different brands of toothpaste. Does it still make sense to market to the fickle 18- 34 age group?
Not if you believe an article in the 11/15/2010 edition of USAToday (www.usatoday.com). In an article titled “Big-spending Boomers Bend Rules of Marketing” (see link here: http://www.usatoday.com/money/advertising/2010-11-15-babyboomers-spending_N.htm?loc=interstitialskip), baby boomers are correctly identified as a “new” market with much greater spending power than the under 50 crowd. I’m not sure if the 50+ crowd is more compelling because they have more quantity (77 million members and growing), they have more loyalty, or they have more money. The combination of all three is attractive.
As you are planning your upcoming marketing strategies, don’t underestimate the 50+ crowd. In fact, make them a key part of your strategy and you may be looking at your competition in the rearview mirror.
