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Tuesday, May 26, 2009

Baby Boomers Rule! 

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 Stoic philosopher)  
1:42 pm cdt          Comments

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