This article is a not-so-subtle reminder to all marketers and advertisers that Baby Boomers have begun to creep into a new demographic, the same demographic that often correlates to a drop in attention and action from marketers and advertisers.
You do remember the Baby Boomers, Mr. Marketer and Ms. Advertiser?
Baby Boomers are people born between (and including) 1946 and 1964. Baby Boomers also are folks who...
- Have more discretionary income (wealth) than any other age group.
- Control 70% of the total net worth of American households ($7 trillion of wealth).
- Own 80% of all money in savings and loan associations.
- Spend more money disproportionately to their numbers.
- Are not fanatically loyal to brands.
- Watch television more than any other age group.
- Account for a dramatic 40% of total consumer demand.
The demographic I am referring to is 65+, the same demo the first of the Baby Boomers began to move into last year.
Admit, marketers and advertisers... you're not really interested in someone 65+, right? Unless, of course, your product, service or ware is designed specifically for those in this age demo.
In general, when someone turns 65 years old, he is moved up (or is it down?) the marketing and advertising food chain.
So, automatically moving someone into a new demographic---thus altering or lessening the attention you pay to them---is not a good idea when it comes to Baby Boomers.
Another reason to not lose sight of Baby Boomers turning 65 and ALL consumers 65+ is: For the first time, half of adults age 65 and older are online.
That was the headline from a recent article from the Pew Internet & American Life Project.
And here's the opening paragraph:
"As of April 2012, 53% of American adults ages 65 and older use the Internet or email. Though these adults are still less likely than all other age groups to use the Internet, the latest data represent the first time that half of seniors are going online. After several years of very little growth among this group, these gains are significant."
Additional key points from the article are...
- "Once online, most seniors make Internet use a regular part of their lives."
- "One in three online seniors uses social networking sites like Facebook and LinkedIn."
The reason I referenced the Pew Internet article and corresponding stats is because I wanted to juxtapose that with the fact that the first baby boomer turned 65 last year, which means not only does the age 65 take on a whole new meaning and value, but the senior demographic in general is changing and marketers and advertisers better be paying attention.
If you're a marketer or advertiser and there are folks in your database right now who are age 65 or even 66, do you really want to "lump them in" with the rest of the demo over 65?
And do you really want to keep keeping on with your marketing and advertising strategies for the entire 65+ demo---knowing what you now know?
Like anything else in the world of marketing and advertising, you have to know who your target demo is in the first place, yes? That's a given.
But if your target demo includes 65+ you may want to...
- Look at Baby Boomers differently from now on as more and boomers head for their late 60s.
- Revisit your entire strategy as clearly the 65+ demo has changed, is changing, and will continue to change.
And you better change with it.
Sources: Baby Boomer Magazine, Pew Internet & American Life Project
Named one of the Top 100 Influencers In Social Media (#41) by Social Technology Review and a Top 50 Social Media Blogger by Kred, Steve Olenski is a freelance copywriter/blogger looking for full-time work. He has worked on some of the biggest brands in the world and has more than 20 years experience in advertising and marketing. He lives in Philly and can be reached via email,Twitter, LinkedIn, or his website.
(Photo courtesy of Bigstock: Senior Man Working)