We seem to continually return to this question of marketing to the boomer market. We hate to sound like a broken record but we too often read articles, blogs or surveys depicting how companies, their marketing departments and outside consultants are baffled by and thus continue to ignore this market. The most recent example is a Q & A regarding boomers contained in J W T Intelligence Briefing dated February 13, 2015. The session was with Marie Stafford the head of the Planning Foresight Group at JWT London, one of the largest and most successful advertising/marketing companies in the world.
What we took from the article was that companies and their marketing/advertising divisions are continuing to struggle to find a place in the hearts and minds of the boomer generation. The study centered in the UK and I would like to reference a couple of statistics mentioned in the article. These stats apply to the UK market but are just as valid in the US. Boomers aged 50 to 69 account for about 29% of the population so the numbers are impressive. This group spends more money on things such as new cars, eating and drinking outside of their home and appliances. But the real kicker is that this group controls an estimated 80% of the wealth in the UK. Certainly a group that a company would want to attract as customers.
However, it is becoming ever more apparent that companies and marketers are failing to address this group as only 5% of the advertising budgets of companies world wide are directed at this market. What is also true is that very few companies have made any dent in the market as their campaigns do not resonate with the boomers at all.
I am going to discuss briefly one element of this failure today and will do another post this week that addresses other mistakes. The one I want to examine today centers on the lack of understanding of this generation by the companies and their marketers. The boomers of today are perceived and treated as though they are the same as previous generations. This might seem understandable but it is leading to failure. The advertising/marketing divisions rarely have anyone who is a boomer as an employee or a consultant. The 20 to 30 something marketers are advising on what willor should appeal to boomers without adequate understanding with whom they are dealing. Misconceptions and assumptions peg boomers as "old". Problem is that boomers don't perceive themselves as old. This generation changed things, shook up the world to a degree as had not happened in the past. Yet they are treated by the business culture as though they should fit into this mold from prior generations and act like they are expected to act. They didn't do it in their 20's, 30's or 40's so why should they now? The answer is they won't. There is a new energy and purpose in the boomer generation that is only ignored at the peril of those trying to get their business. We will address some specifics as the week goes on in additional posts.
What we took from the article was that companies and their marketing/advertising divisions are continuing to struggle to find a place in the hearts and minds of the boomer generation. The study centered in the UK and I would like to reference a couple of statistics mentioned in the article. These stats apply to the UK market but are just as valid in the US. Boomers aged 50 to 69 account for about 29% of the population so the numbers are impressive. This group spends more money on things such as new cars, eating and drinking outside of their home and appliances. But the real kicker is that this group controls an estimated 80% of the wealth in the UK. Certainly a group that a company would want to attract as customers.
However, it is becoming ever more apparent that companies and marketers are failing to address this group as only 5% of the advertising budgets of companies world wide are directed at this market. What is also true is that very few companies have made any dent in the market as their campaigns do not resonate with the boomers at all.
I am going to discuss briefly one element of this failure today and will do another post this week that addresses other mistakes. The one I want to examine today centers on the lack of understanding of this generation by the companies and their marketers. The boomers of today are perceived and treated as though they are the same as previous generations. This might seem understandable but it is leading to failure. The advertising/marketing divisions rarely have anyone who is a boomer as an employee or a consultant. The 20 to 30 something marketers are advising on what willor should appeal to boomers without adequate understanding with whom they are dealing. Misconceptions and assumptions peg boomers as "old". Problem is that boomers don't perceive themselves as old. This generation changed things, shook up the world to a degree as had not happened in the past. Yet they are treated by the business culture as though they should fit into this mold from prior generations and act like they are expected to act. They didn't do it in their 20's, 30's or 40's so why should they now? The answer is they won't. There is a new energy and purpose in the boomer generation that is only ignored at the peril of those trying to get their business. We will address some specifics as the week goes on in additional posts.
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