Boomer News & Views

Let's Be Frank!

Boomers are a market in search of a seller. They want and need, but in ways that are different from younger and older age cohorts. Accordingly, marketers/advertisers, as well as their advertising, public relations and sales promotion agencies would be wise to take this Maturing Market seriously.

They need to speak directly to this market. They must tell Boomers that they are aware of their specific product needs (new and/or modifications of existing products that would be meaningful to them). They must also speak to Boomers in language that signals they are aware of and recognize the marketing, advertising and public relation programs that are specific to their interests and beliefs. This will generate attention—and show that they care.

In short, Boomers want to be shown they are wanted and appreciated. Only then will they express their interest.

Sound logical? Sound easy?

When is the last time you strolled through an advertising agency, or walked the Marketing Department corridors of a consumer products company?

Lets look at the advertising agency creative group—dressed in jeans and for the most part under 30. Let’s also look at the account execs fresh business school. Then there’s the leadership at these agencies. Want to bet on the number of gray hairs? And, what about their clients? Can you find a difference between the brand manager and his / her account executive?

For the most part, this combination of marketing and advertising power is developing products, marketing plans and advertising based on what appeals to itself!

Try calling on this group to discuss the Boomers or Mature Market. Logically note the size of the market and its wealth, the fact that Boomers are open to new ideas and new products—and are highly likely to keep on spending for years.

Then, watch their eyes glaze over!! They are very respectful as they show you to the door—and toss your materials into the circular file.

Demographics versus Psychographics

A comment to my January 23^rd Marketing Myopia II stated that: “Many people define boomers as those born in 1947 and later, a result of the postwar baby boom. But a look at Census records indicates that the boom started earlier, even before the war ended, and ended not as a generation, but as a return to normal but increased birth rates in the 1950's.”

This point brought to mind the marketing argument of demographic age versus psychographic mindset.

Most demographers have defined Boomers as those born between January 1, 1946 and December 31, 1964—making the current Boomer age range as 41-59. Then we have that group born—as pointed out above—during the WWII years itself, 1941-1945. They are now 60-64. In our writings, we have labeled these wartime babies “Pre-Matures.” Observed differences between Pre-Mature and Boomer behavior are apparently not linked to when they were born, but to who their parents were!

That is:

·           For the most part, Boomers are the offspring of the G.I. / “Greatest” Generation—those who fought in WW II and returned determined to give their children the advantages they themselves never had.

·           Those born in the earlier 1940s, now labeled the “Wartime Generation,” grew up just ahead of the Boomers. They were likely exposed to many of the same external influences as Boomers while growing up, but their internal influences—the values and histories of their parents—as well as their economic condition, were for the most part different from that of the Boomers.

Accordingly, differences in response to external influences by these two groups today are likely the result of the differences in their background.

To briefly examine these differences:

·           The Boomer generation is better educated than its parents. Its members grew up believing they were special, and they were given the education and training so they could be. One result is that their spending power is overwhelming. With that power, Boomers, unlike their parents and grandparents, are experiencing self-reward, not self-sacrifice (a topic for a future Blog).

Since they grew up expecting to be winners—Boomers respond to products and services they perceive as winners—and which will help them find ways to win. They are demanding customers who seek the best combination of product features, benefits and value. Interestingly, however, they are not highly brand conscious.

Boomers are nostalgic for the world in which they grew up—and continue to think of themselves as young, not seniors (a recent study showed the age they consider to be old is 79). They shun products pitched to them as “older” consumers.

·           Differences between Pre-Matures and Boomers are distinct, but subtle. Pre-Matures grew up just ahead of the Boomers, as offspring of adult and near-adult Great Depression survivors—and all that is implied by those difficult times. As a result, they tend to have a mindset that is more of a careful and saving nature than that of Boomers.

·           They are now “empty nesters” and they have a relatively high level of discretionary income. But, they are not to any great degree rushing out to spend on such luxuries as travel, cars, dining out frequently—and all those things we normally expect newly freed couples to do. Rather, they are on the verge of becoming grandparents (if they haven’t gotten there yet), and with their mindset are be busy planning, spoiling and putting something aside for the new little one.

·           Don’t think, however, they are not enjoying themselves and planning their futures—but, from a slightly different angle than the Boomers. For example, many are even thinking of downsizing their living quarters.   

So, where are we here? We are at the point of clearly defining Boomers as a separate, distinct, and totally unique population segment. They are unlike anything ever seen in the U.S. (or the world) before. The result is that their actions and reactions are the product of their unique and tightly defined background and environment—not of the fact they are “of a certain age.”

Market Focus

I just received an email from a subscriber to this Blog. It was from a research analyst at a major consumer products company—a company who shall remain nameless, but whose very essence of being—whose very business—is rooted in the mature market, both directly and indirectly. If I named the company, this relationship would be clear.

The gist of this person’s message was a request to remove their name from our subscriber list, as “I do not have time to focus on the senior market.” Admittedly, this person’s contacting me was partially my fault. Somehow Verizon fouled things up last week and sent four copies of my message to the entire mailing list. So, reference to the four copies was the first line of the request to remove.

Of course, I complied. But, let’s consider the request itself.

The product category represented is one in which a new high tech item is rapidly supplanting an “old tech" item among all user groups. And, the company in question is a leader in the "old tech” way—but is rapidly converting to the new way. However, despite the changeover—and growth—in this category, this person believes their company—which now does a remarkable business with Boomers and the Mature Market—has “no time to focus” on this market.

If this company needs to maintain its “old tech” approach during its conversion period, should it not need to hang onto its current user group, which for a fact is to be found among Boomers and the Mature segment? And if the company—as it should—is seeking to move strongly into the “new tech” arena, should it not also be working with its current long-time user base to maintain brand loyalty, and convert these people to their own approach to the “new tech” way?

In other words, this IS the time to focus on the senior market!