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Think YoungCustomers 50-64 are an affluent, yet overlooked, market segment. Here’s how to win them over. By: Kim T. Gordon If you want to find the nation’s deepest pockets, look to adults 54-64. They have an estimated higher average net worth – at $210,000 – plus a higher percentage of home ownership (at 81.4 percent in 2003) than Americans in any other age group. But surprisingly this group, along with most adults 50 plus, are routinely overlooked by marketers doggedly pursuing the 18-49 demographic, or worse, they’re lumped in with seniors. Every seven seconds another American turns 50. Dennis Miller and Kim Basinger are 50. Robin Williams just turned 52, and Susan Sarandon is 57. You wouldn’t call them or their peers seniors. Then why market to them that way? In fact, there’s a big distinction between marketing to what are termed "first wave" or "leading edge" baby boomers in their 50s and marketing to seniors. That’s because consumers in their fifties and early sixties possess entirely different self images and lifestyles from older seniors and, consequently, must be approached in a uniquely different way. For example, leading-edge boomers are seeking financial independence, while seniors place a high price on physical independence. The boomers look for endorsements and industry ratings, but seniors are most comfortable with testimonials. Don’t Call Them Old It’s vital to look beyond several myths. First, consumers 50 plus are no more or less likely to be brand loyal than any other age group. So don’t assume because they were your customers when they were younger, they’ll stick with you. And second, ads that rely heavily on the monolithic cultural stereotypes of the ‘60s generation – peace, love and happiness, with rock-and-roll playing in the background – won’t necessarily win you favor. You need a marketing program that resonates with and reflects who these customers are at the present moment in their lives. Americans in their fifties and early sixties are at the peak of their earning years. Some are part of the "sandwich generation," with children in college and elderly parents who may need caretaking, while others find themselves with their children out of school, more time on their hands and lots of disposable income. But one thing’s for sure, they definitely don’t see themselves as "old." According to a survey by The Boomer Project, a joint effort by Boisseau Partners and Southeastern Institute of Research, leading-edge baby boomers who are 54 years old consider themselves 41, and the most affluent (those earning $75,000 or more a year) have a psychological age of 39. So while you shouldn’t expect this demographic to relate to a commercial showing thirty-something parents with children, your marketing must nonetheless reflect their youthful attitude. How to Reach Them Adults in this age group are extremely marketing savvy. After all, they grew up surrounded by media advertising and have had 50 or more years of exposure to it. They respond best to straight talk and reject over-promotion or spin, so avoid presenting too much hype. It’s also smart to stay away from absolutism. By the time consumers reach this age group, their experience has taught them to see things in shades of gray, rather than black and white, which makes conditional copy messages and narratives more appealing than a hard-sell approach. Not surprisingly, traditional media, from television and radio to magazines, newspapers and outdoor, can be used successfully to reach consumers 50-64. But don’t overlook online marketing campaigns. According to Jupiter Research, 55 percent of the entire population age 50-64 will be online in 2004 and they expect these numbers to reach 65 percent in 2006. They also predict the number of adults in this age group surfing the Internet will swell to 35.4 million in 2007. So you can call these folks youthful, smart, affluent and tech savvy – just don’t call them "Gramps" or "Granny." Get In-depth Coaching on this Topic>> Kim T. Gordon's columns and articles are read by nearly 3 million small and home-based business owners each month. She is the author of two books, including Bringing Home the Business: The 30 Truths Every Home Business Owner Must Know. Copyrighted material. May not be reproduced in whole or part without expressed permission from the author. |
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