For those of you looking to optimize brand share and sales, here’s an easy answer: Market to Boomers.
Why? Well, Americans aged 55 and older account for a major portion of consumer spending – nearly half (45%).
Yes, yes, there are other demographic groups. But Gen X and Gen Y each spend about half that (22% and 20%, respectively). Millennials – marketers’ objects of worship – only account for 14%. Take a look at Janet Morrissey’s The New York Times story. “Baby Boomers to Advertisers: Don’t Forget About Us.”
Besides having more money to spend, you’re looking at one of the most influential generations in modern times. Boomers were responsible for advancing Civil Rights, Voting Rights, and the Anti-War movement. For those of you upset at the most recent revelations regarding sexual abuse, Boomers were also responsible for the rebirth of Feminism. Oh, and the creation of Earth Day back in 1970. Why not market electric cars to Boomers now? Not any of those cultural paradigms were imagined by Millennials, Gen X, or Gen Y. Just saying.
Historian Julieanna Richardson noted, “The turbulence of the 1960s set the ground for the Baby Boomer generation to really soar. There’s no doubt that we are the beneficiaries of those who came before us. We are the affirmative action babies.”
Here’s a thought: it would be a shame for marketers to forget that all that “history” provides a foundation for the creation of powerfully meaningful strategies – for brands smart enough to capitalize on them.
Find out more about what makes customer loyalty happen and how Brand Keys metrics is able to predict future consumer behavior: brandkeys.com. Visit our YouTube channel to learn more about Brand Keys methodology, applications and case studies.Share this: