Marketers across a broad range of industries have figured out that women
influence 80 percent of consumer purchases. Not only that, but they constitute
the majority of the largest generational cohort in history—rich in numbers,
purchasing power and potential. But what else does the savvy marketer need to
know about this woman and her generation if they hope to succeed with her? Given
the growing explosion of interest in marketing to the Baby Boomer woman,
intelligence about her is more often than not “hot off the press.”
In fact, the best is yet to come this fall with the combined release of Imago
Creative’s book BOOM: Marketing to the Ultimate Power Consumer—The Baby Boomer
Woman (including 40 case histories of top marketers) and Focalyst/AARP’s report
on their study of 35,000 Boomers. In the meanwhile, here’s a first look at
twelve tips gleaned from the overwhelmingly hot topic of marketing to Boomer
women discussed at the recent Beyond the Numbers: The Boomer Marketing Summit,
in Miami.
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Financial Attitudes
1. While Boomer women have greater discretionary income than any generation in
U.S. history, they are more worried about their financial health than those who
are already 60+. Additionally, amongst this group, the majority believes they
are “destined to go broke.” John Erickson, CEO, Founder of Erickson Retirement
Communities, claims that 65 percent of Middle Americans approaching age 62
actually have enough to live well (if modestly) for the rest of their lives.
2. On a related theme, according to Deborah Natansohn, President of Seabourn
Cruises, with all the talk of Boomers inheriting wealth, in reality the average
American may inherit only 25-50K—not the millions they wish they’d be getting.
Changing with the Times
3. AARP is rapidly becoming an organization of Boomers. With 11.5 million Boomer
members, it is already the largest Boomer organization in the world. Two out of
three first-term members are Boomers. If you haven’t looked at their magazine
recently, you’ll be surprised and inspired by how they’re staying relevant for
those over 50. For starters, how about the revealing cover portrait of Paul
McCartney at 64—with every hard-earned wrinkle proudly highlighted?
4. Forget about the notion that Baby Boomers have long-established their
brand preferences. According to Focalyst, 57 percent of consumers 42 to 59 enjoy
experimenting with new brands, even consider it to be something of a
“competitive sport!” Focalyst also reports that nearly half of Boomers feel that
today’s ads geared to their generation are insulting and condescending.
5. Chuck Hurst, Research Director for JWT Mature Market Group, reveals that
in a study of 25 to 75 year olds, those 50 to 54 experienced more life changing
events and transitions in the past five years than any other age group.
Luxury and Travel
6. At this stage in their lives, Boomers are interested in experiences, not
things for the sake of having things. It’s no wonder that Baby Boomers,
especially women, lead in experiential luxury spending. Witness the success of
the Right Hand Ring campaign, driving diamond ring sales by women (mostly
Boomers, at that) embracing the ad’s cry, “Your right hand is a declaration of
independence; your right hand lives for the moment; your right hand will
surprise you: Women of the world, raise your right hand.”
7. More magazine disclosed that in their recent study, women 40 to 59 spend
more than women 21 to 39 on perfume, computers, jewelry and watches, home
improvement and luxury autos. In fact, Boomer women spend three times more on
luxury autos than her younger cohort.
8. Be wary of pushing the Boomer woman to “join” your community, says Kathy
Dragon, President of Active Women, an organization that takes women (the
majority whom are Boomers) on adventure travel trips. “She likes to think she’s
already in a community,” Dragon adds. Rather, invite her be a part of a great
experience. Let her discover your new community as a side-product of her
involvement. By the way, forget the popularly-quoted statistic that the average
adventure traveler is a 47 year old woman. She’s actually 54!
Think on This
9. The majority of middle-aged Boomer women have more parents than children.
Many of them have had more husbands than children.
10. Half of the approximately 70 million grandparents in the U.S. are Baby
Boomers. Fifty percent of these have five or more grandkids.
11. Older women with daughters are statistically shown to out-live older
women who only have sons.
12. Finally, according to Mike Sullivan, President of 50+ Communications,
when trying to sell something to a Boomer woman, remember: she’s always going to
think she’s smarter than you.
by Carol Orsborn & Mary Brown, Imago Creative