Could you introduce yourself and your expertise on the American 50+ market?
Mature Marketing & Research is a six year old company formed by the merging of two groups that had each separately been investigating the Mature/Boomer segments. The two heads of each group (Howard Willens and Dr.
Mature Marketing & Research (MMR) is known for its innovative, self-financed omnibus study of the Mature and Boomer markets, called the Boomer Report. Findings from these studies have given us powerful insights into the Boomer mind—and have allowed us to express our interpretations of what they are doing and thinking now, as well as what they are likely to be doing in future stages of their lives.
Boomer Report findings were sent at no charge to interested marketers, advertisers and advertising agencies—and were published on the company’s web site (www.maturemareketing.com) as well. The study was discontinued last year. However, we are currently using the name Boomer Report as the title of our weekly Blog (www.boomerreport.typepad.com), which is our current outlet for expressing our informed opinions of recent happenings and research findings relevant to the Boomer/mature market.
MMR has also done a number of studies for our clients focusing on Boomer/Mature/Pre-Mature and Senior response to current and projected products—as well as to potential strategic marketing and communications programs.
The foregoing—our experience, Boomer Report findings and work done for clients—has given us an in-depth insight into the Boomer/mature mind, which we bring to our clients and which we have shared with the public in general (including a recently published book entitled “Over 50.”
If you are interested, the following brief biography outlines the credentials I brought my involvement in the mature market and to the partnership:
Howard Willens has 30 years of experience in Marketing Research, Strategic Planning, Marketing and Public Relations across a broad range of product and service categories – working with both marketers and advertising agencies.
From the aspects of his advertising agency and independent research & planning experience, Howard has been involved with research and strategic planning for a diverse list of product categories–including: Fast-Food Restaurants; Beverages; Automotive; Household Products; and Personal Care Products. He is also a trained, skilled focus group moderator.
Howard has an MBA in Marketing from
Do Boomers truly offer marketers a fertile business opportunity?
I believe the contents of our recently published brochure can answer this question succinctly and completely:
The Baby Boomer generation originated on
Boomers are now slightly more than one-fourth of the total
They are better educated than their parents (the “Greatest” Generation). They grew up believing they were special, and received the education and training so they could be. As a result, their spending power is overwhelming. With that power, Boomers, unlike their parents and grandparents, are into self-reward, not self-sacrifice.
Boomers are nostalgic for the carefree world in which they grew up. They yearn for its traditional values—and continue to think of themselves as young, not seniors (a recent study showed the age they consider to be old is 79).
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. However, they are not highly brand conscious.
Finally, like the older group (the Mature segment) Boomers avoid products pitched to them as “older” consumers.
Lifestyle
The Boomer/Maturing market will take on a more active and positive lifestyle including more time for education and leisure activities.
They will try to stay younger longer by engaging in health oriented exercise clubs.
They want to be productive citizens—and they want society to recognize them as such.
Rather than “retiring” a significant number of Boomers will seek second careers. Some for the money, others because they believe they have talent. But, all because they have the energy and desire to continue their productive lives.
They vote at a higher rate than any other age group—and are more concerned with social issues than are those younger.
They will look to self-growth.
Most say they feel and act at least 15 years younger than their chronological age.
People in the age segment will experience more major life changes than in any other period of their life.
The mindset of these Boomers is reflected in a desire to try new products and services. Thus, corporate
How Boomers/Maturing/Mature Adults Spend Their Time
Travel ranks among their top leisure activities.
They spent more than $500 million in the past year on vacation travel; 75% of luxury cruise passengers are Boomers & older.
Maturing/Mature Americans enjoy an average of 40 leisure hours per week.
One half of Boomers and older will eat out in a restaurant at least five times a month.
Seventy percent will entertain in an average month.
The Affluent Boomer/Maturing/Mature Market
The median net worth of
Seventy-five percent of Boomers-plus own their own home.
They like and will buy new cars
Boomers/Maturing/Mature adults own three-fourths of the country’s financial assets—and are the largest holders of certificates of deposit.
Business Opportunities
Financial Services, Investments/Mutual Funds, Recreational Activities, Health Care Products and Services, Restaurants, Automobiles, Retirement Communities, Travel and Leisure Time Activities.
In your opinion, are American companies ready to adapt their offer to Baby Boomers?
In a word: NO!
Marketers, their advertising agencies and the media continue to profess their interest in reaching the Boomer market with appropriate products and communication. They have professed their interest by sponsoring a number of conferences over the past few tears on the importance of reaching the Boomer market, as well as how to reach them.
Additionally, several major advertising agencies have publicized their establishment of whole departments or subsidiary agencies—whose sole function they define as researching and developing programs to reach the Boomer market. And, articles in the trade press have pointed with pride to the major efforts being made by marketers and advertisers to reach and attract the Boomers
The truth of these claims, as well as their relative success, may be characterized by the expression “the perception is the reality.”
That is, based on the trends established by our research, the “success” of these so-called efforts has been negligible to non-existent.
Whether their efforts have been overstated, or their sole effort has been publicity-driven, our findings indicate that Boomers continue to be dissatisfied, both with marketers offering products that meet their needs—and with advertising that understands and addresses their needs and motivations.
In short, we have observed little change from the attitudes expressed by Boomers three years ago, when we began to measure this subject
Obviously, there is a lesson to be learned here. As evidenced by Boomer attitudes, marketers and their agencies need to more effectively appeal to Boomers. They need to develop products that meet Boomer needs—and they need to promote these products with marketing and advertising programs that attract Boomers’ interest—and convince Boomers that they care.
Our most recent study offers some direction. Simply stated, Boomers want to be treated just like any other segment. That is, Boomers want marketers and advertising agencies to understand their needs and motivations—and use that knowledge to approach them in a sensitive and intelligent manner.
In short Boomers tell us they are not happy with the way they are treated by those who want their money. For the most part, they believe marketers and advertisers do not have their interests or needs in mind in developing products, designing packaging—and preparing advertising.
More than half the Boomers we researched feel marketers do only a fair to poor job in considering their needs when they develop new products and packaging.
Almost half of our respondents (i.e., Baby Boomers) feel advertisers and their agencies ignore them in preparing their campaigns (4% are satisfied).
Anyone who monitors television advertising—and sees gray hair only in commercials for products like Adult Diapers, False Teeth Cleaners/Adhesives and retirement communities—would agree.
In the words of that immortal bank robber Willie Sutton, it is time that marketers « go where the money is. »
What do you offer to companies that want to reach the Boomer and/or Senior markets?
Mature Marketing and Research is a full service research and marketing consulting firm. We specialize in qualitative research—generating an in-depth understanding of the way Boomers think, react and behave with regard to the world around them, to economic and political trends —and to the products and services available and offered and available to them.
Additionally, we also bring to companies wishing to reach the Boomer/Senior markets the insights we have gained into those markets from the many quantitative studies we have financed and conducted—and published in our Boomer Report.
For further information regarding who we are, what we do and what we offer, I urge you to look at our website (www.maturemarketing.com) and to our Blog (The Boomer Report)
What are your recommendations for successful marketing to the 50+ marketplace?
Boomers/Seniors drink beer and wine, take vacations, buy cars, date and have sex (yes they do!), join heath & fitness clubs, eat snacks, jog, stay up on the latest fashions, shop in supermarkets and department stores, buy and decorate new homes, give parties—and so on!!!
In other words, for the most part they are not very different from GenX and GenY consumers except for one aspect. They are older!
Oh yes, they are also the largest and wealthiest segment in the world today!
I would urge that those who wish to market successfully to the 50+ marketplace take the foregoing to heart!