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February 27, 2006
Why the Boomer Hype?
Starting January 1st of this year, the first of America’s 78 million or so baby boomers hit the big six-oh. Since then, a boomer has hit this benchmark every 60 seconds, and will continue to do so for the next 19 years.
Yes, this is a huge generation, representing an attractive, generally well-heeled and active group, one which marketers in all industries would be well advised to recognize and understand. And that’s where we ask, “why the hype?” The fact is, no matter how attractive this target of opportunity, marketers who look at this group as a single block (or, as some demographers say, two distinct blocks – the “leading-” and “trailing-edge” boomers) will surely miss out.
In our view, the boomer market – just like any other market – simply cannot be viewed through the mass-media, 30-second-spot lens of the 80’s. It’s not a homogenous group; there are rich boomers, working poor boomers, self-actualized boomers, active boomers, and so on.
My soapbox is a predictable one. Learn why your customers like you, and why those customers you lose choose a competitor. In the integrated, multiple-media, 1:1, mass-customization and micro-segmentation age we now find ourselves in, marketers must do their research and know their audiences. In brief, it comes down to understanding what makes your customers tick. Using technology and intelligence to gather rich data on demographics and behavior, the unit of measurement for marketing analysis and management should really be the individual customer.
All that said, if your market does include a large chunk of the boomer segment, one thing is pretty clear: don’t market to them as if they’re getting old. In the words of a recent Now AARP article, “60 is the new 30.” So count your customers, one at a time. And then do the math…
Posted by MCorp. at 27.02.2006 08:16 | Permalink