The Baby Boomer generation is flush with disposable income, but marketers do a poor job of connecting with them.  That combo suggests that Baby Boomers are a missed marketing opportunity.

In the last few years, millennials have become the hottest topic in marketing, particularly as it pertains to digital channels.

It’s easy to understand why.  Millennials are the first generational incarnation of digital natives.  They’ve grown up with the internet and eagerly adopted mobile technology.  They are prescient about the trends every marketer is trying to get a jump on.

Baby Boomers, on the other hand, represent the other end of the spectrum.  Their lifestyles are less digitally connected.  They are the old guard, representing an investment in outbound, push marketing tactics that younger generations largely dismiss.

This is the prevailing attitude.  But not one that holds up to the data.

 

Boomer Marketing Stats

Baby boomers are part of the largest age demographic in the US:

They represent the largest percentage of US financial assets:

A survey done by Age of Majority found that 72% of marketers underestimate how much consumers 55 and older spend and 86% overestimate how much those under 35 spend.

The survey also found:

• Marketers are more likely than consumers to think people over 50 are more brand loyal and have less digital skill than younger adults.  This bias is worse with marketers under the age of 35.
• Half of marketers think showing older people in ads alienates younger consumers, but two-thirds of consumers said that viewing someone much older than them in an ad wouldn’t affect their purchase decision.
• 73% of consumers over 55 think marketers don’t communicate well with them.

Another study on boomer marketing came up with a more specific description.  Boomers find marketing that targets them patronizing.

This study found:

• Only 12% believe agencies creating ads really understand the 50+ age group
• 85% believe that ads aimed at older people rely on stereotypes
• 79% say their age group is patronized by advertisers
• 63% say that brands don’t realize that 50 is not ‘old’
• 61% don’t like the fact that ads assume that older people are a homogenous group, simply targeting ‘older people’ rather than individuals
• 55% hate words like ‘older’, ‘silver’, ‘mature’ and ‘senior’
• 28% dislike the casting of models and actors who are too young, while 19% disapprove of people who are too old portraying them in ads

 

Misconceptions and Negative Stereotypes

A recent advertisement by Esurance offers a full display of the misconceptions and stereotypes that afflict marketing today:

 

Poor Beatrice is befuddled by Facebook, and certainly wouldn’t know how to buy car insurance in the “modern age”.

Too bad, since the 55-64 year old demographic is most likely to buy the new cars that need comprehensive insurance.

And the idea that older people are  tech handicapped Luddites is not the only stereotype causing these self-inflicted marketing wounds.

There is also a misconception that older people are doggedly brand loyal.  We see an older guy who always bought Fords or a grandma that swears by Kenmore appliances and figure they are “set in their ways”.

This causes advertisers to commit the sin of omission; they simply make no effort to reach older consumers because they think they can’t persuade them to try something new.

Likewise, they think boomers are stingy, unwilling to part with their savings.

But it’s that belief – rather than older consumers – that is out of touch.

According to a Nielsen study, the 50+ cohort spend close to 50 percent of all consumer package goods (CPG) dollars, yet less than 5 percent of advertising is geared towards them.

Digital has shifted things for this demographic just like it has for everyone.  With more options and information at their fingertips, Baby Boomers are exploring new products, brands, and even lifestyles.

Unlike the Esurance commercial, Geico gets this:

What Can Your Brand Do?

Unlike many marketing conundrums, this one has pretty simple answer.

Stop ignoring and/or patronizing Baby Boomers.  The 50+ demographic has money and wants to spend with businesses they feel an affinity with.  Like all modern consumers, they respond to great storytelling, appreciate useful information, and react positively to concise, clear content.

They use search and are active on Facebook, Instagram, Pinterest and Twitter.

Create marketing collateral that understands this demographic.  Instead of using stock photos of gorgeous 20 somethings in everything, design campaigns with hero shots that show older people as the hero.  Modify your ad copy and even the tone of your value proposition to better connect with older consumers.

If your product is likely to find a receptive audience among Baby Boomers, you need to segment campaigns for this group.  The tools on Facebook, Google, and other online platforms make it easy to create campaigns that target age demographics.  Match your message to the people you’re trying to reach.

And get greedy.  This overlooked demographic may represent the revenue stream you need to break through.  Outworking your competition may be comparatively easy if they are like most marketers who continue to blow Baby Boomers off.

Consumers in their golden years are worth their weight in gold when the right marketing campaigns connect with their needs.