There’s tremendous logic in advertising to Baby Boomers in the US: they control by far the largest share of discretionary spending of any generation, and they are heavily reliant on advertising as a product information source.
Yet only a small portion of advertising dollars are targeted to them, with many Americans complaining that advertisers fail to cater to aging consumers. Marketers must also overcome obstacles, such as Baby Boomers’ skepticism about advertisers’ trustworthiness.
A report released in late 2012 by Nielsen and BoomAgers estimated that less than 5% of advertising dollars are targeted to adults aged 35-64. In other words, an even smaller portion of advertising dollars are aimed at Baby Boomers – and many Americans indeed note that advertising fails to cater to aging consumers.
Despite some Boomers’ use of smartphones for shopping – which is mostly limited to search (66%) rather than applications (4%) – they estimate making 74% of their local purchases in-store. That compares to an average of 56% among the 18-34 bracket.
Points to Remember When Marketing to Boomers
- Boomers are at a time in life when they really don’t want to compromise their authenticity.
- For Boomers, process is at least as important as the end result. They want “the ride.”
- Boomers like to inspire others. Help them feel helpful.
- Boomers have been around long enough to know there are few absolutes, little is black or white.
- Accentuate personal style over rote action or blind ritual.
- Boomers are oriented to the human dimension, that’s the only real thing. They can see the humor in most situations.
- What Boomers really dislike is felling put upon by arbitrary power, feeling trapped, conned, boxed-in, and being thought of as one of the masses.
- Boomers are both creative and conservative (“A beautiful garden is wild and tended”).
- Boomers go for what gives voice to things they are thinking and feeling, but haven’t fully worked out yet.
- Boomers respond to what stands out by its presence, not its loudness; and what shows them it really listens and, therefore, understands.
In its recent list of Top 10 Consumer Trends for 2010, trendwatching.com identified several trends that closely match with Boomer trends. These include a need for companies to be transparent and honest about their efforts to conduct environmentally sustainable business practices and genuinely collaborate with their customers rather than try to dictate to them. In addition, consumers are increasingly using social networks as part of everyday life and respond well to products and services which have a charitable component.
Nielsen’s most recent study indicates that Americans aged 18-24 watched a weekly average of a little less than 22 hours of traditional TV during Q1 2014. That was a 95-minute drop-off from Q1 2013, which in turn had been down by 80 minutes from the year before. In fact, in the space of 3 years, Q1 TV viewing by 18-24-year-olds dropped by a little more than 4-and-a-half hours per week. That’s a substantial amount, equivalent to roughly 40 minutes per day.
Traditional TV viewing among 18-24-year-olds in Q1 2014 was down by almost 7% year-over-year.
The decreases in viewing might reflect increasing consumption of over-the-top video, although it should be noted that the Nielsen data indicates that time spent watching traditional TV still exceeds online and smartphone video by a considerable margin, even among youth. Indeed, research suggests that online video tends to largely act as a complement rather than a replacement for traditional TV, at least for the time being.
You have seen businesses out there that besides the main business they also sell information products: CDs, DVDs, Training etc. When we get what we have inside those 6 inches between each ear (our brain) and package as a product we have an information marketing business.
An information marketing business can be a business in itself or a side business that compliments your main business. It can be a nice 6 figures business. You can cater the information to your existing customers or to people in your industry that would like to do things the way you do.
CDs and DVDs are some options but you actually have dozens of other formats to sell information including training, live events, online courses etc.
It does take some work to create and market the products but the return on your investment can be quite high. There is no magic but information when well packaged always sell.
Over the last 10 years I have created tons of information products for my main business, for side niches and to my competitors. Why not? There is a lot o money with our competition waiting for us.
I’ve done the same with several clients. For example, Phil D. came to me several years ago with an idea of an e-book to help authors market their books. We first turned that into a full training program called “Publishing in a Box” and then into a membership site.
Phil later offer that box program to a printing company which was later turned into a program for franchisees and a whole revenue model called “Book to market” for that company.
I believe it takes the same amount of effort to create something small as it does to create something big so why not go for big?
The fact is that information marketing businesses last and can be done in any industry from coaches to dentists to carpet cleaning.
That is why I love it so much. Just by packaging what you know you could easily double your exisiting business.
There is a process here: You need to pin point what type of information you have that can be sold.
Package the information in a way that is proprietary to you.
Find the best format to deliver
Not too much but it can bring so much.
Why not start the second half of this year creating something new in your business and a whole other source of revenue?
Talk to me.
American Millennials (18-34) spend a slight majority of their weekly media time using digital devices, and are the only generation where digital media consumption exceeds traditional media, details Experian Marketing Services in a new report. But, Millennials share a common trait with their older counterparts: of the various devices available to them, TV still rules, accounting for the single largest share of their total weekly media time.
For Millennials, TV captures about 25 hours of their 67 weekly hours of media time, or about 37% share. By comparison, TV accounts for 42% share of total weekly media time among all adults, with its consumption far higher among older generations.
TV is also the device with the largest reach for each generation, with 97% of all adults watching at least some TV on a weekly basis. While TV maintains significant reach across the generations, the same isn’t true for other devices and media. More than three-quarters – 77% – of Millennials own a smartphone, for example, compared to just 48% of Baby Boomers (50-69) and 16% of Silents (70+).
We boomers want to live forever. Well, we need to take care of our health and what we eat. Nutritionist Jackie Keller is on this episode and will tell you what to do.
Watch all episodes on Boomerology Revealed
Quick note to let you know that the Medtrade newsletter has featured one of our articles this week. I’ve pasted the link below for you.
Medtrade is the biggest trade show for the HME industry. We are speaking there in October
We have 2 sessions this coming October: Monday Oct 20th at 3:15: New rules to market to America’s biggest, wealthiest and most influential group- Baby boomers
Thursday Oct 21st- 4pm- Online Video Revolution- How to reinvent and market a HME business using online videos.
Don’t forget to add them to your calendar.
Here is the link for the article: Boomerology Revealed
Here is another episode of BuzzBooster Tv. This week we invited business coach Robert Imbriale to discuss success, failure and why success ain’t for cry babies. This is episode 124
Check the Buzz and Biz app on Roku for more episodes.
Online watch past episodes here
A reputation for bureaucracy and hierarchy is helping to discourage young Americans from taking government jobs; in a poll of undergraduates, just 2.4% of engineering students and less than 1% of business students listed only government agencies as their ideal employers, according to the Wall Street Journal. Just 7% of the federal workforce was younger than 30 in 2013, compared with more than 20% in 1975, leaving the government without a pipeline of young workers in an increasingly digital age.
SOURCE: U.S. Government Struggles to Draw Young, Savvy Staff
The presence of young workers appears to be necessary for the creation and growth of new firms, particularly in industries where young people have key technical skills, say Paige Ouimet of the University of North Carolina and Rebecca Zarutskie of the Federal Reserve Board. For example, in the electronics industry, a 5% increase in the share of youth in the population leads to a 1-to-2-percentage-point increase in the rate of new-firm creation, according to the researchers’ analysis of U.S. Census data.
SOURCE: Who works for startups? The relation between firm age, employee age, and growth