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The Golden Ticket

The focus for most marketers is on social, mobile, and all things technology in an attempt to capture market share and provide measurable return on investment. In an effort to be better, faster, and constant, marketers must leverage the most influential crowd that continues to gain power over marketers and brands alike. This paradigm shift is being driven not by the most innovative technology but by the ever-growing baby boomer population.

Each day, 10,000 baby boomers turn to the age of 65, and will continue to do so for the next 19 years. Projections show that by 2050, more than 50% of the US population will be older than 50 years of age. For the first time, parents and children will be part of the same demographic. The Center for Mature Consumer Studies reports that boomers control more than ¾ of the country’s wealth. The power of this population is in its ability to affect the elasticity of demand, increase consumption, and ultimately influence marketers.

Baby boomers continue to be the most brand loyal segment in the market place. Before technology became contextual to consumers, marketers told stories and built brands with which this growing population identified. Marketers should consider the following when defining a strategy for this captive audience:

  • Diversity: Baby boomers are the most diverse segment which is the biggest asset and strength. The marketing approach should be as diverse as this consumer group.
  • Empathy: Baby boomers are wise, experienced, and aware. Marketers must appreciate and recognize these sentiments.
  • Constancy: Baby boomers are methodical and calculated as consumers. It becomes a test of endurance for marketers, constantly and consistently reaching this target audience.

If marketers across industry refocus a portion of the budget, the potential to create the next generation of influential and brand loyal consumers is immeasurable. For brands and marketers, the impact is substantive.