Boomers control over 75% of the personal net wealth in the UK and yet most marketers and companies choose to target families and young adults. Another problem is that companies treat people over the age of 50 as one globular market segment, and they have been using similar marketing messages for the past two decades. Those that fail to recognise how much this market is changing and why are in for a shock. The main reason for changes is that baby boomers have arrived in droves. Baby boomers are those people born after WW2 and 1964. They experienced the economic boom of the 60’s and the moon landings. They are very different from the Silent Generation, those people born before the boomers, between the great depression and 1944.
Booz & Co have written an article highlighting how many companies are missing huge opportunities by not recognising these differences. Authors Richard Rawlinson and Natasha Kuznetsova also believe that “For most companies confused about how to reach older consumers, a good place to start is a cultural shake-up of the marketing organization, which should include the addition of an entirely new set of skills…In short, more gray hairs are needed among brand managers and external collaborators such as agencies, re search firms, and media planning organizations.
Employing aging marketers is a good solution our research shows that boomers respond best to marketing campaign and products when they have been designed by boomers for boomers. Another way is to train younger marketing staff to have generational empathy and to see the world through the eyes of Baby Boomers. Our Mind the Gap presentation and workshops provide this very solution. By giving marketers insights into the values and driving attitudes of people from different generations we’ve achieved fantastic results. For one client we increased total company revenues by 300%, for another we increased sales of key product line by over 70%; and for a leading bank we doubled response rates for a direct mail campaign targeting a saturated market.
You can read more about generational values and generational marketing by following these links :
Detailed introduction to Generations: written by world renown generations expert Dr Graeme Codrington
Onions & Parfait – Why customer relationships no longer need to be a thing of fairytales and pirate stories by generational marketing expert Dean van Leeuwen
Generations in crisis by Dean and Graeme