The numbers look even bigger than that, research shows. And, you may be in that 50 and above age group that stand to acquire these large amounts of money, and be marketed to.
Boomers are about to get a lot richer. Maybe not as rich as before the recession, but richer nonetheless. People 50 and older will inherit an estimated $14 trillion to $20 trillion during the next 20 years. (USA Today)
As a marketer, and especially employing the awesome, ever-expanding Internet advertising strategies and campaigns, you may need to change your ways to reach these markets.
Traditionally, the 18 to 34 age group (demographic) is utilized as the most important in terms of capturing data for advertising, marketing and sales messaging.
If you are pushing a specific product or service, or thinking about one – you’ll normally go to the younger demographic – and ask them, interact with them.
However, big surprise — the baby boomers are changing the game — again.
“Last year, consumers 50 and older spent $87 billion on cars compared with $70 billion by those under age 50” – The Consumer Expenditure Survey from the Bureau of Labor Statistics.
How can you tap into, and get a differentiating edge in this “new” maturing, hip, cool marketplace with your ideas, products and services?
It may not be sexy at first, but this demographic sure has the money… let’s go get it!
If you don’t have a strategy to fill this “older” marketplace, you’ll be left out. Don’t assume that you’ll just react when the time comes, either (because that time is now).
Here are some tips to message the over 50 demographic:
- Make them feel good.
- Make them feel hip.
- Make them feel smart.
- Make them feel sexy.
- Make them feel hungry.
- Make them feel techie.
That list sure doesn’t look much different than the 18-34 age bracket. That’s because life is changing. It was totally “OLD” to be 40 just 25 years ago. And with longer, more healthy, wealthy living – well, no surprise. You might say that middle age is really 60, because we can live ’till 120!
Make sure you market to their interests, not their age. And, do you know what they are? (hint: iPhone)… Run a survey, already!
What are you doing now to market to this demographic?
Related articles
- Integrating Demographic Data Into Your Search Marketing Campaigns (seobook.com)
- Martin Ford: Vanishing Middle Class Jobs (huffingtonpost.com)
- Senior Safety Nets Held Firm in 2009 (money.usnews.com)
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Entrepreneur Magazine says Jon Rognerud is one of the most sought-after Digital Marketing Experts. His clients extend from high-end brands and middle-tier businesses in both B2B and B2C. His SEO website optimization book, "The Ultimate Guide to Optimizing Your Website" from Entrepreneur Press is in bookstores now.