Boomers or bust?

I’ve seen a number of trade stories, lately, that implore marketers to remember the sheer size and financial strength of baby boomers, as a market.

A piece from Media Post’s “Engage: Boomers” cautions marketers to not overlook the fact that many boomers are at-ease with getting older… and reminds us of the size of the boomer market. A Monday story from Advertising Age cites Nielsen data to illustrate how lucrative the group can be, if courted well. And Ad Age wasn’t the only trade magazine to quote the research: Friend and trend watcher JoAnne Naganawa sent me this clipping from Candy & Snack Today. The report is cited again today in Media Post's Marketing Daily. (You can read the Nielsen-authored summary of the findings by clicking here.)

Implications: Yes, “baby boomer” represents a significant share of the population, demographically speaking… and if you could dip your hand into their collective wallets, you could pull back a big fist of money. But the term “baby boomers” does not exactly represent a well-defined target consumer. There are all kinds of sub-sets within the boomer genre.

Those who have grandkids and those who don’t. Those who are empty-nesters and those who still host “boomerang” adult children, or have younger children that have never left the nest. Those who are retired and those who are years away from retirement. The list of distinctions is almost infinite.

Narrow the target by understanding the deeper reasons of “why people buy,” and the benefits your customers hope to satisfy once your product or service is owned. Just a pilot must have a more specific desintation than "the sky" when filing a flight plan, you have to know--with some degree of specificity--which consumers you hope to land, from among such a broad population.

Mike Anderson