Boomers by Numbers

Want to be successful marketing to baby boomers? The opening session of the What’s Next Boomer Business Summit tackled boomers by age segments – the 40s, the 50s and the 60s. Panel moderator Laura Weber Rossman, principal of OutsideInsite, said, “Almost every major magazine has written about some aspect of the boomer market as if it was a single homogenous group of 78 million people. From leading-edge 60-year-olds to trailing 42-year-olds, the life experiences and dreams are very different. Success with baby boomers means understanding which segment you are trying to reach.” The panelists then differentiated the boomers by decades:

Boomers at 40. The music we grew up with defines us, Scott Kellner, CEO of Tambourine Inc., told the opening session. And brands can use that in their marketing to drive relevancy and emotion about their product. Talking about the boomers in their 40s, Kellner noted that “music has always been a lifestyle ‘complement’ for this group, meaning they use it as a ‘soundtrack’ for life’s moments, a la dinner parties, relaxation, etc., an evolution from their album-oriented listening behavior.” What role can music have? “Integration of the right music enables brands to create a sense of authenticity and trust, reinforcing their ‘real’ brand message,” Kellner said.

Boomers at 50. Travel is another area where images, attitudes and interests are widely divergent among younger and older boomers. Barbara Hvasta, Vice President of Passport and Privileges for AARP Services, shared tips on attracting various age groups. She provided examples of the “Shoulda, Coulda, Woulda” campaign that launched the new AARP Passport program with Travelocity and other travel partners. Capturing the travel dreams of each generation -- 50s, 60s, 70s -- the campaign speaks to the life stage of each mature audience segment. Hvasta reminded the audience that using the right images is critical to successfully reaching this group.

Boomers at 60. Moving to the topic of money and retirement, there was again evidence of the wide divergence in attitudes and life experiences among different segments of the boomer market. Steve Zaleznick, CEO of Longevity Alliance Inc., shared the results of recent consumer focus groups exploring attitudes about the possibility of outliving one’s assets. Fortieth birthdays seem to be an “aha” moment, he said, when people begin to deeply appreciate what they need to do about retirement planning. At the other end of the spectrum -- and outside of the current boomer generation -- people 65 and over are feeling more confident about their financial decisions. They have a sense of “done” about retirement planning and are now focusing on enjoying their lives.

It is the leading-edge boomers in their mid-50’s to 60’s that are experiencing the deepest anxiety and frustration about their financial future, he said. Caught in a generation with fewer pension plans, and without a good grasp of 401K’s early in their careers, they are now facing the stress of too few dollars saved, an uncertain economy and dwindling job prospects. Zaleznick said that Longevity Alliance is focused on helping the 60-plus market make sure their money lasts as long as they do through insurance products, health insurance and financial services.

The first step in a successful marketing strategy is to stop thinking of boomers as one market and start thinking about segmentation strategies within this broad 20-year span.

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