Marketing to women over 50, the force behind the baby boomers' buying power

• Enlarge text
• Print this text

CONTENTS
Statistics | Characteristics of women baby boomers
Trends | Marketing to the boomer generation is catching on
Tips | Advertising to women over 50
Survey results | Psychographics for baby boomers in today's economy
Note | Marketing to baby boomer women is one of our specialties

Characteristics of baby boomers and baby boomer women

The women of the boomer generation (those born between 1946 and 1964) wield a huge amount of buying power! Baby boomer women, the authors of Boom: Marketing to the Ultimate Power Consumer, the Baby Boomer Woman note, influence as much as 80% of the $2.1 trillion baby boomers spend on consumer products and services.

They tend to be affluent, too. AARP reports that people over 50 own 79% of all financial assets, control 80% of all money in savings accounts, and 66% of all money in the stock market. Baby boomer women in particular, notes Bridget Brennan in Why She Buys: The New Strategy for Reaching the World's Most Powerful Consumers, stand to inherit money from both their parents and their husbands during the next 20 years.

Even in the current down economy, women baby boomers are increasing their earnings—significantly. Even as median income slips for other age groups, recent census data shows that from 2000 to 2008, women aged 55-64 have enjoyed a 20.6% gain in income compared to a 2.3% loss by men the same age. All age groups aside from adults over 65 years reported a negative change in income. The next closest gain, held by women aged 65 to 74, was 8.7%.

And stereotypes of computer illiteracy aside, the baby boomer generation is online in force. At 56.7 million users, baby boomers make up the largest group of the US internet population, notes a December 2008 eMarketer report. Boomer women are as likely as Generation Xers to consult websites before making a purchase, according to the National Federation of Independent Business (NFIB)... and 70 percent of all online purchases are made by women, including baby boomers.

Last but not least, they're growing. Ad Age reported in July 2008 that the average US head of household is nearly 50 years old, and more than 80% of the growth in number of households by 2013 will be among those headed by adults 55 and older.

Marketing to the boomer generation is catching on

Not surprisingly, marketing to baby boomers is fashionable among successful businesses these days.

"Across American industry, companies that traditionally ignored people over 40 are now actively seeking their business," the LA Times reported in June 2006. The newspaper noted that AARP, a non-profit group for men and women over 50, had posted a 21% increase in advertising revenue from marketers interested in its demographic.

Advertising to women over 50: practical tips

If you're thinking of targeting the profitable baby boomer generation, take heed: baby boomer women may not be who you think they are.

Far from mourning their youth, grieving over empty nests, or moaning about stiffening joints, age 50 is a positive turning point for many women. "For most, it's a major life shift, from 'mom' mode to 'me' mode," says Barletta. "They use the added decade of life to go back to college or start new businesses. It's finally 'my time', and they make the most of it, pursuing old passions, exploring new ones, spending more time with their friends, and seeking out ways to give back. ... For women, 50 opens new doors, presenting vistas of endless possibility."

And they have the money to spend on their new adventures; Barletta notes that 85% of empty-nest parents see a boost in discretionary income, with one-third reporting a rise of $10,000 or more.

Smart marketers will acknowledge this new freedom and spirited attitude. One tip from the NFIB: don't refer to baby boomer women as golden, mature, seniors, or even middle-aged. "Most boomer women see themselves as a decade younger than they are," the organization says. "Boomer women are looking for products and services that appeal to their sense of adventure, curiosity, renegade energy and continuous development." Implying they might be ready to toddle off into the sunset would be a misstep, to put it lightly.

Authentic marketing and business practices are even more crucial for this age group. The NFIB notes that the women of the baby boomer generation pay special attention to a company's practices, especially in terms of giving back to the community, social responsibility, and how respectful and understanding it has been to her in the past. "She wants a relationship with the company—and she wants it to be sincere," says Carol Osborne, co-author of Boom: Marketing to the Ultimate Power Consumer, the Baby Boomer Woman. Communicate this to boomer women on behalf of your firm, and make sure you're carrying it out every day.

For companies marketing to baby boomers on the cusp of retirement and beyond, meanwhile, Ad Age suggests using the words guarantee, safety, and/or experience. "The increasing number of such consumers suggest we will see greater use in advertising of warranties, prominent displays of long corporate histories, exhibits of financial strength and testimonials," the publication predicted in July 2008.

The images used on a website or in marketing materials plays a significant role in conveying a feeling of authenticity. It's human nature to feel more comfortable when surrounded by people similar to oneself, but baby boomer women seldom experience this pleasure while interacting with companies, even those seeking their business. According to Why She Buys author Bridget Brennan, in a global study conducted by Unilever in 2006, women aged 50 to 64 made their feelings known—loud and clear. "Nearly 60 percent of the women felt that if magazines were reflective of a population, a reader could likely believe that women over fifty do not exist," she says.

Marketing to women baby boomers is a specialty of ours. If you're interested in marketing to baby boomer women online or off, contact us today!

Psychographics for baby boomers in today's economy

Of interest to many is a two-part Focalyst survey conducted in 2006 and 2008, recently reported in March 2009, that found baby boomers had fallen into three camps during the US recession starting in December 2007.

Surveyers found that 25% of respondents felt life was better in the past. These older adults had been most affected by the down economy and were worried about the future; 40% reported a decline in health. Focalyst recommends targeting ads to this group with messages emphasizing they're not alone and recognizing their long years of hard work.

About 30% of boomers, on the other hand, were confident, healthy, and satisfied with their lives; these older adults had higher income levels and had planned well. Focalyst suggests appealing to this group's sense of success with themes like living the good life, embracing the moment, and well-deserved indulgence.

Even more encouragingly, 45% of baby boomer respondents were very optimistic even in the face of financial or medical setbacks. (About one-third of these respondents had declined in health, but were proactively managing through the situation.) They tended to be spirited and connected to their communities, with strong values, a sense of youthfulness, and the intent to pursue a live of novelty and change. Focalyst recommends advertising messages with a focus on hopefulness, connecting with others, giving back, buying locally, and aspiring to a stable future rather than one of wealth.

Marketing to baby boomer women is one of our specialties

We specialize in appealing to mass affluent women, including baby boomer women, one of our favorite target markets. We take the latest research on women over 50 and utilize it to strategically design web pages and other marketing for women entrepreneurs and companies selling to female baby boomers.

If you'd like more information on working with us to appeal to baby boomer women, give us a call or jot us a quick email.

What would you like to know?

• If younger women are also in your target market, visit our marketing to women page
• If affluent women are in your target market, visit our page on affluent web design
• If you‘re interested in a custom web design or redesign, visit our web design page
• If you’d like to find out more about us or our pricing, start with our about Aio Design page
• If you’re looking for other information to help you, see our articles page or order our free report
• If you're looking for practical ways to improve your existing website, order our website analysis