Selling to women boomers shortcuts to key points

Marketing to women baby boomers

The buying power of 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 trillions of dollars that baby boomers spend on consumer products and services. And those trillions can add up: according to USA Today, consumers age 50 and older spent $2.9 trillion in 2009, even during the throes of the recession—up 45% in the past ten years.

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. Buying power surprising stats Women over 50 make 80% of buying decisions for households that have 80% of the nation's money.
(Sources: Boom and Why She Buys) 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. In November 2010, USA Today reported that both genders in the 50-plus age group will inherit an estimated $14 trillion to $20 trillion during this period.

Even during the Great Recession, women baby boomers were increasing their earnings—significantly. Even as median income slipped for other age groups, US Census data showed that from 2000 to 2008, women aged 55-64 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%.

Given the fact that many children of women over 50 have flown the nest, this is perhaps not surprising. According to Marti Barletta in PrimeTime Women, 85% of empty-nest parents see a boost in discretionary income; about one-third report a rise of $10,000 or more.

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, and AARP research director Mark Bradbury reports that 76% of boomers are online. (Another bonus? Bradbury mentions that online boomers are significantly wealthier than the norm, at $84,700 in median household income compared to $60,200 for all US adults.)

Another statistic that should put this stereotype to rest: Facebook's fastest growing demographic is made up of women 55 and older—particulary married women, according to 2010's What Women Want: The Global Market Turns Female Friendly.

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.... and spending. 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. And if you compare the average annual spending for householders in the 55-64 age bracket to those aged 24-34, says Marti Barletti in PrimeTime Women, you'll find that the older group spends:

~ 20% more on new cars and trucks
~ 29% more on meals at full-service restaurants
~ 100% more on coffee
~ 113% more on wine consumed at home
~ 127% more on maintenance, repairs, and home insurance
~ 258% more on owned vacation homes
~ 250 to 500% more on housekeeping and yard services

In fact, according to J.D. Power & Associates, customers over age 50 make up 62.5% of annual new vehicle sales. Boomers buy more new cars and spend more on the each car; the Consumer Expenditure Survey from the Bureau of Labor Statistics reports that consumers 50 years and older spent $87 billion on cars in 2009, compared to just $70 billion collectively spent by all younger generations. And USA Today may have surprised many people when it reported boomers are among the biggest buyers of technology; in fact, the Boston Consulting Group Global Inquiry into Women and Consumerism survey found that the most affluent segment of women, who have no children at home, are especially heavy users of PDAs and computers.

Of special interest to home remodelers and interior designers, Barletta reports that a 2004 EPM Communications survey of women with a median household income of $150,000 showed that 93% of respondents expected to repeatedly redecorate their homes over time... noting that boomer women are repurposing children's rooms into entertainment centers, home offices, exercise rooms, and yoga retreats; adding mother-in-law suites and even small carriage houses; and making their homes more age-friendly by adding banisters, elevators, intercoms, and the like.

(Whether you need to redesign your website to better reach these powerful consumers or design a new marketing strategy, chances are we offer what you need. Skim our list of marketing services here.)

Older women are newly fashionable in the popular media

Not surprisingly, marketing to baby boomers is becoming 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.

Women boomers aren't just showing up in advertising, either. Even fashion magazines and the movie industry, long considered allergic to age in women, have recognized both the appeal and the pocketbook of female baby boomers. The Today Show noted in August 2010 that a surprising number of fashion magazines had featured models over 40 in September, the most important month of the year for the industry.

"They're cool, fashionable, interesting, compelling—they have something to say," Laura Brown, projects/features director at Harper's Bazaar, says of the new over-40 appeal. "One of the things about getting older is you do grow into your sense of self."

The segment noted that at age 46 (at the edge of the boomer generation), Sandra Bullock is the highest-earning woman in Hollywood; according to Forbes; she made $56 million in 2009. Of the top five female earners in the film industry, three are in their 40s: Bullock, Jennifer Aniston, and Sarah Jessica Parker.

And yet there's still a disconnect. According to a summer 2009 survey conducted by Google and Nielsen, 8 of 10 baby boomers feel the advertising they see is targeted toward younger consumers. "It's no wonder the average tenure for a chief marketing officer is less than two years," comments Matt Thornhill, president of the Boomer Project. "Heads certainly need to roll if advertising dollars are so poorly deployed."

This gap provides a tremendous opportunity for you to stand out by appealing specifically to female baby boomers.

Need help appealing to women boomers? We can help. Give us a shout!

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.

Life after 50: decades of promise

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."

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 NFIB 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.

Diversify your marketing images

The images used on a website or in marketing materials play a significant role in welcoming potential customers. 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.

But unless you're specifically targeting married couples, take care to show baby boomer women in a variety of roles and settings. Remember, each boomer woman is an individual, not just a "better half"... and yet when a woman over 50 is shown in marketing, she tends to accompany her husband.

"There's nothing wrong with that except that it is virtually the only context in which they are shown," says Barletta. "The fact of the matter is that in their pursuit of “my time”, PrimeTime Women are going to be spending a fair amount of time pursuing their own interests, perhaps in a classroom. Or hanging out with their girlfriends… Another context in which they’ll want to spend more time is the extended family, with kids and grandkids. So avoid the couple cliché."

A recent VibrantNation survey of women over 50, conducted in partnership with marketing to women author Holly Buchanan, found similar results. In the study, which focused on how the financial services industry has been marketing to women over 50, researchers showed women images from financial services ads featuring couples and asked, "When you see images like these in financial ads, how do they make you feel?" The images visually represented the man as a protector and provider while the woman was positioned as secondary to her husband: carried in his arms, standing and smiling behind him, or snuggled up beneath his chin. 78% of women responded that they did not relate to the dependent nature of the images. The researchers noted that the women preferred images of hierarchy-free families over those of couples.

And for an even better shot at success, do your best to ensure your images reflect real women. Forget the perky spokeswoman extolling her fascination with your product; women over 50 tend to prefer authenticity to perfection. "PrimeTime Women are no longer controlled by the need to have perfect looks and perfect behavior," says Barletta. "You want to be your ‘real self,’ all the time. You want to be dealing with other ‘real selves’, and don’t have a lot of patience with contrived personalities." Perhaps nowhere is this better shown than in this statistic, also noted by Barletta: 72% of all cosmetic procedures are performed on people under 50.

(Real) authenticity matters... a lot

Susan Boyle's audition video and subsequent career (a female baby boomer herself) beautifully displays the hunger that even jaded consumers feel for authenticity.

Authentic marketing and business practices are even more crucial for women boomers. 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.

Barletta notes that 68% of women ages 50-70 say they make a special effort to buy from businesses that are environmentally conscious, even more than the 58% of women in the 25-49 age bracket.

They—and others—want the companies with whom they do business to truly be authentic. "Authenticity in business is a distinctly 21st century concept made relevant by a confluence of factors," writes How to Stand Out? Try Authenticity author Sohrab Vossoughi. "The public's trust of businesses and institutions is in steep decline. Consumers' media savvy has pulled back the wizard's curtain on insincere marketing ploys that are only surface-sexy. ... [Today's] consumers seek meaning and a brand they can trust."

Barletta also warns that 83% of baby boomer women—and 86% of younger women—feel that most large companies are just out for themselves, and Andrea Learned noted in a September 2010 GreenBiz.com post that consumers today are savvy to greenwashing: special packaging or corporate reports that talk the talk but don't walk the walk of sustainability. Indeed, USA Today reported in October 2010 that more than 95% of consumer products marketed as "green" make misleading or inaccurate claims. Worse than not being socially or environmentally friendly is lying about it, since women of all ages highly value honesty.

The solution? If your company's environmentally friendly practices are genuine, provide proof and plenty of detail—don't just say your company or products are "eco-friendly", say what makes them so.

Work with physical changes, not against them

Women boomers are likely to find their eyesight changing and certain mental abilities improving as they, like people in other age groups, continue to age. To reach out to them most effectively, work with these changes rather than against them. For instance, choose larger and darker type than your 24-year-old marketing assistant might instinctively select, and avoid reverse type—light text against a dark background.

A May 2010 Engage:Boomers post also recommends the following:

~ Quickly get to the point: a boomer's brain can generally grasp the gist of an argument faster and better
~ Minimize distractions: boomers are more apt to become distracted than those in younger generations
~ Tap into empathy: boomers can draw on more personal experiences, leading to more empathy

A little reassurance goes a long way

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.

Economic psychographics of baby boomers

Of interest to many is a two-part Focalyst survey, publicized 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 recommended 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 suggested 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 recommended 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.