Marketing to Older Consumers

Aging is an inevitable trend facing the society and the response given to it affects us increasingly. With many researchers pointing to the aging population and all the benefits of targeting this age segment which include high purchasing power due to the population size, increased discretionary income and time, marketers are still not realizing the advantage of targeting this age group and those that do respond with in-appropriate marketing activities.

picture source: marketing to baby boomers

Older people form a massive customer base and represent a huge market for businesses, therefore, effective marketing activities targeted at this age segment should put into consideration the fact that the segment comprises of different age cohorts and each cohort is unique. For example, the Baby boomers age cohort are characterised by high education level, high income, dual career household and they are particularly tech savvy with the internet offering convenience and customization. A Large percentage of Baby boomers are also internet users, who frequent social network sites and make product purchase via the internet.  

Due to the association already in place between Baby Boomers and the use of the internet and mobile technology, this consumer groups are worth targeting but with advertising and marketing activities that portray them as healthy individual that are full of life, wealthy and adventurous.

 

Another approach to targeting the Baby Boomers age group is through Inclusivity rather than Stereotyping. This means the age cohort are particularly provided for in advertising campaign targeted at younger generations especially when it comes to online business activities.

 

Reference:

 

Hawkins, D.I and Mothersbaugh, D.L., (2013). Consumer Behaviour, Building Marketing Strategy, 12^th Edition, McGraw-Hill Irwin International Edition

 

Marketing to baby boomers sourced on 21st March 2014 from the marketing Donut: resources for your business at

http://www.marketingdonut.co.uk/marketing/sales/marketing-to-older-customers