jackmyers.com
Free ContentFor Members Only
HOME MEDIAVILLAGE.com WOMEN ADVANCING HOOKED UP MEMBERSHIP INFO MEMBER COMPANIES MEDIA BUSINESS REPORT ECONOMIC FORECASTS RESEARCH
Home > JackMyersThinkTank > The Baby Boom Generation: Still Fiercely Independent in All Sub Categories - Tom Meyer-KSL Media

The Baby Boom Generation: Still Fiercely Independent in All Sub Categories - Tom Meyer-KSL Media

November 14, 2012
Tom Meyer

Published: November 14, 2012 at 01:53 PM GMT
Last Updated: November 14, 2012 at 01:53 PM GMT

The Baby Boom generation comprises nearly one quarter of the U.S. population. Collectively, these 76 million people represent a spending power of about $2.3 trillion and consume more than 1/3 of packaged goods in America.

With numbers like these, keeping Baby Boomers on your marketing radar makes more sense now than ever. Targeting them, though, is no simple task.

In broad terms, Baby Boomers may share a number of traits. Many are highly educated, largely employed, and at the peak of their earning power. In addition, more than half of them own their own homes. However, they are far from a single, homogeneous group. Some Baby Boomers have had to put their Empty Nester dreams on hold as economic pressure has caused many of their children to move back in or not leave home in the first place.

An interesting way of segmenting Baby Boomers is looking at how the recession and the state of our economy has affected consumer outlook. Using statistical analysis of attitudes, behaviors and lifestyles, Mintel, an award-winning provider of market intelligence, has identified three unique and evenly sized groups of Baby Boomers. Each must be targeted specifically.

Marketers sometimes make the mistake of lumping age, geography or economic cohorts in the same bucket. Successful targeting involves communicating with Baby Boomers on multiple levels through different media channels that allows you to speak directly to the specific needs of each segment.

My company, KSL Media, has kept Mintel's Baby Boomer segments in mind when developing our media programs for clients.

1. The Stressed Outs (36% of the group)

Members of this sector are predominantly Hispanic (47%), have lower educational attainment (high school or less, 49%; some college, 39%), and moderate to low household incomes (less than $75K on average). Half are unemployed or unable to work (50%).

The Stressed Outs say they have more financial and emotional stress, more responsibilities, and less free time. Yet despite personal financial stress, they are likely to feel optimistic about the economy and trusting towards U.S. political leaders.

Despite generally lower incomes, members of this segment, particularly Hispanics, are an incredibly brand loyal group. According to recent Nielsen data, Hispanics are just as likely to buy name brands and private labels as the general market in all consumer packaged goods (CPG) categories.

The Stressed Outs are heavy TV viewers who tend to watch daytime talk/variety, primetime documentaries, reality shows and sitcoms. Their preferred cable networks include BET, GSN, Lifetime, Syfy, TV Guide, and TV Land. They favor classic hits, Spanish AC, and tropical radio formats. This group tends to read home service, women's interest, and fishing/hunting magazines. They are light Internet users and are the least likely to have a smartphone.

What this means for marketers: Although The Stressed Outs have lower levels of education and income, they still are a valuable target. Consumer packaged goods marketers need to reach this significant subset of the overall Baby Boom segment. A growing segment of them (11%) have household income of $100k+. They are valuable because of their brand loyalty.

2.The Economic Optimists (34% of the group)

Members of this sector are more likely to be non-white (52%) and have at least a college degree (38-40%). The Economic Optimists have more free time and healthier lifestyles. They are also likely to feel financially secure and better about their relationships.

The Economic Optimists are likely to belong to clubs and organizations, to have life-long close friendships, to have active community involvement, and to donate to charities regularly. They are apt to feel in control of their finances, to feel optimistic about the economy, to trust government leaders, and to believe that the U.S. is well-respected.

Economic Optimists are moderate TV viewers, who tend to enjoy reality competitions and scripted dramas. Their preferred cable networks include A&E, Planet Green, Sundance, and news networks. They are moderate radio listeners, who favor news, NPR, and jazz formats. Economic Optimists tend to read health, travel, business/finance, and women's fashion magazines. They are moderate Internet users who are the most likely to check reviews of mobile/technology before purchasing.

What this means for marketers: Clearly this group is an important secondary target. Brand marketers must be aware of the media outlets that this non-white majority consumes and plan accordingly.

3.The Healthy Affluents (31% of the group)

The Healthy Affluents are less likely to be Hispanic (21%) or non-white (16%). They trend toward those with college degrees. People within this segment are likely to have household incomes of $50K+, with the highest proportion having household incomes of $100K or more (39%).

The Healthy Affluents have more free time and a healthier lifestyle. They also are also likely to have health insurance or a health savings account. Members of this category are likely to be active in their community, and to donate regularly to charities.

A recent study showed that 8 of the top 10 websites of 18-34 year-olds were just as popular with Baby Boomers. While they still read newspapers, magazines and books, they can just as easily be found using computers and smart phones. The Healthy Affluents are adept at adopting new technology and have the funds to purchase new electronic devices – from iPads and iPods to big screen HD TVs and DVRs.

Healthy Affluents are moderate-to-light TV viewers and prefer professional and college sports, as well as entertainment specials. Their preferred cable networks include AMC, Bloomberg, Fox News, Science Channel, and The Weather Channel. They are moderate radio listeners, often choosing news/talk, adult contemporary, and sports formats. The Healthy Affluents tend to read outdoor recreation, airline, and business/finance publications and are moderate Internet users. Among all the segments of the Baby Boom population, they are the most likely to check for news on a mobile phone.

What this means for marketers: Although The Healthy Affluents are a highly profitable customer base, a majority of them feel overlooked by most of the advertising on TV, radio, print, and outdoor. Sure, Baby Boomers can recall Woodstock and traditional radio is important to reach them, but agencies shouldn't neglect the new media touch points playing an increasingly important role in their new lives.

More than any other segment of the U.S. population, Baby Boomers have more money and time to partake in travel, hobbies, and indulgences that include luxury items such as jewelry, cars, home entertainment, gourmet foods, collectibles, fashion, and much more.

It is important to speak to the mindsets within the overall category. Media agencies must develop innovative plans to communicate with this diverse and relatively affluent audience. Effective marketers know that Baby Boomers are not all the same, and their media plans should reflect that reality.

Tom Meyer is KSL Media's Director of Media Research. He focuses on strengthening the agency's market research capabilities and improving the tools used to create consumer centric media solutions for clients.

About KSL Media

Founded in 1981, KSL Media is one of the first independent media services companies in America and specializes in helping entrepreneurial companies and challenger brands to acquire and retain their best customers. With offices in New York, Los Angeles, and Las Vegas, KSL manages media investments across numerous business categories for clients that include Bacardi, Toshiba, UGG Australia, PetSmart, Guitar Center, Friendly's, Oris Watches, ConocoPhillips, Curacao Tourism Board, Sizzler, City National Bank and Mercury Insurance. For more information, visit www.kslmedia.com.

add this social bookmark link

0 Comments
Post a Comment










Commentary Archives

January 2016
December 2015
November 2015
October 2015
September 2015
August 2015
July 2015
June 2015
May 2015
April 2015
March 2015
February 2015

See all Archived Material

MediaVillage.com

Mindshare: Facebook's Secret Chess Moves
This week on Mindshare’s Culture Vulture Live, Kyle Ranally looks at Easter eggs and hidden culture.

Access Confidential Twitter Tips for February
Whether you’re pitching new business or retaining current business, Lisa Colantuono’s tips below offer an easy-to-follow guide applicable for both agencies and media companies alike.

Content Marketing is Heating Up. But Don’t Burn Out!
Creating and publishing emotional, engaging content continues to be one of the hottest trends for marketers going into 2016. The ANA’s Ask-the-Expert research team has received a steady stream of questions about content marketing over the last five years.

The Future of National Television, Addressables, Content Creation: Part 4
One might say that the initial impact of the Internet and the World Wide Web were to devalue content, e.g. news, and that would be a true statement. For the years right before the bubble burst on the naïve expectations of the '90s, my companies and I were warning clients that the math didn’t work, and that the main impact of digital was going to be price wars and lower margins, not only in content but in all product categories. This turned out to be the case.

KCRW: A Destination for Discovery
The radio industry recently touted stats from Nielsen’s Music 360 report about the dominance of radio as a music discovery source versus the big streaming services to the surprise (and delight) of some. While on-demand audio track streams have doubled in a year, people listing AM/FM radio as their destination for new music actually rose 7%. Yay radio. But it takes a diligent radio station to be all things to all music lovers given increasingly easy access to platform choices.  The paragon of multi-platform audio meets music discovery source?  Santa Monica College-owned KCRW.

Final Review: MediaVillage Team Coverage of Super Bowl Sunday
A Note from Jack Myers: The editorial team at MediaVillage this year brought a fresh perspective to our annual coverage of the Super Bowl telecast. Last week, veteran media columnist Stuart Elliott sized up the competition between long-time Super Bowl advertisers and newcomers, while Charlotte Lipman revealed how fantasy football has given young women a new appreciation of the sport -- especially the Super Bowl. This week, Stuart offered his signature distinctive commentary about the commercials, while Charlotte reported on the Super Bowl from an entirely new perspective, focusing on ads that ran during competing programs on other networks. Meanwhile, Connor Zickgraf explained how the depiction of gender roles in commercials changed from Super Bowl XLIX to SBL; Kristi Faulkner exposed the absence of brand stories in most Super Bowl commercials, and Ed Martin weighed in on the telecast’s biggest surprise: CBS’ official announcement that this would be the last season for its long-running blue-chip drama “The Good Wife,” which made almost as much news as the commercials themselves. Scroll down for links that will take you directly to all of the columns mentioned here.

Hot from Hulu: Triumph the Insult Comic Dog Takes on P.C. Millennials
Warning: Politically correct or overly sensitive young people should be careful watching this video, as their heads might explode. It's from the hilarious Hulu and Funny or Die series "Triumph's Election Special 2016," in which the infamous dog with no filters has been reporting on the presidential primary in New Hampshire. He's hit his targets hard, especially Donald Trump and Jeb Bush. But he saved his most poisonous exchange for a group of college students at the University of New Hampshire. It may not be the funniest thing ever, but it's close.

Forward Thinking: How to Get a Seat on the Board
For many, serving on a company board would be the pinnacle of a career. It’s a lofty long-term goal, but if you actively build the skills needed for board seat throughout your career, you’ll be better positioned for opportunities to present themselves later.

Donald Trump’s Ten Brand Secrets -- Revealed!
And… From stodgy magazine to multimedia juggernaut – how "The New Yorker" did it.

A Possible New Path for Newspaper
For the better part of their storied history, IBM focused all of its energies against selling hardware. And for a good long time that’s all that was required as they were the only game in town. In the 1980’s that began to change. Competitive pressure on the personal computing front forced them to begin to cut distribution deals with national retailers -- a decision that would have at one time been considered heresy. Ensuing pricing pressure would force IBM to ultimately sell off their personal divisions and reconsider their overall go-to-market strategy.

Pivotal Research’s Brian Wieser on Ad Technology and 2016 Trends
Jay Sears, Senior Vice President Marketplace Development of Rubicon Project discusses ad technology and 2016 trends with Pivotal Research’s Senior Analyst Brian Wieser.

Attention Award Shows: Live TV Musicals are Not Movies!
NBC did a sensational job with “The Wiz Live!” two months ago, by far the best of its live Broadway musical adaptations. Wonderful cast from top to bottom, dynamite direction and choreography and, despite not having a live audience in the studio to make the live performance more electric (the only major flaw, especially in the wake of “Grease Live!” on Fox), a triumph for all involved.

A New Era in Super Bowl Messaging -- Gender News Weekly
This is a special Super Bowl edition of Gender News Weekly, a blog series focused on gender equality, gender politics and the shift in gender norms in business and relationships and inspired by Jack Myers’ upcoming book, “The Future of Men: Masculinity in the Twenty-First Century.”

Can the Tech/Media Worlds Hit “Pause”?
Is there any way to put what got out back into Pandora’s Box and reseal it? My old friend from our cable days, Steve Effros, thinks the worlds of social media have gotten out of hand. Seeing as the cable/telecommunication cabals helped unleash the social media madness, we might want to consider the question of how to put (some of) it back.

The Top Five Ads That Did Not Appear During Super Bowl 50
Last week on Charlie Rose, MediaVillage’s Stuart Elliott called the Super Bowl, “the one day of the year when the American public will give Madison Avenue their undivided attention.” That comment prompted one industry pro to jokingly tweet, “Only one day??? Time to rethink my career!” (Scroll down to the bottom of this column to watch Charlie's interview with Stuart.)

Click Here for Membership Information