In fact they never left. Up until just a few years ago, any savvy business person knew the value of the aging baby boomers. They represent a major share of the nation’s wealth and were raised on a solid foundation of values and common sense, therefore the likely target for most any media campaign. They were rock-solid, set in their ways (translated: “brand-loyal”), and normally a factor in long-term business relationships.
What happened? Where did they go? Corporate America kicked them to the proverbial curb in favor of the more tech-savvy 18 – 34 year old demographic. That’s what happened. Like it or not, beginning nearly half a decade ago corporate America began focusing on the younger generations out of fear the older folks wouldn’t be able to keep up with rapidly changing technology and that thing called social media.
Well, corporate America was wrong. And the whole marketing environment is upside down. They were right to be concerned, but to completely disregard the most important demographic in our history was …well, it was just wrong. At a time when we need them the most, the aged and aging baby boomers are not on the radar. They are certainly not the target of most media campaigns.
To make matters worse, generation X (post baby boomers) has been largely ignored as well for much of the same reasoning. It has never made economic sense to focus too much attention on smaller segments of a market. But our country is caught up in a whirlwind of “go-for-the-youngsters” marketing that is ignoring much of the buying (capable) population.
The older generation may be slower to adapt to new technology, but isn’t that one of the qualities that made them treasures for the previous three decades? They are now coming to internet in swarms. They’re buying smart phones and engaging in social media. After all, most of them have more time to spend on the web than busier younger generations. And along with the time, they still have plenty of money.
The time has come…to come to our senses. The bulk of prospective buyers for the more expensive things in America are not represented by the 18 – 34 year old generation. To recover from “The Great Recession” we need those older folks spending the cash they’ve been hording.
There is a new, virtually untapped, market sitting right in front of you looking for the things they need and want…on the internet. Pay attention! Stop ignoring them and start serving them. You may be surprised.