Insights For Marketers From Nationally Respected Speakers Series
Brokaw calls boomers the "greatest generation." The characterization is subjective but it's a fact that they are the wealthiest. With the 2007 Simmons National Consumer Survey pegging their estimated annual spending power upwards of $2 trillion, when they stand on their money, they're probably the tallest generation too.
Self-described “product of the 60’s” Tom Brokaw, trademark pipes, quick to point out humble Midwestern roots in Omaha where he got his start in broadcasting, provides key insights into social forces shaking the country to it’s core during maybe our most polarizing decade.
From the Vietnam War, free love and equal rights to the assassinations of our leaders, few argue the 60’s challenged assumptions about being an American in the "living well is the best revenge" sense. It played a pivotal role in the pursuit of affluence by 78 million consumers born between 1946 and 1964 who now control 67% of the nation's wealth.
New Dreams Defy Stereotypes
It's dangerous to assume when and how such a wealthy and large group of consumers retire. Or even if they retire. Ameriprise is trying to wrap its arms around the shifting tides, tapping Dennis Hopper of Easy Rider and Apocolypse Now fame to appeal to the boomer’s 60's fantasy of breaking from the norm and challenging them to "redefine" retirement.
Stop Targeting Birthdates
To stay relevant, marketers need to look beyond mere age-based demographics. They must become part of the lifestyle, belief systems and values of this generation, helping boomers tap new ways to express themselves through the choices they make with their disposable income.
In essence, become a "badge brand" that they're proud to be associated with and make them feel a sense of community.
Despite rebelling in their youth, boomers grew up. Since many have done a tremendous job of managing their money and health to enjoy an active lifestyle later in life, the vision of sitting on a porch swing holding hands is out.
Hopkins throwing his arms up in the air against a dramatic sunset on a beach yelling retirement is “whatever you want it to be” on TV is in.
Hopkins is selling boomer pride and sparking their desire for a brighter (and richer) retirement than their parents had.
That said, boomers are not all created equal. It's critical to segment customers by lifestyle or "psychographic" profile. Marketing to conservative boomers who adore conspicuous luxury compared to liberal boomers who will pay a premium for green products because they need a big cause and “save the planet” fits the bill? Night and day.
Put That Snowboard on the AMEX
Other segments under the boomer umbrella are more active, spending billions on recreation, especially life threatening pursuits that many marketers associate only with young people like mountain climbing, river rafting and, get this, hand gliding?
Yup. When it’s comes to winding down, boomers are challenging convention. They’ve learned from their parent’s mistakes about fitness, nutrition, managing stress and have the best healthcare money can buy.
Hey, as Kathy Bates puts it in the popular movie Fried Green Tomatoes while playing boomer Evelyn Couch ramming into a young girl's car six times for stealing a parking space she'd been waiting for with exemplary patience, "Face it girls, I'm older and have more insurance."
What Brokaw did in his speech at the December 2007 KMBZ Business Forum was represent the decade that shaped him as a man and as a broadcaster and personalize a nation divided. He stood on that podium not so much as a symbol but as a spokesman.
Just a guy from Omaha who ended up landing a seat in front of the camera as anchorman and managing editor of the NBC Nightly News which became the most viewed cable and broadcast news program in the nation during a critical period in our history.
So as today’s boomers parasail, jump out of planes, white water raft, hot air balloon and engage in other extreme activities that would have given their parents coronaries, keep an eye on the younger end of the boomer spectrum coming up through the ranks over the next 10 to 20 years. They will likely be radically different than what many people expect.
This commentary and analysis was written by Andrew Ellenberg, group executive producer for Entercom Communications Corp. which owns and operates News Radio 980 KMBZ. Copyright 2007. All rights reserved.
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