This year, 62-year old Helen Mirren was awarded the Academy Award for best actress. And, one of the most talked about advertising campaigns featured women 50 and 60 plus touting “real beauty.” Both have been powerful evidence of the cultural shift we’re seeing as boomer women redefine the experience of aging in the U.S.
The business opportunity presented today by baby boomers, and boomer women in particular, is unprecedented. While it’s true that the demographic is not a single homogenous block of affluent consumers, certainly more women than ever before fit this description.
Boomer women, more so than any women in their demographic to come before them, are powerhouses when it comes to income and decision-making. Studies show that women control or influence more than 80 percent of all consumer and business purchases in the U.S.
Which means every business should be asking the question, “Are we effectively positioning our product in a way that appeals to women?” Are you?
The prime focus of most marketers since the 1960s has been namely the coveted 18 – 34 year old demographic. This is partly because brand loyalty is something that’s assumed for people over 40; but recent studies have shown this not to be the case.
When targeting boomer women, the axiom “know your customer” certainly still applies, in fact, it’s even more important than when marketing to other demographics.
Understand that today women past 50 are very often looking for products that are targeted specifically to them, that speak directly to them and that fit their lives. Understanding this is key.
Surveys in recent years have shown that many boomer women over 50 today are not simply looking forward to retirement. Instead, they are looking forward to new challenges, new careers, new experiences. This is powerful information for a broad range of industries, and not just consumer products.
The financial services industry was one of the first to catch on, and it was reflected early on in advertising campaigns that tapped into entrepreneurial aspirations of mature, inspired women ready to embark on new career ventures.
While some industries have clued into this need to market insightfully to women’s mindset, the vast majority of companies are lagging behind.
With that said, what can your organization do to determine if you are connecting with these prime decision-makers?
- Re-evaluate your target audience, regardless of whether you are a designer and seller of athletic apparel, a provider of financial services or a tool manufacturer.
- Examine your product/service offering, thinking how it fits into life of a mature woman consumer. And do some research. You may be surprised at what you find.
- Evaluate your marketing messages and initiatives. Are you purely touting your product or service, or are you illustrating it in an experiential way?
One thing is clear. Companies that get it right, that take the time to get to know their targeted women clients and consumers, reap the benefits.
As you may have heard, this demographic continues to swell. Understanding and making the connection today will continue to benefit your business well into the future.
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Angela Walseng is the brand communications manager at Planit, a marketing communications agency in Baltimore, and is a member of the agency’s mature market division. The division focuses on research, strategy, ideation and creative execution to help organizations connect more strongly and effectively with consumers who are 50 plus.
