SHOW ME THE MONEY
BOOMERS OVER 50 YEARS OLD BUY 50% OF EVERYTHING
Hey retailers, where is all the money? I’ll “show you the money”. I’ll write, show you the facts, and you decide if your marketing is on/OFF target.
BOOMERS OVER 50 YEARS OLD BUY 50% OF EVERYTHING
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This is a follow up to my recent post about FAD MARKETING which you can read HERE, that outlines how you are wasting your marketing dollars on stuff that probably doesn't work as people have promised it would.
It’s no secret that I’m very suspicious of marketing strategies today. I realize you must have a digital strategy, but the question I have is how you do it and how much you spend on it and where?
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Proctor and Gamble cut $100,000,000.00 out of their budget ... eliminating digital advertising because IT DOESN’T WORK and they are the largest advertiser in North America …. got your attention yet?
Read it here.
I’m a Boomer, as is my wife, we watch TV, we look at the messages and especially the messengers/actors delivering the messages ... most of the time with disbelief. We always ask ourselves who are the speaking too and more often than not, we have NO desire to engage with those brands!
I roll my eyes, men seem to be positioned as dweebs – “A person regarded as physically and socially awkward and has little confidence, sometimes they're just plain foolish, and women as lacking intelligence and independence, that are supposedly in relationships with Dweebs, who roll their eyes at them/men because of their behaviors and more. REALLY?
Neither of these characterizations fit my perception, or my wife's perception of what men and women are, or as they should be depicted, as I have come to appreciate them in real life.
Why is that?
I roll my eyes, men seem to be positioned as dweebs – “A person regarded as physically and socially awkward and has little confidence, sometimes they're just plain foolish, and women as lacking intelligence and independence, that are supposedly in relationships with Dweebs, who roll their eyes at them/men because of their behaviors and more. REALLY?
Neither of these characterizations fit my perception, or my wife's perception of what men and women are, or as they should be depicted, as I have come to appreciate them in real life.
Why is that?
THE MARKETING TO MILLENNIALS - THE MYTH DISSECTED
MILLENNIALS HAVE NO MONEY AND 32% LIVE WITH MOM & DAD
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WHAT DRIVES ME NUTS IS WHEN PEOPLE DON’T DO THEIR DUE DILIGENCE AS MARKETERS
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SHOW ME THE MONEY
Click the image to read more
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It’s NOT the Millennials (as I’ve proven with the above link) it’s the BOOMERS 50+ that have all the money, and you’re not marketing to them and according to VISA, they will drive consumer spending for the next 5-10 years!
The 50-plus and 60-plus population is clearly playing a large role in consumer spending and older consumers are going to become more significant as these trends intensify,” says Wayne Best, chief economist of Visa. |
still not convinced ... read more below
here are the facts
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In the first quarter, Americans 55 and older accounted for 41.6% of consumer spending, up from 41.2% late last year and 33.5% in early 2007, according to government and Moody’s data.
Toss in 53- and 54-year-olds, and the Boomer- and-older set comprise about half of all consumption, according to Visa and Moody’s Analytics.
women boomers influence over 80% of purchase DECISIONS yet you're spending less than 5% on your marketing to influence them
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Click to enlarge
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ACCORDING TO FORBES
And when it comes to shopping on mobile, one in four people aged 55 and older do so, according to a report by BI Intelligence, a research service from Business Insider.
Further, 24% of online shoppers fall between the ages of 45 and 54, though that age group represents less than 20% of the population. boomers generate more than 51% of the spending in the United States (and have a total annual economic activity of roughly $7.6 trillion, according to AARP).
Regardless of where or how that 51% of spending occurs, the fact is older consumers represent a sizable and potentially lucrative long-term market base for digital retail.
For instance, boomers purchase half of the computers and two-thirds of the new cars sold annually, according to Bloomberg Business Week.
Baby boomers are expected to inherit $8.4 trillion by 2030, according to research by the Center for Retirement Research at Boston College. This means their spending power is likely going to escalate, and possibly in windfall ways.
Further, 24% of online shoppers fall between the ages of 45 and 54, though that age group represents less than 20% of the population. boomers generate more than 51% of the spending in the United States (and have a total annual economic activity of roughly $7.6 trillion, according to AARP).
Regardless of where or how that 51% of spending occurs, the fact is older consumers represent a sizable and potentially lucrative long-term market base for digital retail.
For instance, boomers purchase half of the computers and two-thirds of the new cars sold annually, according to Bloomberg Business Week.
Baby boomers are expected to inherit $8.4 trillion by 2030, according to research by the Center for Retirement Research at Boston College. This means their spending power is likely going to escalate, and possibly in windfall ways.
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Population Growth (By age group, year-over-year change)
Distribution of aggregate spending (By age)
Sources: Bureau of Labor Statistics, Consumer Expenditure Survey 2015; Visa Business and Economic Insights
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As I mentioned in the BEGINNING, i'll write and you decide ...
yet i'll wager your marketing people don't do the due DILIGENCE they should when they put together a market analysis
we do
I SUGGEST YOU PULL A DEMOGRAPHIC PROFILE OF YOUR STORE.
I'm willing to wager, the zip codes surrounding your business that have the highest income and home ownership are ... wait for it .... BOOMERS!
WE CAN PULL A PROFILE FOR YOUR STORE AND IT'S FREE .... SEE below
ABOUT BILL NAPIER
Bill Napier - Managing Partner Napier Marketing Group
Bill has been in the Marketing Industry for over 35 years.
Bill has been the Chief Marketing Officer of several small, medium and large companies throughout his career. Many have labeled Bill Napier as being a “ Serial Disruptor and Strategic Storm Chaser” in the retail and home furnishings industry, a moniker he loves!
In the 90’s, Bill’s marketing agency PMA Network (Promotional Marketing Associates, Inc.), with offices in Minneapolis and Chicago, launched many consumer brands, as well as being a strategic consultant for The Times Square Millennium celebration. He was hired by Ashley Furniture in 2000 as their Chief Marketing Officer (CMO) and was blessed to be part of their astronomic growth from $800MM – $2.7BN over his 5-year tenure.
He has also worked with two other furniture brands as CMO. He has been an industry consultant since 2007 and with his company Napier Marketing Group has developed and managed some of the largest promotions ever done in the industry.
Bill has developed and maintains the largest aggregated marketing informational website for retailers and brands: www.social4retail.com.
Bill is also focused on how technology can help brick and mortar retailers compete with the huge e-commerce retailers. He believes technology, properly implemented, can level the playing field because over 80% of consumers would prefer to shop and buy local
Bill is also a featured writer and speaker in the retail industry. You may have read his "RETAIL RANTS" in many industry magazines, including SMB RETAIL Technology News, Furniture Today, Furniture World Magazine, RetailerNOW and his Blog on www.social4retail.com.
His vast understanding of the issues retailers and brands face to compete in the digital arena, coupled with his humorous interpretation of his knowledge of trends, facts and solutions for helping companies compete, makes for an engaging and informative session for every brand or retailer that attends his sessions.
His passion is to help retail brands & brick mortar retailers grow their business by creating, guiding and deploying successful marketing B2B/B2C solutions integrating traditional marketing with the web/social media.
Bill has been in the Marketing Industry for over 35 years.
Bill has been the Chief Marketing Officer of several small, medium and large companies throughout his career. Many have labeled Bill Napier as being a “ Serial Disruptor and Strategic Storm Chaser” in the retail and home furnishings industry, a moniker he loves!
In the 90’s, Bill’s marketing agency PMA Network (Promotional Marketing Associates, Inc.), with offices in Minneapolis and Chicago, launched many consumer brands, as well as being a strategic consultant for The Times Square Millennium celebration. He was hired by Ashley Furniture in 2000 as their Chief Marketing Officer (CMO) and was blessed to be part of their astronomic growth from $800MM – $2.7BN over his 5-year tenure.
He has also worked with two other furniture brands as CMO. He has been an industry consultant since 2007 and with his company Napier Marketing Group has developed and managed some of the largest promotions ever done in the industry.
Bill has developed and maintains the largest aggregated marketing informational website for retailers and brands: www.social4retail.com.
Bill is also focused on how technology can help brick and mortar retailers compete with the huge e-commerce retailers. He believes technology, properly implemented, can level the playing field because over 80% of consumers would prefer to shop and buy local
Bill is also a featured writer and speaker in the retail industry. You may have read his "RETAIL RANTS" in many industry magazines, including SMB RETAIL Technology News, Furniture Today, Furniture World Magazine, RetailerNOW and his Blog on www.social4retail.com.
His vast understanding of the issues retailers and brands face to compete in the digital arena, coupled with his humorous interpretation of his knowledge of trends, facts and solutions for helping companies compete, makes for an engaging and informative session for every brand or retailer that attends his sessions.
His passion is to help retail brands & brick mortar retailers grow their business by creating, guiding and deploying successful marketing B2B/B2C solutions integrating traditional marketing with the web/social media.
