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

The Baby Boom generation comprises nearly one quarter of the US population Collectively these 76 million people represent a spending power of about 23 trillion and consume more than 13 of packaged goods in AmericaWith numbers like these keeping Baby Boomers on your marketing radar makes more sense now than ever Targeting them though is no simple taskIn 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 placeAn 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 awardwinning provider of market intelligence has identified three unique and evenly sized groups of Baby Boomers Each must be targeted specificallyMarketers 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 segmentMy company KSL Media has kept Mintel39s Baby Boomer segments in mind when developing our media programs for clients1 The Stressed Outs 36 of the groupMembers 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 50The 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 US political leadersDespite 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 categoriesThe Stressed Outs are heavy TV viewers who tend to watch daytime talkvariety 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 women39s interest and fishinghunting magazines They are light Internet users and are the least likely to have a smartphoneWhat 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 loyalty2The Economic Optimists 34 of the groupMembers of this sector are more likely to be nonwhite 52 and have at least a college degree 3840 The Economic Optimists have more free time and healthier lifestyles They are also likely to feel financially secure and better about their relationshipsThe Economic Optimists are likely to belong to clubs and organizations to have lifelong 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 US is wellrespectedEconomic Optimists are moderate TV viewers who tend to enjoy reality competitions and scripted dramas Their preferred cable networks include AampampE 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 businessfinance and women39s fashion magazines They are moderate Internet users who are the most likely to check reviews of mobiletechnology before purchasingWhat this means for marketers Clearly this group is an important secondary target Brand marketers must be aware of the media outlets that this nonwhite majority consumes and plan accordingly3The Healthy Affluents 31 of the groupThe Healthy Affluents are less likely to be Hispanic 21 or nonwhite 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 39The 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 charitiesA recent study showed that 8 of the top 10 websites of 1834 yearolds 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 amp8211 from iPads and iPods to big screen HD TVs and DVRsHealthy Affluents are moderatetolight 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 newstalk adult contemporary and sports formats The Healthy Affluents tend to read outdoor recreation airline and businessfinance 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 phoneWhat 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 shouldn39t neglect the new media touch points playing an increasingly important role in their new livesMore than any other segment of the US 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 moreIt 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 realityTom Meyer is KSL Media39s Director of Media Research He focuses on strengthening the agency39s market research capabilities and improving the tools used to create consumer centric media solutions for clientsAbout KSL MediaFounded 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 Friendly39s Oris Watches ConocoPhillips Curacao Tourism Board Sizzler City National Bank and Mercury Insurance For more information visit wwwkslmediacom

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