Wrapping up our short takes from new Pew Research Center data, we turn to religion. Pew’s study says that Millennials are not as religious as the four elder cohorts – Gen X, Baby Boom, and generations Silent and Greatest.
Pew points to people’s natural “tendency to place greater emphasis on religion as they age” but notes that – when you look at how the generations felt when they were of similar ages (18-29 years old), Millennials are more like Baby Boomers than Gen X.
“[Y]oung people today look very much like Baby Boomers did at a similar point in their life cycle; in a 1978 Gallup poll, 39% of Boomers said religion was very important to them.”
We are reminded that marketing to Boomers or any other generation for that matter) cannot be based on a cohort’s label alone. It’s what what Dick Stroud once called the “the blindingly obvious – lifestyle and lifestage trumps age.” (more…)
In 1964, when Silents were ages 19-36 yrs old, 24% had already served in military.
In 1978, when Boomers were ages 14-32 yrs old, 13% were veterans.
In 1995, Gen X were ages 15-30 yrs old, 6% had served.
Millennials are currently 18-29 yrs old. Per 2010 Pew research, only 2% are veterans.
(You also can look at this data in Pew’s excellent interactive chart, comparing generations now and when they were the same ages.)
No wonder the Silent Generation feels that their wartime experiences/history are what make their generation unique from Baby Boomers, Gen X and the Millennials.
Learn about marketing to mature veterans as a senior “niche” by reading our 2009 post on the subject. And add your comments below on what this shift means – if anything – to generational marketers.
More insights from a new Pew Research Center study on the Millennials, which compares the attitudes and habits of 18-29 year olds with those of the Baby Boom, Silent and X generations. Today’s topic: Social networking.
Nearly 1 in 5 (19%) Gen Xers and fewer than 1 in 10 (11%) Boomers told Pew they visit social networking sites multiple times a day. More Boomers (26%) than Gen X (19%) go on once a day. 14% Millennials, 10% Gen X, 6% of Baby Boomers and 1% of Silent Generation members say they have ever used Twitter.
Learn more about social media and Boomers/seniors. Please check out our other posts on this subject or download our complimentary “Top 10 Take-aways” from the 2010 Builders Show. Or, email social [at] creatingresults.com to request our Social Media Cheat Sheet (with descriptions, data on popular social networking sites) and the Social Media Survival Guide (lays out a five-step plan for getting your brand socially engaged).
Another look at the generational marketing snapshots provided in the new Pew Research Center study on Millennials (see yesterday’s post). Today’s topic: Technology.
Two years ago, Harris Interactive asked Americans what they’d re-name their generation, if they could. A full quarter of both Millennials and Gen X chose “Generation Tech.” That finding is confirmed in Pew’s new research which reported that – especially for the 18-29 year olds -, technology is what defines them as distinct from Boomers and beyond.
It’s not just use of technology but attitude that distinguishes Millennials and Gen Xers from their elders.
“[A] majority of the public takes the positive view of modern technology. Half of the public says that new technology makes people closer to their friends and family, but 39% say that new technology makes people more isolated. A majority of Millennials (54%) and Gen Xers (52%) think that new technology makes people closer to each other rather than more isolated. But Boomers and members of the Silent generation are more divided in their opinion.”
The upshot for those marketing to Baby Boomers and Silent Generation? Many elders are tech savvy and active online. But it’s not what defines them. Don’t forget traditional marketing techniques such as direct mail or print advertising when trying to motivate 50+ consumers.
The Pew Research Center’s latest study, “Millennials: Confident. Connected. Open to Change” provides insights for marketing to Gen X, Baby Boomers and Silent Generation as well as the nation’s 18-29 year olds. This week we’ll post short takes related to social networking, economic outlooks and other topics. We recommend reading the full study and spending some time with the terrific interactive graphs that compare the generations todayand when they were at the same age as Millennials are now.
Do Generational Distinctions Matter to Marketing?
How we see ourselves does matter to marketing, so it’s interesting to note that each of the four generations told researchers that there are reasons they are unique.
First, here’s how Pew defines the generations:
Millennial: Born after 1980, currently 18-29 years old
Generation X: Born between 1965-1980, now 30-45 years old
Baby Boom: Born 1946-1964, currently ages 46-64 (includes both leading edge/older Boomers and the trailing edge/younger Boomers often broken out as “Generation Jones”)
Silent (aka “Ikes”): Born between 1928-1945, now 65 years old or better
Now, here’s how each generation defines what makes them different than the rest.
All of the generations except the Millennials said work ethic was a distinguishing trait. This is especially ironic because Pew’s study also shows that 15% of Millennials reported being successful in a high-paying career was one of the most important things in their lives (vs. only 7% of respondents over 30 years old who felt that way).
The report cites Millennials (61%) and Silents (66%) as saying theirs is a unique generation. The Silent Generation respondents were most likely to say that theirs is not just a different generation, but it is better/stronger than the others (4%).
Silents also were most likely to say that the historic times in which they lived were defining of their generation. (Check out this case study of branding/market research done for a museum focused on WWI and WWI experiences to see one way we’ve applied this type of insight.) Perhaps this will get lazy marketers to stop tossing peace symbols and Woodstock references into every Boomer-oriented ad?
Despite Hollywood’s infatuation with youth, half of movie tickets are bought by people over 30.
“Youth-oriented movies make or break themselves on their opening weekends,” says Bill Newcott, host of Movies for Grownups® and editor of AARP The Magazine. “But three of the highest-grossing movies of all time—the grownup-oriented My Big Fat Greek Wedding, Dances with Wolves, and A Beautiful Mind—never reached number one at the box office. How did they manage that success? It was thanks to mature audiences, who kept those movies in the theaters for months.”
That’s right, Bill, and don’t forget that many of our best known and most prolific directors, actors, and screenwriters are working until later in life and producing some of their most powerful work to date.
Imagine if Clint Eastwood’s career had ended at age 55? His last movie would have been Pale Rider. Instead, we have what is widely considered the best work of his career, including Invictus, Gran Torino, Million Dollar Baby, Unforgiven, and many more.
“Life is a constant class, and once you think you know it all, you’re due to decay. You’re due to slide. I have to keep challenging myself and try something I haven’t done before. ” – Clint Eastwood
Like most of us, Clint’s life experience has informed his acting work and his years of directing experience have honed his skills immeasurably.
At age 42, the type of movie that appeals to me now is not the type of movie that appealed to me twenty years ago. This is not unusual! We all change throughout our lives, and our tastes change along the way. That is what makes marketing to older age cohorts – Baby Boomers and Silent Generation – a greater challenge. Not only is the target moving (continuing to age), but mature consumers become more skillful in deciding if something fits their personal taste. They are a tougher sales prospect, less willing to give over precious time to be ’sold’ on something.
What do mature movie-goers willingly pay the record ticket prices for? Check out AARP’s ninth annual Movies for Grownups® awards for insight into the cinematic tastes of matures. They reflect some of the attitudes and preferences of your Boomer and Silent Gen marketing targets.
The success of Movies for Grownups® illustrates there is a hunger for thoughtful, legitimate ‘grownup’ perspectives on what is in the marketplace for mature consumers. Use the life experience and skills of mature prospects to your advantage. Approach them as adults, not children. Well-executed mature marketing is authentic. Reward the target’s interest and time by focusing on their specific concerns and respecting their experience.
My Nana turns 98 today, and in her honor we present some facts about what’s been called the “grandparent economy.” Mary Furlong describes grandparents as “wealthy and willing to spend.” And, while Nana is a card-carrying member of the Greatest Generation, marketing to grandparents today can’t be done without a better understanding of marketing to Baby Boomers. Read on for some spending stats and a resource for those curious to learn more.
Baby Boomers are Grandparents, Too
According to Grandparents.com, roughly half of all Boomers are grandparents and the other half are soon to follow. Their April 2009 report, authored by demographer Peter Francese, looked at the spending habits and economic impact of grandparents and found that ”in aggregate, they buy $2 trillion worth of goods and services annually.” Francese/Grandparents.com also found that grandparents are younger than ever before:
* “Parents first become grandparents at the median age of 50 for women and 54 for men.
* 54% of grandparents, almost 38 million, are younger than 65 years old.
* By 2010, more than half of the grandparent population (51%) will be Baby Boomers (those born between 1946 and 1964) — nearly 60% by 2015.”
eMarketer’s new data on the US Internet population shows that the online world now resembles the offline: filled with active older consumers. Internet usage is shifting, as mature users have taken to the Web. Those marketing to Boomers and seniors will note that eMarketer predicts this trend will continue for the next five years: “More than one-half of new users will be ages 45 and up, as many of the remaining laggards come on board.”
Here is the eMarketer chart projecting the US Internet user penetration, by age, for the next 5 years:
For those curious, here are the US Census projections related to the US population as a whole, by age:
As we noted on this blog last week, long gone are the days of thinking mature consumers are not online. Any business marketing lifestyle services to Boomers and seniors must have a well-constructed Internet strategy and design their websites so they are friendly to mature consumers. Internet success is critical to overall success, and it will not happen overnight.
Pop quiz: what topics were hot at this year’s International Builders Show? A. Green Building, B. Financing (good luck, buddy), C. Social Media, or D. The psychological outlook of Baby Boomers and other active adult homebuyers. If you answered “all of the above,” you’re today’s winner.*
Baby Boomers are wounded, worried and wary. Even those who have survived the recent economic challenges financially are psychologically scarred.
In a white paper with 10 take-aways from this year’s Builders Show, I share the philosophy of Tim McCarthy, Managing Partner of Traditions of America, the renowned developer of active adult communities in Pennsylvania. Traditions sales and marketing team is focused on selling only to Active Adults who have come to terms with the reality of their economic situation. These are Baby Boomers and seniors who are ready to move forward with their lives.
Understanding the psychological outlook of mature homebuyers influences the marketing techniques Traditions of America uses. The most effective one focuses on building the confidence of top prospects. (Get the details in this “top 10 take-aways” white paper.)
“The world could be quite a different place now than it was just a few years ago for someone, and often, shifting circumstances are beyond their control. For example, … You may be marketing to somebody who planned very well and covered all his retirement bases, but then his adult child loses their job. Or a health-care issue pops up and now he has to make adaptations. So your databases may contain the names of people who a year ago seemed like they were right in line with your product or service, but it doesn’t necessarily reflect where they are now.”
There are many ways you can take the pulse of today’s active adult consumers: lost buyer surveys, data mining and social listening are just a few ideas. Post your ideas below.
* Congratulations! Now, what did you win? How about the chance to prove how smart you are by sharing your strategies for understanding and motivating wounded, wary Baby Boomers in 2010. I’ll see you in the comments section.
Social media marketing seemed to be the topic of the hour at the 2010 International Builders Show (and other conferences I’ve attended in the past few months, such as the American Association of Homes and Services for the Aging event). Builders and developers – of active adult communities, of intergenerational housing, of continuing care retirement communities – are all wondering how these newer online marketing tools can drive sales with Boomer and Senior homebuyers.
In a new white paper with the “Top Ten Take-Aways from IBS 2010,” tip #9 addresses Untangling the Web. While the seniors housing industry is buzzing about social media, there are a lot of questions about whether to dive in.
Is Social Media Marketing Worth It with Baby Boomers and Seniors?
For those with 50+ age-qualified properties, question #1 often is: Should I even bother? As we’ve talked about frequently on this blog, YES. Seniors, Boomers, folks over 40 – they’re online, and actively engaged in social media. Just last week, eMarketer highlighted the growing presence of Boomers on social networks.
It’s not just Baby Boomers, either. The stats show that 36% of Internet users over 63 are actively maintaining a social networking profile. (Roughly 13% of the entire US population is over 65.)
The short answer is every builder needs to be engaged in social media at some level.
Case Study: Using Social Media Techniques to Reach CCRC Retiree Prospects
Recently our team had the honor of working with Willow Valley Retirement Communitiesto revamp their website. Willow Valley is the nation’s third largest retirement community, and – unlike most CCRCs which draw primarily from their local area – it’s a true destination. Willow Valley attracts retirees from 37 states.
Their prospects are educated, active and typically in their 70s. However, the Willow Valley and Creating Results teams recognize the gradual shift that will occur over the next decade, as the Silent Generation (born between 1925 and 1942) is joined by Baby Boomers (born 1946-1964).
Our plan for their new website was to make it not only functional and attractive, but to make the website the first stop on a prospect’s journey to retirement. That means it has to truly engaging. Social media techniques are built in throughout the site:
* share with a friend features – retirees can email, tweet or post content from any where in the site to their Facebook account
* videos embedded into the site from a branded WillowValley-TV channel on YouTube
* publications piped in from a digital publishing library that encourages sharing
* multiple calls for feedback and interaction (“suggest it to our librarian”)
The site is structured so that, looking ahead, the client can phase in more social engagement opportunities – message boards, blogs and comments/reviews.
Getting Social with Seniors, Strategically
Judging by the turnout at IBS social media sessions, many builders and developers are stuck on question #2 is: Where do I start?
I counsel our clients with active adult or continuing care retirement communities to start with the fundamentals, and that includes a plan. Any business wanting to incorporate social media into their Boomer marketing should have a strategy, goals, and have a plan that shows how social engagement is integrated into their rest of their marketing program for maximum impact.
(Creating Results also offers clients a bundle of social marketing services, including education, strategy and training … but that’s another story.)
Let’s put the question to you: In 2010, where will you start in your efforts to untangle the web and reach Boomers/senior homebuyers through social media? How can building community online drive sales for active adult and retirement communities offline?
