Second50Years Marketing Blog

The graying of the audience for major network TV continues to cause groans among advertisers and network execs. Why we are not sure, given the buying power of the older consumer. In a recent report, media agency Magna Global found the following:

• the median age for viewers of newscasts from NBC, ABC and CBS is 61.
• the network morning show audiences are younger with “Today” having a median age of 55; “The Early Show” with an audience aged 52-54; and “Good Morning America” with a median age of 55.
• the CBS game show “The Price is Right” has the oldest average audience at 64.
• all three early late night talk shows, Leno, Letterman, and Kimmel, have median ages of 50 or older. Even Conan O’Brien’s audience is closer to 50 than 40. In contrast, Comedy Central’s median late-night viewer is age 30.

This seems like a great advertising opportunity for businesses that sell to the mature demographic. So why all the moaning? What do you think?

Thanks to Ronni Bennett at Time Goes By for this bit of news. A new survey from JWT Boom and ThirdAge of 1800 baby boomers asked which online activities respondents have “little or no interest in.” The results:

67% - Writing blogs

63% - Participating in general social networking

62% - Playing games with others

55% - Listening to podcasts/prerecorded audio

44% - Downloading music

Ronni suggests that we look at this the other way…by how many who did not indicate little or no interest. Could it be that those respondents are interested in these activities? If so, this is what the figures look like:

33% of baby boomers are interested in writing blogs

37% are interested in participating in general social networking

38% want to play games with others online

45% are interested in listening to podcasts

56% want to download music

There…now boomers seem a lot more fun and progressive, don’t they?

More from this survey at Marketing Vox.

The International Council on Active Aging (ICAA) will promote Active Aging Week September 22 - 28, 2008.

The promotion is in its sixth year and aims to introduce older adults to a healthy and active lifestyle. This is a perfect promotional tie-in for parks, rec centers, gyms, retirement communities, senior centers, churches, malls, and any retailer that sells active apparel or equipment.

The key messages for ICAA’s Active Aging Week 2008 translate the results of research on successful aging into simple concepts:

• Choose an active life to stay mentally and physically healthy as you age.
• Choose to be physically active for 30 minutes, five or more days a week. It takes only 10 minutes at a time to feel better and have more energy.
• Choose to exercise your mind through reading, hobbies, games and classes. You can stay alert and keep your mind sharp by being mentally active.
• Choose to be active with your friends, family, colleagues and neighbors. Staying connected to the people around you supports mental and physical health.

Colin Milner, CEO of International Council on Active Aging, said, “Stereotypes of the ‘poor senior’ still exist, and people don’t always connect their lifestyles to their health. That’s why we launched Active Aging Week, to empower over 7,500 professionals in our network to promote the many options for healthy and active lifestyles.

“The Active Aging Week messages will be used by professionals to educate and encourage older adults. Last year older adults and their families and neighbors chose from a variety of movement classes, dances and concerts, health lectures, brain games and an enormous number of walks, hikes and strolls.”

The association provides professionals with a library of planning guides and promotional resources to prepare for the event, along with publicity for organizations that are hosting events. Professional resources are available for free as a service to the active-aging community on the ICAA website in the “Networking and education” section (http://www.icaa.cc/aaw.htm).

At our main site, Second50Years.com, we’ve profiled more than 50 businesses and nonprofits that serve the mature market, plus interviewed numerous marketing experts who spend their time studying the ins and outs of this huge demographic. Here are some of their top tips:

Know your market.

The founders of GRAND magazine, targeted to baby boomer grandparents said,

“We seem to be on to something….The timing is very right for GRAND. We’re writing for a generation of 60 million plus people – the famous elephant going through the population python. More than two-thirds of Americans over the age of 45 are grandparents….And this generation is grand-parenting with both style and substance.”

Jump in.

The founders of Gold Violin, which retails products suited to older consumers, said,

“The opportunity is ripe for entrepreneurs to come in….It doesn’t even have to be that unique of an idea. You can go up against some of the big, established companies just because they are not doing anything about the senior market. Eventually they may, but you may be the one who gets a foothold (in the market) and your company becomes a great acquisition play.”

Let your clients promote your products or services.

When Dottie Drake, president of Miracles Fitness, started advertising her fitness business targeted at older adults, she was advised to use the young and fit in brochures and TV ads. She knew that seniors would reject or ignore these ads. Seniors want to see people like themselves so they can identify with the program or product.

Stay sharp….Never underestimate your mature customers.

Brian Reilly, publisher of Geezer.Jock, said,

“I believe mature consumers will reward good ideas with their business. But also remember, mature consumers will switch brands just like younger consumers. So you always need to be examining what you do to make sure you’re delivering more value for the money than anyone else.”

Establish a new paradigm.

Nader Robert Shabahangi, the founder of AgeSong, a new kind of retirement facility for seniors, says,

“AgeSong strives to create an environment where people are accepted for who they are. Young and old interact and learn from each other. The facilities have an open, communal feel about them that illustrates this is not an old-folks home. It’s basically just another place where you hang out”

Do you have some favorite tips for reaching the mature market? Let us know in the comments.

AARP reports that recent research indicates that Baby Boomers and seniors are really feeling the effects of the economic downturn.

• More than one of four middle-aged and older workers say they are postponing their plans for retirement.
• Nearly 25% of people ages 45-64 are prematurely taking money out of the 401(k)s and other investments.
• Younger boomers ages 45-54 are postponing paying bills and cutting back on medications.
• Some six out of ten people age 65+ are having a hard time paying for food, gas and medicine.
• More than a third of all retirees have had to help a child pay bills in the last year.
• More than one in ten retirees have had to seek help from family or a charity in the last year.
• More than 7 in 10 of older Americans who own stocks lost money in their portfolios in the last year.
• Most survey respondents (58%) are not concerned about the impact of mortgage foreclosures on their financial well-being, but nearly 9 in 10 are concerned about the affect on the larger economy.

A recent article in the Wall Street Journal also explores the current economic hardships on consumers, including older ones.  The article says, “As consumers max out their credit lines and banks clamp down on lending, many older and middle-class Americans are resorting to pricey, often-risky alternatives to stay afloat.”

What do you think this means for businesses that sell or serve the mature market?

AARP Survey

The Nielsen Company has released a report, called Affluent in America: America’s Changing Wealth Landcape, that breaks the affluent into eight categories.

This report describes the emergence of what it calls a “New Mass Affluent” class and widens the lens for affluence by including households with incomes above $100,000 and income producing assets of $100,000 or more.

Of course, older Americans are among the most affluent. The report says of this group:

“The top-ranked segment, dubbed ‘The Wealth Market,’ most closely resembles the traditional portrait of old money. Filled with suburban couples over 65 years old, these 2.6 million households control a much larger share of assets in the country than their numbers would suggest. Some 48 percent of households in this segment have more than $2 million in assets—nearly 44 times the national average—and no other segment even comes close. Demographically, these super-rich tend to be married, white, older— more than 68 percent are over 55—and empty-nesters. Compared to the general population, they’re 10 times as likely to own common stock, nine times as likely to own municipal bonds and seven times as likely to use a broker at Merrill Lynch. No wonder ‘The Wealth Market’ members are sought after by everyone from yacht salesmen and custom clothiers to exclusive resort timeshares and, of course, all manner of financial services companies.”

This eight-page PDF report has loads of charts and interesting details about the consuming habits of modestly affluent and more affluent Americans. It is worth taking a look.

Eons.com, the social networking site frequented by baby boomers, recently surveyed its members about how they might use their “economic stimulus” checks from the IRS. The results tell us just how weak the American consumer is feeling.

The online survey found that:

• 44 percent of its baby boomer respondents plan to use their checks to pay bills or buy necessities such as food and gas.
• 17 percent said they will save it for retirement.
• Slightly more than 9 percent plan to spend the money on travel.
• About 8 percent plan to sink the money into retail therapy by purchasing items such flat-screen TVs.
• Only 1.5 percent said they will spend the money on entertainment.

Jeff Taylor, founder of Eons.com, said, “The results are a little surprising given that boomers are considered the most affluent age demographic in America.”

What are you spending your check on? Are you a baby boomer? Let us know in the comments section below.

A recent issue of MarketingWeek featured Madonna, on the cover, and Bono at the top of an article on marketing to the over-50s. The editors and writer apparently shared some of the silly stereotypes about aging and suddenly woke up to the possibility that:

“So reaching 50 does not have to mean slipping on furry slippers and curling up on the sofa with a cup of warm cocoa. There is life in the 50-pluses yet, and where there is desire and aspiration, you can bet a marketer will be lurking close at hand offering a path to salvation through consumerism.”

The article explores recent advertising to older consumers but offers little new information to those of us who have been tracking older consumer marketing for a while.

Check it out at MarketingWeek.

We seem to be in movie houses, art studios and libraries this week as we find older people singing, filming, painting, and writing.

Sally - The Older Woman’s Illustrated Guide to Self-Improvement is a biography of Sally Pierone. Pierone is an 86 year old who has rediscovered herself through her art.

The fascinating biography of Pierone’s life is written by award-winning writer, Judy Laddon, and illustrated with Pierone’s paintings that are part carcaciture and part surreal visions that plumb below the surface to find nearly unconscious fears, joys, questions, and memories.

Eldr, the site for a wonderful magazine, carries an article about Pierone and a gallery of her paintings. Judy Laddon’s blog continues to chronicle Pierone’s life, and the book’s site provides reviews and more paintings.

Here is a very nice idea: A “Moving Pictures Film Club.” The creators of the club search the world for films that are “moving,” meaning that they encourage us to ask questions about life, aging, loving, living.

The club is pitched toward baby boomers and seniors, a group that is often sadly ignored by film makers and distributors. It provides a monthly DVD of one or more films with an introduction by a host and suggested activities at the end. The films are meant to be shared and discussed with friends and family.

Businesses that serve the boomer and senior markets might want to collaborate with the Moving Pictures Club to promote the film club or to use the films with customers, clients, or residents in retirement communities.

Check out the Moving Pictures Film Club here.