I just read a bunch of articles about why marketers are wasting time and money on Millennials. Here’s a quote from an article (I’ll source it later) that perfectly sums up my last job “..it’s not uncommon occurrence to find a digital agency packed with young Millennials and managed by Gen Xers serving a client roster of Baby Boomer-owned companies trying to cater to Millennials and/or Boomers.”
What they are really saying:
Marketers are courting Millennials but Boomers have all the money.
As someone with an extensive sales background and a journalism degree, I can tell you both professions have the same rule. The number one rule is “Follow the money.” It’s also true for police detectives. Why aren’t marketers playing by the same rule?
It’s true. We have a youth addiction. I can’t remember a time when we weren’t marketing to young people. In recent history, we marketed to Boomers because they were huge. So many boomers! Then we marketed youth to the Boomers. Then we marketed to the Millennials. Rarely do you see older people in advertising for products that all generations use. Cars, furniture, technology, food. All have good looking under 40 year olds in the bulk of their advertising.
Forrester’s study “The Future of Shopping” says we should be doing just the opposite. Not only do the Boomers out number the Millennials, they have the better jobs, equity in their homes, and more money to spend. Gen Y is often financially strapped. (April 2015)
Millennials are the first generation brought up on 100% technology. And technology rules all of our lives, regardless of what generation. However, marketers are making a mistake courting the Millennials. They will buy technology anyway. All generations use technology, to some degree and with smarter phones and ease of use tablets, the numbers for the Boomers is increasing. And they are using their devices to buy…everything.
eMarketer statistic from 2013: 49% of Boomer/Senior tablet users and 40% of smartphone users made at least one purchase within the last year after gathering information on their mobile device.
The numbers continue to increase every year.
Stock market? Millenials? Uh, no. Again being financially strapped, they aren’t investing. Following the money, Boomers are the ones putting money in and making transactions in the stock market. But that’s not the only reason they rule the stock market.
Products being purchased by Boomers are increasing their stock prices. Specifically healthcare, pharmaceuticals, and the like.
All Inclusive – Millennials too
The best article I read was about forgetting the Millenials, and even Boomers and Gen Xers. Instead market to all people who would use your product. “I’ve got a new target for you and it’s not millennials,” he said. “It’s human beings. They are going to be big.” Will Clarke, executive creative director at the Integer Group.
The best person to see your marketing and advertising, is the one most likely to buy. And, they just might be a Boomer.
If you found this article interesting, please share it!
Suggested articles to make you think: