Are Boomers Really Underserved by Digital Marketers?
Did you hear the one about the entitled calling out the entitled?
I’m entitled. I was born during the peak year of the Baby Boom — and one thing I never had to think about was being ignored by marketers. Even digital marketers today.
Riding the “age wave” as a consumer, I was courted by brands from a tender young age. I was taught young how to be a good American consumer, and I was duly paid attention to by marketers.
And though the peak year of the Baby Boom presented challenges growing up — we all competed fiercely for college placements, job placements, housing, and status — it also prepared us well for the Reagan era’s rugged individualism, a concept and social structure that seems to have gone far, far away in our “it takes a Village” reality today. At least in the '80s, I could afford to move to New York — though barely.
Witness a new generation — the children of Baby Boomers, Millennials — who are rising to dominate the workforce, and asserting new social values (built on inclusiveness, sustainability, fairness, and tolerance) and, gee, are brands paying attention to them! No, I’m not jealous — I’m thrilled. No, really!
Transparency, Authenticity, Sustainability, Diversity, On Demand — Brand Attributes That Appeal
According to a newly updated Deloitte Insights study, there are nearly as many Millennials as Boomers in the United States. These two generations are both forces for economic growth — as consumer spending drives two-thirds of the U.S. economy. Boomers certainly have more disposable income — and Millennials have more debt relative to income. But where digital strategy drives the marketing, Deloitte reports, Boomers may matter less, at least in practice. My guess: Marketing to Millennials is out-sized in digital media, probably because of the upside potential. Future lifetime value is always bigger when you’re going to live another 50 to 70 years.
Also, Millennials live, work, and play online. Boomers consume digitally, too. But when you tune into the nightly television news, you know the audience is comprised of Boomers and the Silent Generation before them. (Granted, when I watch TV news, I’m also skimming my smartphone.) Just watch the ads for prescription drugs, incontinence products, memory care, nutraceuticals, and other products for an aging audience — and you know there’s hardly a soul under 40 (or 50) watching scheduled newscasts anymore. The cord-cutting is rampant when “triple-play” packages cost hundreds per month, and Millennial-led households and individuals don’t see any need or logic to pay like their parents do, even if they can afford it.
They consume media completely differently, and always can steam any live events, news included, from their own trusted sources fairly easily. Media consumption, disrupted.
Brand attributes are changing, too. Many direct-to-consumer brands, popular among Millennials, have arisen not just because of perceived convenience and superior product, if that is indeed true — but because they connect using data flows that recognize the consumer from device to device, and learn in the process (that matters). They also connect because of what the brand represents, by establishing emotional and identity connection. Does the brand speak to the individual with respect and display a social aptitude? If the answer is yes, you have a better chance of gaining business and loyalty. It helps, too, that marketing is personalized at mass scale – and product personalization is booming. As “social” a cohort as Millennials are, they still demand “rugged individualism” when tailoring the product or service to their own wants, needs, and interests. For any of us at any age, we love such personalized connections, too.
So let’s congratulate Millennials, their digital prowess, and the brands' love affair they are experiencing on their devices — and that I’ve enjoyed for decades elsewhere everywhere. It’s not as if I’m ignored online, I know I’m still coveted. But let’s not talk about sex.