Three Reasons Why Marketers are Avoiding the Boomer Market

Marketing has always had an obsession with amp8220the next big thingamp8221 Thatamp8217s because we marketers have creativity as a core competency a trait that motivates us to do whatamp8217s never been done beforeamp160to win in new ways Despite this ambition many smart marketers still miss out on big opportunities One culprit is our overreliance on trends which are inherently difficult to predict But thereamp8217s more going on hereFrom my vantage point as an expert on marketing to age amp8212 a massive opportunity that many marketers have missed amp8212 there are several interrelated dynamics that can blind marketers to the really big opportunitiesHereamp8217s whatamp8217s getting in the wayInertiaMost marketing organizations have substantial inertia behind their current strategies which holds them back from big opportunities that require new ways of working Most of the inertia that favors the status quo is generated by a dedication to best practices amp8212 approaches that a company has had success with and has operationalized for efficiency and predictable outcomesBest practices obscure big opportunities for two important reasons First theyamp8217re based on prior successes thus orienting marketers to the past versus the future where big new opportunities live Second while best practices allegedly exist to minimize risk they often have the effect of eliminating it altogether We all know that risk is a critical and beneficial ingredient for a marketing culture that wants to win big in new waysThe inertia around best practices and established ways of doing things is clearly a barrier to big opportunities like marketing to age itamp8217s unlikely that a young brand manager is going to embrace an older consumer when they and their organization have zero experience with an unfamiliar cohortUnderstanding Needs Versus Creating DesiresMost marketing practices begin with understanding the consumeramp8217s existing or emerging needs then responding with a product benefit that solves those needs Although this is a timeproven approach the biggest opportunities result from understanding the consumeramp8217s unexpressed needs Instead the best practices described above lead to research that asks consumers what they want or need This is inherently limiting as many consumers donamp8217t know what they want until they do ie they define the category based on the way it has always been because they canamp8217t conceive of it being any differentA great example of this is the smartphone which consumers werenamp8217t smart enough to know they needed until Apple made it impossible to live without To be open to new big opportunities marketers need to shift their paradigm from understanding needs to creating desiresWhat can a marketer do to anticipate what the consumer canamp8217t anticipate for themselves One solution is to constantly expand the needs your brand already fulfills to extend into new spaces that the consumer is willing to go to amp8212 often because theyamp8217re coming from a familiar place Too many marketers strive for transformation when they should be focused on transportation instead that is moving the consumer to a neighboring space that feels familiar even if it isnamp8217tGo FeverThis is a term used to describe the behavioral phenomenon that causes people to make illadvised decisions because they are preoccupied with a predetermined scenario A skier whoamp8217s caught in a whiteout at the top of a mountain at the end of the day has the obvious and safe option to wait out the storm in the warmth of the summit lodge But because he had apramp232s ski plans in the base area amp8212 and itamp8217s human nature to want to get down or off the mountain when a threat is looming amp8212 he heads down anyway takes a wrong turn because of the poor visibility and gets lost for the night with no one knowing where to look for himWhile the smart choice seemed obvious amp8220go feveramp8221 subconsciously compelled him to continue moving toward his predetermined plan acting irrationally without thinking through the significant consequencesMany marketers are missing out on the big opportunity of marketing to age because they have a preexisting bias to go after millennials It doesnamp8217t matter that the business case for aging is rational and factual amp8220go feveramp8221 has marketers moving on to millennials without thinking through the consequences As a result many are struggling to figure out this emerging consumer base when they could have been winning with a known and much more predictable audience in boomersSo whatamp8217s a marketer to do Hereamp8217s a radical thought They should win big by thinking small Facing more pressure than ever before many of todayamp8217s companies are encouraging their people to think big to create ideas that can transform and disrupt to create disproportionate wins in the market Sure itamp8217s great to be creatively ambitious but you also need to guard against aiming too highEvery one of todayamp8217s big ideas fundamentally had a small start so itamp8217s important to have a culture that encourages and rewards ideas that succeed regardless of their initial scale Look at ecommerce a market space thatamp8217s brimming with an increasing number of niche products that are generating sizeable results eg reusable food wraps smart backpacksPerhaps the best big idea is to have lots of small ideas that have the potential to become big Because in the end you never know where the next Casper mattress in a box iPhone or Ninja Air Fryer is going to come fromPhoto courtesy of BoomAgersClick the social buttons to share this story with colleagues and friendsThe opinions expressed here are the author39s views and do not necessarily represent the views of MediaVillagecomMyersBizNet

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Three Reasons Why Marketers are Avoiding the Boomer Market

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Peter Hubbell

"About That with Carl Mayer": Involved Media Connected Audience Fall 2024 Report (Episode 5) - By Carl Mayer

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