Changing to age-old model of marketing
As we all know, the boomers aging will result in a shift in the demographics where approximately a third of the population will be 50+. However, there is data indicating that the population of the younger generation will also increase. According to the MediaPost article, 'Hourglass Society' Values Community, Ecology, between 2000 and 2020, “the world population of people over age 50 will increase by 70 percent, and the population of 15- to-24-year-olds will increase by 11 percent.”
Why is this important or even relevant?
Well, for starters the triangle model that was always associated with the population and used by marketers has changed. It was because of the boomers, the largest generation, that marketers coveted the 18-34 age group. But now, with the Boomers aging (thus increasing the 50+ population) and the population of the younger generation increasing, the tried and true, old marketing triangle model is no longer applicable. It is now an hourglass model--- resulting in a needed change in tactics for marketers. Marketers now have two separate audiences to cater to: those 50+, and those under 25. However, ads targeted to these audiences—especially the boomers—need to be relevant.
In their new ad made specifically for the boomers, John Hancock is targeting the 50+ boomers with its insurance (and other) products. However, according to MediaPost’s article, John Hancock Takes No Risks In New Ad Campaign, brand experts are saying there is no relevance to the average boomers and the ad uses the typical cliché, “the Future is now” (though the article also points out that other companies targeting the boomers are also using the same cliché) . Why should a boomer purchase insurance? (We can tell you MANY reasons but this is not the appropriate time).
CareTALK has been telling companies who are targeting boomers: there needs to be a contextual relevance to all the products that are targeted to the boomers. The “buy it because it's good for you” model will not work for the boomers--- the boomers, unlike any other generation what to understand why. Why should they buy such a product? How does it help them in their everyday life? How does it give them some peace of mind? How does it improve their efficiency so they could do 20 things instead of just 10 (yes, we’re written before, boomers are the #1 multi-taskers). And these are just a few of the questions boomers will want to know.
Again context is everything… and CareTALK provides the perfect context. (Hint, hint)
Why is this important or even relevant?
Well, for starters the triangle model that was always associated with the population and used by marketers has changed. It was because of the boomers, the largest generation, that marketers coveted the 18-34 age group. But now, with the Boomers aging (thus increasing the 50+ population) and the population of the younger generation increasing, the tried and true, old marketing triangle model is no longer applicable. It is now an hourglass model--- resulting in a needed change in tactics for marketers. Marketers now have two separate audiences to cater to: those 50+, and those under 25. However, ads targeted to these audiences—especially the boomers—need to be relevant.
In their new ad made specifically for the boomers, John Hancock is targeting the 50+ boomers with its insurance (and other) products. However, according to MediaPost’s article, John Hancock Takes No Risks In New Ad Campaign, brand experts are saying there is no relevance to the average boomers and the ad uses the typical cliché, “the Future is now” (though the article also points out that other companies targeting the boomers are also using the same cliché) . Why should a boomer purchase insurance? (We can tell you MANY reasons but this is not the appropriate time).
CareTALK has been telling companies who are targeting boomers: there needs to be a contextual relevance to all the products that are targeted to the boomers. The “buy it because it's good for you” model will not work for the boomers--- the boomers, unlike any other generation what to understand why. Why should they buy such a product? How does it help them in their everyday life? How does it give them some peace of mind? How does it improve their efficiency so they could do 20 things instead of just 10 (yes, we’re written before, boomers are the #1 multi-taskers). And these are just a few of the questions boomers will want to know.
Again context is everything… and CareTALK provides the perfect context. (Hint, hint)
posted by CareTALKGals(tm) at 10/03/2006 08:43:00 AM
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