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RSSWe've historically assumed that identity is formed in youth, so we think that if you understand the youth experience, you understand the adult. That's not true anymore. Today's boomers are dramatically more affected by today's events that by past events. What happened at Woodstock simply has limited relevance to what they are facing today.
Marketers tend to make two mistakes in targeting boomers. They either treat them like they are aged versions of their youth, or lump them in as "seniors" with everyone over 45 or 50, failing to understand that midlife is a distinct life stage, unlike youth or old age, with its own rites of passage and turning points.
Today, boomers are defined by a common life stage -- midlife -- that occupies an expanded period from their 40s to late 60s. Their experience of midlife is new because they can expect to live up to 20 years longer than past generations. Most look and act younger than their parents at this age. Think of Tom Cruise, Katie Couric and Oprah, all midlife boomers. Rather than preparing to check out, they are moving on to a second life. If they are lucky, they will reach a life-peak their parents could only have dreamed of and that younger people envy.
They'll also face unprecedented struggles that will keep them out of the rocking chair anytime soon. As they have with all life stages, boomers are pioneering this period. They have no roadmap, no examples to follow. They are looking for help.
An example is that of finding your "true north" -- your purpose and passion in life. StrawberryFrog research has shown that between the ages of 45 and 64, boomers go from saying they want to find their passion to actually feeling they've found it. Midlife-targeted products such as nut snacks that we helped a major food company develop are specifically designed to fuel boomers during this turning point.
In summary, there's a new and better approach to boomer marketing, and it's not generational. It is all about products and branding that are hyper-relevant to their new life stage.
Editor's note: If you'd like to contribute to this newsletter, contact Nina Lentini.
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A happy and very young looking 45 year old.
I also wonder how useful these insights are, given that all of these people are going to be profoundly affected by the current economic crisis and the amount of funds they will need for retirement and health care.
Thanks for the piece. The implications are pretty far-reaching. After reading Jon's comment, I was compelled to write.
Marketers are not the only group that need to re-think how to approach boomers. If employers are smart, they will too. There is without question an unspoken age-bias in our country. If in fact 50 is the new 30 (which due to advances in technology and medicine it is), employers would be foolish to think (quietly) "too old for the job". Coupled with the fact that the economic meltdown has destroyed much accumulated wealth, the idea that the older employee will just "coast" to retirement has been shot down along with the value of 401Ks.
George Bernard Shaw once opined that "youth is wasted on the young". This has never been more true. I have 3 mid-50s friends that ran better NY Marathon times than a couple of 30something colleagues...far better! As employers, we should embrace the experience boomers bring to the table so as not to repeat the mistakes of youth. Particularly in changing markets in a turbulent economy.
The implications are far-reaching indeed!
Joe Guerriero
Will my husband and I (both in good , healthy .IN LOVE & financial standing right now...w/ great Retirement Investments ...), have a really "good after the kids are gone" , LIFE ?
We're living "Bare bones" now! K Ser Rah, Ser Rah. :)))))
Perhaps this shift can be attributed to the notion that boomers are not exactly booming anymore, and they've discovered that living without frantic spending isn't the end of life... only life as we knew it.
- A boomer (59').
With our children moving away to find opportunity, there is an adjustment needed to compensate for the tyranny of distance. But using the new internet tools we are adapting to various ways in bridging the distance and staying connected.