Infographic of the week: Advertisers overlooking cashed-up Boomers
Welcome to our new weekly post, ‘infographic of the week’ where we bring you an informative infographic that has caught our attention. (If you’ve found a great marketing infographic, let us know in the comments.)
To kick it off, digital media company, Mi9 have today released a study identifying Baby Boomers (those aged between 50-69) hold more than 40% of the nations wealth only but only 10% of advertising spend by Australian companies is spent targeting them.
The study found that advertisers were just not speaking the same language as Baby Boomers with astonishing 94% saying they dislike the way advertisers communicate with them.
Mi9 have outlined five key insights into effectively communicating with this lucrative generation:
Insight 1: Wealth and money to burn
While conventional wisdom says young people have the most disposable income, the reality is that Australia’s Baby Boomers hold more than the lion’s share of Australia’s wealth.
Insight 2: The ultimate libertarian
Baby Boomers live for the moment. As their children flee the nest they have developed a love for travel and are more adventurous than any other generation.
Take out for marketers: Marketers working in premium sectors such as automotive, travel and high value FMCG should position their marketing efforts to appeal to a demographic increasingly geared towards their offerings.
Insight 3: Ever adaptable change generation
A common misconception of Baby Boomers is that they are stuck in their ways, but they are embracing new technologies and are keen to learn new ways of doing things.
Take out for marketers: Advertising campaigns don’t need to stick to traditional print media titles. Boomers are responding to digital media and are actively engaging with brands on mobile devices like tablets, providing a far greater range of places and ways to reach them.
Insight 4: Boomers won’t save newspapers
They value quality journalism and traditional media, but are increasingly consuming online media.
Take out for marketers: Promote discovery by targeting communication across multiple platforms, increasing the likelihood the Boomer will not only find your advertising but be engaged on their platform of choice.
Insight 5: Waking the Boomer Consumer
Online has changed the way they shop – their purchase intent is fuelled by a growing sense of adventure and they are frequent purchasers of big ticket items such as travel and technology.
Click on the infographic to see full size.