Without apology for the bias, this study suggests to me that the key objectives of marketing campaigns could be satisfied if marketers effectively addressed the ageing consumer.
Here are the top 5 objectives cited in a study by Economist Intelligence Unit based on research of 409 consumers and 257 executives about the effectiveness of different marketing channels. The consumer attitudes are worth a look as an impressive 48% of them were over 50 years. Download the full report here.
1. Expanding/Diversifying our customer base (32%)
My view: By understanding and adapting to the needs of the ageing consumer one can attract these time-rich, wealthier customers from less attentive competitors.
2. Retaining current customers (28%)
My view: Given the basic demographic profile of most developed countries, unless a brand is specifically designed to appeal to younger groups, a large percentage (value and volume) of it’s current customers will be 50+.
3. Entering new markets (28%)
My view: This probably refers to geographic or category markets, however we could argue this applies to competing effectively in the ‘ageing’ market.
4. Developing deeper consumer insights (21%)
My view: Most focus to date has been on behavioural insights. However, the big difference today is that we must now contend with is the physical decline that often accompanies the ageing body. This accelerates from around the age of 50.
Appropriately titled, “Mind the marketing gap – Sizing up marketer and consumer perceptions”, the report has some interesting insights about consumer preferences for receiving marketing approaches and compares them with the views of marketers.