Entertainer Madonna, actresses Susan Sarandon, Goldie Hawn and Joanna Lumley, and talk show host Oprah Winfrey are just a few.
The baby boomer women are 50+ and a powerful marketing force- worldwide. Europe and Japan already have significant advanced aged populations, with the US, China, Chile and Australia expected to join this category in the next decade.
What makes them unique is:
- Their appearance. These women are healthy, work out, dress fashionable and are confident.
- They are decision makers: whether married or single, they decide on major purchases such as travel, cars, real estate, financial services, home improvement, sports & hobbies, education and technology.
- They are well informed and have money to spend.
- They account for 19% of the adult population and 15% of the total population in the US alone; the number in Europe and Japan is even higher.
- They will be around for the next few decades and percentage-wise, their number is growing. On average, women live longer than their male partners, and the current female baby boomers will easily reach 90.
It’s the task of marketers to be on top of changes in society, culture and economy, since they result in demographic changes.
The main focus today is still on young, male audiences. They are still seen as the main purchasing power. Marketers have to take note of the demographic landslide that is taking place.
How should marketers approach these power women?
- Tap into their minds. These women look forwards, not backwards. Nostalgia will not work on them – new technologies and concepts will.
- Don’t lecture or underestimate. They have money and decide if, when, how and on what to spend it. They have been purchase decision makers at work and at home their whole adult life.
- Tap into their lifestyles. They have active lifestyles and invest in their health, fitness and wellness. They want to feel good and be healthy – they are not striving for the supermodel-look.
- Don’t mass market. They see themselves as unique and valuable individuals, not as part of a certain group or as half of a couple.
- They know how to network, nationally and internationally.
- Go for a holistic approach. They strive to combine body and mind and will go for products and services that add value to both. A good example is Dove's "campaign for real beauty" that combines physical benefits with mental well-being.
- Adjust communications. They are excellent communicators and respond to marketing campaigns that tell a story.