DALLAS – Feb. 23, 2017, Epsilon® a global leader in creating connections between people and brands, today released new research that reveals insight into today’s mature population (age 50 and above), including what they value, where they shop, how they behave and how to build meaningful relationships with them.
Age is an attitude: marketing to the boomers+ population, is a research report that draws on analysis from Epsilon’s TotalSource Plus®, Shopper’s Voice® and Abacus Cooperative data sets. The report found that age doesn’t determine preferences and behaviors. Rather, what matters most when it comes to identifying and marketing to these consumers is financial situation, including income and net worth. Findings indicate, especially with the 50+ population, that age is more of an attitude, whereas finances offer a clear understanding of the individual.
“The findings in this report are proof that a one-size-fits-all approach to marketing doesn’t work. Brand marketers today need to get more precise than segmentation that’s based on age or large-scale generalizations,” shared Stacey Hawes, President, Data Practice at Epsilon, “We’ve learned for boomers+, financial situation has more of an impact on consumer behavior than age. But we’ve also seen that simple demographics aren’t enough. Marketers need to use findings like this to think differently about data and identify the right data that will be actionable for their brand. This will enable them to better engage customers across channels through personalized marketing that drives business growth.”
To help marketers understand what this means for their marketing efforts, this report identifies distinct financial segments taking into account the vast differences between consumers 50-69 and those 70+. Key findings from the report include:
Boomers are more digital than you may think:
- High income/high net worth individuals aged 50-69 are more likely to have a percent of spend in the retail and online channel when compared to the average 50-69 population.
- Analysis shows the greater the financial stability, the greater the likelihood that the 70+ segments will shop via retail or online, dependent on mobility.
- The 50+ population show a high index for direct mail/catalog, making it a relevant marketing approach.
Social media isn’t just for millennials:
- Boomers+ use Facebook on par with the average population and according to the report it’s their overwhelmingly preferred social channel. Findings indicate this group is using Facebook to connect with children and grandchildren, share photos and even find old friends from their youth.
- Pinterest use is lower than average according to the report but it’s still a strong platform for baby boomers who might use the network to research home projects, garden ideas and recipes.
- Boomers+ play online or computer games like Words with Friends regularly for entertainment, social interaction and mental training according to the findings.
- Singles aged 50-59 are more interested in social media including Twitter, Pinterest and Instagram than those who are married according to analysis.
Technology is booming with boomers:
- Nearly half of all boomers+ have computers according to the report.
- Email use is strong for boomers+ as a way to receive news and discounts and stay in touch with family and friends.
- Boomers+ over index on e-readers, tablets, smartphones and even smart TVs as well as cable and satellite, indicating they are not cord cutters.
- Some technologies, like smart watches, aren’t as likely for the 70+ crowd.
For more boomers+ facts and deeper insight into the financial segments download the full report here: http://engage.epsilon.com/pr-marketing-to-boomers
Epsilon identified a random sample of 75,000 households from its compiled file TotalSource Plus for each segment. Profiles of these households were created with our robust data assets. These include our cooperative database Abacus, compiled file TotalSource Plus and proprietary self-reported database Shopper’s Voice.
Epsilon is an all-encompassing global marketing innovator. We provide unrivaled data intelligence and customer insights, world-class technology including loyalty, email and CRM platforms and data-driven creative, activation and execution. Epsilon’s digital media arm, Conversant, is a leader in personalized digital advertising and insights through its proprietary technology and trove of consumer marketing data, delivering digital marketing with unprecedented scale, accuracy and reach through personalized media programs and through CJ Affiliate, one of the world’s largest affiliate marketing networks. Together, we bring personalized marketing to consumers across offline and online channels, at moments of interest, that help drive business growth for brands. Recognized by Ad Age as the #1 World's Largest CRM/Direct Marketing Network, #1 Largest U.S. Agency from All Disciplines and #1 Largest U.S. Mobile Marketing Agency, Epsilon employs over 8,000 associates in 70 offices worldwide. Epsilon is an Alliance Data company. For more information, visit www.epsilon.com and follow us on Twitter @EpsilonMktg.