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Message: <blockquote data-quote="rocat90" data-source="post: 19929076" data-attributes="member: 452168">Sri Lanka must focus on Baby Boomers just like MillennialsSri Lanka must focus on Baby Boomers just like Millennials                                     <img src="http://static.ft.lk/ftadmin/wp-content/uploads/2016/03/14230608/14-02.jpg" alt="" class="fr-fic fr-dii fr-draggable " style="" />Sri Lankan consumers are challenged due to the changing policy decisions and pressure on the consumer purse      The challenge     As Sri Lanka celebrates ‘Consumer Rights Day’ today, we see the country  challenged with the rising cost of living, changes to policy due to BOP  issues of 1.8 billion dollars and the trade deficit ballooning to 8.5  billion dollars. The fact of the matter is smart marketing calls for  sharper strategies during tough economic conditions.      New segments – Boomers      In this backdrop we see in Sri Lanka the market segment ‘Millennials’  displaying their youth with a new range of lifestyles like parties,  adventure and wanting to express their ideas in reality shows of TV  challenge but let’s not forget that Baby Boomers have the money. The  latest trend globally is that we must not call them seniors but Boomers  wanting their space when it comes to consumer purchasing.      They may have been born during the post-World War II period (1946-1964)  but this group has lived through unparalleled social and technological  changes, and they do not see themselves as elderly. They travel often,  they are not slaves to their job and they tend to have a higher  disposable income says the latest research insights. They spend more  time with their families and we now see many brands in the health  conscious products, low fat milk powder, diet jams, new types of housing  and insurance brands coming to play in this market in this market.     Boomers want to learn new skills and stay current. Given their higher  disposable income, they have the capacity to put themselves in youthful  situations where they can feel “sexy” and travel to exotic destinations  will have their attention. Boomers do not want to hear that there is  something wrong with them or have diminished capacity. They want to be  improved; which is what Sri Lanka marketers need to focus on.      <img src="http://static.ft.lk/ftadmin/wp-content/uploads/2016/03/14230620/14-01.jpg" alt="" class="fr-fic fr-dii fr-draggable " style="" />      Millennials     From a pure marketing point of view Millennials on the other hand, whom  many of focus our marketing efforts on, tend to have a higher share of  voice among marketers as they are a more attractive target for every  product. Born from 1980-1999, Millennials (also known as Generation Y)  represent a sizeable number strictly from a numbers point of view though  their disposable income is lower due to the focus on education, housing  and increasing spend on clothes.     While Millennials are a very attractive target market from a sheer  value perspective and certainly should be part of the marketing mix of a  company, the fact remains that a larger share of the marketing spend is  on the Baby Boomers.       Misconceptions globally      There is a misconception that Boomers spend less, have little interest  in new products and technology and have brand preferences that are not  likely to change. This is not true! Boomers spending is growing at a  pace that leaves younger generations trailing behind.      <img src="http://static.ft.lk/ftadmin/wp-content/uploads/2016/03/14230632/14-IN.jpg" alt="" class="fr-fic fr-dii fr-draggable " style="" />For  instance in the US, 116 million US consumers 50+ spent $2.9 trillion in  2012 – a 45% increase over the past 10 years. In fact, Boomers are  among the biggest buyers of new technology, new types of food and new  cars.     Boomers are wealthy. The 55+ controls more than three-fourths of  America’s wealth, have a median household income that is 55% greater  than post-Boomers and 61% more than pre-Boomers. The US Government  Consumer Expenditure Survey finds that Boomers outspend other  generations by an estimated $400 billion each year on consumer goods and  services.      Hence we see that this is a market that should be a major target market  for marketing companies; however, research indicates that less than 7%  of advertisers target this generation. Latest research reveal that  Boomers are the most neglected wealthy people in the history of  marketing and most companies fail to effectively reach them.       Boomer dynamics     People are living longer and 65 does not mean that the remaining years  will be spent entirely on reading books and spending time with the  grandchildren. This market tends be very active and continues to be  actively participating in the “real world”.     Boomers are online. They constitute the web’s largest constituency. In  2012 Boomers (47-65) spent 27 hours online per week – two hours longer  than millennial demographics. The internet is the main information  source – outpacing television and print media. They also search online  for news and weather, shopping, coupons, travel and discounts, food  information and gaming, frequently visiting dating sites and watching  videos for entertainment. One-third of Boomers described themselves as  “heavy internet users”. <ul> <li data-xf-list-type="ul">         Individuals aged 50+ own 80% of financial assets and dispose of 50% of  discretionary income but received only 10% of ad messages; seniors as a  consumer group are largely being ignored</li> <li data-xf-list-type="ul">         Boomers see travel as a necessity spending a greater share of money on  trips every year and polls rank travel at their No. 1 leisure activity</li> <li data-xf-list-type="ul">         Smartphone usage: 44% of users 50+ access the internet or check email daily</li> <li data-xf-list-type="ul">         Online videos: 41% of internet users 50-64 and 27% of adults 65+ report watching online videos</li> <li data-xf-list-type="ul">         Social networking: 55+ engage in social networking higher than the Millennials. Strange but true.</li> <li data-xf-list-type="ul">         87% of Boomers are high school graduates; more than 50% have attended college – they are smart and successful</li> </ul>     Boomers – What they want      The most important fact is that Boomers do not see themselves as aging  they put in the effort to stay physically fit; some are in better shape  today than when they were in their 20s. They are very interested in  adventure travel and holidays but have a stronger share for family time.     Because they do not identify with “old people”, Boomers do not want to  be like their parents and they relate best to younger images. Boomers  are willing to pay for the luxury, expertise and convenience they are  seeking.     This group is redefining ageing. Boomers grew up in the age of  consumerism. Their sheer size helped define brands. They continue to be  rebellious and they what they want and when they want it.     They want to: <ul> <li data-xf-list-type="ul">         Have fun and this includes companionship, stimulation, cultural/social experiences</li> <li data-xf-list-type="ul">         Make travel purchases that are quick, easy and convenient</li> <li data-xf-list-type="ul">         Experience immediate gratification</li> <li data-xf-list-type="ul">         Control in designing their travel experiences; options are a necessity</li> <li data-xf-list-type="ul">         Experience interactive activities. Rather than visit a museum, introduce them to living</li> <li data-xf-list-type="ul">         They like to be made feel special</li> <li data-xf-list-type="ul">         Associate with people like themselves; they do not identify with people older than they are</li> </ul>     How to market to Boomers     Let me share a few insights to how a marketer should reach a Boomer:     1.Relevant messages must be used with a clear explanation      2.Virtual information must be used and not graphics. Baby Boomers can be reached through websites and Facebook.     3.Experiential opportunities. Focus on the experience and not the just product features.     4.Accurate descriptions with health tips attract them.     5.Ease in closing the sale. Brands are important but referrals, timely  messaging and promotional offers help to close the sale. Boomers have  spent more than 40 years digesting information and deciding what he/she  wants.       What next with Boomers     Baby Boomers are turning 50 at a rate. This affluent group is among the  wealthiest, best educated and most sophisticated purchasers in the  marketplace and yet they are being overlooked as per latest research.     They are willing to try new brands, products, services, destinations  and eager to explore what is “new”. They have the money to spend and are  willing to spend it if the experience will improve their health or the  quality of their lives. It will be interesting to see how in a 20  million market focus on this market.      [Twice ‘Marketing Achiever Award Winner’ of the Chartered  Institute of Marketing. Outstanding twenty year experience of serving  top multinationals in the Asian region whilst in the Public sector he  has served the country as the Chairman Sri Lanka exports and Sri Lanka  Tourism. For five years he also worked for the United Nations (UNOPS)  where a global award was secured for Sri Lanka.] </blockquote>

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