Marketing to the slightly older

There is a very interesting piece in the Marketer this month about the importance of understanding how the more senior consumer consumes information and likes to be promoted to.

A third of the UK population is over 50 and accounts for a staggering 40% of consumer spending. It is a lucrative market as they hold 80% of the nations wealth.

The inference in the article is that this ‘baby boomer’ group are often classed as one homogenous lump, when in fact, it is important to segment, understand how the market operates and market to the needs of the customer.

Growth areas in this category include – online dating, a preventative approach to health and foods and research by Saga found that 8 out of 10 of the people surveyed were planning to go abroad for holidays in 2014 and spend more than they had in 2013.

Trend information is fairly freely available in each and every sector, – consumer, industrial and business to business. It provides broad, background information and can begin to signpost the way forward for any organisation.

Once a direction has been decided, then primary research of target markets can be developed, which will tell the business owner how to take advantage of the trend, within their own business.

The large plcs will not make a move without understanding and interpreting the market trends in some depth. However in the smaller company scenario, the concept of real understanding of buyer behaviour is often not practised.

For more information on how to segment your consumers more effectively, contact russ @ rfm.co.uk

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