Boomers, a Godzilla-size market – big, powerful and a tad grumpy
In the Golden Age of cheesy sci-fi movies, scaly mutants in low budget rubber costumes, claymation monsters and rear projection creepy-crawlies ruled the day.
One of our favorites is the 1954 Toho Film Company classic, Godzilla.
Millennials made Godzilla’s acquaintance in theaters in 2014, but most Boomers first met the rambunctious, radioactive reptile on late night television. In Boomer-speak, a Godzilla-anything came to mean the biggest and – when riled – the baddest.
So, today, when we say Godzilla-size opportunities among Americans aged 50+ are being ignored by many mainstream brands, pretty much everyone gets the idea.
Just how Godzilla-sized are we? In 2014 AARP estimates there are almost 110 million Americans over 50, and, according to the Federal Reserve, we own 85% of U.S. household net worth. Hey, watch out for that great big scaly foot!
Most of this colossal spending power belongs to the Boomer-Plus Generation™ born 1940-1964. With 89 million members, as a country it would be the world’s 15th most populous – the 15th Nation™ – a bigger, more affluent market than any EU nation or than Canada and Australia combined.
However, dozing like Tokyo on a languid summer afternoon in 1954, many mainstream brand advertisers believe the 50-plus space can safely be ignored. The handy excuse is that older consumers are unwilling to switch brands or adopt new products.
Such lethargic thinking is dangerous.
After decades of embracing constant change, Boomers are actually America’s most adaptable generation. Like Godzilla, we’re big, we’re powerful and a tad grumpy. Being dissed by brands that depend on us for market share gets us fired up, big time.
The Big Idea of advertising to Boomers won’t play by the rules
In theory, the traditional adoption cycle should now play out, with adworld’s Early Adopters arriving next and its Majority players belatedly jumping on the bandwagon.
But the Big Idea of advertising to the gigantic Boomer market won’t play by the traditional adoption cycle rules.
Rules? C’mon, we’re talking Godzilla here.
Baby Boomer Geoffrey Moore’s iconic chasm theory – Crossing the Chasm: Marketing and Selling High-Tech Products to Mainstream Customers (1991) – provides a better model.
Moore revealed a break – a chasm – in the traditional adoption curve that separates Visionaries and Early Adopters from the cautious Majority. Without experienced guides, new technology cannot easily migrate across the chasm – sadly, many great new ideas simply die there.
Why early Adopters will be too late
The Big Idea of advertising mainstream brands to Americans 50+ is so radical that Moore’s chasm will emerge even earlier in the process. Only the most disruptive of Millennial Visionaries will dare cross the chasm of conventional wisdom.
This time their usual companions the Early Adopters will hang back with the Majority, fearful of bucking authority or losing face in Madison Avenue’s hyper-competitive ecosystem.
Once proven, new ideas in ad-world are imitated at the speed of thought. So when the idea of targeting Boomers goes viral, so-called Early Adopters will be no further ahead than the me-too crowd nipping at their heels.
Meanwhile, those intrepid brands on the other side of the chasm will already be reaping profits in the 15th Nation.
Guiding Visionaries through the Conventional Wisdom chasm
High among the peaks in Rocky Mountain National Park the mighty Colorado River begins as a tiny trickle in a remote alpine meadow. It is one of Mother Nature’s own Big Ideas that started small but eventually carved out the monumental Grand Canyon.
A mile deep, ten miles wide and 270 miles long: now that’s a Godzilla of a chasm!
It’s an apt metaphor for the idea of advertising to Americans over 50; today’s trickle will soon become a landscape shifting torrent.
But if you want to ride the river to the 89 million Boomer-Plus market, be sure you have experienced guides – it’s no place for amateurs.
Based in Boulder, Colorado, the Boomer-Plus Consulting Group (BCG) – the official research and consulting arm of the 15th Nation – brings bold visionaries through the conventional wisdom chasm in confidence and style.
Waiting on the other side is the neglected home of the vast majority of U.S. household net worth: a glittering reward for those courageous enough to make the journey.
Originally published as a Boomer-Plus Consulting Group post; in September, 2017, we up-branded as Boomer / neXt to welcome the 4 million Gen Xers who join the Boomers in the 50+ space each year.