Target Market: Still Alive After Thirty-Five?
It’s probably because this is the time of the year where most of the people we know celebrate birthdays, including the three founders of Prodigy, but I’ve always wondered.
The only time I get a creative brief that DOESN’T say 18-35 is when it’s for a very high end product, and most likely, media will be traditional. Meaning print and television. And not just television– late night news.
I’ve always found it strange, this assumption that only teens and people up to 35 years old use the internet. Or that the only thinga you can sell fifty-year olds are Viagra and Sustagen Prime.
Here are the facts, according to Nancy Shonka Padberg of MediaPost’s Engage: Boomers :
According to US statistics, people falling into the age range of 44 to 64 years old spend two hours more on the internet than teenagers.
It is a fact that 77% of all wealth in the US (and presumably, the Philippines) is held by this age group. Here are a few more facts from technology, travel and entertainment industries, according to MediaPost’s Engage: Boomers blog:
* these are the people who grew up as adopting early technology: stereos, VCRs, microwaves, cordless phones, large cellphones, videos and DVDs.
* they travel more — they have the time and resources to do so.
* this is the generation that grew up knowing good entertainment: movies, concerts, live music and hey, sports events and board games. Today, they spend more time online than any other generation, and spend more on concert and movie tickets. They also bought more Wiis than Gen X and Gen Y combined. (ouch.)
It does seem strange to assume that the early adopters of previous years would be changing their early adopting ways, and not be interested in iPods, iPhones, iPads, Kindles, Nooks, GPS, Android, and websites that fuel what have been lifelong passions and interests, yes?
So why does a quick scan of today’s advertising and media landscape say otherwise?
Here are a few more facts–Baby Boomers within the age range of 46-64 also purchase:
*74% of prescriptions drugs
*57% of over-the-counter medication
*74% of prescription drugs
*42% of online travel
*80% of luxury travel (those over 50)
*$157 billion worth of leisure travel annually
*3 out of 5 new car buyers are over 50
*8 out of 10 of US boomers own their homes
*1 out of 4 US boomers have a vacation home
What does this mean for us? Discuss.
We interrupt this program for an announcement.
Only one question remains. Are you ready?
For many, change is frightening. As the saying goes, “speed thrills, yet kills.” The rate at which things are changing especially in the business world can be frightening, for some, to a paralyzing degree. Attempting to catch up at that speed is next to impossible, after all.
But with change always comes opportunity. No one business or business model can go the way of the dinosaur unless we allow the paralysis caused by fear or denial to be permanent.
Take communication, for instance. Communication will always be a necessary element of doing business, and while media and language may change, there will always be factors in it that are evergreen and will serve you well. The temptation to jump on every bandwagon will be there, but unless your fundamentals are well rooted in sound brand communication principles, you’ll still end up like the businessman who missed the bus.
The trick is not to attempt to catch up, but to adapt. Whether you’re a manufacturer, a retailer, a professional or a service provider, there are ways in which this changing environment can work for you, not against you.
Change brings opportunities. If you need ideas on how to make the most of these opportunities, call or drop us an email. We can help.
What do ProdigyAds and the USA have in common?
PRODIGY: THE NEW BLACK
The country’s biggest advertising agency (in terms of office space), Prodigy Advertising, Inc., elects its new company President, Victor Primo M. Isungga III.
Cool, calm and collecting, er, collected, Chubby brings his twenty years of experience in taking advertising agencies, from startup to success in the shortest time possible.
As with many corporate decisions, timing is crucial. Now on its third year, Prodigy Advertising’s speed in growth requires the strength and stability Chubby brings, qualities necessary for success in these uncertain times. Not just for small businesses, but any kind of business, for that matter.
“ If there is anyone out there who doubts that Prodigy Advertising is a place where anything is possible, who still wonders if the dream of entrepreneurship is alive in our time, who still questions the power of brilliance, hard work and good looks, this is your answer, ” he says, promising hope and change, like his soul-brother Obama.
Oh wait. More than just change.
After all, he isn’t the Finance guy for nothing.
This week’s question: Morphology
Why is it called an asteroid when it’s up above the hemisphere,
and a hemmorhoid when it’s up your ass?