Marketing to Boomers

Perhaps the strangest facet of marketing over the last ten years is how few brands market to Boomers because they literally have all of the money.  

So, if marketing to this receptive group of consumers is part of your plan this year here are some best practices for targeting an older audience.  

An Enticing Offer

‍Because many seniors are on a fixed income, even though they have a lot of disposable income, they are always intrigued by a good deal.  Offers like Buy 1 Get 1 50% off are some of the top performing offers for seniors, but nothing works better than FREE.  

‍Testimonials

‍Seniors truly value reviews from their peers.  They want to know, just like other age groups, that people with a similar problem have found a solution with your product.  

Phone Numbers

‍Do Boomers prefer to call versus go online?  Every year there’s a new 65 year old who is more tech savvy than last year’s 65 year old, but we still see the majority of our attribution come from people calling a brand versus converting on a website.  So, being able to call, especially for more considered purchases, is critical so seniors can ask all the questions they need to ask before purchasing.  

‍Copy

‍Contrary to the younger generation, Boomers actually read!  They will take the time to read a longer advertisement so, within reason, don’t be shy about putting a lot of copy in your ads.  

Spokesperson

‍We’ve seen big improvements in results when brands incorporate a spokesperson.  

Comparison Charts

‍Use simple charts to explain why you are better than the competition.  

Ratings/Reviews/Awards

‍Seniors like to see credibility from organizations like the BBB or FDA.  They trust those unbiased sources.  If you have great ratings from these organizations or companies like TrustPilot, make sure that is incorporated in your ads.  

‍Money Back Guarantee  

‍Promises like “Risk-Free” or “100% money back guarantee” give seniors the confidence to try products, especially products like health supplements, knowing if they aren’t happy they can return the product without any issues.  

‍

Marketing to Boomers isn’t much different than marketing to other audiences.  With their preference to purchase over the phone, the attribution methodology may be slightly different, but if you apply these best practices, brands will have success by actively addressing Adults 60+ who account for 80%+ of total wealth in the US...

‍thanks to Eric Smith who is the SVP of Growth at Incremental Media

Podcasting Has Reshaped Audio Consumption

If you’ve followed our Navigate The Future blogs you know about our position on radio’s journey through the ever-maturing Digital Media Gauntlet since 2001: radio has been trying to repel multiple digital competitors for over twenty years. https://tinyurl.com/2byas3hj

Both on-demand music streaming and podcasting have diverted radio consumption seemingly for good. Here’s how it happened

• Revolutionizing Content Consumption:

• Podcasts have reshaped how audiences engage with audio content. Unlike traditional radio, podcasts offer a personalized experience. Listeners can choose what they want to hear and when they want to hear it.

• This flexibility has democratized content creation, allowing diverse voices and perspectives to thrive in the media industry1.

• Adaptation and Integration:

• Traditional media outlets recognize the podcasting trend and are trying to adapt by integrating podcasts into their offerings. By doing so, they cater to evolving audience preferences.

• Collaboration between podcasts and traditional media has changed radio’s strategy and leads to innovative cross-platform entertainment, enhancing the overall experience for listeners.

• Technological Advancements:

• Podcasts drive technological advancements and have improved the listening experience. . As creators experiment with formats, distribution, and monetization, they push the boundaries of audio content.

• This innovation benefits both podcasts and traditional radio, as they learn from each other and evolve together.

• Disruption in Radio Broadcasting:

• Podcasts serve as a compelling alternative to traditional radio. Audiences are drawn to their intimacy, sociality, and on-demand nature.

• Traditional radio faces disruption as listeners shift their attention to podcasts. To remain relevant, radio stations must adapt and find ways to coexist with this new medium.

• Cost-Effectiveness:

• Podcasts have lower production costs compared to setting up a radio station. They don’t require expensive infrastructure.

• Hosting costs are also minimal, especially when using free hosting platforms.

• This cost-effectiveness makes podcasting an attractive option for both creators and traditional media outlets.

• Wide Reach and Availability:

• Podcasts are accessible globally. They transcend geographical boundaries, reaching audiences far and wide providing a vast landscape of audio options.

• So, podcasting offers a fresh approach to content consumption, challenges traditional norms, and provides opportunities for collaboration. While it disrupts radio, it also inspires adaptation and growth. Both mediums can coexist, benefiting from each other’s strengths.

But…

Traditional radio faces several challenges when embracing podcasting:

• Monetization Shift:

• Radio stations primarily rely on advertising revenue. However, podcast monetization models differ significantly.

• Podcasts often use host-read ads, sponsorships, and listener donations. Advertisers may be hesitant to invest in a medium with less predictable metrics.

• Audience Fragmentation:

• Podcasts cater to niche interests, leading to audience fragmentation. Unlike radio, where a single station reaches a broad demographic, podcasts target specific communities.

• Radio stations struggle to retain listeners who explore diverse podcast genres.

• Production Quality and Consistency:

• Radio has professional studios, sound engineers, and established processes. Podcasts, on the other hand, vary widely in production quality.

• Maintaining consistent content quality across episodes can be challenging for podcasters.

• Discoverability and Promotion:

• Radio benefits from channel surfing and station branding. In contrast, discovering podcasts requires active search.

• Podcasters must invest time and effort in marketing, social media, and cross-promotion to build an audience.

• Licensing and Music Rights:

• Radio stations have licenses for playing music. Podcasts, especially those with music, face complex licensing issues.

• Obtaining rights to copyrighted music can be expensive and legally intricate.

• Live vs. On-Demand:

• Radio thrives on live broadcasts, real-time interactions, and community engagement. Podcasts are pre-recorded and lack immediacy.

• Adapting to the on-demand nature of podcasts challenges traditional radio’s real-time format.

• Platform Competition:

• Podcasts compete with other digital media platforms (e.g., streaming services, YouTube, audiobooks).

• Radio stations must navigate this crowded landscape to retain their share of listenership.

• Legacy Mindset and Resistance:

• Some radio professionals resist change due to the industry’s long-standing practices.

• Overcoming this legacy mindset and embracing podcasting requires organizational shifts and openness to innovation.

From An Ad Buyer’s Playbook on Podcast Advertising

First…the facts…

Global Reach: The number of podcast listeners worldwide is expected to reach 504.9 million by the end of 2024, which will be equal to 23.5% of the total internet users¹.

• Age Groups: A significant portion of podcast listeners in the U.S. are aged 12-34, accounting for 66% of the audience.

• Listening Habits: The average American listens to 8 podcasts weekly, with the average podcast listener spending 7 hours per week tuned into their favorite shows.

• Device Preference: Smartphones are the preferred device for podcast consumption, with 73% of listeners using them, followed by laptops and desktops at 13%.

• Discovery: 40% of listeners discover new podcasts through in-app search functions, with friends, family, and internet searches also being popular methods.

• Listening Occasions: Most people (59%) listen to podcasts while doing something else, with 32%tuning in while driving or traveling.

• Popular Platforms: Spotify and Apple Podcasts are the leading platforms, holding 33.7% and 27.6% of the total listener share, respectively.

• Genre Preferences: Comedy is the most popular podcast genre in the U.S., followed closely by news, true crime, and sports.

This data underscores the diverse and growing audience for podcasts, highlighting the medium’s potential for targeted and effective advertising opportunities.

Discussion:

A compelling argument for advertising on podcasts. Here are some key points backed by data:

Targeted Audience Reach: Podcasts offer the ability to reach a highly targeted audience. Unlike radio’s broad and general approach, podcasts cater to niche interests, allowing advertisers to deliver messages to a more engaged and specific demographic.

Flexibility and Convenience: Podcasts provide listeners with the flexibility to consume content on their own schedule. This anytime, anywhere approach means that ads have the potential to be heard more consistently as listeners choose when they engage with the content.

Cost-Effectiveness: In 2022, it was forecasted that advertisers would spend an average of $13.70 per podcast listener, compared to the $52.10 they would spend per on-air radio listener. This suggests that podcast advertising offers a more cost-effective channel with room for growth.

Higher Engagement: Podcast listeners tend to be more engaged with the content they choose, which extends to the ads they hear. Ads on podcasts are often considered more relevant to the listener, leading to better recall and a higher likelihood of taking action.

Analytics and Measurement: The digital nature of podcasts allows for more precise analytics and tracking of ROI. Advertisers can gain insights into listener behavior and ad performance, which is more challenging with traditional radio’s broader metrics.

Personalized Messaging: Podcast ads can be tailored to fit the content and the audience, creating a more personal connection. This one-on-one communication style can drive valuable connections and conversions.