OLDER WOMEN WARRANT MORE ATTENTION IN THE MARKETPLACE by Nicole Kallmeyer
Research results released on Tuesday by the TrendSight Group indicated that 50- to 70-year-old women are happier, more confident, and more socially active than younger women, suggesting that businesses and marketers should pay more attention to this demographic.
Sue Fogel, a 52-year-old marketing expert at DePaul University in Chicago, makes a plea to her industry: "Don’t write me off because I’m over 40!"
She agrees with research results released Tuesday indicating that women between the ages of 50 and 70 are happier, more confident, and more socially active than in previous generations, and even more than younger women today. This information, the researchers said, means businesses and marketers should pay more attention to this demographic in the marketplace.
The study was announced by TrendSight Group, a Winnetka consultant that focuses on building marketing, sales, recruiting and retention results through better communications with women.
TrendSight executive Robyn Hall noted that with the first group of baby boomers entering their 60s, the population over 50 is growing at a much faster rate than the population under 50. In the 50-plus age group, women outnumber men, she said, as they tend to outlive their husbands and marry men older than themselves.
"The older the target population, the more likely it is that the decision-making is in the hands of a woman acting independently," Julie Hennessy, clinical associate professor of marketing at Northwestern University’s Kellogg School of Management, wrote in an e-mail.
Hall added that many older women have solid financial resources from stable, often high-powered jobs and/or inheritances from parents and husbands.
The result?
"These women are the ‘silver bullets’ of marketing," TrendSight founder Marti Barletta stated in a press release.
The data presented by the TrendSight Group was collected through three separate studies.
DDB, a Chicago-based advertising agency conducted what it call a "Life Style Study," which spanned 30 years and posed more than 1,000 "Life Style" questions to 3,000 men and women. DDB teamed up with TrendSight to conduct a "Girlfriend Group" study, which consisted of interviews with six groups of women in their 40s, 50s and 60s. TrendSight also independently performed a "50/50/50" survey, which posed 50 questions to 50 women between the ages of 50 and 70 across the United States.
These studies, the firm stated, all confirmed that women aged 50 to 70 feel at their peak personally, professionally, financially and psychologically.
According to the research, women do not feel constrained by familial and social pressures to be, act or think in a certain way; they are more involved in their family, work, community and society than younger women; and they are accepting of their age.
"Our research has confirmed what numerous studies have indicated, but that society has chosen to ignore," Barletta stated. "The 50s and 60s are the happiest decades of life."
Barletta, author of the book "Marketing to Women," calls these females "PrimeTime Women." She also recently completed "PrimeTime Women: How to Win the Hearts, Minds, and Business of Boomer Big Spenders."
Asked what businesses are doing to sell to these women, Fogel, the marketing professor, replied, "not enough!"
"If they don’t target this demographic, they’re missing out on a lot of opportunity," she declared.
The researchers noted some recent failed efforts.
Revlon, which reported $1.3 billion dollars in sales for the year ended Dec. 31, 2006, released a line of cosmetics at the beginning of 2006 called Vital Radiance. The line was discontinued towards the end of the year because the company was facing financial problems.
"They didn’t give it enough time to catch on," Hall said, adding that the campaign was "a home run" with the target market.
Popular retailer Gap Inc. also withdrew from that market. In February,the company announced it will shut down Forth & Towne, its newest chain geared toward older women, Hall said.
However, strides are being made in the financial services industry, Hall said.
Massachusetts Mutual Life Insurance Co., a premier financial services provider, began a financial seminar for women called "Pearls of Wisdom." The invitation to the seminar asks women to "Join a circle of like-minded women to share ideas and financial strategies for taking care of the people who matter most in your lives."
Hall said MassMutual’s use of the word "circle" is effective, as it promotes an open, inclusive environment. In addition, the phraseology appeals to women’s desire to take care of others, rather than solely increase their own wealth.
In the cosmetics and industry, Dove, owned by Unilever NV, has received attention with its recent pro-age product line and associated marketing campaign.
"Dove has totally gotten it," Hall said. "We give major kudos to them and they will continue to be the leaders in the foreseeable future."
Hall and her colleagues hope that Dove’s success at reaching older women will motivate many companies to start paying more attention to this largely overlooked and highly profitable group.
25.06.2007
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Nicole Kallmeyer completed her honours degree in the Arts and Science Program at McMaster University. In her final year, she directed and produced The Vagina Monologues at McMaster to great acclaim. This sparked her passion for empowering women through art and communication. Nicole has also written and directed a play on mother-daughter relationships. A dynamic education and extensive travel opened Nicole’s mind to international development issues, which in turn sparked her desire to visit developing countries. She has volunteered at a school in Uganda , and traveled to India to learn about NGO involvement in Himalayan villages. Nicole brings to Girlphyte a keen love of writing and a sharp eye for editing. She also possesses a rare combination of creative juices and organizational skills. She is currently acting as our roaming correspondent and will undoubtedly bring fresh insight to Girlphyte from women across the globe. Nicole is completing her Masters degree at the Medill School of Journalism, Northwestern University. She has been published numerous times in the Chicago Herald and will be based out of Australia in the near future.
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