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Marketing to Women over 50

For the most part, women fifty or older bear little resemblance to their mother's generation. Most have had careers outside the home and as retirement approaches, they have no intention of staying home. These women are starting new professions, opening up new businesses, experiencing life's adventures, and furthering their education either for fun or to advance their career. Conversely, women younger than 40 are still trying to juggle the demands of life, whether it's family, work or home. Older women have "been there and done that" and are now moving into the latest phase or their lives where they have the lifestyle and financial means to invest in a little "fun" for themselves.

A prime example of these women is the Red Hat Society phenomenon. "Red Hatters" come from all walks of life, crossing many demographics; yet they have one thing in common. They are at least 50 years of age and celebrate that fact.

According to the 2000 US Census, Wisconsin is home to more than 800,000 women aged 50 and older and there will be close to 200,000 women who will be turning fifty within the next five years. How do you market to these women?

Various research studies conducted by the Department indicate that females are a big factor in Wisconsin travel. Fifty-one percent of the respondents in a four-season study conducted along the Mississippi River were females; their average age was 50. In a 12-month study of TravelWisconsin.com, sixty percent of respondents were females.

Frank About Women, a woman's marketing communication company based in Winston-Salem, did a study conducted with thousands of women, unveiling the costly misperceptions that lead most marketers to miss their female target. The website Second50Years.com summed up the research in a recent article on the eight myths of marketing to women over 50.

• Segment the female market by age. What is old? Boomers are the first generation to establish that age is a mindset. In a study conducted by MetLife Mature Market Institute to establish what age is considered "old," men were twice as likely to say an age under 60; whereas women were twice as likely to say that 81 to 90 is old. Portraying a woman by their lifestyle or life stage - and not by their age - will get women to respond.

• Working women over 50 are coasting until retirement, and retirees spend their time relaxing at home. Someone should tell that to the Red Hatters who are dedicated to "old ladies having fun." They've taken care of everyone in the past - this is their time to have fun. Author and leading expert on lifestyle, marketing, and workforce implications of the "age wave," Ken Dychtwald observed that mid-life was a time when women experience a second adolescence engaging in opportunities for reinvention and exploration.

• Older women are not open to "new" anything…. new ideas, new experiences or new products. In their report, Frank About Women found that 65% of women who purchased a new major product in the past six months were age 50 or older. Other popular products were recreational products that allowed women to stay active, cruises, and extreme experiences. Keep in mind, these are the women who came of age in the women's movement of the 1970's, and broke through corporate glass ceilings in the 80's and 90's. Change is nothing new to them and they relish it.

• Women are seeking solutions designed exclusively for women. A common misperception according to the research is that women want to be "saved, fixed, or rescued." Women don't want the "one-size-fits-all" approach - they shop for information as much as they shop for solutions. Women feel empowered by information and are open to try new products and technologies. And they get information from the Internet, whether at home or the office.

• Older women have less spending power. Based on the images in the media, the target market for women would seem to be the 21-39 year olds. However, these are younger employees who have not reached their highest rung on that corporate ladder and don't have the spending power of mature women. The annual estimated spending of baby boomers is more than $1 trillion according to the MetLife Mature Market Institute. And boomer women accounted for $30.8 billion in apparel spending in a 12-month period - nearly double what Generation Xers paid for clothes - according to NPD Group, a consumer-tracking firm in New York. The spending power of the over-50 woman should not be ignored.

• Older women are more brand loyal and won't even consider other brands. Surveys indicate that a majority of boomers research different brands, looking for better products before making a purchase. And remember these women are no stranger to surfing the web - they have tons of information at their fingertips to research products before purchasing.

• Ads portraying older women in unusual settings are effective in drawing attention. Pushing the envelope to the edge will not attract these women. These women respond to images that are reflective of their lifestyle. When a marketing campaign portrays realistic images, these consumers will respond.

• Daytime TV is the best way to reach older women. In another lifetime, maybe. Very few boomer women are at home during the day to watch TV. According to the study, magazines and the Internet should be exploited as vehicles to reach this market.

For more information on this research, contact Sue Hamilton at 608/266-6792. Be sure to attend Monday's general session at the Governor's Conference on Tourism to hear Debbie Maier present "Men Head East, Women Turn Right."