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Seniors Are An Untapped Sponsorship Market
In a world that focuses on youthfulness and includes media bombarding us with images and messages about staying young, many marketers lose sight of the fact that the powerful seniors market is reachable through sponsorship. While most marketers continue to dedicate their advertising budgets to programming that is popular among 18-34 year-olds, and to some extent, the wider 18-49 demographic, opportunities are lost to reach the 50+ market through non-traditional media, primarily sponsorship. If you're a marketer operating in industries that appeal to seniors, including travel & tourism, healthcare, homebuilding, household appliances and cookware, and the broad spectrum of packaged goods, then you cannot ignore some very persuasive facts, figures and observations:
According to the Census Bureau, there are 76 million people over the age of 50 in the U.S., or 28% of the total population and 37% of the population over 18. As the baby boomer generation continues to age and the general population lives longer, the over-50 market will grow to more than 106 million by 2015, when they will comprise 45% of the adult population.
Many younger adults face the pressures and responsibilities associated with career and family, and are constantly on the go. That way of life renders this audience a challenging and moving target for marketers. How does this tie into sponsorship though? With grown children living outside the home and with more free time on their hands, older consumers are looking for products, services, and activities that add to their desire to live active, dynamic lives. Sponsorship provides the vehicle for mobilizing this group of consumers to take action, purchase those products and services, and enhance their lifestyles.
The bottom line is the bottom line. The mature market in the U.S. has over $1.6 trillion in spending power and a net worth that's nearly twice the U.S. average. This is also an audience that feels ignored by marketers and wants to be included. First-mover marketers who can identify properties that are meaningful to this audience will enjoy a significant advantage over those who are slower to target seniors.
What properties should you focus on? Seniors visit museums more than any other age group. Mature audiences also purchase the most cars and they spend the most on luxury travel. Museums, travel destinations, golf/ski resorts, and automobile-related properties are good bets.
Obviously, seniors just don't use some products, but for those that are used by mature audiences, sponsorship provides a means for engaging this audience and providing them with opportunities for active lifestyles and meaningful experiences.
