Prime Target
January 10, 2006
By Furniture Style
The primary focus of any marketing strategist should be women age 50 to 75, according to Marti Barletta, President of the Chicago-based TrendSight Group and author of “Marketing to Women: How to Understand, Reach and Increase Your Share of the World’s Largest Market Segment.” In terms of wealth, sense of well-being, and, oftentimes, health, women in the 50-plus age group are in the prime of their lives, Barletta told participants during a recent online seminar presented by MarketingProfs.com. Barletta called them “Prime Time women,” and said she considers them to be marketers’ “golden bull’s-eye.” While they account for only 15 percent of the total population, women age 50 or older account for 40 percent of the domestic discretionary spending. When evaluating this demographic group, examine median net worth to assess this group’s spending power. “It’s important not to be misled by household income,” Barletta said. “Instead, look at net worth. The median net worth of households headed by 55- to 64-year-olds is $112,048, which is 15 times the $7,000 median net worth of under-35 households. Adults age 50 and older spend two and a half times as much as younger consumers on a per capita basis.” On the retail level, Barletta also recommended remembering that Prime Time women tend to live a busy, events-packed lives. “Want to win a woman’s heart?” Barletta asked, “Save her time.” Barletta repeatedly pointed out during the online presentation that Prime Time women make many of their purchases on behalf of their children and grandchildren. A son’s first apartment or a granddaughter’s first bedroom, for example, are often furnished with mom’s help. What’s more, 52 percent of women age 55 to 64 work, and most married women spend approximately twice the number of hours per week maintaining the household as their male counterparts. Salespeople who can relate to women on their terms, and do so in a way that saves them time, will win both store loyalty and the all-important word-of-mouth. Another key to Prime Time marketing is to shift from the dominant form of lifestyle marketing to what Barletta called “milestone marketing.” Retailers and brands alike should focus on key events, such as a second marriage or starting a new business—milestones that call for new home furnishings purchases. “Recognize that even after age 50, there are lots of milestones that [retailers] can help her deal with,” Barletta said. “Use messages that identify her peer group; present a warm, not a hierarchical, tone; communicate via commonality and connections; and recognize that women are not just busy, but time-starved.” |
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