“Will you still need me, will you still feed me, when I’m 64.”
“Old man take a look at my life, I’m a lot like you.”
“What a drag it is getting old.”
“How terribly strange to be 70.”
Growing old’s no fun. Just ask old people, whatever “old” means. It’s interesting how so many rock legends sang about aging when they were in their twenties. Today, they fit their lyrics like a glove.
Paul McCartney who penned and sang “When I’m 64” isn’t 70 – he’s 80.
Simon & Garfunkel, who wrote and sang “Old Friends,” are both 81.
Mick Jagger and Keith Richards lamented aging on “Mother’s Little Helper.” They are both (somehow) 79 years young.
And Neil Young, who did the writing and singing honors on “Old Man” is the babe of this group – he’s 77.
When you spec out the group that’s officially retirement age, you’re looking at nearly 56 million people – or about 17% of the America’s population – according to the U.S. Census.
And then there’s the wealth and spending data. At a time in this country when economists continually tell us Millennials and Gen Z’s will struggle to come anywhere close to the levels their parents or grandparents enjoyed/are enjoying, the “Silver Economy” in the U.S. is miles ahead of all other major world powers. We’re talking middle and upper class Americans 65+. As the graph below shows, the cohort in America is enjoying unprecedented wealth and spending power.
So, it’s little wonder that brands are looking long and hard at strategizing carve-outs for aging seniors. Take beer, for example. Craft beer is the segment that has totally skyrocketed over the past many years, especially among Millennials. But in the “senior set,” not so much.
That’s why Beck’s is thinking there’s gold in the “Silver Economy.” In Brazil, they’ve launched a limited-edition bitter beer, aptly named “70+.”
This idea of naming a product with the age marketers are aspiring to reach isn’t new. Some of you may remember radio had a “Format 41” back in the 80’s, created and marketed by Bill Moyes’ Transtar network.
The marketing for Beck’s “70+” is designed by AKQA under the watchful eye of creative director Rodrigo Barbosa. As he explains to Muse by Clio, “With new behaviors in everyday life, maturity takes on a different meaning in today’s society…Today, aging well is being able to continue enjoying all the most delicious experiences in life – including a great beer.”
The creative speaks for itself:
The strategy behind this senior-itis? As Barbosa explains, Beck’s “70+” gives the brand the opportunity to launch “a dialogue with the pro-aging culture movement, which understands that age does not limit people’s desires and aspirations.”
And as the ad campaign pokes fun at “being carded,” this Beck’s product is clearly geared to the senior set.
Sometimes, products geared to the older segment of the population are championed by marketers who themselves resent being ignored by the advertising community.
Not in this case. I can’t vouch for Rodrigo Barbosa’s age, but I’d wager he’s not of age to indulge in “70+.” But he’s wise beyond his years, knowing a target-rich environment when he sees one.
Are Beck’s and AKQA overshooting a bit with their “floor” at age 70? Maybe so. But their new libation is alone in the lager end zone. By going after a demographic most ad agencies have eschewed, they’ve got all kinds of running room.
That matters, as budgets tighten, savvy media pros know you have to fish where the fish are. A look at virtually every radio cluster in America clearly shows “the hole.”
Not to mention, craft beer sales are cratering, forcing brew brands to rethink and retrench. This YOY trend from the National Brewery Wholesalers Association illustrates why staying the course isn’t a great strategy:
When a half dozen stations in radio buildings are all targeting pieces of 25-54 year-old adults, something is being lost in the process.
Money.
It’s essential radio companies design and execute robust digital strategies that ride the wave. We’re long past the period when you could easily spot the “digital deniers” running around the NAB each spring. Wisely, the industry has stepped up and most companies are running the full-court digital press.
But its at the exclusion of their natural inclination to appeal to “mature” adults. Broadcasters are now guilty of being “demographic deniers.” A simple read of the U.S. Census tells you where the opportunities are for radio broadcasters.
Like all beer brands, there are many different varieties of Beck’s. Now there’s a variation for seniors, an attractive audience segment Beck’s doesn’t want to miss.
That young whippersnapper, Rodrigo, and his staff of younguns are pretty darn smart. And their efforts beg the question why we’re not seeing more of this. The demographics don’t lie, whether we’re looking at meters, cases of beer, or certificates of deposit.
Will radio wait so long on the senior segment – the demographic it actually excels in – that the good ship Prevagen will have probably sailed?
Most likely.
Time to drop anchor.
Jacobs Media has consistently walked the walk in the digital space, providing insights and guidance through its well-read national Techsurveys.
In 2008, jacapps was launched - a mobile apps company that has designed and built more than 1,300 apps for both the Apple and Android platforms. In 2013, the DASH Conference was created - a mashup of radio and automotive, designed to foster better understanding of the "connected car" and its impact.
Along with providing the creative and intellectual direction for the company, Fred consults many of Jacobs Media's commercial and public radio clients, in addition to media brands looking to thrive in the rapidly changing tech environment.
Fred was inducted into the Radio Hall of Fame in 2018.
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Whoa! wait a minute- I thought audio consumption ended at 54?
Who knew?
Like Scott, I was told by the ad agency all establishment of brand preferences and any new product discovery stops when you hit 55. Someone must be unclear on this.
That old saw just doesn’t hold up anymore. A 60 year-old today isn’t the same as one in 1980.
Let’s check off some boxes:
—They appear to be “first-in”
—Anti-ageism message
—“Superbad” for seniors vibe
—Got us to watch it
And would probably work! Thanks, Marty!
Follow The Money! Boomers Rock….And Roll Their Own!
Indeed they do, Clark.
I am in!!! Let’s do something!
You don’t need to convince me – and others who chimed in here & on my socials.
Ironically, this reminded me of something that Beck’s did a few years ago in Colombia–although I didn’t know much of the marketing-related backstory until now. The brand sponsored what might’ve been an official 25th-anniversary version of the iconic Bolero Falaz–originally by Aterciopelados, but here performed by an Aterciopelados-fronted supergroup. What I didn’t know until now is that the music video incorporated members of the public who happened to stop by the popup convenience store. (I don’t know if this was somehow inspired by someone thinking about Beck’s Bolero–although I’d doubt it.)
https://www.javiergarciapaz.com/buy-a-becks-star-in-a-music-vido
Fascinating, Eric. And all this makes me wonder if there isn’t more experimentation (and risk-taking) happening well outside the U.S.
If listening habits for 54+ are shown to be viable for development, stations will mine the “silver” for all it’s worth. After all, this America. And air time is money.
Interestingly, unless the broadcasting is broad enough to cast for us “fish,” we don’t hear spots for advertisers. We don’t hear spots at all. And with good reason. Who’s going to our fishing hole?