Performance Marketing vs Growth Marketing: What’s the Difference?
by Frankie Karrer
6 Min Read
Speak to a CTV Expert
6 Min Read
Move over Gen Zs, Millennials and Gen Xers, there’s a new consumer group in town. Well, it’s not actually a new group… In fact, this audience has been around for quite some time—we’re referring to older adults, aka the “silver economy”.
According to the Census Bureau, there are ~54M adults 65 years or older living in the U.S. Of that ~54M, nearly half are Connected TV (CTV) users. Additionally, Baby Boomers (ages 58-76) have $2.6 trillion in purchasing power. Considering these stats, this segment of the population poses a huge advertising opportunity for brands from a wide variety of industries.
Lever Interactive, one of MNTN’s esteemed agency partners, highlighted the importance of this consumer group—noting that it is vital for advertisers to tailor marketing and creative strategy to this audience, who possesses high spending power and holds the majority of the wealth in the United States.
Older adults may not be up to date on the latest TikTok dances or consistently posting to Instagram, but the senior generations shouldn’t be ignored when it comes to advertising, particularly on CTV.
It’s not shocking that older adults trail behind younger generations when it comes to technology ownership and social media usage. That said, the silver economy’s tech and social media behaviors are shifting in significant ways. In 2021, 61% of people 65+ reported owning a smartphone—up from 46% in 2018 and a particularly dramatic increase from 13% in 2012. Forty-four percent of the same group said that they currently own a tablet (only 6% did in 2012). And, almost half of older adults (45%) reported that they use social media of some sort—a 4X increase since 2010. To top this off, 75% of people 65+ are internet users.
When it comes to CTV, the silver economy is contributing significantly to the cord-cutting revolution. In 2021, 20% of adults 55 years of age or older said that they planned to leave their cable subscriptions behind, up from just 8% the year before.
Knowing that older adults are becoming increasingly more tech savvy and are active CTV users, it’s in many brands’ best interest to develop robust CTV advertising plans that specifically target this audience.
In the first article of this series, we spoke about the precision audience targeting that CTV offers advertisers. The ability to hyper-target audiences can be used to your benefit when messaging to older adults. You can leverage 3rd party audiences to target specialized segments of this audience on platforms like MNTN Performance TV.
Here are some examples of audience segments that could be helpful for your advertising strategy:
1.) Segment name: Baby Boomers
2.) Segment name: Seniors and Retirement
3.) Segment name: Health Conscious Seniors
4.) Segment name: Baby Boomer Travel Intenders
5.) Segment name: Most Resilience – 55+
By strategically using CTV as a performance marketing channel, you can get your ads in front of the right audience. However, if your messaging doesn’t resonate with your ideal customer, all of your hard work could go to waste. How you advertise to older adult audiences should be pointedly different than how you speak to Millennials and Gen Zs.
“When designing creative for older adults and seniors, it’s essential to understand what their motivators are and how they process information in the second-half of life,” – Coming Of Age, a Lever Interactive Company
Here are some tips to ensure your message resonates with senior consumers:
It might be tempting to focus all of your advertising efforts on the younger generations, but because of the increasing use of various digital platforms and their generational wealth, the silver economy shouldn’t be overlooked. No matter what you’re selling, it’s vital to develop targeted CTV advertising strategies that speak directly to older adults’ needs in order to drive ad performance and engagement.