Pictured, left to right: William Charnock, Brian Martin, David Page.
American marketing culture has long relied on the youth demographic wave to drive growth. As a result, marketing to mature consumers often takes a back seat, and stereotypes about older people are deeply ingrained. Marketers consider the 50+ cohort to be a single demographic, suitable only for healthcare and financial services. They tend to believe that people over 50 are “set in their ways,” have limited incomes, and are “not familiar with modern technology.”
But this view of the 50+ consumer is outdated and a new demographic reality is here. The population of people over 50 years of age is rapidly increasing and has become a major demographic in the United States. As the New York Times editorial staff recently shared, by 2034 there will be more Americans over 65 than under 18. America is no longer a young country; it is aging. It's time for companies to respond accordingly.
Against this backdrop, marketing veterans David Page (founder) and Brian Martin (CEO) launched Five0 Consulting to help companies capitalize on the unique needs of this valuable population. I did. Five0, joined by Chief Strategy Officer William Charnock, helps companies build their businesses by reaching more than 50 of his consumers today.
“For many years we have worked with brands targeting mature consumers,” says David. “We found this audience to be dynamic, wealthy, and unlike any other group.”
According to AARP, more than 70% of all wealth in the United States is held by people age 50 and older. “The over-50 market is much larger and more vibrant than companies realize,” says Brian. “Now is the perfect time to focus on this demographic, as it becomes increasingly difficult for companies to achieve growth. Americans over 50 have more disposable income and lower housing costs. It's cheaper and they have more time to do what they love. They're spending more money on things that are important to them.
Five0 has identified a particularly valuable segment called The Focus Five0. This is made up of his 31 million consumers over the age of 50 who drive the American economy with their purchasing power and influence. “This affluent group is probably the most overlooked and undervalued group in the world,” William says. “It's the most fertile ground for growth.”
The consulting firm comprehensively segmented the Focus Five0 audience to help marketers better understand the nuances of this cohort and connect with them in meaningful ways.
