The Boomer Project
The Boomer Project is a market research firm, headquartered in Richmond, Virginia (United States), that specializes in marketing to the baby boom generation.
History
The Boomer Project(R) was founded in 2003 by Matt Thornhill, an advertising executive, and John W. Martin, a marketing research executive, both of Richmond, Virgina, based on the insight that major brand advertisers were neglecting the boomer demographic (those born in the United States between 1946 and 1964). Ad campaigns were typically created by young people for other young people, targeting the 18- to 49-year-old age segment when consumers supposedly form their brand loyalties. Thornhill observed that the ads did not resonate with boomers who, at that time, were passing their 50th birthdays at the rate of AbOUT 10,000 per day.
Thornhill made the case that the 76 million boomers had reached their peak earning years and had more purchasing power than any other U.S. generation in history. Boomers were not especially brand loyal, he contended. To sell effectively to them, marketers needed to take into account the unique characteristics of the boomer generation and their stage of progression through the life cycle. The common thread, he suggested, was a quest for physical, mental and spiritual vitality.
The Boomer Project reached its current organizational form when Thornhill affiliated with the Southeastern Institute of Research, an established consumer market research firm, also in based Richmond, Virginia, of which Martin also was the CEO.
In 2007, Thornhill and Martin published the seminal book, Boomer Consumer: Ten New Rules for Marketing to America's Largest, Wealthiest and Most Important Demographic Group.
In 2008, Thornhill and Martin advanced the argument that the Global Financial Crisis marked a watershed in Boomer behavior. Boomers, who had led the nation into debt during the borrowing binge of the 1990s and 2000s, would embrace "responsible consumerism" as they boosted savings for retirement, became more eco-conscious, and placed greater value upon friends, family, spirituality and experiences over the accumulation of material possessions.
In 2009, the firm launched Generational Advisor, an electronic newsletter and research database that provides generational perspectives to the financial services industry on consumers of financial products and services.
Clients
The Boomer Project has numerous clients in financial services, healthcare, consumer products, media, and the not-for-profit sector. The list includes, among others:
- Wal-Mart
- Lincoln Financial
- Home Instead Senior Care
- AARP
Corporate Structure
The Boomer Project is a partnership owned by the three principals: Matt Thornhill, president; John W. Martin, chief executive officer; and Elizabeth McLaughlin, chief operating officer.
External Links
- [http://www.boomermarketadvisor.com/Issues/2009/3/Pages/Behavioral-economics-your-boomer-clients-and-you.aspx| Boomer Market Advisor: "Behavioral economics, your boomer clients - and you"]
- [http://www.onwallstreet.com/news/Advisors-Financial-Planning-2661230-1.html| OnWallStreet.com: "Advisors with Financial Planning Expertise Earn More, Survey Finds"]
- [http://www.boomerproject.com| The Boomer Project]
- [http://www.generationaladvisor.com| Generational Advisor]
- [http://www.amazon.com/Boomer-Consumer-Marketing-Wealthiest-Influential/dp/0964238675/ref=sr_1_1?ie=UTF8&s=books&qid=1267037358&sr=1-1| Boomer Consumer: Ten New Rules for Marketing to America's Largest, Wealthiest and Most Important Demographic Group]