LIVE FROM LICENSING INTERNATIONAL: KNOW THY CUSTOMER

Tween and tween spending power is projected to hit $243 billion in 2007. But that’s nothing compared to the baby boomer generation. The spending power by baby-boomers is expected to grow 3.2% over the next five years, hitting $2.6 trillion in 2007.

To reach these consumers, and their dollars, marketers must learn how to connect with their audience, Joyceann Cooney, editor-in-chief of License! Magazine, said yesterday.

To reach kids, Cooney advised attendees to offer them something without cost. “Kids love anything that is free,” she said.

Marketers should also get involved in schools and recognize concerns (think childhood obesity) to better target kids. For tweens, Cooney said the key is to “keep it fresh” and use alternative marketing mediums, including product placement, radio and viral marketing tactics.

Generations X and Y look for added value and tend to favor specific brands. Baby boomers have simpler requests. They value their time and don’t want to be referred to as “mature,” “senior” or “silver.” Personal care is key for this group, she said.

For seniors, marketers are encouraged to think ageless. The only label this group will gladly accept is “grandparent,” Cooney said.

When targeting adult consumers, marketers must also pay close attention to pesterpower. According to a recent survey by the Yankelovich Youth Monitor, 84% of kids often help parents pick out their clothes. Another 78% of kids help moms and dads pick out snackfoods and 77% help with choices for the bedroom, the survey found.

Another 68% of kids ages nine to 17 say they discuss important family decisions with their parents, up from 53% in 2001. Since the early 1990s, the percentage of kids helping parents choose home electronics soared jumped 300% to 41%. Kids’ influence on choosing the family car rose by 100% to 26% and choices for vacation spots rose by 35% to 50%, the survey said.

The survey, which was sponsored by Disney, interviewed 1,458 children ages six to 17.

She also said that the best way for marketers to connect with African Americans and Hispanic Americans is through family culture and community. Likewise, Asian Americans respond to marketing messages that touch culture and community traditions.