Reaching & Connecting with the BOOMER CONSUMER - by EtMM Aaron D. Murphy

You’ve heard about the opportunity,
you know you need to capitalized on
it as a business owner, but you don’t
know where to start?
Reaching & Connecting with the
BOOMER CONSUMER
Start by
UNDERSTANDING The
BOOMER CONSUMER
Presented by:
Aaron D. Murphy, Architect
“Certified Aging-In-Place Specialist”
Owner, ADM Architecture
Managing Editor, EmpoweringTheMatureMind.com

Statistics We CANNOT IGNORE
Listening
Louis Tenenbaum.comLouis Tenenbaum.comLouis Tenenbaum.comLouis Tenenbaum.com
“BOOMER STATS” we CAN’T IGNORE:
▪ 10,000 people turn 65 years old EVERY DAY in the U.S.
▪ Boomers are 44% of the U.S. population
▪ Boomers have 5x the NET WORTH of the avg. U.S.
▪ Boomers control 70% of U.S. Disposable Income
▪ Boomers equate to 49% of U.S. CPG (Consumer Packaged Goods)

A foreword from a GURU
Listening
Age Branding In the 21st Century
By Harry R. (Rick) Moody, PhD., AARP Director of Academic Affairs
When marketing a business to the senior
demographic, one of the most important
places to start is with your brand. A brand
is the consumer’s idea of your product or
service. It tells your audiences what you
promise and what you don’t promise, what
you are and what you aren’t. It’s a feeling
that your audience gets when they see your
logo or your product.
In considering your brand in relation to the
aging population, establish which of these
four age-related categories of Age-Branding
best suits your product or service’s target
market:

Some Approaches & Definitions
Listening
Age Branding In the 21st Century
By Harry R. (Rick) Moody, PhD., AARP Director of Academic Affairs
Age-Denial – This brand sends a
message that a person doesn’t have to get
old or look old. It speaks to a
fundamental human wish to stay young.
i.e. plastic surgery, antioxidants, human
growth hormone.
Age-Adaptive – Brands that say ‘there
are some problems, but there are
solutions’ and solve other people’s
problems. CSA’s must present solutions
to problems that people may not yet feel
they need to address. i.e. Viagra, hearing
aids, home monitoring systems, long
term care insurance, reverse mortgages.
More information is covered in the Society of Certified Senior Advisors (SCSA) webinar that presents a complete picture of Age
Branding. SCSA provides free educational webinars as part of the suite of benefits available to all Certified Senior Advisors.
Age-Irrelevant – (Age-less marketing) Brands
do not address that they are for older people,
just people who are at the stage of self-
actualization and feel like they can do all kinds
of things and not think about their age. Selling a
particular idea that is linked to the 2nd half of
life which is different from the first half of life.
i.e. cruises, Lexus, New Balance shoes.
Age-Affirmative – These brands offer age
accepting ideas with their products. Consumers
accept that they are in this stage of life and buy
products which make their lives better. i.e. Sun
City Grand retirement community, Experience
Corps mentoring, Red Hat Society.

Listening
The SHOCKING Stats & Data
The “Baby
Boomer” Bulge
As of Jan. 2011, 10,000 people
turn 65 in the U.S. Every DAY
Someone turns 65yo every
EIGHT SECONDS in the U.S.
80+ year olds will increase from
0.5% in 1950 to 5% in 2040.
We’ve created 30 years of
longevity increase in the last 100
years, more than the previous
5,000 years

Listening
PAUSE… Let’s Talk PASSION - Why ME?
The Personal Side…
The Financial Side…

The SHOCKING Stats & Data
Sources: Milken Institute Webinar “Longevity Is Opportunity: Riding the Demographic Wave”
2/3 of Suburbia is
currently “Empty
Nested” – The kids are
GONE.
That statistic will soon
be 75% (3/4)
We have 100+ years of
homes not designed
correctly for this
demographic change
ahead in the next 20-30
years
THE HOUSING (applies to A/E/C Communities):

Listening
POWER in the Numbers
Boomers Now and In the Future Decades Ahead:
There are 78 million Baby Boomers in the U.S.
They equate to 28% of the U.S. Population
They own 48% of all Homes.
They have the highest Median Income.
They have 5x the NET WORTH of the U.S. Average.
They have earned & inherited more $$ than any segment
before in U.S. history.
They’ve “redefined” every decade they’ve been a part of,
and now that includes the definition of “retirement”
(Encore Careers, Volunteerism, etc.)
Sources: dot BOOM / NAHB Student Guide CAPS I
Carl Murphy,
Born Sept. 25th, 1920
Carl Murphy, Father’s Day 2013

The Stereotypes (to AVOID)
Listening
http://www.youtube.com/watch?v=bQlpDiXPZHQ
“I’ve Fallen, and I Can’t Get Up!”
The Brady Bunch
“Leave It To Beaver”
June & Ward Cleaver

Or Else… The Result!
Listening
=
Things you CAN’T afford to IMPLY:
Elderly, Old, Senior, “Later” in Life
Deteriorating, Slowing Down, “Aging”
Issues… Mental, Physical, Isolation, Dependent

The Challenge of PSYCHOLOGY re: Aging
Story: Hilary Clinton
We need a PARADIGM SHIFT
Story: Ronny Wiskin

About that “Paradigm Shift”…
If we can’t laugh a little, we probably can’t talk about it at all…
“Aging is the
Largest and best
kept SECRET in
the HISTORY of
the WORLD…
And if you’re
LUCKY, you just
might be around
long enough to
experience it
YOURSELF!”

Training – The Language, The Literature
Listening
The “Segments”:
1) Without Urgent Needs –
This segment includes those who are most likely to plan ahead, as
they are not experiencing immediate or significant issues that
affect their daily lives. They are more likely to contemplate,
consider, and compare their choices in more detail, and look for
referrals from friends and family in their social circles.
2) With Progressive Condition-Based Needs –
This segment includes those who have a chronic or progressive
condition that requires special consideration or attention to allow
them to continue with their normal ADL’s (Activities of Daily
Living).
3) With Traumatic Change Needs –
This segment includes those that have experienced an abrupt or
traumatic change that necessitates accommodating immediate
needs for changes to lifestyle.
Source: CAPS / NAHB Student Guide

Analyzing the Opportunity
Analysis:
National -
1) Claritas
2) U.S. Census Bureau
3) AARP Public Policy Institute
4) Administration on Aging (AoA)
5) State Department on Aging
1) Age Groups
2) Concentrations of Residents
3) Living Arrangements
4) Homeownership / Equity / Length of
Residency
5) Funding Sources
6) Willingness / Readiness to purchase
LOCAL –
1) Department of Economic
Development
2) Area Agency on Aging
3) Real Estate Agents / NAR Data
4) Department of Aging Services
“Gathering The Data”
“Studying the Market” “Company Readiness”
1) Personnel
2) Financial Resources
3) Company Structure
4) Ability to ADAPT to DEMAND
1) Avoid too Broad of a Market
2) Remain aware of the Competition
3) Differentiate Yourself (U.S.P.)
4) Avoid Conflicting Marketing CampaignsSources: NAHB Student Guide CAPS I

Accessing The Potential Client/Consumer
Access:
1) Provide 3rd party expert articles to inform the clients/public of market trends
2) Explain pro-active planning and the advantages / benefits
3) Explain how your products / service & their features are more appealing
4) Explain the U.S.P. (Unique Sales Position) you have:
1) Increases a PLEASURE – Examples: Comfort, Safety, Access to Family, Socialize
2) Decreases a PAIN – Examples: Recovery time, Fall Avoidance, Avoid Isolation
Explain these benefits by STORYTELLING, in the CONTEXT of THEIR LIVES!
“The Access Points”
“Educating The Customer Base”
1) Educate the current customer base.
2) Collaborate with community organizations
3) Sponsor recreational / community activities
4) Contact aging network organizations / network w/ other professionals
5) Establish contacts in professional and trade organizations
6) Contact Governmental Agencies
7) Strategic Advertising placement
Sources: NAHB Student Guide CAPS I

Client/Segment Specific:
“Difference in the Segments”
“Commonality among US ALL”
“Without Urgent Needs”
1) Keep Advertising “Impersonal”
2) Emphasize Features that have BROAD APPEAL
3) Present Positive Messages
1) FOCUS on LEISURE and PLEASURE
(take note of travel, cosmetics, & health/spa industries)
2) INCREASE a PLEASURE
3) DECREASE a PAIN
“With Progressive Condition-Based Needs” & “With Traumatic Change Needs”
1) Promote your product/service as THE SOLUTION.
2) Emphasize “direct to consumer” advertising.
3) Utilize Support Groups, & Leverage referral sources such as Medial and Community Professions
Educate, Advertise, Present for “The BOOMER”
Sources: dot BOOM / NAHB Student Guide CAPS I

FACE to FACE – The MEETING TIME:
Establish TRUST and RAPPORT
“It takes TIME… Patience, Understanding, & Empathy”
1) Acknowledge the older client
2) Acknowledge the caregiver/s
3) Determine the “decision maker/s”
4) Maintain a professional look, demeanor, and distance
5) Apply any special considerations to the client / situation
The Story of my OWN MOTHER… “The TRUTH is 3 LEVELS DEEP”
My most recent client “In-Home Assessment” : Double Amputee
1) The Client
2) The Home
3) The other team members present
Meeting and Building a Relationship
Sources: NAHB Student Guide CAPS I

So, Let’s BREAK IT DOWN…
Listening
5 TIPS FOR MARKETING TO THE MATURE MARKET (BABY BOOMERS)
Tip #1 – Cultivate a Relationship of TRUST
Tip #2 – Be the “Senior-Friendly” Busines
Tip #3 – Be the “Accessible Expert”
Tip #4 – “Give and Go” Communication
Tip #5 – Build Relationships via Community Outreach
Sources: SCSA “Society of Certified Senior Advisors

Tip #1 – Cultivate a Relationship of TRUST
I. Know your Customer
Commonality – Maslow’s Heirarchy of Needs
Priorities Change as we age
We interpret more “relatively” w/ life experience
Understand their DESIRES and their FEARS
Sources: dot BOOM / SCSA “Society of Certified Senior Advisors
II. Show Empathetic Understanding
LISTEN, LISTEN, LISTEN
The Truth is 3 LEVELS DEEP
Ask Questions that “peel the onion”
III. The Most Powerful KEY = Relationship
Genuine Interest
Hearing (and repeating back) in your LISTENING
TIME = Spend it… to build TRUST and RAPPORT
*They have to BUY YOU, before they can even HEAR
what it is you are offering as a product or service.

Tip #2 – Be THE Senior-Friendly Business
Listening
I. Your MESSAGE
CLARITY
SIMPLICITY
Avoid TECHNICAL TERMINOLOGY
II. Printed Materials
High Contrast – Keep it SIMPLE… Black on White
White Space – Be Generous in SEPARATION of INFO.
III. Website
Appearance & Layout – SIMPLE, SPACING, CONTRAST
Navigation – Study the PROS… User-Friendly, Intuitive
Content – SOLVING, SOLUTIONS, RELATIONSHIP, Personal
Genuine, Transparent, Emotional, Storytelling
TOOLS – How to collect client / visitor info. (simple)
*** Be clear with YOURSELF, what’s the GOAL of your site?

Tip #3 – Be the “ACCESSIBLE EXPERT”
Listening
I. Increase Your EXPOSURE:
Post GOOD CONTENT… Regularly and Consistently
Be in Social Media: Facebook, LinkedIn, Twitter, YouTube
Write Articles for others (guest blog), publications
II. Make SOCIAL MEDIA a PRIORITY
Brand yourself as an EDUCATOR, and an EXPERT
Own your space / industry… How?
CONSISTENTLY GOOD CONTENT, yours AND OTHERS!!
Be RESPSONSIVE to comments, provide Input to Others…
III. Goals for Both…
Make it easy for people to SHARE and FORWARD your info
Be ENGAGING, Be Genuine, Be Sincere
Make it CLEAR to your potential clients that they are being
INFORMED by you and that you CARE about them.
Other “Exposure Increasers”
- Volunteer w/ a charity
- Sponsor a community event
- Be a guest on a Radio Show
- Link URL referrals / relations
- Re-Purpose your Content

Tip #4 – “Give and GO” Communication Strategy
Listening
I. Don’t INTERRUPT… INTERACT:
“Interruption Marketing”: TV Ads, Junk Mail…
BOOMERS have had DECADES of it… they TUNE IT OUT.
ENGAGE w/ BOOMER CONSUMERS! They like to give input
Ask for Input/Feedback – Survey them, Poll them
II. Let them IN, Let them know you Personally
BOOMERS are looking for RELATIONSHIPS with BRANDS
Storytelling – Make it PERSONAL, your life AND THEIRS
Be personally accessible, emotional, and transparent…
III. Goals for Both…
If you are APPROACHABLE, UNDERSTANDABLE,
BELIEVABLE, TRUSTWORTHY, ENGAGING, and SINCERE…
The BUSINESS WILL COME…

Females Over 40 – The Decision Makers
Listening
“… they are increasingly taking charge of
traditional … household decisions such as
choosing the family car, which pension
provider or utility firms to choose and
where to go on holiday.”
- By James Hall, Consumer Affairs Editor
Women are key decision-makers in the home
http://www.telegraph.co.uk/finance/personalfinance/pensions/964
3440/Women-are-key-decision-makers-in-the-home-DWP-says.html

Females Over 40 – SPENDING POWER
The “She-conomy”:
http://www.she-conomy.com/facts-on-women
STATISTICS
Women account for 85% of all
consumer purchases including
everything from autos to health care:
• 91% of New Homes
• 66% PCs
• 92% Vacations
• 80% Healthcare
• 65% New Cars
• 89% Bank Accounts
• 93% Food
• 93 % OTC Pharmaceuticals
• American women spend about $5
trillion annually…
That’s over half the U.S. GDP
Women represent the majority of the online market
• 22% shop online at least once a day
• 92% pass along information about deals or finds to others
• 171: average number of contacts in their e-mail or mobile lists
• 76% want to be part of a special or select panel
• 58% would toss a TV if they had to get rid of one digital device (only
11% would ditch their laptops)
• 51% are moms Source: Mindshare/Ogilvy & Mather

MARS vs VENUS in the wallet??
The “She-conomy” has a MARS and VENUS too!
Women process information and make purchasing
decisions differently than men:
Women make more than 80% of all consumer
purchasing decisions. Consulting firm A.T. Kearney
estimates that women determine 80% of consumption,
purchase 60% of all cars and own 40% of all stocks
- 59% of women feel misunderstood by food marketers;
• 66% feel misunderstood by health care marketers;
• 74% feel misunderstood by automotive marketers;
• 84% feel misunderstood by investment marketers
• 91% of women in one survey said that advertisers don’t
understand them
• 37% are more likely to pay attention to brands that are
committed to environmental causes.
• 25% of all products in a woman’s shopping cart nowadays are
environmentally friendly.

Images of Boomers to EMBRACE !
Listening
This is YOUR CLIENT.
This is how THEY FEEL.
Make sure YOU make them feel this way TOO!!!

Webinar – Our SPONSORS
Listening

Reaching & Connecting with the BOOMER CONSUMER - by EtMM Aaron D. Murphy

Recomendados

Recomendados

Más contenido relacionado

Destacado

Destacado (8)

Similar a Reaching & Connecting with the BOOMER CONSUMER - by EtMM Aaron D. Murphy

Similar a Reaching & Connecting with the BOOMER CONSUMER - by EtMM Aaron D. Murphy (20)

Último

Último (20)

Reaching & Connecting with the BOOMER CONSUMER - by EtMM Aaron D. Murphy