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 ArchitectureManaging Editor, EmpoweringTheMatureMind.com

Statistics We CANNOT IGNORE

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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

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Age Branding In the 21st CenturyBy 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

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Age Branding In the 21st CenturyBy 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.

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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

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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):

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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 segme nt

before in U.S. history.

� They’ve “redefined” every decade they’ve been a par t 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)

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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!

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=

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

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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…

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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 CustomerCommonality – 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 UnderstandingLISTEN, LISTEN, LISTEN

The Truth is 3 LEVELS DEEP

Ask Questions that “peel the onion”

III. The Most Powerful KEY = RelationshipGenuine 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

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I. Your MESSAGECLARITY

SIMPLICITY

Avoid TECHNICAL TERMINOLOGY


II. Printed MaterialsHigh Contrast – Keep it SIMPLE… Black on White

White Space – Be Generous in SEPARATION of INFO.

III. WebsiteAppearance & 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”

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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 PRIORITYBrand 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

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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 PersonallyBOOMERS 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

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“… 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

STATISTICSWomen 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 do n’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 !

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This is YOUR CLIENT. This is how THEY FEEL.

Make sure YOU make them feel this way TOO!!!

Webinar – Our SPONSORS

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

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