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Marketing and Motivating Boomers and Beyond

Archive for the ‘Retirement’ Category

Mature Marketing Tweets of the Week- 1/30/2012

Monday, January 30th, 2012

It’s a new week and once again time to explore Creating Results’ top Tweets of the Week. Enjoy!

MOST CLICKED:

1. Does Google accurately guess age and gender:  Fun article that explores Google’s privacy announcements by testing if this internet search giant can accurately guess your age.  An informal survey within the article of the author’s colleagues found some interesting results in the age category, however the ISP was more able to effectively identify interests was fairly accurate.   Here are few of the age misses the article shares:

  • Women aged 24, 25, and 28 were estimated to be men aged 25-34.
  • Men aged 30, 41, and 29, plus a 39-year-old woman, were all found to be boomer or seniors aged 65 or older

Try it for yourself

2.  Great Ad Age article that explores the recent disclosures from Paula Deen regarding her health and the impact to her credibility as a brand.  As marketers this piece presents a reminder of how personal a brand is to boomers and seniors and the inability to distinguish (in this case) the person from the brand.

WORTH REPEATING:

A beautiful story in the Huffington Post of caring for senior parents with Alzheimer’s and the grief experienced by all it touches.  Experience a glimpse into the story of one woman as she helps her senior mom deal with a beloved father suffering from this disease.

OVERHEARD (and too funny not to share):

Woman:  “I noticed you limping, is anything wrong?” Gentleman: ” It’s a degenerative issue with my joints that is just too hard to pronounce.  The initials are O.L.D.”

 

Mature Marketing Tweets of the Week – 1/9/2012

Monday, January 9th, 2012

Every Monday, we bring you those tweets from the past week that received the most clicks/re-tweets or generated the most discussion.

1. MOST CLICKED: Red, White and Gray – the high costs and high rewards of longer lives (The Atlantic) http://bit.ly/ymnGqu

2. MOST SHARED: Advocates say more gay-friendly senior housing is needed – many older gay, lesbian, bi-sexual and transgender adults fear discrimination and disrespect await them after a move to a senior community (CBS News) http://bit.ly/AaSNtt

3. Understanding the needs and concerns of baby boomers as they pass through five stages on the road to retirement (Albuquerque Business Journal) http://bit.ly/y08b1O

4. How choosing the right photography can make your marketing more effective with baby boomers and seniors (ICAA Journal on Active Aging) http://bit.ly/zrgdoV

And a tweet that should have received more attention – “6 Ways to Approach Branding and Social Media for Your Business in 2012.” The author of the post, Amanda Miller Littlejohn (@amandamogul), was inspired by one of our favorite books - Content Rules. She notes that too many businesses will dive into 2012 marketing without first taking time to think strategically.

“One of the things I’ve noticed when working with solopreneurs, small business clients and even non-profit organizations is the overwhelmingly ad hoc approach to creating content for the  web. I get it: small business owners are short on time and short on staff. We wear so many hats that it’s easy to forget the importance of planning. But planning is the best way that you stay on message and continually reinforce your brand.”

Read Amanda’s 6 tips here: http://www.blackenterprise.com/2012/01/04/6-ways-to-approach-branding-and-social-media-for-your-business-in-2012/

Don’t let the discussion end! Share your thoughts on 2012 planning or any of these links in the comments below.

Mature Marketing Tweets of the Week- 12/19/2011

Monday, December 19th, 2011

Tweets from @CreatingResults over the course of the last week that were most shared, discussed and clicked.  Happy Tweeting!

By far the most shared post was Gaining Boomer and Senior Marketing Insights from Social Media. Find out what messages/strategies are hitting (or missing) the mark. Todd Harff recaps a number of resources that can be extremely helpful in determining and leveraging boomer and senior social preferences and behaviors, including  LinkedIn’s which allows you to see what is generating the most interest segmented by industry or group.

Statistics on Groups in LinkedIn give insights for marketing to baby boomers, seniors

Other Top Tweets:

1. Santa’s Senior Secrets- An infographic chock full of not only holiday cheer but stats on seniors the world over.

Infographic - Statistics for Seniors Marketing - Secrets of Santa Claus

2.  Baby Boomer social media revolution: More and more boomers flock to sites such as Facebook and Twitter.  How will you reach them?

3. Seven reasons direct mail and print remain effective marketing tools.

4. Interesting article via @AllThingsAging examining the rise of Ethnogeriatrics within diverse communities.

A Sleighful of Statistics on Seniors – and Santa

Thursday, December 15th, 2011

Seniors make up 13% of Americans and by 2030 will be 20% of the United States population. But our favorite senior may be dear old Santa Claus. The right jolly old elf is – at the least – just shy of 200 years old. This holiday, Creating Results celebrates timeless seniors everywhere with a brand new infographic. Statistics, insights … they’re all in Santa’s pack, below.

Infographic - Statistics for Seniors Marketing - Secrets of Santa Claus

 (For a version which is larger/printable/easy to share, click on the image.)

As always, we feel feedback from our readers is a great gift. Please share your thoughts on this infographic in the comments section. And, HAPPY HOLIDAYS from Creating Results!

Mature Marketing Tweets of the Week – 12/12/11

Monday, December 12th, 2011

Tweets from @CreatingResults that were most discussed, shared or clicked last week. Let’s dive in!

TOP TWEETS THIS WEEK

1. Holiday homecomings may last a long, long time for Baby Boomer women. Mostly driven by the recession, they’re now housing their adult children and don’t anticipate packing them up any time soon. http://bit.ly/u2VETl

2. Free social media tools your brand should be using to research baby boomers  and seniors bit.ly/vJnNeG

3. Retirement: Busy, but a different kind of busy. http://exm.nr/tTFTv5

4. As people put off moving into any type of senior housing, senior living providers are finding those entering are “significantly older—and in need of more care—than they were several years ago” reports Senior Housing News.  http://bit.ly/slWBXe

5. Featured by SocialMediaToday.com: Gaining Boomer and Senior Marketing Insights from Social Media by @CreatingResults ow.ly/1g6UNC

And a tweet that should have gotten more attention because these are words we can all live by … From Laura Fitton (aka @Pistachio, thought leader and the author of Twitter for Dummies): “Just in case you forget, sometimes http://ow.ly/i/n0AH

Are Baby Boomers Really Ready to Move?

Wednesday, April 14th, 2010

The 2010 Del Webb Baby Boomer Survey was just released, and the nation’s largest builder of active adult (55+ age-qualified) communities concludes that Boomers are ready and willing to move upon retirement.

“According to the Del Webb survey, nearly a third of older Baby Boomers plan to move in retirement, with more than 50 percent planning to move to a different state, about 25 percent of them planning to move to a different city within the same state, and less than 20 percent of older Boomers planning to move within the same city.”

So, are we going to see a great movement of Boomers criss-crossing the country in the coming years?  The definite answer is: It depends.720034

What I find fascinating is that the results are different from the MetLife Mature Market Institute (MMI) / National Association of Home Builders 55+ Housing study which was completed just last year. It could be that the samples and questions are different, but Del Webb concludes that the Boomers are more mobile than MMI found.

Creating Results has spent more than 15 years of marketing real estate to older, more affluent homebuyers, including a large number of premier active adult communities. What we have found is that – absent the high cost of living states and escape from urban areas – only a small percentage of people are willing to move more than 100 miles.

Most people don’t want to move at all and would prefer to age in place.  In 2009, this desire helped turn active adult housing from a sweet spot into a question mark.  Boomers and beyond stayed put.

National studies can provide insights into broad trends, but it is generally not helpful (and even potentially dangerous) to apply the findings to individual communities. Motivators  vary significantly.  It is important to conduct specific research to develop target markets profiles for each community.

We also caution people against making assumptions about grandchildren and children.  For many Baby Boomers, this is a critical motivator.  However, for others it’s just not that important.

Child and grandfather in clubhouseWe wonder what percentage of the respondents to the 2010 Del Webb study were single.  In our experience, that is a growing market in which prospects often are not as concerned about proximity to grandchildren. In some of the active adult communities we market, 1/3 of the buyers are single and they complain that a focus on grandchildren makes them feel excluded.  They are concerned that they won’t fit into the commuinity.

One Del Webb finding that we agree with entirely is the importance of access to health care. This seems like a no-brainer, but few builders have the courage to address this top level concern in their marketing materials. They are afraid that it takes away from the lifestyle message.  We believe that proximity to quality health care serivce is part of the lifestyle message.

What do you think of the 2010 Del Webb Study?  Share your thoughts below.

Happy Labor Day! The Recession and Older Workers

Monday, September 7th, 2009

Two new sources of data, statistics and insight into how the current economic conditions are affecting mature consumers.  First, the Pew Research Center finds that the majority of 65+ers (Silent Generation members) keep working because they want to and that older workers are happier on the job than younger workers.   However, as the AARP Economic Team notes in a July report, the unemployment rate for people over 55 has increased more sharply than for other age groups.

Read Pew’s report, titled “Recession Turns a Graying Workforce Grayer” at http://pewsocialtrends.org/pubs/742/americas-changing-work-force.  According to Pew:

According to one government estimate, 93% of the growth in the U.S. labor force from 2006 to 2016 will be among workers ages 55 and older.

Demographic and economic factors explain some — but not all — of these changes. Attitudes about work also play an important role — in particular, the growing desire of an aging but healthy population to stay active well into the later years of life.

WhySeniorsWork.PewResch(Did you get Labor Day off?  While the burgers cook, we invite you to search this blog.  You’ll find several posts on the desire of Baby Boomers and beyond  to delay retirement, and what that means for marketers.)

AARP’s study, “Older Americans and the Recession,” has several eye-opening charts.  It includes links to research on the impact of stock market woes and disappearing retiree health insurance benefits.  You can find it all at http://www.aarp.org/research/ppi/econ-sec/Other/articles/Older_Americans_and_the_Recession.html.

Economic Crisis Delays Retirement For Many

Monday, August 3rd, 2009

Golden Gateway Financial released some sobering news last month:  the number of older Americans who will delay retirement past age 70 has doubled, thanks to today’s economic challenges.  The report also states that half of all seniors’ net worth has decreased by 10 to 30 percent.

The problem is that time is not on the side of older workers who are trying to recover from housing or financial market losses.  Per Golden Gateway Financial:

  • Before the economic crisis, 67 percent of respondents planned to retire before age 70
  • Now, the number of seniors planning to retire by age 70 dropped to 40 percent
  • Before the economic crisis, 30 percent of those surveyed planned to retire after age 70
  • Now, almost 50 percent of seniors plan to retire after age 70

(Golden Gateway defines “senior” as 62 years or better, so this is relevant to targers from the Silent Generation or older.)

At Creating Results, we’ve studied and written about mature consumers who choose to delay retirement.  We started doing so long before the financial crisis, and we would have expected to see an increase in delayed retirements even if the economy continued to soar.  (Check out the profiles in this recent MSNBC story on those opting to work.) 

However, with challenges brought on by the Great Recession, these self selected ”un-retirees” will be joined by an increasing number of folks who have little choice but to keep working and by those who could retire, but are now too scared to do so.

For marketers, this will have major implications for the messages and mediums they use to connect with seniors.  Its means you’ll have to fight harder and smarter for a share of spending.  Not only for their share of their hard-earned money, but also for a share of how they spend their reduced leisure time.  These savvy and experienced consumers will be re-defining “discretionary.”  Companies and marketers need to become adept at segmenting their products/messaging based on employment status and the new anxieties this study observed.

Working Longer May Delay Dementia

Tuesday, July 28th, 2009

British researchers have theorized that working past retirement age can delay dementia.  The Boston Globe theorizes that this may be a benefit to older Americans forced to continue working. 

On one point there is no question: Since the start of the recession, more people nearing or just past retirement age have opted to stay in the workforce. Polina Vlasenko, a researcher at the American Institute for Economic Research, analyzed years of national data and found that the labor force participation rate of people ages 54 to 69 is now at the highest levels on record.

“It is likely that people close to or past retirement age feel the need to work because their retirement savings have suffered in the recent financial crisis,’’ she concluded in her May study.

 There are also several studies that show Boomers and beyond are continuing to work because they WANT to do so.  We call it “un-retirement.”

Whether mature consumers are working because they choose to or because they have to,  marketers need to be aware that they’ll be spending their time and money in different ways.  For example, housing communities that decades ago promoted tennis courts and maj-jong should be looking instead at business centers and home offices.  Todd Harff wrote about the “un-retirement” trend and active adult housing for a Spring 2007 50+ Housing Magazine article titled “Working for a Life (not a living)”.

UnRetirement and Active Adult Housing

What Will Rebound Faster – the Economy or Baby Boomer Attitudes?

Monday, June 22nd, 2009

Boomers are facing tough choices as they near retirement, and a recent article in the Financial Post gives us the view from the “great white north.”

Sherry Cooper at BMO Capital Markets offers a perspective both personal and professional.
“[W]hile times maybe tougher for Boomers as they watch their portfolios swoon, there is still plenty of time for a turnaround. ‘The bulk of the Boomers are 10 years [before] retirement and all historical evidence suggests the stock market will rebound,’ she says. ‘But this is a cycle the likes of which we have never seen before.’

Ever she admits the economic crisis is getting to her as she is bombarded with information about it on a constant basis. ‘It feels worse because there is 24/7 news coverage. I can tell you personally, by the time I leave the office at night my head is aching. It is psychologically very difficult to be constantly confronted with pessimism,’ she says.”

The reality is that this recession will have a lasting impact on how people view saving, working, and retirement. Those nearing retirement will be racing to make up lost ground. And marketers will have to recognize that as the economy rebounds slowly, the cautious and pessimistic attitude of consumers will take longer to improve.


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