Money Talks (and Boomers and Seniors Listen)
Every Monday, we take a look back at the content that our followers engaged with the most during the previous week.
First up this week, Joseph Coughlin of the AgeLab at the Massachusetts Institute of Technology explains why spending marketing dollars on targeting aging generations will generate the MOST bang for your buck.
Then, Senior Housing News identifies what we as marketers have to know (and be sensitive to) about the growing financial struggles that are devastating today’s health care companies.
MOST SHARED: Save Your Pennies and Market to Boomers Instead of Millennials
Speaking at a conference in Orlando, AgeLab founder and director Joseph Coughlin explained that since Boomers have more disposable income, retailers and commercial real estate industries should shift their focus accordingly.
Marketing to younger generations will not be as profitable. Research proves as fewer people are having children, by 2047 there will be more in the over-60 age bracket than in the 1-15 age group, thus making the over-60 demographic more profitable for many businesses.
As more industries begin to target our corner of the market, we boomer-focused advertisers are going to have to work even harder to differentiate ourselves from the competition.
As you develop ways to market your senior products and services, think about the things that make your product/service truly unique and emphasize those aspects to your target market.
If you are marketing a senior living community and both you and your competitors emphasize state-of-the-art fitness centers as a focal point in your marketing, how will your audience be able to differentiate you from your competitors?
Focus on the things that your competitors aren’t talking about, but that you know potential residents care about. This will give you an edge over your competitors.
Also, as the world is becomes more conscientious of the overall wealth of our beloved boomers, we are going to have to pay even closer attention to the things that really matter to them. It isn’t about wealth — it’s about solutions, security, independence, lifestyle and family relationships.
MOST CLICKED: Health Care Industry and Senior Housing Organizations in Financial Distress
The financial struggle sweeping the health care industry directly correlates to the downfall of the various senior living organizations across the country. Senior Housing News explains that the number of health care organizations that have filed for Chapter 11 bankruptcy is at an all-time high.
Financial struggles have touched a wide variety of health care companies including hospice agencies, senior living community, hospitals and more.
This quarter alone, the Healthcare Services Distress Research Index has risen by 44% and is expected to continue moving forward. A restructuring attorney with the firm Polsinelli told Senior Housing News “It’s a direct result of the changes in the Affordable Care Act, new technology, and all of the changes in the market that have been happening over the past few years.”
For older adults considering senior living, increased financial distress among the organizations vying for their business will likely increase their concerns and could delay a move to any senior community.
Marketers must consider ways they can deliver a message of financial stability, especially when / if local headlines are focused on organizations that are not stable. Your messaging should address the issues with clarity and confidence, promoting the peace of mind seniors need to make these complex healthcare and housing choices.