Presentation on Marketing to Baby Boomers given at the 2010 Rhode Island Association of Facilities and Services for the Aging.
TRANSCRIPT
MARKETING TO BABY BOOMERSIN THE NEW MARKETINGENVIRONMENTTiffany L. Hogan, Ph.D.
TODAY’S TALK: The New Marketing Environment – what has
changed and how marketers are responding
The Boomers (they certainly aren’t babies any more!) – as consumers, what are their needs and behaviors
Suggestions for successfully reaching and communicating with Boomers
Presenter
Presentation Notes
[This assumes you have a marketing strategy in place, and part of that strategy is the goal of more clearly communicating your value proposition to your current, past and future customers. A cornerstone of marketing communication is the idea of understanding your customer: their needs and wants and values. In this presentation, I am going to help you think a little more tactically about how to communicate with this giant customer group coming down the pike at you: (the mouse in the snake analogy?) The Baby Boomers.
CHANGE
Presenter
Presentation Notes
I’ll be talking about change, today. How has marketing and the new economic environment changed? How are your customers changing, and how can you change right along with them, to make sure that you are fulfilling the needs of your customers along with keeping your buildings full of satisfied residents, and importantly, their family members?
THE NEW MARKETINGEVIRONMENT
An easy sell!
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The Ultimate Marketing Challenge:
Presenter
Presentation Notes
I recognize that you are in a tough place right now. We have been in a terrible recession, and despite reports to the contrary, most people feel like we are in it for a long time. Secondly, most of you are in the business of providing products and services that traditionally have been viewed in a negative light by many people. On top of this, you have the added changes in health care laws, regulations and practices…. Once upon a time you just needed to make hospital discharge planners or similar people aware of your services. Now, as I understand it, the game has changed. There’s more competition, more demand for transparency and accountability – as well as heightened consumer expectations. I know that some of you are having no trouble rising to the challenge, but for many – these continue to be daunting challenges.
SO WHAT ARE SOME CURRENT TRENDS INTODAY’S MARKETING?
Its not about your product or service; its all about the customer and his/her needs
Its about getting your customer to feel your product/service is invaluable
Its about bringing surprise and delight to the customer
Its about having the right product, in the right place, at the right time.
Connect with your customer
Understand your customer
FOCUS ON THE CUSTOMER, NOT YOURPRODUCT OR SERVICE
What are their needs?What are their values?
What keeps them up at night?
SOME SPECIFIC CURRENT CONSUMER TRENDS:
From material wealth to “a life better lived”
From flashy to frugal (or “value conscious”)
From disposability to “social consciousness”
How can you ride these trends to improve your products and services?
“Your customers—your communities—have new expectations. They want to (actually!) interact with your organization. They want to know what they want to know—when they want to know it. And, as always, they want to know, and feel, how your organization and its brand align with their personal brands and values.”
Tamsen McMahonDirector of Strategic InitiativesSametz Blackstone Associates
Presenter
Presentation Notes
Traditionally we have thought about “brand management” as being the domain of consumer packaged goods; you know – the stuff you buy at the store that has nice logos on it. But in this marketing environment – consumers have become accustomed to knowing more about providers and companies. For example – the whole concept of corporate social responsibility. There is a reason that so many products and companies are looking to partner with causes and non-profit organizations; they have found that being seen in a positive light, being seen as making a contribution to health and well being of the community and environment – actually means something to today’s consumer. Luckily for you – these widespread consumer trends dovetail quite nicely with the expectations and values that Baby Boomers hold. So lets turn and look at those, now.
THE “BOOMERS”
THE BOOMERS:
78 million strong
Used to re-defining every life stage
Used to being the center of all marketing and advertising efforts
In reality, facing tough economic constraints
Presenter
Presentation Notes
Many of you know this already, but it bears repeating that we are talking about a very large group of folks coming down the pipeline at you. This group are those people born between the years of 1946 and 1964. The oldest ones are just turning 65 now, and as you all know – they will not go gently into that good night, as they wind down the last few d decades of their lives. They have experienced so much in their lives: {click} They experienced the longest economic expansion of our history. And through it all: {click} they were in the middle of it. BUT it hasn’t been all sun and roses, and it certainly isn’t, now: 60 percent of boomers won’t be able to maintain a lifestyle close to their current one without continuing to work 60 percent of older boomers already suffer from chronic health problems 2015 there will be 21 million single 51- to 70-year-old boomers (more than twice as many single households as the previous generation had at the same age.) 46 percent of boomers fear ending up alone, and Almost half of them feel that they can’t count on their families to help them 43 percent already are frustrated that they aren’t leading the lives they expected to. BUT - the boomers’ resourcefulness and willingness to change Around 80 percent of them enjoy trying new products and services and believe that they can survive anything life throws at them. {click}
THE BOOMERS:
PRAGMATIC IDEALISTS
Presenter
Presentation Notes
A generation that lived through unprecedented prosperity and has correspondingly high hopes for its golden years must cope with significant financial, physical, and social challenges. Dr. Bob Deutsch of the marketing firm, Brain Sells, calls them Pragmatic Idealists in they are reasonably optimistic that they have some ability to shape things into the way they want them. They feel they are still growing and that many opportunities still exist for them.
ACCORDING TO DR. DEUSTCH OF BRAINSELLS:
The developmental history of Boomers casts them as characters that possess a self-expansive nature primarily devoid of cynicism. The Baby Boom generation embodies a vitality that makes them survivors, even if they can't always be thrivers.
Presenter
Presentation Notes
They are expansive and not particularly cynical. The expectation is that they will embrace and engage the peak decades of their lives; as you all well know – this requires a lot of adaptation and re-framing and accommodation to the reasonable inevitabilities of older age. But they won’t be passive, and they won’t quietly accept labels and stereotypes. As Boomers age, home range will become more important, and getting settled in new spaces, such as a smaller, closer-to-town abode or a move to a warmer climate, will require adaptation to new interpersonal and larger social arrangements. In addition, Boomers will develop requirements for new types of mundane services, particularly in the domains of finance, healthcare, and personal care. As people age their nostalgic yearnings grow, says Deutsch, making them more receptive to advertisers and marketers use of what researchers call a "longing for positive memories of the past." Moreover, nostalgia can make Boomers feel that not so much time has passed between then and now, making them feel young again. Nostalgia should be considered as one marketing aesthetic to attract Boomers.;’
WHAT ARE BOOMERS LOOKING FOR?
They don’t want to compromise their authenticity The process is as important as the result, they want
“the ride” They like to inspire others; help them feel helpful They know that there are no absolutes They prefer personal style over rote action or ritual They are oriented to the human dimension; they
appreciate humor They hate feeling trapped, conned and boxed-in They are creative and conservative They are looking to be heard and understood Help them feel smart, proud and innovative
Presenter
Presentation Notes
How can you help support these desires?
THEY WON’T STOP DOING WHAT THEY LIKE
Presenter
Presentation Notes
Talk about this stuff – but use the computer pictures – STEVE JOBS – to turn the conversation to computers and the internet.
ARE BOOMERS AND SENIORS ONLINETODAY? YES!!!
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Internet here (they are online – SEE?!?!) – Many implications for your businesses, we will talk a little more about this in the final section or in the Q & A.
WHAT ARE SENIORS DOING ON LINETODAY?
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Presentation Notes
What are they doing online today? Research shows that for now, they are mostly using the web to look for information, and for staying in touch. They google; they email; they Skype. Not sure that too many are tweeting yet – but you would be surprised!
FASTEST GROWING USER GROUPS OFSOCIAL MEDIA
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But right now, they are providing tremendous growth to many social media sites. There is tremendous value in this for older people – sometimes I think more so than for younger people. As technology improves – and watch out for the iPad – touch screen technology is so much easier and intuitive -– I think we are currently underestimating just how critical social media and digital technology will be for the older generations.
TIPS/TECHNIQUES TO ENGAGEWITH BOOMERS
I. LEARN MORE ABOUT YOUR CUSTOMERS
Beyond what you already know. For example:
What if you were running a hotel or a camp, what would you want to know?
Ask about where they spend their leisure time now; where their “third place” is.
Presenter
Presentation Notes
There is an art to listening to your customers. It’s not easy to do – people who offer services and products tend to filter everything the customer says through the lens of their products/services. Its very hard to “think” beyond your current offerings. But its so critical to providing good service. It gets you into the realm of “customer delight” and “raving fans.” One classic example is the invention of the cupholder, in cars. They are everywhere today, but once upon a time it took a huge leap of imagination – and some very good observation – to realize that cars could make it easier to eat and or consume beverages. It wasn’t what cars did, once upon a time. Similarly – there are probably things that your company or facility doesn’t do – but maybe it could, if you could figure out what that might be. Here are a couple of good questions to ask or think about. But what else do your customers want? They want to feel they belong; they want good quality coffee; they want to feel that they are good family members; they want to feel informed and up-to-date, I’m sure they want free wi-fi in your lobbies. How can you help them achieve these larger goals?
II. ENGAGE MORE DEEPLY WITH YOURCUSTOMERS/FAMILY MEMBERS
Mass, one-way marketing is dead; think personal and custom tailored
You have so much to offer;reach out beyond your current spheres; improve your WOM
Where are your future customers today? Meet them there.
Presenter
Presentation Notes
It needs to be a two-way street; one-way mass marketing does almost nothing to make your customers or potential customers know that you care and are interested in them. This is the reason why you should maximize your use of your digital presence and various forms of social media. Think about it – you are in a fantastic spot to help people. You meet with people who are in crisis, for example – how can you do more to help people, and create fans that lead to good WOM? I mean, beyond being friendly when people call or come in for a visit?
III. IMPROVE YOUR WEB PRESENCE
Search Ranking Interactivity of your
web site Get your true
identity onto your site
Social Media Inbound
“opportunities” – use them!!
IV. CONTINUE TO REFINE YOURMESSAGING
Fit for being fit One size fits all
programming Its all about the
equipment/facilities Be the same Age-specific programming Dominance of 18-40 Heart “In the box”
Health and Energy Customization Engagement Its all about the experience Be unique Wellness Old is Gold Hearts and Minds “Out of the box”
Some suggestions from Colin Miner, IAAA
Yesterday’s Messaging Today’s Messaging
THE HIGH EXPECTATIONS AND CONSTRAINEDPOCKETBOOKS OF MANY BOOMERS WILL MAKE
SERVING THIS GROUP EXTREMELY CHALLENGING; COMBINING THE LOW PRICES, HIGH SERVICE LEVELS,
AND STRONG BRAND IDENTITY THESE BOOMERS CRAVEIS INHERENTLY DIFFICULT – BUT THOSE COMPANIES OR
PROVIDERS WHO FIGURE OUT HOW TO DO IT WILL BEHIGHLY REWARDED IN THE COMING YEARS.
THANK YOUEmail me at: [email protected] for a copy of the presentation, resources or with any additional questions.
