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The New Rules for Marketing LTC to Today’s Boomer Consumer Keynote Address :: October 7, 2007 Matt Thornhill.

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Presentation on theme: "The New Rules for Marketing LTC to Today’s Boomer Consumer Keynote Address :: October 7, 2007 Matt Thornhill."— Presentation transcript:

1 The New Rules for Marketing LTC to Today’s Boomer Consumer Keynote Address :: October 7, 2007 Matt Thornhill

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3 What We Do Conduct national consumer research among Boomers Write and sell research reports Give speeches and seminars Consult with marketers on their messages Conduct custom research studies Talk to reporters Conduct national consumer research among Boomers Write and sell research reports Give speeches and seminars Consult with marketers on their messages Conduct custom research studies Talk to reporters

4 Are you a Baby Boomer? GI Generation ,000,000 Silent Generation ,000,000 Baby Boomers ,000,000 Generation X ,000,000 Millennials ?80,000,000 GI Generation ,000,000 Silent Generation ,000,000 Baby Boomers ,000,000 Generation X ,000,000 Millennials ?80,000,000

5 One out of every three adults in America is a Baby Boomer. Source: US Census

6 +23% million million +1% million million million million 91.5 million 91.5 million The “coveted” demographic? Source: US Census

7 78 Million Strong Infants FoodGerber KidsTVFads, Cereal TeensConvenienceMcDonalds Young AdultsRebellionVW, Honda AdultsExerciseNike, Fitness ParentsTransportationMinivans Over 50Aging??? Infants FoodGerber KidsTVFads, Cereal TeensConvenienceMcDonalds Young AdultsRebellionVW, Honda AdultsExerciseNike, Fitness ParentsTransportationMinivans Over 50Aging???

8 Understanding Boomer Behavior: Psychology Season of Life Sociology Life Stages and Styles Anthropology Cultural Experiences

9 Different Seasons, Different Reasons Social/ vocational development Work (becoming somebody) Romantic: the world is my oyster; I can make anything work my way Inner self/ spiritual development Work-Play (search for meaning) Reality: Not as good as I thought; who am I, what’s my life purpose? Climax of personal development Reconcilia- tion (making sense of life) Ironic: There’s some good in every bad, some bad in every good – c’est la vie! Stage: Initial personal development Age: Birth-20 Life Focus: Play (learning) Modus Operandi: Fantasy: Everything will generally work out in my favor Summer Autumn Winter Spring Source: Ageless Marketing

10 73 The Middle Age of Aquarius? Q: At what age does “Middle Age” begin. At what age does “Old Age” begin? Old Age Young Adult Boomer Marketing Study, Nov 2005 Boomers 50+ Middle Age

11 Time to change some thinking

12 Life Stages of Boomers Grandparent Entrepreneur Empty Nester Single Again Parent Retired Care-Giver Source: Boomer Project Nov 04 Study Sociology

13 Not One Life Style Sociology Boomer Segments: Empowered Trailblazers Wealth-Builders Leisure Lifers Anxious Idealists Stretched and Stressed Boomer Segments: Empowered Trailblazers Wealth-Builders Leisure Lifers Anxious Idealists Stretched and Stressed From Merrill Lynch’s “New Retirement Survey” May 2005

14 Life Styles of 40+ Sociology Conservative Elites Gold ‘n Gray Metro Influentials Urban Elegance Sunset Blues Senior Suburbia Urban Sophisticates Standard-Bearers Elder Sages Middle Class Empty Nesters Rural Family Values American Dreamers Conservative Elites Gold ‘n Gray Metro Influentials Urban Elegance Sunset Blues Senior Suburbia Urban Sophisticates Standard-Bearers Elder Sages Middle Class Empty Nesters Rural Family Values American Dreamers Rustic Retirees Urban Ethnic Blend American Bedrock Urban Strugglers Classic Rockers Independent Spirits Liberal Achievers Small Town Living Southern Traditionalists Small Town Traditionalists Blue Collar Boomers Mainstream Matures Rustic Retirees Urban Ethnic Blend American Bedrock Urban Strugglers Classic Rockers Independent Spirits Liberal Achievers Small Town Living Southern Traditionalists Small Town Traditionalists Blue Collar Boomers Mainstream Matures

15 Life Styles of 40+ Sociology Conservative Elites Gold ‘n Gray Metro Influentials Urban Elegance Sunset Blues Senior Suburbia Urban Sophisticates Standard-Bearers Elder Sages Middle Class Empty Nesters Rural Family Values American Dreamers Conservative Elites Gold ‘n Gray Metro Influentials Urban Elegance Sunset Blues Senior Suburbia Urban Sophisticates Standard-Bearers Elder Sages Middle Class Empty Nesters Rural Family Values American Dreamers Rustic Retirees Urban Ethnic Blend American Bedrock Urban Strugglers Classic Rockers Independent Spirits Liberal Achievers Small Town Living Southern Traditionalists Small Town Traditionalists Blue Collar Boomers Mainstream Matures Rustic Retirees Urban Ethnic Blend American Bedrock Urban Strugglers Classic Rockers Independent Spirits Liberal Achievers Small Town Living Southern Traditionalists Small Town Traditionalists Blue Collar Boomers Mainstream Matures JWT Mature Marketing Group 24 “Clusters” based on common: Purchasing power and behavior Lifestyle choices Values Demographic attributes Socio-economic status Attitudes JWT Mature Marketing Group 24 “Clusters” based on common: Purchasing power and behavior Lifestyle choices Values Demographic attributes Socio-economic status Attitudes

16 Anthropology Key Shared Experiences

17 Driven Transformational “Self” centered Driven Transformational “Self” centered Generational Values Personal Gratification Entitlement Control Work Ethic No to Status Quo Optimism Generational Values Personal Gratification Entitlement Control Work Ethic No to Status Quo Optimism Defining Events Birth of TV Prosperity Cold War Political Assassinations Watergate Rock ‘n Roll Growth of Suburbia Women’s Lib Civil Rights Vietnam Defining Events Birth of TV Prosperity Cold War Political Assassinations Watergate Rock ‘n Roll Growth of Suburbia Women’s Lib Civil Rights Vietnam Anthropology

18 Early “Fall” Feel Young Inner-directed Early “Fall” Feel Young Inner-directed Diverse life stages Diverse lifestyles “Ageless” Diverse life stages Diverse lifestyles “Ageless” “Self” Centered Transformational Optimistic “Self” Centered Transformational Optimistic Understanding Boomer Behavior: Psychology Sociology Anthropology

19 The New Rules for Marketing LTC to Boomers Treat everyone differently Put some feel- ing into it Be positive Realize more is better Tell a story Aim inwardly Remember, it’s all about me Play in the gray Use life stage, not age, as a marker Learn, baby, learn                    

20 Marketing to Older Consumers can work to attract younger consumers, but the opposite is not true. Good Grips ® Kitchen Utensils Good Grips ® Kitchen Utensils Red Bull ® Energy Drink Red Bull ® Energy Drink

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22 Financial Physical Mental Social Spiritual

23 5 Things to Do NOW! 1. Read the book! 2. Order more for your friends and co- workers. 3. Subscribe to our newsletters. 4. Hire us to conduct a Boomer Audit of your business. 5. Use us to test different messaging to different segments of the 50+ population. 1. Read the book! 2. Order more for your friends and co- workers. 3. Subscribe to our newsletters. 4. Hire us to conduct a Boomer Audit of your business. 5. Use us to test different messaging to different segments of the 50+ population.

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