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1 -1  Demographics  Generations  Challenging stereotypes  How the Boomers are changing retirement  The client across the desk 1. The 50+ Market.

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Presentation on theme: "1 -1  Demographics  Generations  Challenging stereotypes  How the Boomers are changing retirement  The client across the desk 1. The 50+ Market."— Presentation transcript:

1 1 -1  Demographics  Generations  Challenging stereotypes  How the Boomers are changing retirement  The client across the desk 1. The 50+ Market

2 1 -2  One in three Canadians is a Baby Boomer.  Number of seniors in Canada will increase 200% between 2005 and 2036. Large and Fast-Growing Market Segment

3 1 -3  Provide insights into what is important to clients and customers  Learn about viewpoints, reactions, motivations, lifestyles, hopes, and fears  Help us understand how best to communicate and market Demographics and Generational Characteristics

4 1 -4 Demographics and Generational Characteristics Born % of Canadian Population Lost and Full Retiree Generations prior to 1937 3.7% Active Retiree1938–194713.96% Baby Boomer1948–196231.2%

5 1 -5 Demographics and Generational Characteristics Born % of Canadian Population Generation X1963–197612.4% Generation Y1977–199426.1% Generation Z 1995– present 12.3%

6 1 -6 Generational profiles inform how :  Services are provided  Marketing communications are developed  Buyers and sellers are counseled Defining the Market

7 1 -7 Lost and Full Retiree Generational Profile Born:Prior to 1937 Age in 2010:73 years and older These Members Are: Parents of Baby Boomers Grandparents of Gen X Formative Experiences: Depression WW II Attitudes:Energetic Courageous Loyal Community oriented Hardworking Team players Respect for authority

8 1 -8 Active Retiree Generational Profile Born:1938–1947 Age in 2010:63–72 These Members Are: Parents of Gen X Grandparents of Gen Z Formative Experiences: WWII D-Day in Normandy Korean War Attitudes:Cautious Conformist Risk averse Unimaginative

9 1 -9 Working with Lost and Full and Active Retirees Providing Services:  Feel that “service isn’t what it used to be.” Decision Making:  May appear indecisive, overly cautious.  Afraid of out-living their assets.  Help them feel empowered to make a good decision.  Decisions are driven by circumstance, not the market.  May be concerned w/image when downsizing. Counselling:  Address them as Mr. and Mrs.  Shake hands.  Honor the need for independence.  Ask a lot of questions to find out what they really want.  Show the options and explain all the details.

10 1 -10 Working with Lost and Full and Active Retirees Response Time:  For follow up, schedule a specific time when you will respond.  Make a telephone appointment and explain that you will address their concerns during that appointment. View of Experts:  Value personal referrals.  Provide testimonials and resume. Information Access:  Technology is a bit mysterious, but a handy tool for communications and entertainment. Marketing Dos and Don’ts:  Help clients feel empowered  Be courteous and interact face to face.  Do not patronize.  Be aware of physical limitations.  Relationship marketing is key.

11 1 -11 Baby Boomer Generational Profile Born:1948–1962 Age in 2010:48–62 These Members Are: Children of the Lost and Full Retirees Parents of Gen Y Formative Experiences: Assassinations of JFK, Martin Luther King, and Bobby Kennedy Cuban Missile Crisis Vietnam Moon landing Woodstock and hippie culture Attitudes:Ambitious Optimistic Individualistic Immediate gratification Careerist Hardworking Competitive Materialistic Nostalgic about childhood

12 1 -12 Working with Baby Boomers Providing Services:  Value convenience and customization  Do not need emotional support or hand-holding  Hate rules Decision Making:  Not in a hurry  Generally not needs driven  Expect numerous “be-back” visits Counselling:  Buyers value representation of interests and managing the process; sellers value pricing properties right, representation of interests, and managing the process.

13 1 -13 Working with Baby Boomers Response Time:  Expect a timely response, but not necessarily instant turnaround Decision Making:  Want and expect expert services and advice  Emphasize your network of experts  Be able to back up your knowledge with experience and credentials Information Access:  Do not want information they can find themselves  Provide the highlights  Technology is a tool for communications and work. Marketing Dos and Don’t’s:  Boomers do not see themselves as old, anything labeled as “senior” is a tough sell.  Marketing should be age targeted, not age restricted (Boomers hate rules)  Interact in person or by telephone  Appeal to the active lifestyle

14 1 -14 Gen X Generational Profile Born:1963–1976 Age in 2010:34–47 These Members Are: Children of Active Retirees Parents of Gen Z Formative Experiences: Berlin Wall Chernobyl Challenger explosion Iran hostage crisis Technology and video games Attitudes:Skeptical Latchkey kids Isolated Cynical Entrepreneurial Independent Quality of life/family before career Self-reliant Pragmatic Reluctant to commit

15 1 -15 Working with Gen X Providing Services:  Want you to provide access and get the paperwork done. Negotiate price and details.  Will not need hand-holding or emotional support. Decision Making:  Pragmatic, risk-takers, results oriented.  Sense of entitlement. Counselling:  High tech/low touch. Help them interpret information.

16 1 -16 Working with Gen X Response Time:  Expect prompt response time (maximum two hours). Deliver everything yesterday. View of Experts:  Skeptical. Information Access:  Likely to rely on themselves to find data. Technology is a way of life and means of empowerment. Marketing Dos and Don’t’s:  One chance to get it right.Do not try to “sell” them anything.Awareness level is very high.They already know the good deals.

17 1 -17 Gen Y Generational Profile Born:1977–1994 Age in 2010:16–33 These Members Are: Grandchildren of the Lost and Full Retiree Generations Children of the Baby Boomers Formative Experiences: September 11 attacks Internet Gulf War Columbine shootings Globalization Attitudes:Empathic with elders Sheltered Tolerant Sensitive to multiculturalism Inclusive Hopeful Over-scheduled and time-pressured Multitaskers Short attention span

18 1 -18 Working with Gen Y Providing Services:  High tech/low touch. Decision Making:  Pragmatic, but empathic with elders. Counselling:  Value personal contact.  Prefer directness over subtlety, action over observation.  Above all, keep cool.

19 1 -19 Working with Gen Y Response Time:  Crunched for time, always multitasking. Expect you to multitask, too. Everything is scheduled. Communicate by e- mail and instant-messaging. View of Experts:  Heavily influenced by media and peers. Information Access:  High speed, instant access is expected.  Technology is a way of life. Marketing Dos and Don’t’s:  No pretensions.  Avoid the appearance of over- promising.  Influenced by the look of your Web site.

20 1 -20  What are the ages of the oldest and youngest persons in your family and office?  Where do you fit in your family’s ranges of ages and generations?  How do the generational differences impact communications in your family and office? Exercise: Generations

21 1 -21 Reality:  We become more biologically diverse as we deal with a combination of chronic health conditions.  We “age” at different rates. Myth: Old people are the same

22 1 -22 Reality:  A last resort for most  Less than 10% of the elder population live in nursing homes.  Most families provide in-home care.  1st choice–services that allow elders to stay in their own homes Myth: Families “dump” relatives into nursing homes

23 1 -23 Reality:  More than 3/4 of Canadians their health as good, very good, or excellent. Myth: Old equals ill and disabled

24 1 -24 Reality:  Close friends and relationships same as younger people.  Friends, family and community are a motivation to age in place.  Preference not to live with children  Transportation is important for social involvement and independence. Myth: Lonely and withdrawn

25 1 -25 Reality:  Active users of the Internet  Boomers will continue the trend  Use Internet for e-mail, search properties, research neighborhoods Myth: Afraid of technology

26 1 -26 Reality:  Seniors are less likely to live in poverty  Between 1980 and 2003, average total income (after tax) received by senior couples increased by 18%  Home represents greatest equity Myth: Living in poverty or wealth

27 1 -27 Reality:  Older people are less likely to be victims of crime than young people. Myth: Likely to be crime victims

28 1 -28  No “one size fits all” answer.  Not every aging issue is an issue for every senior client.  Chronological age does not equal life stage, lifestyle, or activity level.  Think health stage or activity stage. The Client Across the Desk

29 1 -29 F = Family/Friends O = Occupation R = Recreation/hobbies D = Dreams F.O.R.D.

30 1 -30  As circumstances change, mature adults will: buy and sell upsize and downsize move to a new location move back or “half-back” to be close to family move to assisted living environments and more  Clients for life  Become the real estate professional who can help them through the phases The Opportunity

31 1 -31 Everyone hopes to be a senior one day and be treated then as you would want to be treated now. Golden Rule

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