Category: Demographics

It Takes a Skilled “Geek” to help California Seniors Age in Place

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Best Buy jumps headfirst into The Longevity Economy by adding the aging population to its strategic tech targets.

Advertisers and brands are starting to wake up as the impact of aging on the world’s wealthiest countries point to significant new revenue targets. Joseph Coughlin, founder of the MIT Age Lab and author of The Longevity Economyputs it this way:

“The emerging population isn’t just big, it’s so enormous it’s as though a new continent were rising out of the sea, filled with more than a billion air-breathing consumers just begging for products that fulfill their demands.”

Best Buy has put their money where their phone chargers are and in doing so, made it clear they intend to play a big role targeting this huge opportunity.  By offering new monitoring services and in-home tech,together with strategic hospital partnerships and acquisitions like Great Call last August, Best Buy is doubling down on Boomers, their aging parents and caregivers. This isn’t about a media buy, it’s the leading tech retailer pivoting to execute a defined senior marketing strategy.

We are trying to position the company for the future” says Best Buy CEO, Hubert Joly,There is going to be greater and greater differentiation between winners and losers. And so, this is clearly the time to invest.” 

90% of those 65 and older have said they don’t want to move from their home into an assisted living community. This refrain has inspired Best Buy to create Assured Living and Best Buy Home.

Assured Living is aimed at Boomers who want to honor their parents request to remain independent as they age in place. The ability to ‘monitor and check-in’ via any internet connected devise is the gift of peace of mind to both generations.

Best Buy launched Assured Living is validated by their expertise and core competency in the consumer retail technology sector. Services focus on monitoring, real-time alerts, insight into daily activity levels, sleep patterns, and diet, all presented via a personalized dash board. All starting at $29.99 a month. Tech support from the Geek Squad has been enhanced as part of the new Best Buy Home offering house calls to install and train.

Next came a partnership bringing medical expertise from the Mayo Clinic. Together they offer aging consumers wellness assessment tools covering everything from various symptoms and basic diagnosis to proper meal planning and physical activity regiments. Driving sales for Best Buy is a consistent introduction of new products.

Apple’s newest Watch 4 is an activity monitor, tracker,and First Alert device on your wrist. Like Best Buy, Apple recognized the magnitude of this aging population wave and made dramatic design changes with their latest model which propelled first full year of sales upward to 32% YOY.

Amazon recently revealed several elements of their senior facing healthcare strategy built around their smart speaker leadership. And Alexa is finding its way into hospital surgery wards as doctors collect critical knowledge about post-op patient recovery and follow up.

While healthcare marketers and their agencies have had patients and industry providers as targets mostly to themselves for years, virtually every retailer who serves a consumer 55+ or their Boomer offspring, can establish a viable senior-centric marketing strategy. The facts are clear, the longer one ages independently, the longer they continue to shop, consume and visit the retailers who ‘welcome’ their business.

Ask yourself these assessment areas as you consider your own senior marketing strategic journey:

  1. What portion of your core product mix is purchased by 55+?
  2. Does your marketing aimed at Seniors speak directly to them as a distinct customer segment?
  3. What products aimed at aging in place consumers could your business leverage?

It all begins by thinking past the trap of limiting your marketing to 18 to 49 year olds!

What marketing to Vets teaches CMOs about marketing to California seniors

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A senior strategy is very much the same idea.

When my partner and I started blogging about the power and opportunity of marketing to seniors (55+), the sheer size of this audience spoke volumes. Seniors are the largest and fastest growing consumer segment, and are the wealthiest asset holders. They’re also the most experienced shoppers on earth.

Every marketing executive we’ve encountered says essentially the same thing –” this makes so much sense, why aren’t more brands focusing on seniors?”

It’s hard to believe that just 40 years ago, marketers finally realized they needed to have a separate budget dedicated to California’s growing Hispanic population and one that was led by those of Hispanic origin. The need to target seniors as a distinct consumer segment has had years of the same reluctance by CMOs. But not when it comes to targeting Veterans.

Major brands in virtually every business sector are embracing marketing programs aimed at Vets. Lowe’s, AT&T, GM and businesses such as restaurants, travel providers, grocery chains, and insurance companies have committed dedicated marketing programs and media spending to build and reward Veteran loyalty. American Airlines was an early player by giving Vets priority boarding access. It was all about respect and appreciation for their service– as well as being good for business.

The similarities of marketing to a 55+ audience and the 18,000,000 + Vets in the US, may encourage CMOs to come to the same conclusion. Here in California, marketing aimed at  seniors is not just good business, it will be critical as the age wave grows.

  • Seniors and Vets are large, identifiable demographic populations
  • Current US census data reports 18.1 million Vets
  • 50% of Vets are 65 or older
  • By 2020, 100 million Americans will be 55+. Over 7 million will reside in California.
  • Seniors and Vet’s population are growing in every state:
    • California, Texas and Florida rank as the top three states for both segments
    • Half of the counties in California will see their senior population increase over the next 2 years; 11 counties will see their 65+ population grow by 150% and for those 85+ years old by nearly 300%
  • Education is important to Vets and Seniors – they are smart consumers!
    • More Vets than non–Vets earn a high school and advanced degrees
    • By the time they are 65, seniors will have earned their “MIL” (masters in life) They’re equipped with 45 years of job skills!
    • College graduation rates for women Vets out-pace civilian females by a 30% to 25% margin
  • Seniors and Vets believe in staying in the workforce and earning a living:
    • Seniors aged 65 -74 are projected to grow the working ranks by 4.5% by 2024 vs. younger workers aged 18-25, where a drop of 1.6% is estimated
    • Vets median HH income is $35,376 vs. non-vet HH income at $24,521
  • Working seniors and Vets seek new career paths by leveraging the training they received in the military or non-military workplace.
    • After 40+ years in the workforce, seniors often take their career experience and pursue a passion or start a second career. Others volunteer to share their knowledge and wisdom.
    • Vets leave the service with training and experience that make them desired employees –skilled, disciplined, respectful of authority and focused on completing the task
  • Value and discounts are an important driver to both seniors and Vets. And they do their homework to make informed purchase decisions.
    • More than most, they care about the mission of the organization and the integrity and level of service the company delivers.

Brand marketers looking to initiate a senior strategy have examples all around them when it comes to targeting a segment like Vets. Lowe’s offer 10% discounts for everyday purchases made by Vets which totals nearly a billion dollars in savings annually. But the impact on Lowe’s bottom-line and customer loyalty is significantly more. That’s what we call a win-win situation!

Photo by Roberto Galan

Grandparents: The Marketing Potential of Targeting these California Seniors

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Grandparents are the Gifts that Keep Giving

A demographic target audience which is solely based on age, gender, and income only tells part of the story. Smart marketers realize that behavior and the life stage of consumers can often times determine buying habits that are more revealing and actionable.

And today’s media—especially online media, can pinpoint potential life-stage consumers precisely. Such is the case for the big and fast growing consumer group consisting of grandparents—a sub-segment of seniors that is spending billions of dollars a year and is ready to spend even more in a variety of product categories. To say that there is untapped potential with grandparents as a consumer segment is quite an understatement. The numbers, extrapolated from an AARP study, are staggering:

  • It’s estimated that there are approximately 90,000,000 grandparents in the U.S. That’s about 12 million in California alone.
  • About 75,000 Americans between the ages of 45-69 become grandparents each month
  • 89% of grandparents say they enjoy buying gifts for their grandkids
    • 25% say they spend up to $250 per year
    • 24% say they spend between $250 and $750
    • 25% spend over $1,000 annually
  • As for what they spend on their grandkids, the categories vary:
    • 95% say they buy birthday and holiday gifts including toys, books and clothes
    • 53% help with educational expenses
    • 37% contribute to everyday living expenses
    • 23% help with the cost of medical/dental expenses
    • 41% spend for the child’s overall well-being
    • 43% spend on activities that are fun to do with them

Jerry Shereshewsky, CEO of Grandparents.com, put it this way:

“The grandparent life stage accounts for a multi-billion marketplace ranging from products to services to educational investments. With grandparents today being more active and aware than ever before, the avenues for spending are varied and deep.”

On a personal note, I’m about to become a grandparent for the first time in a couple of months. And our future grandson is being spoiled before he’s a day old. We’ve already purchased a car seat, a stroller, a baby seat for the back of a bicycle, and a number of books, toys and clothes. And all this coming before the baby shower! I must say we’ve never spent money with such pleasure. I was even tempted to buy a little baseball glove, a tiny surfboard, and a miniature set of golf clubs until I was reminded that I was a few years early on those. My grandparent friends smile at me because they get it. No shopping is as fun or as rewarding as spending money on grandchildren.

My wife and I don’t understand why we’re not being advertised to by marketers who are spending their budgets on parents, while largely overlooking grandparents. Creating a specific grandparent strategic plan consisting of creative and media with them in mind seems like the easiest and smartest way to grab the lowest hanging fruit. Grandparents are receptive and anxious to spend. And that could mean big profits for CMO’s everywhere.

Photo by Monkey Business Images

 

Career Longevity Steps CMOs Should Consider

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The biggest demo is waiting to be courted – California seniors!

A Harvard Business Review study notes that CMOs can expect on average 4.1 years on the job. That’s frightening, given the impact of losing a gig that according to Ad Age, pays major brand CMOs $1.5 million a year in salary and benefits.

CMOs could improve their job security:

  • Google ‘seniors economic power’ – prepare to find the largest cohort of consumers and why they’ve been underserved by marketers.
  • Embrace 55-85 as the new 18-49 demo
  • Look at senior spending categories (not just healthcare) and find a sweet spot for your brand
  • Get it out of your head that everyone 65 years-old retires
  • Act like you’re starting in marketing all over again – be smart, be bold, be original!

Today’s CMO jobs are tough, if not tougher, than it was when I was CMO for McDonald’s and Warner Bros. Somehow, that title is the first to take the hit, regardless of the department leading the initiative. That’s just the way it is.

But, a great CMO is more than a marketer. Their # 1 job, customer acquisition, comes from being a forensic accountant, private investigator,  possessing innate curiousity, and a voracious student of trends others may not discover until they’ve become norms.

The demographic phenomenon known as the “silver tsunami”, will expand a brand’s market share dominance and could extend a CMO’s job tenure. The number ofCalifornia seniors  will increase 87% over the next two decades. As they’ve hit the magic retirement age, they’re disrupting convention by staying in the workforce.

Joseph Coughlin, founder of the MIT AgeLab and author of The Longevity Economy, describes the problem marketers are having getting their heads around the enormity of this age group

“Oldness as a social construct is at odds with the reality that constrains how we live after middle age and stifles business thinking on how to best serve a group of consumers, workers and innovators that is growing larger and wealthier with every passing day.”

This definition succinctly captures the starting point CMOs can undertake to proactively move their company’s portfolio into consideration for consumers that have another 25+ years of spending ahead of them. And they control 70% of the nation’s disposable income!

California is particularly poised as the best state to develop dedicated senior plans.With a projected 112% increase in senior growth, this segment is increasing at twice the rate of any other state.

  • They’re more active and in better shape. A 65-year old can expect another 20 years of life.  And it’s even longer for women.
  • Shopping online is not just for the young. 70% of seniors are e-commerce users.
  • The number of traditional TV viewing seniors approaches 2/3’s of the population, but streaming as an option is gaining quickly with 78% being internet users.
  • Over 50% aged 55-64 use streaming services.

Finding what senior consumers want is really a simple exercise. Dig into what they’re doing today to stay in shape, earn a paycheck, make a difference in their community and enjoying the fruits of their labor. Study the brands late 30 and 40-year olds were once loyal to and see if they’re still loyal. Tailoring your message to support  seniors who are experiencing service or product innovations will get results. Done right, you may need to ween yourself off marketing to millennials. After all, they don’t have all or even most of the money.

Photo by Monkey Business Images

Quality Time Remaining and Marketing to California’s Seniors

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How understanding “QTR” can give marketers an advantage with California’s senior consumers.

QTR, as an acronym and attitude about life, is growing in awareness and popularity—especially with seniors. Standing for Quality of Life Remaining, those adopting a QTR perspective have a growing sense of their own mortality and a feeling about how many years they might have left to live a fulfilling, enjoyable, and meaningful life. Since every person has their own idea about what makes up QTR and how it motivates their attitudes and behavior, the goal for marketers is to understand how to position your products and services to fit this mindset.

Importantly, QTR is not just about life expectancy, it’s about a healthy life expectancy, which factors in the absence of serious illness or injury. These two numbers can be quite different. For instance, the current life expectancy for California’s 7,000,000 seniors is 80.8 years old. That ranks California 4th in the U.S. But according to the CDC, the healthy life expectancy in the state is 67.7 years old. Remarkably, that seemingly low healthy life expectancy is the 3rd best of any of state. (CDC) With an average age of retirement at 68 years old (Bureau of Labor Statistics), it’s obvious that QTR is not just about what life should or could be like when one stops working. Increasingly, people are typically motivated to adopt the QTR point of view as early as in their 50’s, and for some, even earlier.

Joanna Campbell in her article “QTR-And Why It Matters” outlines some key questions that help define how people can approach the concept of QTR for planning the rest of their lives. Some of them are as follows:

  1. Who and what matters to me?
  2. Who and what take up a lot of time and effort—and are a waste of time and effort?
  3. What joys do I overlook or under-appreciate?
  4. What do I need to accomplish in the time that I have left?
  5. What am I putting off that matters?
  6. What do I need to change that I should change?

My first taste of QTR occurred in graduate school when we were given the assignment of looking into the future and then writing our own obituary. I can honestly say writing my obituary helped shape what I wanted to do for a living, my feelings about family life, and what kind of accomplishments I would be proud of. The assignment also forced me to think about how I wanted to be remembered. Powerful stuff for a 22-year old to ponder. And by the way, I still have a lot to do to make that obituary a reality.

For marketers, the trick is how to gently remind the senior target that the time is now to buy your product or use your service. They need to be motivated to go on that Mediterranean Cruise now. Don’t put off that Harley Davidson purchase a minute longer. Take your grandkids to LegoLand this weekend. Don’t delay in buying that big screen TV, learning to play the piano, joining a gym, eating better, reading more books, seeing more movies, trying new restaurants, learning to speak Spanish, whatever. The point is, someday is not soon enough. Your potential consumers are not going to live forever, but you can help them extend their Healthy Life Expectancy, and just as importantly, help them extend their Happy Life Expectancy.

Photo by Benjamin Morris

5 Reasons to Start Your California Seniors Marketing Strategy

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CMOs should start mining the “Silver Rush” now.

The opportunity to capture share and revenue from California seniors is shocking. Shocking for its size and population of over 7,000,000 and shocking for the spending power they control which is ¾’s of the wealth in the U.S. But wait there’s more! Beyond the obvious categories of healthcare, retirement services and travel, seniors receive approximately 10% of the projected 2018 U.S. ad budget – $232 billion. And that’s way lower than it should be!

Life expectancy for those in their mid-60’s has increased to nearly 20 years.  CMOs must look beyond their 18-49 comfort zone and develop a strategy to embrace the largest audience in the country. In other words, follow the money.

Here are 5 key reasons seniors rule:

  1. Birthrates have fallen. It is projected that the global population will plateau in the next 25 to 50 years at 10 billion.
  2. People are living longer – 20 years + longer than someone born in 1900.
  3. Seniors are healthier than ever – especially in countries with available healthcare and the money or government policies to pay for it.
  4. People are wealthier –the 50+ own  50% of the wealth in the U.S.
  5. Staying in the workforce longer – leads to a higher 65+ year-old participation.

Contrary to what many believe, seniors are not a homogenous group. They include the rich, poor, active and disabled. Most desire to stay in their home. Others chose to move into  senior communities. And depending on their health status, they remain active consumers. Whatever your brand category, ask yourself this. Would a line extension or product innovation that serves a genuine solution to an aging consumer impact growth? Have you looked closer at your strategic planning to expand your target to seniors with dedicated, relevant and respectful communication?

California, the 6th largest economic power in the world, is a smart place to start. And ESRI has just the tool to begin the journey. ESRI has spent the past 30 years linking location to market potential. Lifestyle segmentation through their tapestry segmentation identifies the shopping needs and characteristics of 5 distinct senior groups.

ESRI’s tapestry identifies key measures at the cash register, impacted by life stages seniors go through as they consider housing, shopping, leisure activities and healthcare options. Understanding what seniors are spending their money on and where it fits in their priorities will help marketers identify concepts and specific markets for testing. Here are some target segments to consider:

  • Prosperous empty nesters – they have the money and the time
  • Retirement communities – they live in a new home among fellow aging residents
  • The Elders – these are at the older end – 70 to late 80 segment
  • Senior Sun Seekers – they are driven by better weather and warm climates
  • Social Security Set – fixed income seniors who still spend, although with fewer dollars

California seniors are represented across each of these 5 segments. Targeting each, according to the target’s economic and lifestyle attributes, will identify where to start the senior strategy based on your product and those within the category.

Mining for your share of the California “Silver Rush” requires some additional work. But the rewards that come from increased customer loyalty will extend the “customer for life” model you practiced years ago. And it promises to pay off.

And here’s more good news. Unlike the millennial, California seniors don’t shy away from advertising. They embrace information that solves a problem and is clearly and specifically created for them. In return, CMOs get an experienced consumer with money to spend and time to become a brand loyalist all over again.

Photo by Darren Baker

California Seniors – “What’s in their wallet?”

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CMOs should consider these 5 dominant forces in their senior strategy development.

They are the aging consumers incorrectly lumped into the ‘old age bucket’. A bucket that labels anyone 65 or older as being on their way to a planned community, assisted living, or worse. And they’re not considered big shoppers. Really?

Every year in the U.S., seniors make informed purchase decisions spending up to $15 trillion dollars.

Since the age wave of 65+ is heading toward 100 million in the next 25 years, here’s more proof why targeting California seniors is a CMO’s best bet:

  • Between 1990 and 2020, an estimated 112% increase in California seniors will occur.
  • California’s senior growth rate is two times faster than any other state the U.S.
  • The growth rate in eleven California counties will exceed 150%

As you ponder where to begin your senior marketing strategy, consider this McKinsey study on the 5 dominant forces over the next 12 years that will effect the consumer landscape.

  1. Changing face of the consumer – it’s all about the aging population explosion
  2. Evolving geopolitical dynamics – economic power shift moves to the 65+
  3. New patterns of personal consumption – focus on health and wellness
  4. Technological advancements- by 2030, 3 out of 4 consumers will own a connected mobile device
  5. Structural Industry shifts – direct to consumer purchasing shifting toward seniors

The California Silver Rush is real. The economic contribution seniors play in the state’s economy should lead any CMO currently targeting the 18-49 to develop a senior strategy – just as was done decades ago for Hispanic, African-American and multicultural consumer segments.

As a CMO, few initiatives are more critical to the success of your brand and your job longevity than more customer acquisition.

Consider these characteristics of the California senior-dedicated strategy and budget:

  • They control the majority of the wealth/savings/assets in the state
  • They have more experience as consumers
  • They have been shoppers for ½ a century – they’re savvy and do their homework
  • Unlike millennials, they see advertising as a service in deciding where and what to buy
  • There’s a good chance they were customers of yours in the past. Are they still?

CMOs must reallocate their resources and move past the traditional barriers to growth and consumer age. They would be wise to go beyond the expected 18-49 target cutoff. In California, seniors are lining up to finally spend their nest egg.

Photo by Wavebreak Media

Targeting California Seniors? CMOs Should Pick Women Over Men.

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Women are California seniors’ economic power. Period!

Joseph F. Coughlin’s powerful book on aging and its implications on marketing, The Longevity Economy, said it best,

“The future is female.”

For California brands and services, the future is in California senior females. Overall, California’s female population is slightly more than half the state’s total 38 million–over 16 million women. Soon the largest segment will be women who are 50 and older.

We understand that for many CMOs, business is status quo – targeting the tried and true 18-49 year olds. But the huge age wave of seniors representing rich opportunities is knocking down the door and about to change the way products have been marketed. CMOs need to wake up and get started before their competitors beat them to it.

50+ Women are good for business:

  • Longevity is on the side of the female
  • Life expectancy means they’ll be potential customers 7 years longer than men
  • Women, even today, manage most of the household financial duties and the majority of upkeep around the house, shopping, etc.
  • They are on an empowerment upswing, gaining more access to senior leadership positions and larger salaries
  • Women tend to be the caregiver to other family members – this requires shopping across segments and industries.

Boston Consulting states that just 15% of companies have any sort of marketing or business strategy focused on older adults. Not shocking until you see it expressed in terms of who’s being targeted. Advertisers spend 500% more on millennials than on all other age groups combined. With California leading in virtually every demographic or economics statistic, women as consumers are the dominate force in California and this includes those 50+ and over.

All of this makes females the easiest place to start a focus on a senior  strategy in California. Women are better consumers given their dual duties in the workplace and at home. They are better shoppers out of necessity, having carried shopping duties due to the fact they are better, smarter, and more experienced shoppers. And their longevity makes the marketing investment worth every penny.

Tom Peters pointed out 36 years ago in, In Search of Excellence/’82, “women are the prime decision-makers in 94% of major spending decisions”  Women buy. Women rule. But it doesn’t stop there. They also influence or make:

  • Vacation decisions
  • House purchase decisions
  • D.I.Y home project decisions
  • Home electronics decisions
  • Home computer decisions
  • Car purchase decisions, (they are influential in 90%)
  • Bank account decisions
  • Household investment decisions
  • Small business loans and business starts decisions
  • Health care decisions

Retirement prospects for men focus around leisure and relaxation. Women are planning to grow old. This means they focus on solving the needs and challenges that come with living longer. Today’s marketers should make a concerted effort to address the different attitude of women and men as they approach retirement.

The time is now to build a California senior strategy. Women hold most of the cards and cash, which makes targeting them the best first step.

Photo by Monkey Business Images

It’s Time for CMOs to Think About Retirement!

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Why targeting California Seniors should become a priority.

CMOs should think more about retiring – not theirs, but those 65 and older who have more time and wealth than any other segment! Population growth in California is a fact of life. And for California seniors, there’s a lot more life ahead of them to drive sales and share for decades to come.

The growth trends are significant:

  • Since 2010, California Seniors have increased 112%
  • During the same time period, 38 California counties will increase 150% by 2020.
  • And another 26 California counties will increase by 200%

With growth happening like this, one would assume that the largest and wealthiest population segment is in the line of sight for CMOs across every business segment. In truth, seniors are only targeted with 10% of paid media buys. And given the capability of more increased customer data than ever before, it is baffling to see such a “rich and ready” target essentially remain invisible to so many brands.

While pharma and travel rank high among senior spending, the vast majority of product categories that seniors buy are nearly identical to those younger consumers purchase.

Opportunities to focus on new, emerging targets is not new, especially in California.

Back in the 1980’s, the practice of specialization by agencies targeting highly measurable consumer groups began to appear in California as the ethnic demography began to change. An early agency specialty was Hispanic consumer marketing, followed by African-American and Multi-cultural marketing. General market audiences, while important, continued to shrink as a  percentage of the total shopper mix, especially in California. But the smart CMO, and the agencies they hired, went beyond the mere translation of general market creative. To have relevance in this new space, Hispanic marketing expertise was acquired by the general market agencies and Hispanic-centric agencies started growing. They successfully captured blue-chip clients seeking authenticity in the advertising aimed at the Hispanic consumer and the billions they had to spend.

Today, only a of handful of dedicated senior-focused agencies exist – a hugely disproportionate number considering the soon to be largest population segment in the country.

What those ‘daring’ enough have discovered is that today’s older consumers respond to creative and messaging that is relevant and respectful of someone who has been a consumer for the past 40-50 years. Imagine giving specific attention to the most experienced shoppers on the planets – ones who do their homework and seek value, but aren’t only looking at price.

This is the audience CMOs should embrace and make the effort to speak to on their terms.

CMOs should carve out a portion of their budget and  tailor the message with as much consideration for authentically as if it were for a Hispanic, African-American, multicultural or millennial target. The time is now since by the end of this decade, California will exceed 50 million in population, equal to 14% of U.S. total. With California seniors buying power and their desire to continue to consume almost anything, CMOs need to rethink their position on older audiences as new acquisition targets. Just imagine what success and added growth could mean to your own retirement someday.

Photo by Koldunov

 

A CMO’s Key to Billions in Revenue from California’s Senior Consumers

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It starts where older consumers want to live – in their own home.

Aging in place is really just ‘living in the same place as an older consumer’.  

As a former CMO, I wasn’t familiar with the concept of ‘aging in place’ until my parent’s health declined. Over a 7 year period, they went from fully functioning people living in the same home for the past 25 years, to in-home nursing care and then, to full-time nursing care. We promised to keep them in their home as long as possible until medical attention and 24 hr. care necessitated the move.

Looking back, it’s easy to see that aging and consuming have huge marketing potential when viewed together.

The aging of our population is having a profound impact on the economy. For CMOs that embrace the opportunity that comes with a dedicated ‘senior strategy’ vs. ‘we cover them off with our existing budget’, the true winners are a more respected and loyal senior consumer base. Not to mention the enhanced CMO job security that comes with increased market share.

Consider this:

  • Globally, by 2047 more 60+ year olds will overtake those younger in 15, G7 countries.
  • If you reach 60 in ‘full health’, U.S. seniors can live an average of 19 years longer

The financial wealth attributed to those who continue to work and those who stay active is staggering.  In the U.S., seniors control over 50% of our country’s discretionary income.

Aging in place is all about the life seniors led up to this point. They stay in their own home for all the obvious reasons –   closer to friends/neighbors, favorite restaurants and shopping and maybe most of all, they avoid the trauma of starting over.

It’s also about remaining independent–to drive, shop, travel, and socialize as if they were 25 years younger. Mobility and one’s home are life extenders.

With 2.3 trillion dollars in their possession on a national level, seniors retired or not, never fully retire from consuming goods and services. In fact, seniors outspend in almost every category compared to what younger consumers spend.

Aging in place means  keeping the aging family member in their home longer. Home builders are listening. Remodeling businesses and DIY home centers are the big winners, especially for those who are passionate about doing it themselves and have the time and money. And it signals they’re planning to continue their life’s routine – work, travel, and fun. In other words, they continue to spend as they stay independent.

A higher percentage of 65+ continue to work. And spend, controlling over 50% of discretionary income in the U.S. As they work well past the retirement age, advances in medicine, and more active, healthier living, mean marketers can look to another two decades of targeted, personalized and appreciative shopping.

Aging in place offers CMOs real opportunities to continue marketing across multiple categories to consumers who don’t view another birthday as a sign to call to the movers!

Photo by Fotoluminate LLC