Mary Furlong & Associates' Boomer/Senior Market Report
Exploring the 10 Trends Powering the Age Boom
February 2007 - Vol. 4, No. 2
In This Issue:
- LETTER FROM MARY
- SPECIAL SECTION: What’s Next Boomer Business Summit
- FEATURE ARTICLES
- SPECIAL ANNOUNCEMENTS
- NEWSWIRE
Dear Friends and Colleagues,
We are always inspired by the Academy Awards: the excitement and energy of creative teams coming together and sharing important stories through the medium of film. Last night, the fashion was wonderful, especially for Helen Mirren, Sherry Lansing and Diane Keaton -- all boomer women.
The point about the film world going "global" and "green" reflects trends that we have been following for awhile. The LOHAS market (lifestyles of health and sustainability) is catching on. Steve French of the Natural Marketing Institute will discuss the LOHAS trend at the What's Next Boomer Business Summit, set for next week on March 5-6. LOHAS customers, whose strong environmental and social values guide many of their purchase decisions, are forward-thinkers and influencers of change, and are therefore used to predict future trends in the marketplace. Mollie Katzen, author of the Moosewood Cookbook and Eat, Drink and Weigh Less, will also discuss the healthy and sustainable lifestyle as seen through one of America's most prized obsessions: food.
With respect to the "global" trend, I am re-reading two wonderful books, The World Is Flat by Thomas Friedman and The Flight of the Creative Class by Richard Florida. One of the theses of the Creative Class is that we are moving from a knowledge economy to a creative economy. In the creative economy, talent, technology and tolerance are valued. New "creative centers" are emerging where there is a UN of talent gathering together to produce great work. The first chapter describes Wellington, New Zealand, as such a place. Later this month I will be teaching Global Entrepreneurship in Wellington for Santa Clara University. We are taking a group of MBA students to tour start-up companies in NZ. Last time I was there, with the New Zealand Investment Advisory Board, we toured filmmaker Peter Jackson's studio. It was one of the most creative work environments I've seen, with an amazing team.
Our journey in co-producing the What's Next conference has also involved a creative -- and virtual -- team. This year we will be doing a press conference at the event where several of the thought leaders in the What's Next community will share news about new products and services aimed at the boomer market. There are still a few slots open if you would like to join us. It is going to be the best one yet! We've included a special section about the Summit in this newsletter, with highlights by Sylvia Marino of CarSpace and Andy Sernovitz, an expert in word-of-mouth marketing. So, read on!
Also, check out the feature article about 800CEORead, a real find for business executives. And for those who want to understand the layer cake of midlife transitions, read on for an interview with the authors of Coming of Age...All Over Again: The Ultimate Midlife Handbook.
May this spring bring you renewed opportunities to collaborate with creative people in pursuit of worthwhile causes. For starters, check out this job description for a Consumer Health Product Sales Specialist with HeartMath.
All the best,
Mary
SPECIAL SECTION: Sneak Preview: What's Next Boomer Business Summit
In honor of next week's What's Next Boomer Business Summit, March 5-6 in Chicago, we've interviewed two unique speakers. Sylvia Marino, Executive Director of CarSpace, talks here about cars, community and boomers (of course!), while Andy Sernovitz, author of Word of Mouth Marketing: How Smart Companies Get People Talking, gives the goods on how to use word of mouth to get the word out about your company.
An Interview with Sylvia Marino, Executive Director, CarSpace
Tell us about CarSpace.com. Why is it so successful?
It's the people! CarSpace offers a unique experience for car owners and automotive enthusiasts to collect advice and information from their peers, including other owners and enthusiasts, and people in the automotive business who want to share their knowledge. And CarSpace is friendly and easy to use. Whether someone is researching for a purchase, needs advice on a car problem or simply wants to talk cars and become totally immersed in car photos, videos and guides, CarSpace makes it simple to communicate, upload photos and videos, connect with others who share similar interests, read and write automotive how-to guides, ask and answer automotive questions and socialize in well-managed forums.
What are the secrets to creating an active and successful online community?
In the early 1990s, Edmunds, who owns CarSpace, had the foresight that consumers would want to electronically communicate with each other when making car-purchasing decisions. Rather than just open a set of message boards, Edmunds designed the community platform carefully with a mission statement, dedicated forum management and a code of conduct for members in order to have a clean, "well-lit" place to discuss all things automotive. Because of these early decisions, we've attracted participants who share information of extremely high quality. Hosts in the forums are dedicated individuals who really care about members and go the extra mile to make sure that people asking questions are getting the help they need and that all are welcome in the discussions. Because of this, there is a true sense of community and respect between the members. It is not simply a Q&A center. People really do care -- not just about automotive issues but about each other.
Do your demographics include many boomers? Is their online behavior any different than other customers?
Yes, we have many boomers in the community even though we span all age groups. Boomers seem to appreciate our enforcement of the policies of civility and respect, and our policing to keep our boards clear of spam and foul language. Also, boomers tend to be a bit more grateful for helpful responses and in turn provide well-thought-out opinions, advice and sharing of experiences.
How do you get the word out about your online community? Are there specific markets you target?
The growth in our community is largely word of mouth, with happy members recommending us to family and friends as a valuable resource for any car owner to have bookmarked. The organic growth of our community is a large part of its success, both in numbers and in content. Also, we are fortunate to be a part of Edmunds and benefit from its resources, even though the company takes an unconventional view of marketing and has rarely done any advertising throughout its existence.
Which cars are popular with 40+ women? 40+ men?
Utility is important, so crossovers and wagons are popular. The Honda CR-V, Chevy Tahoe, Ford Explorer, Honda Pilot and Toyota RAV4 are best-sellers. We are also seeing more and more people talking about the accessories needed for hobbies and active lifestyles with friends and family -- surfboards, snowboards, mountain bikes, antiquing, etc. Personalization related to functionality is important to boomers. For those too busy to devote much of their limited free time to considering all the automotive options, many choose the best-selling sedans, Toyota Camry and Honda Accord, knowing that they are generally reliable and straightforward choices that they are unlikely to regret.
Which cars are popular with grandparents? Midlife-crisis folks?
It really depends on the part of the country, lifestyle and income. Some people who swear by the larger sedans as they get older prefer the Lincoln Zephyr, Cadillac STS and CTS-V, BMW 7-Series or Toyota Avalon. The Infiniti G35 and Hyundai Azera are also recent breakthroughs in sedan popularity. Some people are more concerned with price point. The Scion xB has proven to be popular with seniors with its excellent price point of under $20,000 and lower ride (easy to get in and out of) along with roominess and the Toyota reputation of reliability. Many minivans have been sold to grandparents who like the extra room for road trips and the flexibility to carry cargo and passengers when opportunities arise.
As for the midlife-crisis folks, some purchase the classic muscle cars they always wanted in their teens. Others treat themselves to modern sports cars, fun-loving convertibles or lavish luxury cars and SUVs that tell the world about how they see themselves.
What are the benefits of an online community in understanding the psychology of a car customer?
The beauty of the community is that it brings together different voices and experiences. Sometimes the experiences reveal mechanical problems or design flaws of a vehicle. Other times consumers learn what improvements people would like to see made. Manufacturers are paying attention to consumers in the forums and do take action in response.
An Interview with Andy Sernovitz, author of Word of Mouth Marketing: How Smart Companies Get People Talking and former CEO and founder of the Word of Mouth Marketing Association
What is word-of-mouth marketing? How does it work? Why does it work? And how is it different from traditional marketing?
My definition of word-of-mouth marketing is: 1) giving people a reason to talk about your stuff and 2) making it easier for that conversation to take place. It's all those things you can do to earn the respect of your customers, to earn their love, so they are naturally out there talking about you.
Traditional marketing is about paying media to run your messages. Word of mouth is about getting customers so happy that they will tell everyone about you for free.
I've looked at hundreds of the best word-of-mouth campaigns of all sizes, and they all share the same elements: The Five Ts of Word-of-Mouth Marketing. Work your way down this list and you'll be able to build a campaign that really gets people talking.
Talkers: find the people who like to talk
Are they your customers? Neighborhood moms? Doctors? Bloggers? Think about the people who are most likely to tell a friend about what you're doing. Make sure they know about your new topic of conversation.
Topics: give them a reason to talk
Give people a reason to talk about you. It doesn't need to be fancy. A special sale, good service, a cool, new feature, a better flavor, a funny package. (Remember the Gateway computers that came in cow-patterned boxes?)
Tools: help the message spread faster and further
Do everything you can to make it easy for talkers to pass along your topic. Include postcards and stickers in the box when you ship a package. Put up a chat room so people can talk to each other. Join a blog conversation. Hand out samples. (Did you ever get one of those emails with a "secret" coupon that was supposedly for employees only? Did you forward it?)
Taking part: join the conversation
Conversations die out when there's only one person talking. When people are talking about you, answer them. Reply to their emails. Comment on blogs that write about you. Send a lot of thank-you notes.
Tracking: measure and understand what people are saying
The word-of-mouth conversation is the best feedback you're ever going to get. It's far better than any other kind of market research because it is the authentic voice of the consumer.
Word of mouth is nothing new, but word-of-mouth marketing is. What's the difference?
Word of mouth is always happening; word-of-mouth marketing is learning to work with it.
We now know that good word of mouth is more than luck, that we can connect with consumers and encourage them to talk about our products. As we get better at truly communicating with real people, we will find that they show their appreciation by supporting our businesses.
Word-of-mouth marketing is as measurable and plannable as any other type of marketing, and when we start thinking of it that way, it really starts to pay off.
Tell us about your new book, Word of Mouth Marketing: How Smart Companies Get People Talking.
One of the most important things I've learned is that word-of-mouth marketing can be so easy and obvious that everyone misses just how easy and obvious it is. I get dozens of calls and emails every day from people asking how to get started. Small companies, big companies, everyone. There are a number of great books on the topic, but they are often high-level or theoretical. There wasn't a simple "how to get started with word of mouth" book.
Word-of-mouth marketing isn't just for multinational corporations with huge marketing budgets. The ideas and practical information I write about work just as well for a dry cleaner, a restaurant owner or a dentist as they will for a Fortune 500 company. You don't need to be a marketing genius or an I-only-wear-black advertising guy.
Why? Because word-of-mouth marketing isn't about marketers or marketing. It's about real people, and why those real people would want to talk about you and your stuff. So I wrote a book for everyone who has something to sell.
Spreading the Word in Great Business Ideas: 800CEORead
By Caroline Goldman
Hey, what's the big idea?
In business, the big idea right now is simplicity. Cut to the Chase. Simple Solutions. Change or Die. So say the folks at 800CEORead, the online bookstore that offers CEOs the best of the big business ideas.
"We're in the business of moving ideas," says Kate Mytty of 800CEORead's Author Services department. "Our goal is to get ideas to as many people as possible."
They're good at reaching people, too. 800CEORead reaches so many people because it concentrates on selling large orders of books, to companies or conferences, for example. And the company's close relationships with both authors and publishers mean that customers get VIP service. "With a number of authors, we start talking with them from the moment we get their manuscript," says Mytty. "We also spend a fair amount of time talking with publishers each month to understand what's in the queue and what's big for them. It is because of these relationships that we're able to get 500 copies of a book to customers overnight or have a hundred copies of a book autographed for a customer."
But with the mountain of business books published each year, how can a busy manager know which to choose? Jack Covert, founder and president of 800CEORead, is famous on the business media stage for his expertise in recognizing the best new business ideas. "We try to serve as a filter," Mytty promises. "We actually read what we sell (yes, it's true) and want to help people connect with valuable ideas. We'll help point you to the ones you shouldn't miss."
Part of this connecting comes through in the company's commitment to online community. Between their three blogs and two sister websites (ChangeThis and inBubbleWrap), "we've created a community of people who really enjoy business books. We want to connect as many people as possible."
Visit 800CEORead to read about Mary's new book, Turning Silver Into Gold, or read up on Jack Covert's business book selections at Jack Covert Selects.
Coming of Age...All Over Again: The Ultimate Midlife Handbook
Buffy Shutt and Kate Klimo have ridden the waves of friendship and life together since they met the first day of freshman year over 30 years ago. Now, their new book, Coming of Age... All Over Again, offers other boomers a fresh look into "this Getting Older Thing." Caroline Goldman spoke with the authors of the Ultimate Midlife Handbook.
Tell us about your book, Coming of Age... All Over Again.
Buffy: Coming of Age is about planning the second half of your life with imagination, style and purpose. We share candid stories about our lives and offer transforming exercises and valuable resources that will help make the rest of your life the best it can be.
Kate: There's a picture of a cake on the cover of our book. This is our metaphor for life. Not only is it complicated and many-layered, it's also sweet, delicious, and a cause for and a symbol of celebration. Our book deals with, and celebrates, all of the layers of our lives: inner self, health, exercise, the mind, mates, parents, kids, friends, finance, home, work, extra-curricular activities and giving back.
What inspired you to write this book?
Buffy: Lots of things. Me losing my job at almost 50, seeing my parents getting older, watching my kids leave the nest.
Kate: Our lives. My 83-year-old mother moving into my dining room. My bank account groaning beneath the weight of supporting nearly grown children and my mother, whose pension and social security checks weren't enough for a house cat to live on.
What were your favorite chapters to write?
Buffy: We loved writing all of them. Because each one let us get to know ourselves and each other in a deeper way.
Kate: I enjoyed working on the health maintenance chapter. I've always been absolutely phobic about doctors. If I could have given birth to three children safely without the doctors I would have. At the time we were working on the book, I hadn't seen a doctor in 15 years, since the birth of my third son, and as a result of working on this chapter, I saw a doctor. And guess what? I was fine. But not having seen a doctor in so long had preyed upon my peace of mind. I also did all those other things, like had a colonoscopy, bone density scan -- you name it, I did it. No big deal. But not doing it had become a huge deal. We're not saying that doctors need to be our best friends. In fact, we talk about looking into alternative health maintenance professionals in addition to the mainstream folks. We talk about setting up a health maintenance team and you are the star player as well as the coach. I have recently added an acupuncturist to my health maintenance team.
Coming of Age has a strong community aspect that offers the reader a network beyond the pages of the book. Why did you decide to add this?
Buffy: Kate and I have been friends for about 40 years. We have talked to death every big and every little thing that has ever happened to us. I don't think I would have had as full a life so far without Kate. We believe in the power of friendship, the power of joining together in communities of two, of 10, of 10 million.
Kate: We belong to the boomer generation. We were hatched in batches. We grew up together, went to nursery school and camp together, attended college together. We were communal in nature. But something happened to us once we hit the family and career years. We stopped communing. We hunkered down in our bunkers. We stopped getting together. We think it's time we came out, came out, wherever we are and participated in the communal dialogue once again, whether that be in virtual space or at our own kitchen tables, with friends who we know and trust.
What about the more internal, reflective aspects of the book? What do these parts add for the reader?
Kate: Many of us have been so busy during the past 30 or 40 years, working on our careers, tending to our families, paying the bills, that we have neglected our inner selves. You know, that small still voice at the center of our being that knows exactly who we are and what we need to be happy.
Buffy: We think that getting in touch with that voice -- our Inner Guidance Counselor, as we call it -- is the first step in coming of age all over again with confidence, imagination and mindfulness.
What is it about boomers in "midlife" that's different from previous generations?
Buffy: Probably the biggest difference is that we are all going to live a very long time. The artificial markers of what constituted middle age and senior age have been blurred.
How would you explain today's boomer market to a start-up company looking to gain boomer customers?
Buffy: There are about 77 million of us. We are, as we have always been, a cultural force. We brought about one revolution as we came of age the first time, and we are in the process of bringing about another as we transform what it is to be 50 and counting.
Kate: The boomer customer is sophisticated, educated and eager to take on the world again.
Is there anything else you'd like to add? Upcoming events, words of wisdom...?
Kate: Next week we are launching a nationwide Traveling Tea Party Tour. The Tea Party is an exercise in our book in which we ask our readers to visualize a tea party to which she has invited all her most important friends. These are the friends you call when something wonderful happens, and when things are coming apart at the seams. These are the friends we want to pull together now to figure out the second half of our lives -- together. We'll be holding tea parties in private homes and in wider venues. We'll be creating a safe space for people to get together and talk about coming of age all over again.
Buffy: Because friends don't let friends drive into middle age alone.
Visit Kate and Buffy's Coming of Age website for upcoming appearances and events. You can also visit them on MySpace, read their blog, receive email alerts and find out more about their personal Tea Parties.
How to Win in the $2 Trillion-Per-Year Boomer Market: The Fourth Annual What's Next Boomer Business Summit
March 5-6, 2007, Hyatt Regency Chicago
Register online now through March 3.
www.boomersummit.com
Please join us for the newest insights around innovation, distribution and interactive marketing in the profitable boomer marketplace.
If you are a brand manager, corporate strategist, VC, entrepreneur or nonprofit executive responsible for growing boomer business, this Summit is for you. You'll meet and network with the top thought leaders, analysts and media serving and covering the boomer marketplace.
Highlights
Three Distinguished Keynotes:
- Emilio Pardo, Chief Brand Officer for AARP, "Purpose Driven Brands: The AARP Story"
- Larry Keeley, President and Co-founder, Doblin Inc., "Finding the Future First"
- Gail Sheehy, author, Sex and the Seasoned Woman and Passages
- Marketing rules are changing. Learn how to use digital, word-of-mouth marketing strategies and new media tools from the Word of Mouth Marketing Association, Ketchum Communications and Resolution Media, an Omnicom company.
- Noted speakers from AARP, the Natural Marketing Institute and the Intel Digital Health Group will present the latest research. You'll discover hot new opportunities in consumer-driven health care, lifestyles and financial services from analysts in the know.
- Philips, Rush University Medical Center, Quantum Intech and The Stress Institute will share current trends in health care.
- MetLife Mature Market Institute, Age Wave and Longevity Alliance will tell us what's next in financial services.
- What's new in distribution channels -- digital, print and broadcast -- for age 40, 50 and 60 consumers will be revealed by Yahoo!, TV Land, Turner Media Group and CarSpace, Edmunds.com.
- Innovative entrepreneurs including Posit Science Corporation, 50+ Digital, Biz Starters and Comfort Cakes discuss how boomers will redefine entrepreneurship in the coming years.
- Have lunch with your favorite author, analyst, blogger or age-beat reporter at the "On the Beat" Luncheon featuring Paul Kleyman, Editor, "Aging Today," American Society on Aging (ASA); Scott Parkin, VP Communications, the National Council on Aging (NCOA); and Jane Glenn Haas, Founder, WomanSage.
Media and Marketing Partners: Word of Mouth Marketing Association (WOMMA); the Natural Marketing Institute; NCOA; thematuremarket.com, Small Business Trends.
Register now before it's too late! Multiple registrations from one organization get great discounts. www.boomersummit.com
To download our Summit flyer, click here.
Co-produced by Mary Furlong & Associates and the American Society on Aging's Business Forum on Aging.
The What's Next Boomer Business Summit is a preconference to the 2007 ASA-NCOA Joint Conference, March 7-10, 2007, at the Sheraton Chicago Hotel & Towers. You can get more information about that event by visiting www.agingconference.org. We encourage you to consider attending. Although their online registration is now closed, you can register onsite.
New Assistive Living Tech Site Launches
Assistive Technology News, created by award-winning columnist John Williams, will feature product reviews, profiles on AT developers, and interviews with political candidates about their disability policies. Williams, who coined the phrase "assistive technology," has written about disability issues since 1978 and is considered an expert on disability issues.
The site launches this week! Come visit.
AtPrime.com Adds Pension Limit Lookup for Consumers to Its Pension Helper Service
New York, January 31, 2007 -- AtPrime Media, Inc., the sponsor of www.atprime.com, announced today an addition to its consumer service Your Pension Helper, whereby consumers will be able to dial up their maximum employee and employer contribution limits for all types of qualified plans, as well as their insurance pension payouts payable from defunct Defined Benefit Plans insured by the Pension Benefit Guarantee Corporation (PBGC).
David J. Tananbaum, CEO of AtPrime Media, Inc., said, "Many participants of terminating Defined Benefit Plans have no idea of the extent that the Pension Benefit Guaranty Corporation Insurance covers, and if we are contacted we will assist them in a better understanding of their plan."
How to Find the Right Size for the Life You Live Now
Having a midlife housing crisis? Maybe the house seems too big. The kids are gone. The dog has died, and your friends are moving away. You can sense that your house no longer matches your lifestyle. But you're not sure what kind of place you want or where. Maybe it's time to rightsize.
Locked in a Cultural Battle of the Ages
Generation Gap: Age issues are often more about a power struggle.
The Best Way to Spend Your Inheritance
If you suddenly receive an unexpected windfall such as an inheritance, you're one of a shrinking few. According to a recent study by the AARP, only about one-fifth of all boomer households have received inheritances, and only 15 percent of others still expect to receive one.
Trailer Park and Cat Food Blues? New Blog Rejects View of Boomer Finance
New blog offers contrarian views of aging and retirement, debunks embedded assumptions on money, health and work for people 50 and older. Retirement is, believe bloggers Marika and Howard Stone, "so 20th century."
Osher Lifelong Learning Institute at UCI Introduces First and Only University-Based Program for the Baby Boomer Generation
Program designed specifically to meet the educational interests of adults ages 50+.
Boomer Doom: Falling Victim to the Culture of Youth
As America's baby boomers approach senior status, a troubling number are dying from causes that have marked the generation since the 1960s -- drug abuse, suicide and accidents.
Bernanke: Baby Boomers Will Strain U.S.
Federal Reserve Chairman Ben Bernanke said Wednesday the burden from retiring baby boomers will strain the nation's budget and economy, unless Social Security and Medicare are revamped.
Read Bernanke's prepared speech to the Senate Budget Committee here.
Some Web Job Sites Put Out 'Gray Hair Welcome' Signs
As the work force grays, a small but growing number of job boards catering to the mature worker are emerging on the Internet. The sites are gaining ground as employers realize that they must look outside traditional age ranges to find expertise.
Don't Call Me Grandma
Baka, Deeda, Oji, Gunga, Leelee, Uma, Zayda and Wahoo share something beyond membership in the baby-talk hall of fame: These Americans are allergic to the terms "Grandfather" and "Grandmother." Those well-trod names have become too old. At least for the 39 million baby boomers who are now exploring the even more youthful world of Babies 'R' Us.
Read more articles here.
Boomer/Senior Market Report
Published by Mary Furlong & Associates
3527 Mt. Diablo Blvd.
#128, Lafayette, CA 94549
Telephone: 925-283-7698
http://www.maryfurlong.com