© kathey hickey fulham, cpa 2007 katherine hickey fulham, cpa marketing to the baby boomers

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© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPA KATHERINE HICKEY FULHAM, CPA Marketing to the Baby Marketing to the Baby Boomers Boomers

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© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Marketing to the Baby Marketing to the Baby BoomersBoomers

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Why are we here today?Why are we here today?

• Do you know who the Do you know who the fastest growing fastest growing demographicdemographic is? is?

• Who spends the most money on Who spends the most money on luxury luxury traveltravel and and new carsnew cars??

• Who accounts for more than 70% of Who accounts for more than 70% of all all pharmaceuticalpharmaceutical sales and 25% of sales and 25% of all all toytoy sales? sales?

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

What’s in this workshop for What’s in this workshop for you?you?

• If we’re successful today, then you If we’re successful today, then you should be able to:should be able to:– Describe/explain at least 3 Describe/explain at least 3 significant factorssignificant factors

about baby boomers that affect your about baby boomers that affect your businessesbusinesses

– Explain how you can Explain how you can refocusrefocus your businesses your businesses to to meetmeet the needs of baby boomers the needs of baby boomers

– Use Use and and applyapply the materials in your business the materials in your business todaytoday

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Before we proceed, Before we proceed, think about your service or think about your service or

productproductMake “Make “Action NotesAction Notes” ”

• What you know about your What you know about your target markettarget market

• then consider how to then consider how to adjustadjust your your marketing tomarketing to -meet the -meet the preferencespreferences & & attitudesattitudes of thisof this powerful powerful demographicdemographic..

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Key Demographic TrendsKey Demographic Trends

• Consumer activityConsumer activity is the is the key driverkey driver of of your business and your business and understandingunderstanding the the changing trendschanging trends that are affecting that are affecting consumer behavior is consumer behavior is criticalcritical to your to your successsuccess. .

• UnderstandingUnderstanding consumer activity consumer activity means means betterbetter planningplanning, with , with fewer fewer surprisessurprises, and , and increased increased top-line top-line growth.growth.

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Some trends about 55+Some trends about 55+70%70%

60%60%

74%74%

41%41%

24%24%

80%80%

42%42%

26%26%

Of all Of all money marketmoney market accounts and certificates of accounts and certificates of depositdeposit

Of all Of all health carehealth care spending spending

Of all Of all prescriptionprescription drug purchases drug purchases

Of all new Of all new carcar purchases purchases

Of all Of all toytoy purchases purchases

Of all luxury Of all luxury traveltravel-top leisure activity for men & -top leisure activity for men & womenwomen

Of all Of all museummuseum visitors are 55 or older visitors are 55 or older

Higher per Higher per capita incomecapita income than national average than national average

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

How to Sell & Connect with How to Sell & Connect with BoomersBoomers

• Every 7 seconds, someone turns 50 years oldEvery 7 seconds, someone turns 50 years old

• With 76 million U.S. baby boomers making With 76 million U.S. baby boomers making buying decisionsbuying decisions now the now the potentialpotential & & growthgrowth from this group is from this group is enormousenormous..

““Simply based on population growth trends if product is Simply based on population growth trends if product is marketed tomarketed to

50+ audience & 50+ audience & maintains market sharemaintains market share, sales should , sales should increase by 35% increase by 35%

to 50% in next 20 years. Conversely, a brand targeted at zero to 50% in next 20 years. Conversely, a brand targeted at zero to 50 to 50

age group will be flat sales.age group will be flat sales.” ” Rick Adler, Founder of The Senior Rick Adler, Founder of The Senior NetworkNetwork

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Boomer factoids you Boomer factoids you needneed to to knowknow• They view themselves as They view themselves as youngeryounger than they really are (by 20 years) than they really are (by 20 years)• They live They live active lifestylesactive lifestyles and and traveltravel is high among their favorites is high among their favorites• They They love discountslove discounts and aren’t afraid to ask for them and aren’t afraid to ask for them• They grew up with TV and a very knowledgeable about They grew up with TV and a very knowledgeable about advertisingadvertising• They are connected and comfortable with They are connected and comfortable with technologytechnology• They are They are healthierhealthier, , more activemore active and expected to live longer than and expected to live longer than

their parentstheir parents• Researchers asked boomers what they like to be called.Researchers asked boomers what they like to be called.

– There was There was NO CONSENSUSNO CONSENSUS..– Terms such as “active adults”, “mature,” “older adult,” “ 50 Terms such as “active adults”, “mature,” “older adult,” “ 50

plus,” and even “middle-aged” were plus,” and even “middle-aged” were deemed inappropriatedeemed inappropriate..

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Things to remember about Things to remember about doing business with baby doing business with baby

boomersboomers• Watch how your refer to them-they don’t Watch how your refer to them-they don’t

like being called “like being called “oldold” –” –in any formin any form

• Don’t assume they are Don’t assume they are brand loyalbrand loyal

• Sell Sell experienceexperience & & benefitsbenefits that come with that come with your product or service.your product or service.

• Use images they relate to – they tend to Use images they relate to – they tend to be be nostalgicnostalgic, evoke positive memories, , evoke positive memories, while connecting to while connecting to current lifestylescurrent lifestyles

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

What are boomers saying about What are boomers saying about turning 60?turning 60?• Personal goals for the next 10 years?Personal goals for the next 10 years?

• 10% mentioned spending 10% mentioned spending more time with loved onesmore time with loved ones

• 87% taking better care of my 87% taking better care of my physical healthphysical health

• 72% wanted to spend more time on 72% wanted to spend more time on interestsinterests & & hobbieshobbies

• 71% doing the things I have always wanted to do71% doing the things I have always wanted to do

• If someone gave them the If someone gave them the perfect giftperfect gift for their 60th for their 60th birthday, what would it be?birthday, what would it be?

• 23% could be called 23% could be called lifestyle lifestyle gifts (first)gifts (first)

• 19% involved 19% involved family tiesfamily ties and relationships (second) and relationships (second)10% spending time with their 10% spending time with their spousesspouses, children & , children & grandchildrengrandchildren

• 16% 16% personal well-beingpersonal well-being. (third). (third)

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Overall significance of the Overall significance of the study:study:• Boomers turning 60 in 2006 remain substantially Boomers turning 60 in 2006 remain substantially satisfied satisfied

with their liveswith their lives

• Nearly all have some substantial life change they wantNearly all have some substantial life change they want: :

-87% take better care of their -87% take better care of their physical healthphysical health

-72% spend time with -72% spend time with hobbieshobbies & interests & interests

-47% do more -47% do more volunteeringvolunteering

• WorkWork will continue to play a major role in their liveswill continue to play a major role in their lives: : -54% of 60 year olds (compared to all boomers) -54% of 60 year olds (compared to all boomers) plan to go back to work in the next few years.plan to go back to work in the next few years.

• Over half of those working now (54%) plan to quit working Over half of those working now (54%) plan to quit working ASAP.ASAP.

-37% plan to work “until I drop.”-37% plan to work “until I drop.”

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

60 year-olds asked about 60 year-olds asked about changes in next few yearschanges in next few years

• 57% do more 57% do more travelingtraveling

• 45% 45% save moresave more aggressively for aggressively for retirementretirement

• 47% do more 47% do more volunteervolunteer work work

• 30% planned to 30% planned to move-move-mmany moving hereany moving here

• 18% planned 18% planned tto move o move tto a smaller homeo a smaller home

((but not to a less expensive home) but not to a less expensive home)

within a three hour drive of the grandkidswithin a three hour drive of the grandkids

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Boomers want…Boomers want…

• Action – packed retirementAction – packed retirement• Some want to continue to workSome want to continue to work• Boomers wantBoomers want -more activity-more activity -more amenities-more amenities

-more friends-more friends““This generation wants to continue to rock and roll, not sit in This generation wants to continue to rock and roll, not sit in

rockingrocking chairs.”chairs.” Dave Schreiner,VP Pulte HomesDave Schreiner,VP Pulte Homes

““55-75 year-olds estimated to reach 80 million-plus by 2020, the 55-75 year-olds estimated to reach 80 million-plus by 2020, the active active

adult market represents one of fastest-growing segments in the adult market represents one of fastest-growing segments in the

housing industry.”housing industry.” Dell Webb Baby Boomer Dell Webb Baby Boomer

Survey,2005 Survey,2005

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

How to communicate with boomers with How to communicate with boomers with print materialsprint materials

• Every business needs printed materials that sell your product Every business needs printed materials that sell your product or service, and sell it well.or service, and sell it well.

• Key word is Key word is See - See - By 2010, By 2010, 20 million20 million baby boomers will face baby boomers will face ageage--related vision lossrelated vision loss and functional vision problems. and functional vision problems.

• Make it easy to read: font size, clear, crisp & conciseMake it easy to read: font size, clear, crisp & concise– TypeType –size must be larger than normal. Use 12 pt type and larger –size must be larger than normal. Use 12 pt type and larger

– Use an appropriate Use an appropriate type-facetype-face such as such as Times New RomanTimes New Roman. .

– Never use only upper case letters.Never use only upper case letters.

– Make generous use of Make generous use of bulletsbullets or or numbered listsnumbered lists

– Include images of Include images of single womensingle women since many of your audience will since many of your audience will be widowed or divorced women.be widowed or divorced women.

– Choose Choose colorscolors carefully-use carefully-use dark type on a light backgrounddark type on a light background. This . This provides contrast that older eyes need in order to see well.provides contrast that older eyes need in order to see well.

– Remember -Remember -great words lingergreat words linger

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Electronic MarketingElectronic Marketing If you want to reach affluent, well-educated boomers, If you want to reach affluent, well-educated boomers, add add

onlineonline and and emailemail marketing to your marketing to your printprint marketing. marketing.

The percentage of 50+ who The percentage of 50+ who go onlinego online has jumped by has jumped by 47 percent47 percent between 2000 and 2004, making them the fastest growing between 2000 and 2004, making them the fastest growing demographic group on the WEB. (demographic group on the WEB. (the Pew Internet & American Life Project, 2004)the Pew Internet & American Life Project, 2004)

Demographics of Internet Users –Who Goes Online?Demographics of Internet Users –Who Goes Online?AgeAge 50-64 58%50-64 58%65+65+ 23% 23%Household incomeHousehold income$50,000-$75,000 86%$50,000-$75,000 86%$More than $75,000 89%$More than $75,000 89%

Source: Fox, 2004. N=2204. Margin of error is +/- 3%, at 95 % confidence level.Source: Fox, 2004. N=2204. Margin of error is +/- 3%, at 95 % confidence level.

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Why are Boomer website visitors Why are Boomer website visitors special?special?

• Once a person enters the “retiree” demographic, Once a person enters the “retiree” demographic, he/she will be a member for life (rather than teens he/she will be a member for life (rather than teens moving to 20s to 30s, etc. )moving to 20s to 30s, etc. )

• There are currently more than 76 million seniors and There are currently more than 76 million seniors and over the next 20 yearsover the next 20 years

• More than 70 million baby boomers will reach 60.More than 70 million baby boomers will reach 60.

• This represents This represents unlimited opportunityunlimited opportunity to expand your to expand your company’s brand.company’s brand.

• This consumer group has the This consumer group has the most disposable incomemost disposable income with the with the greatest buying powergreatest buying power;;

• interested in interested in new servicesnew services to to enhanceenhance their lifestyle their lifestyle and is currently the and is currently the largest consumerlargest consumer in more product in more product categories than any other market group.categories than any other market group.

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Fast Fact-Adults 50 and older Fast Fact-Adults 50 and older Switching from Traditional Media to Switching from Traditional Media to InternetInternet • 67.5% say online information is 67.5% say online information is accurateaccurate • 60.7% use internet 60.7% use internet moremore than a year ago than a year ago• 34.5% go to more websites34.5% go to more websites• 35% seek out 35% seek out traveltravel information information• 33% 33% educationeducation• 32% online purchases32% online purchases• 22% personal finance & entertaining22% personal finance & entertaining• 77% search for 77% search for healthcarehealthcare information information Survey by Burst Media MarketingVOX, Jan. 2006Survey by Burst Media MarketingVOX, Jan. 2006

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

““Online Sales Lose Steam” Online Sales Lose Steam” NY Times 6/17/2007NY Times 6/17/2007

““Has online retailing entered the Has online retailing entered the Dot CalmDot Calm era?era?

Since the inception of the Web, online commerce has enjoyed Since the inception of the Web, online commerce has enjoyed hypergrowthhypergrowth with annual sales increasing more than 25% with annual sales increasing more than 25% overall.. But last year, growth has slowed sharply”overall.. But last year, growth has slowed sharply”

Forrester Research says “sales growth is pulling back in 18 or Forrester Research says “sales growth is pulling back in 18 or 24 categories it measures”24 categories it measures”

Jupiter Research, says “Jupiter Research, says “growth rate has peakedgrowth rate has peaked. It predicts . It predicts overall online sales growth will slow to 9% a year by the overall online sales growth will slow to 9% a year by the end of the decade from as much as 25% in 2004.”end of the decade from as much as 25% in 2004.”

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Cohort Definitions-BirthdatesCohort Definitions-Birthdates

• GI Generation : Born 1925 and earlierGI Generation : Born 1925 and earlier• Silent Generation : 1926-1945Silent Generation : 1926-1945• Baby Boomers 1945-1964Baby Boomers 1945-1964

– Leading Edge Boomer 1946-1955Leading Edge Boomer 1946-1955– Trailing Edge Boomer 1956-1964Trailing Edge Boomer 1956-1964

• Generation X 1965-1979Generation X 1965-1979• Generation Y 1980-2000Generation Y 1980-2000• Generation Z 2001-?Generation Z 2001-?

Cohorts-groups with same significant life events within a specified period of Cohorts-groups with same significant life events within a specified period of time.time.

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

BoomersBoomersLeading Edge & Trailing EdgeLeading Edge & Trailing Edge

• Distinctive :Distinctive :– ExperiencesExperiences– LifestylesLifestyles– BehaviorsBehaviors

Both groups plan to work after Both groups plan to work after retirementretirement

either full time or part-timeeither full time or part-time

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Research/Segmentation Baby Research/Segmentation Baby BoomersBoomersStudy shows that Boomers Fall into 5 Distinct Groups;Study shows that Boomers Fall into 5 Distinct Groups;Will help Marketers TacticsWill help Marketers Tactics

1.1. Status Seekers: 26%Status Seekers: 26%

2.2. Traditionalists: 23% Traditionalists: 23%

3.3. Blue Collar Skeptics: 18%Blue Collar Skeptics: 18%

4.4. Activists: 17%Activists: 17%

5.5. Achievers: 16%Achievers: 16%Research by Boston-based research firm Chadwick Martin Bailey in conjunction with Arnold Research by Boston-based research firm Chadwick Martin Bailey in conjunction with Arnold

Worldwide Worldwide

November 6, 2006 November 6, 2006

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Status Seekers:Status Seekers:

• MaterialisticMaterialistic

• Feels money- best measure of Feels money- best measure of successsuccess

• Enjoy Enjoy finerfiner things things

• Willing to Willing to pay morepay more for for brand namesbrand names 31% drive a vehicle 31% drive a vehicle thatthat makes a makes a

statement about their personality & style statement about their personality & style Chadwick Martin Bailey Research FirmChadwick Martin Bailey Research Firm

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

TraditionalistsTraditionalists

• More conservativeMore conservative– political, economic & social viewspolitical, economic & social views

• Smart consumersSmart consumers– Interested in Interested in valuevalue & & varietyvariety

• 45% say they go out of their way to 45% say they go out of their way to buybuy

American-made productsAmerican-made products Chadwick Martin Bailey Research FirmChadwick Martin Bailey Research Firm

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Blue Collar SkepticsBlue Collar Skeptics

• Fall on low end of Boomers income bracketFall on low end of Boomers income bracket

• More More stressedstressed about about time time & & moneymoney

• Majority (68%) feel they haven’t saved Majority (68%) feel they haven’t saved enough for retirement.enough for retirement.

Chadwick Martin Bailey Research FirmChadwick Martin Bailey Research Firm

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

ActivistsActivists

• Most politically & socially active segmentMost politically & socially active segment

• Tend to be liberalsTend to be liberals

• Donate significant Donate significant timetime & & moneymoney to to charitycharity

• Concerned with the environmentConcerned with the environment

• Brand-loyalBrand-loyal & & financially smartfinancially smart Chadwick Martin Bailey Research FirmChadwick Martin Bailey Research Firm

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

AchieversAchievers

• Adopts technology earlyAdopts technology early

• Focused on successFocused on success

• Heavily involved in social activitiesHeavily involved in social activities

• 24% claim to be 124% claim to be 1stst to have to have

new gadgetsnew gadgets & & devicesdevices Chadwick Martin Bailey Research FirmChadwick Martin Bailey Research Firm

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Baby Boomers impact onBaby Boomers impact on

• Travel & LeisureTravel & Leisure

• Fast FoodFast Food

• Apparel/RetailApparel/Retail

• TechnologyTechnology

• HealthHealth

• Financial ServicesFinancial Services

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Boomers wantsBoomers wants

• Boomers Boomers love love to travelto travel

• Boomers like to eat out Boomers like to eat out

• Boomers enjoy their cars & motorcylesBoomers enjoy their cars & motorcyles

• Boomers reach out to technologyBoomers reach out to technology

• Boomers health choicesBoomers health choices

• Boomers issues with their financesBoomers issues with their finances

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Baby Boom TravelBaby Boom Travel

•Travel & Tourism is a $1.3 trillion Travel & Tourism is a $1.3 trillion industry in U.S. industry in U.S. Domestic Travel Market Report,2002 Domestic Travel Market Report,2002 Edition, Travel Industry Assoc of AmericaEdition, Travel Industry Assoc of America

•Travel ranks among the Travel ranks among the toptop leisure leisure activity for men & women 50+activity for men & women 50+

•What do they want?What do they want?– Adventure & RelaxationAdventure & Relaxation

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Seasoned TravelersSeasoned Travelers

• Historical RomanticsHistorical Romantics

• Road WarriorsRoad Warriors

• Luxury SeekersLuxury Seekers

• Cultural ExplorersCultural Explorers

• Experimental AdventurersExperimental Adventurers

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Fast Food-After 50Fast Food-After 50

• All have eaten out at a fast food restaurant in past 3 All have eaten out at a fast food restaurant in past 3 months months

• Eat at hamburger chains more than othersEat at hamburger chains more than others

• Leading non hamburger chains-Taco Bell & Pizza HutLeading non hamburger chains-Taco Bell & Pizza Hut

• Male boomers more than female prefer fast food Male boomers more than female prefer fast food restaurantsrestaurants

• Women boomers more than men see fast food Women boomers more than men see fast food restaurants as a place to take grandchildrenrestaurants as a place to take grandchildren

• ““Tablecloth” restaurants greater appeal for womenTablecloth” restaurants greater appeal for women Howard Willens, Mature Marketing ResearchHoward Willens, Mature Marketing Research

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Food Tastes-Ethnic FoodsFood Tastes-Ethnic Foods

• Most popular ethnic cuisines in USMost popular ethnic cuisines in USMexican, Italian, ChineseMexican, Italian, Chinese

• Food tastes: bolder flavorsFood tastes: bolder flavors

• Outlook for futureOutlook for future– Bolder flavors to tickle taste budsBolder flavors to tickle taste buds

Ron Paul & Jacqueline Rodriguez, Technomic, Inc.Ron Paul & Jacqueline Rodriguez, Technomic, Inc.

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

RetailersRetailers

• Boomers are do-it-yourselfers who do Boomers are do-it-yourselfers who do not trust authoritynot trust authority

• Home Depot has blossomed Home Depot has blossomed

with its promotion with its promotion DIYDIY lifestyle lifestyle– Installation services-Installation services-DIFMDIFM

•Aka “Aka “do it for medo it for me”” Seniorscopie.comSeniorscopie.com

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

RetailersRetailers• Clothing retailers struggle to understand what Clothing retailers struggle to understand what

Boomer women wantBoomer women want “ “Are Macy’s and other department stores coming back into Are Macy’s and other department stores coming back into

vogue for the baby boomer women?” AP article 4/12/07 vogue for the baby boomer women?” AP article 4/12/07 suggests “that even retailers who sought this demographic suggests “that even retailers who sought this demographic are failing by are failing by targeting targeting ageage, , rather than a rather than a lifestylelifestyle”.”.

• ““Meaningful special occasion gifts” for boomers:Meaningful special occasion gifts” for boomers:– ExperiencesExperiences– ConnectionsConnections– MemoriesMemories– Self-respect Self-respect Brent GreenBrent Green

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Retail-Retail-The GapThe Gap created created Forth & TowneForth & Towne

• Launched a women’s apparel chain in Launched a women’s apparel chain in September 2005 –September 2005 –BusinessWeek 9/20/05BusinessWeek 9/20/05

• Designed to appeal to women over 35Designed to appeal to women over 35

• Improving the shopping experience was a top Improving the shopping experience was a top prioritypriority

• ““Social InteractionSocial Interaction” was the ” was the buzz wordbuzz word• What happened?What happened? BusinessWeek 2/26/07BusinessWeek 2/26/07

• 18 months later the chain closed 18 months later the chain closed ( 2007) ( 2007)

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

““Some customers like a more Some customers like a more interactiveinteractive experience. experience. They like shopping & they want to go retail” They like shopping & they want to go retail”

Alex Gruzen,VPAlex Gruzen,VP DellDell

““Physical stores have made the Physical stores have made the in-person buyingin-person buying experienceexperience more pleasurablemore pleasurable , online stores give , online stores give shoppers a blasé experience” shoppers a blasé experience” Nancy Koehn, professor Harvard BusinessNancy Koehn, professor Harvard Business SchoolSchool

Retailers have started in-store pick up items –leading Retailers have started in-store pick up items –leading to additional purchases when buy they pick up the to additional purchases when buy they pick up the items.items.

““Consumers are generally not committed to one form Consumers are generally not committed to one form of buying over the other” .of buying over the other” .

NY Times June NY Times June 17, 200717, 2007

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Trends in GrandparentingTrends in Grandparenting

RetailersRetailers are paying attention: are paying attention:• KB ToysKB Toys launched Grandparents’ Reward Club in launched Grandparents’ Reward Club in

2006 –Every Tuesday 10% discount off purchases 2006 –Every Tuesday 10% discount off purchases of shoppers over 50of shoppers over 50

• Babies “R” UsBabies “R” Us hosts free seminars for hosts free seminars for grandparents in select stores-baby safety & baby grandparents in select stores-baby safety & baby carecare

• It partners with It partners with Fisher-PriceFisher-Price to sell a 60 page to sell a 60 page guide for grandparents called “guide for grandparents called “Loving Your Loving Your GrandbabyGrandbaby””

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Boomers & HealthBoomers & Health“You can stop “normal” aging”“You can stop “normal” aging”

• ““Normal” aging “isn’t normal at all”.Normal” aging “isn’t normal at all”. It’s a It’s a choicechoice you make by the way you live... you make by the way you live...The other choice is to tell your cells to grow-The other choice is to tell your cells to grow-to build strong, vibrant body & mind.” to build strong, vibrant body & mind.” • Two master signals to our cells :Two master signals to our cells :

– ExerciseExercise– Emotion Emotion Dr. Henry S Lodge, Columbia Medical School, Published March 18, 2007Dr. Henry S Lodge, Columbia Medical School, Published March 18, 2007

• Forever Young Forever Young is the motto of Boomersis the motto of Boomers

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Boomers & TechnologyBoomers & Technology

A great secret becoming known A great secret becoming known

even though boomers did not grow up even though boomers did not grow up with computerswith computers

– Consumers 50+ go onlineConsumers 50+ go online – They bought $7 billion dollars online in They bought $7 billion dollars online in

20052005– ““Baby boomers are the largest, most Baby boomers are the largest, most

affluent, most gadget-grabbing generation affluent, most gadget-grabbing generation in American History”in American History” Michelle Edelman, LB Works, ChicagoMichelle Edelman, LB Works, Chicago

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Baby Boomers & Financial Baby Boomers & Financial IndustryIndustry

““Financial services industry is not effectively Financial services industry is not effectively marketing its products & services to baby marketing its products & services to baby boomers & faces a huge obstacle in boomers & faces a huge obstacle in keeping them as customers, because they keeping them as customers, because they are not loyal to financial institutions”are not loyal to financial institutions”

Lisa Shidler,Lisa Shidler, Investment News 3/12/2007Investment News 3/12/2007

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Customer ServiceCustomer Service

• Central issue for financial services Central issue for financial services industryindustry

• Boomers expect :Boomers expect :– PromptPrompt & i & individualizedndividualized customer service customer service

• Not “high touch” but “individualization”Not “high touch” but “individualization”• Attitude “Know Me” as a “unique Attitude “Know Me” as a “unique

individual”individual” Joan Seamster, Principal, Customer InsightsJoan Seamster, Principal, Customer Insights

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Boomers Boomers • ““Financial industry is missing the Financial industry is missing the

women market”women market”

• By age 56, average woman will be By age 56, average woman will be singlesingle

• 51% of women don’t have a spouse 51% of women don’t have a spouse

• < 1 in 5 women have a financial < 1 in 5 women have a financial adviser adviser Investment News Investment News

3/12/20073/12/2007

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Women and financial Women and financial advisersadvisers• Women are twice as likely as men to Women are twice as likely as men to

firstfirstSeek advice from a financial adviserSeek advice from a financial adviser

• Some of the hot buttons to winning Some of the hot buttons to winning Women’s trust and confidence:Women’s trust and confidence:

ConnectionConnectionCommunicationCommunicationRelationshipsRelationshipsTrust Trust

Martha Barletta, author Marketing to WomenMartha Barletta, author Marketing to Women

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

How to understand How to understand boomers?boomers?

““Understanding human needs is half Understanding human needs is half the the

job of meeting them” .job of meeting them” .--Adlai E. Stevenson, Jr.Adlai E. Stevenson, Jr.

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Marketing to BoomersMarketing to Boomers

• 11stst impressions are important impressions are important• If you give them want they want, they will If you give them want they want, they will

listenlisten

• You may need a hookYou may need a hook– YouthYouth– InclusionInclusion– Quality & ValueQuality & Value– ReassuranceReassurance– Use VisualsUse Visuals Howard Willens, Mature Marketing ResearchHoward Willens, Mature Marketing Research

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Boomers & NostalgiaBoomers & Nostalgia• Rock & roll is a common thread of the Rock & roll is a common thread of the

Baby Boom generation.Baby Boom generation.

• Boomers like connections to musicBoomers like connections to musicof the 60s and 70s of the 60s and 70s

• Microsoft paid The Rolling Stones $12m to license “Start me Microsoft paid The Rolling Stones $12m to license “Start me Up” for Windows 95Up” for Windows 95

• Apple iMacs used “She’s a Rainbow”Apple iMacs used “She’s a Rainbow”

• If your customers picks a product that does not meet their If your customers picks a product that does not meet their expectationsexpectationsYou certainly don’t want them humming another Rolling Stones You certainly don’t want them humming another Rolling Stones

songsong

““I Can’t Get No Satisfaction”I Can’t Get No Satisfaction”

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Conclusions:Conclusions:• Boomers represent a large and growing Boomers represent a large and growing

segment of anyone’s market.segment of anyone’s market.

• KnowingKnowing how to do business with boomers how to do business with boomers will will differentiatedifferentiate you from the competition. you from the competition.

• The The mostmost importantimportant tooltool in your marketing in your marketing and sales arsenal is you and sales arsenal is you reputationreputation as an as an honesthonest, , ethicalethical and and helpfulhelpful professional.professional.

• KnowingKnowing howhow to serve baby boomers will to serve baby boomers will grow your business.grow your business.

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Celebration of turning 50Celebration of turning 50

Instead of thinking “senior”…Instead of thinking “senior”…

let’s begin let’s begin nownow by thinking by thinking “50+”“50+”

……by celebrating turning 50 and by celebrating turning 50 and celebrating the second 50 yearscelebrating the second 50 years

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Longevity –It’s a celebration of lifeLongevity –It’s a celebration of life

““This is the first time in human history that the This is the first time in human history that the prospect of living a long, healthy, and productive prospect of living a long, healthy, and productive life has become a reality for the majority of people life has become a reality for the majority of people in most parts of the world. What was once a in most parts of the world. What was once a special advantage of the few has become the special advantage of the few has become the destiny of many. And it is likely that this increase destiny of many. And it is likely that this increase in longevity will continue. As important as is in longevity will continue. As important as is liberation by health, as powerful as is liberation by liberation by health, as powerful as is liberation by law, older people must be liberated, too, from law, older people must be liberated, too, from stereotypes that limit their horizons. We are in the stereotypes that limit their horizons. We are in the midst of the wonderful world of longevity. It is in midst of the wonderful world of longevity. It is in our power to make it a celebration.”our power to make it a celebration.”

Robert Butler, 2001Robert Butler, 2001

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Marketing to the Baby Marketing to the Baby BoomersBoomers““Life eventsLife events mean mean marketing opportunitiesmarketing opportunities……They include They include new reasonsnew reasons and way to consume and way to consume

the same products they always have.” the same products they always have.” Diane Crispell, Rpper Diane Crispell, Rpper ASWASW

It’s all about:It’s all about:• Finding AnswersFinding Answers• Creating SolutionsCreating Solutions

Thank you for joining us todayThank you for joining us today

© Kathey Hickey Fulham, CPA 2007 KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Marketing to the Baby Marketing to the Baby BoomersBoomers

Presentation prepared byPresentation prepared by

Kathey Hickey Fulham, CPA, Kathey Hickey Fulham, CPA, MSTMST

Certified Public AccountantCertified Public Accountant

Master of Science in TaxationMaster of Science in TaxationCertified Public Accounting practice in the village of OstervilleCertified Public Accounting practice in the village of Osterville

7 Parker Road7 Parker Road

Osterville, MA 02655Osterville, MA 02655

508-420-3456508-420-3456

www.KatheyFulhamCPA.comwww.KatheyFulhamCPA.com