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Marketing and Motivating Boomers and Beyond

Archive for the ‘Real Estate Marketing’ Category

Boomers are Wounded, Worried and Wary – What That Means for Marketing

Friday, February 12th, 2010

Pop quiz: what topics were hot at this year’s International Builders Show?  A. Green Building, B. Financing (good luck, buddy), C. Social Media, or D. The psychological outlook of Baby Boomers and other active adult homebuyers.  If you answered “all of the above,” you’re today’s winner.*

Baby Boomers are wounded, worried and wary.  Even those who have survived the recent economic challenges financially are psychologically scarred.

In a white paper with 10 take-aways from this year’s Builders Show, I share the philosophy of Tim McCarthy, Managing Partner of Traditions of America, the renowned developer of active adult communities in Pennsylvania.  Traditions sales and marketing team is focused on selling only to Active Adults who have come to terms with the reality of their economic situation.  These are Baby Boomers and seniors who are ready to move forward with their lives.

Understanding the psychological outlook of mature homebuyers influences the marketing techniques Traditions of America uses.  The most effective one focuses on building the confidence of top prospects.  (Get the details in this “top 10 take-aways” white paper.)

As our team noted in the December 17 edition of Selling to Seniors, the key is to get to know who your prospects are now.

“The world could be quite a different place now than it was just a few years ago for someone, and often, shifting circumstances are beyond their control. For example, … You may be marketing to somebody who planned very well and covered all his retirement bases, but then his adult child loses their job. Or a health-care issue pops up and now he has to make adaptations. So your databases may contain the names of people who a year ago seemed like they were right in line with your product or service, but it doesn’t necessarily reflect where they are now.”

There are many ways you can take the pulse of today’s active adult consumers: lost buyer surveys, data mining and social listening are just a few ideas.  Post your ideas below.

 

* Congratulations!  Now, what did you win?  How about the chance to prove how smart you are by sharing your strategies for understanding and motivating wounded, wary Baby Boomers in 2010.  I’ll see you in the comments section.

Social Media and Boomer, Senior Homebuyers: Untangling the Web

Thursday, February 11th, 2010

Social media marketing seemed to be the topic of the hour at the 2010 International Builders Show (and other conferences I’ve attended in the past few months, such as the American Association of Homes and Services for the Aging event).  Builders and developers – of active adult communities, of intergenerational housing, of continuing care retirement communities – are all wondering how these newer online marketing tools can drive sales with Boomer and Senior homebuyers.

In a new white paper with the “Top Ten Take-Aways from IBS 2010,” tip #9 addresses Untangling the Web.  While the seniors housing industry is buzzing about social media, there are a lot of questions about whether to dive in.

Is Social Media Marketing Worth It with Baby Boomers and Seniors?

For those with 50+ age-qualified properties, question #1 often is: Should I even bother? As we’ve talked about frequently on this blog, YES.  Seniors, Boomers, folks over 40 – they’re online, and actively engaged in social media.  Just last week, eMarketer highlighted the growing presence of Boomers on social networks.SocialNetworkingUseByGeneration.eMarketer

It’s not just Baby Boomers, either.  The stats show that 36% of Internet users over 63 are actively maintaining a social networking profile.  (Roughly 13% of the entire US population is over 65.)

The short answer is every builder needs to be engaged in social media at some level.

Case Study: Using Social Media Techniques to Reach CCRC Retiree Prospects

Recently our team had the honor of working with Willow Valley Retirement Communitiesto revamp their website.  Willow Valley is the nation’s third largest retirement community, and – unlike most CCRCs which draw primarily from their local area – it’s a true destination.  Willow Valley attracts retirees from 37 states.

Their prospects are educated, active and typically in their 70s.  However, the Willow Valley and Creating Results teams recognize the gradual shift that will occur over the next decade, as the Silent Generation (born between 1925 and 1942) is joined by Baby Boomers (born 1946-1964).

Our plan for their new website was to make it not only functional and attractive, but to make the website the first stop on a prospect’s journey to retirement.  That means it has to truly engaging.  Social media techniques are built in throughout the site:

* share with a friend features – retirees can email, tweet or post content from any where in the site to their Facebook account
* videos embedded into the site from a branded WillowValley-TV channel on YouTube
* publications piped in from a digital publishing library that encourages sharing
* multiple calls for feedback and interaction (“suggest it to our librarian”)

The site is structured so that, looking ahead, the client can phase in more social engagement opportunities – message boards, blogs and comments/reviews.

Getting Social with Seniors, Strategically

Judging by the turnout at IBS social media sessions, many builders and developers are stuck on question #2 is: Where do I start?

I counsel our clients with active adult or continuing care retirement communities to start with the fundamentals, and that includes a plan.  Any business wanting to incorporate social media into their Boomer marketing should have a strategy, goals, and have a plan that shows how social engagement is integrated into their rest of their marketing program for maximum impact.

(Creating Results also offers clients a bundle of social marketing services, including education, strategy and training … but that’s another story.)

Let’s put the question to you:  In 2010, where will you start in your efforts to untangle the web and reach Boomers/senior homebuyers through social media? How can building community online drive sales for active adult and retirement communities offline?

Please share your thoughts and questions below.

Marketing Active Adult, Retirement Communities to Boomers and Beyond Requires an Internet Blueprint

Wednesday, February 10th, 2010

It’s time for tip #9 from my “top 10 take-aways” from the 2010 International Builders Show (IBS): “Untangling the Web.”

Marketing to seniors and Baby Boomers via the Web involves making full use of SEO best practices, social networking tools, interactive features, active adult friendly designs and more.  Sadly, too many builders and developers forget to approach online marketing the way they would a new home: with a blueprint for success.  I love the way eMarketer puts it: “planning and organization are no longer optional.”

At IBS, sessions related to Internet marketing and homebuyers were very popular.  It seemed like everywhere builders and developers looked at this Las Vegas conference, someone was telling them to bet some or all of their marketing dollars on the Web. Without an internet strategy – a “blueprint” –, many communities are wasting time and money.

When speaking at the 50+ New England Housing Council’s annual meeting last month, I said there are three things to keep in mind for marketing active adult and retirement communities online:

* Print is not dead
* The Internet is not free
* Internet success is not overnight success

I invite you to share your thoughts below:  In your experience, are builders and developers spending enough time on internet strategy?  What “three things” will you keep in mind for your efforts in 2010?

P.S.  The “10 take-aways” white paper I mentioned above offers additional insights and some statistics from the new NAHB Marketing to Active Adults course that can help you benchmark your Internet success.  Complimentary download here.

What is the Future of Active Adult Housing?

Tuesday, February 9th, 2010

Was 2009 the end of 55+, age-qualified, active adult housing?  It certainly was a painful year for builders, developers, and experts like myself, who had expected this market would out-perform the overall housing market during a downturn.  Instead, as I note in my Top Ten Take-Aways from IBS, mature homebuyers – primarily discretionary purchasers – exercised their discretion and stayed put.

Active Adult communities have been age-qualified; you must be 55 years old or better to live in one.  For years, this type of housing has been a sweet spot.

However, the Baby Boomers were hit hardest of all by the crash of the financial, real estate and employment markets.  Now, gone are a willingness to pay for golf course views or useless and expensive upgrades.  Is the willingness to live in an age-qualified community gone, too?

Redefining Reetirement Communities

Even before our current economic challenges, Baby Boomers were already redefining retirement, and therefore redefining retirement communities.  Tennis courts were being replaced by business centers.  Bonus rooms were used as home offices.  Research we conducted for Central Parke 55+ Resort Communities led to the establishment of an Osher Lifelong Learning Institute (OLLI) campus at their Victoria Falls community.

As I wrote for the 50+ Housing Magazine in 2007,

Working for a life.quote

What’s next?  At this year’s International Builders Show (IBS), industry experts told me the future was in:

  • Urban infill
  • Co-housing
  • Aging-in-place
  • University-affiliated senior housing
  • Intergenerational communities

Everyone seemed to have a different opinion of where the industry would go. I think that they are all right, and I’m not even a politician. I say The Active Adult Market is Dead – Long Live the Active AdultS MarketS.

The Baby Boom is a generation of roughly 78 million.  The US 50+ population is becoming increasingly diverse.  One size of housing will not fit all; indeed, it never has.

For builders and developers, the challenge is to define which 50+ subgroup you’re targeting, and to take steps to truly understand them.  Hire a good market research agency.  Comb through your database.  That prospect on your list is in a different place, economically and psychologically, than they were in 2008 or 2009.  Conduct new surveys and listening sessions to understand what they now need and desire.

What do you think?  What is the future of active adult housing?  What can builders, developers and mature marketers do to thrive in a world with many different active adults marketS?

The Active Adult Housing Market is Dead …

Monday, February 8th, 2010

and Other Real Estate Marketing Take-aways from the 2010 Builders Show

What are builders, developers and others charged with marketing active adult communities (also known as 50+ or age-qualified housing), looking for in 2010?  New marketing ideas, approaches products that could help their companies standout in a crowded and competitive market.  

In the past, these real estate professionals may have traveled to the International Builders Show (IBS) for insights and tips.  I was one of the 55,000 people who made it to IBS in Las Vegas this year (a dramatic decrease from years gone by).  I attended over a dozen educational sessions (spoke at 3), taught the new Marketing to Active Adults course for the NAHB, walked the entire floor and interviewed more than 20 builders and developers. 

The result:  ten top take-aways and tips for builders and developers who are ready to take action in 2010. 

You can download a PDF with my thoughts, findings and insights from www.CreatingResults.com/

And, every day this week I’ll share one of the more provocative take-aways in a conversation with readers of this blog.  I hope you’ll share your thoughts and best practices for marketing to mature homebuyers, ask questions, or tell me I’m flat-out wrong.  (It won’t hurt; my wife’s got me trained.)

We’ll start tomorrow with tip #4: The Active Adult Market is Dead – Long Live the Active AdultS MarketS.  Was 2009 the end of active adult housing?  Where do we go from here?

Can’t wait until tomorrow?  Get the conversation started by asking a question/leaving a comment below.

Active Adult Housing – Innovation in 2010?

Tuesday, October 27th, 2009

Housing for SeniorsGenerational marketing expert Todd Harff tells Housing for Seniors that 2010 will see innovation in the active adult (50+) housing market.  What form will that innovation take?  Many forms.  Harff says it’s clear that builders are focused on new concepts and marketing strategies, and that some past trends targeting Baby Boomers and beyond have run their course.

What’s Out:

  • Vaulted ceilings are a trend that has run its course with Baby Boomer homebuyers, says marketing expert Todd Harff.10-foot ceilings: Harff asks: “Do you really need that?” Boomers and “Silent Generation” consumers are going to want reduced heating and cooling costs. Higher ceilings equal more space, which equals higher utility bills….
  • Loading up on high-cost green features: 50+ homebuyers love the idea of having green features in the home, but very few of them are willing to pay extra for them.
  • Luxury and Excess: Granite is nice, but is increasingly considered unnecessary by these consumers, says Harff.

Read more of Brian Shappell’s interview with Harff at http://www.seniorsnews.net/emailstory/HSR/3383 to learn about other trends that are out and what builders can do to prosper in an uncertain market.

Builders of new homes for Baby Boomers and other 50+/mature buyers are looking at how to survive and thrive in the coming year.  The only way to make money is to create new products that don’t compete against all the supply currently in the marketplace.  

Creating Results has been working with clients to develop products that are more affordable and yet so appealing that they motivate people to move. We’re changing services and amenities, and getting creative with designs (not to mention the marketing). 

We’d love to hear from you – what do you think is going to be in or out at active adult communities in 2010?

Study of Mature Homebuyers, New Home Builders Shows Need For Clearer Marketing

Tuesday, October 20th, 2009

Kudos to MetLife and NAHB who recently released a study about how builders were doing meeting the expectations of the mature market (Baby Boomers and beyond).  At Creating Results, we love research!  Decisions can be made based on data rather than that gut feel in your stomach or the old fall-back “we’ve always done it that way.”  In this economy, when budgets have been cut to the bare bone, research often has been the first to go.  Thanks to this study, marketers and builders have a little more insight into what Boomers and seniors are looking for in a new home.

What Mature Homebuyers Want, and Builders Aren’t Offering

The report, 55+ Housing: Builders, Buyers, and Beyond, found that

“While consumers expressed a preference for maintenance-free lifestyles, with services such as interior and exterior home repair, transportation, housecleaning, etc., few builders offer such services, which depart from their primary business of construction.” 

63% of the 1500 respondents stated their primary reason for moving was the desire for a maintenance-free lifestyle. That beat out moving to be closer to family or friends as well as a wish to reduce the cost of living.

In our work with active adult builders and community developers we have found as many definitions of “maintenance-free” as there are “green building.”  The Boomers and older homebuyers want, and in many cases need, all of the exterior maintenance taken care of for them.  This goes beyond mowing the lawn to include fertilizing, leaf raking, and mulching of flower beds; cleaning the gutters and washing the windows; clearing snow from driveways and lead walks … 

Real estate marketers need to be sure that online/offline materials are specific on what is and is not included in a community’s “maintenance-free” lifestyle.  Clear details (and more services) will speed sales.

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What Builders Offer, But Buyers Don’t Appear to Want

Creating Results’ 15 years of marketing to Baby Boomers means we understand the need for builders and community developers to communicate new features and their benefits very clearly to prospects.  Universal Design (UD) is a case in point.

NAHB’s research showed that consumers didn’t fully appreciate UD features like lever-handled doors knobs and wider doors and hallways that builders are already putting in to new homes. 

Why?  Perhaps because those door knobs are now anticipated, viewed as a luxury feature but expected to be included as standard.  Those old round ones are boring and just so passé.  And not because the market perceives them as UD-friendly but because levers are the new generation of door knobs. 

Wider doors and hallways?  My guess is that customers do appreciate them because they make the entire home feel more spacious. But value?  It’s hard for consumers to assess a value to space like this—we’re not talking the latest hi-tech feature or granite countertops here.  And, like the lever-handled door knobs, buyers don’t connect the feature to UD benefits.

The communication challenge is to educate our Baby Boomer consumers on the lifestyle value these and other features in the home and community provide now and in the future.  Whether your Boomer buyer is 62 suffering with arthritis in their hands or simply has an armful of laundry those lever-handled door handles will be appreciated.

How will you apply this research and insights to your marketing?

Give the Boomers What They Want: Relevant Ads

Friday, April 17th, 2009

This just in! People of different ages respond differently to advertising!

Now that we’ve got your attention … Lightspeed Research and the Internet Advertising Bureau have released the results of a recent survey to see what kind of ads grab attention online. The results show key differences by age group that should guide marketers. As MediaPost summarized,

“The survey found that younger audiences are more interested in special offers, the entertainment factor and exclusive information within advertising. For 45-54 year olds however, ads need to be more relevant and useful to make an impact.”

We’re not surprised at all to hear older consumers voice a desire for relevance and usefulness in advertising. Baby Boomers are especially pressed for time, with demands placed on them by aging parents, aging houses, boomerang children, employers and more. Savvy marketers will show how their products or services fit into and enrich those busy lives.

Research – What Works, What Doesn’t in Photography for Mature Consumers

Sunday, February 15th, 2009

Marketers are being asked to do more wtih smaller budgets. The photography they select can be powerful and cost-effective, or can actually turn prospects off.

Find out why and get insights into the image preferences of mature adults.

This free 60-page eBook contains the results of research conducted with more than 400 adults over 40. It has been featured in BrandWeekMarketing Charts20plus30 and Marketing Sherpa, among other outlets.

Free eBook - Photography preferences Baby Boomers, Silent Generation

Mature Marketing Finds and Insights

Friday, December 12th, 2008

Resources for marketers looking to connect with the 40+ market, including Baby Boomers and members of the Silent Generation:

White Papers and Reports
Is your website primed for 50+ visitors? - A website usability guide for satisfying silver surfers.

A Focalyst study on Green Marketing - ”Green means more than money when targeting Baby Boomers.”

Webinars
What’s working (and what’s missing the target) with Boomers and beyond – An overview of marketing to 40+ consumers in the United States. From December 2007, the inaugural webinar for the International Mature Marketing Network (IMMN).

Case Studies and More
How research helped a brand new museum

From Statistics to Sales - How research helps builders improve their chance of success

AARP’s “Best Books” list on creativity and the 50+ consumer. Theory meets practice through Central Parke’s partnership with OLLI (Osher Lifelong Learning).

Grow up! Creating Results “New Year’s Resolution” – 10 ways marketers should grow up in 2008


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