Baby Boomer Insights

Swine flu has grandparents worried: advice on what to do

I was alerted by Grandparents.com today that they just completed a poll in which they asked readers how concerned they were about the effect of swine flu.

300,000 grandparents were surveyed and here's what they said:

8 % are terrified and staying indoors
15% are worried the virus is spreading and posing risk to their grandkids
46% are concerned but not alarmed
30% think it will blow over soon

The web site then offered some great advice through a Q&A. Find it here.

What a terrific use of technology and how wise of Grandparents.com to recognize how important it is to offer valuable insight and good advice online. It hasn't been that long ago that people would assume you couldn't reach boomers and mature grandparents through web sites, forums and social networks.

But things sure have changed. Facebook Data recently announced that one of every 50 new users is over 65. Meanwhile, Twitter, the microblogging site, just released its user numbers, showing that the largest group of users is 45-54. (The average age of a first-time grandparent, btw, is 47.)

The Boomer Insights Generation Group(tm) at Edelman knows from its research, which has been confirmed by other organizations, that boomer women 50+ are voracious researchers, especially when it comes to healthcare issues, and they love to share information. So, smart marketers look for ways to reach out to them across multiple online platforms.

As the swine flu situation worsens, look for grandparents - especially grandmothers - to be all over the Internet seeking information and sharing it. They'll swap stories, advice and tips on everything from caring for sick grandchildren to entertaining children who are staying home from daycare.

How relevant is your company to these web-savvy grannies?

Meg Whitman, former CEO of eBay, offers boomer wisdom on business success

On Friday, I had the good fortune to be a speaker at the 2009 annual conference of Women Presidents Organization (for the third year in a row). What an experience to spend several days with 550 women whose companies generate an average of $13 million in revenue and employ, on average, 96 people. A majority are between 40 and 60, so, essentially, it was a conference of smart female boomer entrepreneurs.

So, it was no surprise that Thursday's keynoter was highly regarded and eagerly anticipated. Meg Whitman, former CEO of ebay, offered some interesting insight into her amazing career and she offered solid advice and encouragement to women leaders in the room.

As a reminder, she became CEO of ebay 10 years ago when there were 30 employees and $4 million in revenue. Today, there are 15,000 employees, $7.7 billion in revenue, and e-Bay is hailed as an example of one of America's finest corporate growth stories. It's easy to see why this authentic, charming and witty woman was able to oversee this phenomenal business success story.

And many women in the audience seemed to believe that same authenticity and leadership will help her win the Republican nomination for Governor of California, which she announced at the meeting - and later in the day at a press conference - she intends to do.

She was clear with the audience that she believes it will be small businesses -- many being run by boomers - that will pull this country out of its recession. She noted that in a recent conversation with her friend Charles Schwab (yes, that one), he made an interesting observation: there are 5.8 million small businesses in the U. S. If there were an economic incentive for each of those businesses to create just one more job, the unemployment crisis would be largely eliminated. She soon added, though, that no small business owner should sit and wait for the stimulus package to really make any difference for them.

I filled several notebook pages with her wisdom, but it can be distilled down to four key points that she believes can help any business be successful. It seems especially relevant for the millions of boomers who are currently running - or starting - businesses:

1. When hiring, choose the right person for the right job at the right time. She also encouraged carefully analyzing where the business is going and hire ahead of the curve. But in no circumstance should you leave someone in a job that's not a fit, even if it creates personal discomfort to remove him/her.

2. Focus. Focus. Focus. Know what you do best and do it. Don't try to be all things to all people. "Exclusion is as important as inclusion," she said.

3. The price of inaction is far greater than the cost of making a mistake. "Be bold and be courageous," as she put it. Don't expect perfection. Hurry and up and fail so you can hurry up and succeed.

4. Be willing to push the edge of the envelope.  Try new things and be willing to push for what you believe in, even when there are naysayers. (This single piece of advice probably is playing a huge role in her current bid for Governor.)

Whitman cautioned that she believes "we're in the eye of the storm... it hasn't passed yet... things will get worse" when it comes to the economy. But she was also clear to express her conviction that boomers will play a huge role in the turnaround, either as business owners helping to lead it or as consumers reshaping the course of consumerism forever.

In a nutshell, one more smart bonafide leader "gets it" that boomers are key to the success of this country. It's a heady, and yet terrifying thought, isn't it?

(P.S. In the spirit of full disclosure, I should note that ebay is a new Edelman client. We were selected by the company after the departure of Whitman, however.)

Age branding: how a name can attract or repel consumers

Shakespeare wrote, "A rose by any other name would smell as sweet." Nice idea, but no longer relevant.

Apparently, the famous poet hadn't predicted the concept of  of "age branding." Otherwise, he would have realized that a name can ensure success or failure, at least when it comes to attracting consumers as they grow older.

Age-branding is the creation of brands that attract consumers as they grow older. Think "AARP," "Elderhostel," or "Sun City." Practically every American adult can identify what these organizations do. The brands send a message or tell a story. That, according to Harry R. (Rick) Moody, PhD, Director of Academic Affairs for AARP, is the the first step to success.

Moody will explain the process of age branding in a webinar on Wednesday, April 15, at 11:00 EST. Sponsored by the International Mature Marketing Network (IMMN), members (like Edelman) and non-members can learn more about how age branding affects the way consumers react to a product or service.

Can you name the four brand categories that represent what we tell ourselves about aging? It's not that hard if you really think about it:

> Age-denial ("I don't have to get old")
> Age-adaptive ("Age presents problems, but I can deal with them")
> Age-irrelevant ("Mind over matter; if you don't mind, it doesn't matter")
> Age-affirmative ("The best is yet to be")

I've used each of these categories in describing my own aging process, sometimes all in one day! And yet, I can be a bit sensitive when others make assumptions about my age or my attitude about aging. (Just ask the young woman at a movie theater who recently asked me if I qualified for the SENIOR CINEMA discount! You'll recognize her as the chippy with her hair severely blown back.)

I can still remember the first time I encountered a type of age branding, though I didn't know what I was witnessing at the time. I was in the first grade and during a class visit to the library, I selected a book I wanted to read. The librarian told me I couldn't check it out because it was "for children eight  to 10 and you're only six." The competence of the reader, in other words, had been pre-determined, based solely on how many years the reader had been alive.

Little did I know that I - and my fellow boomers - would grow up to be unusually sensitive to assumptions based on age. And since boomers have so much control over a lot of the money being spent on brands, it only makes sense that companies work hard to understand what attracts us.We love a good story and a positive message.

So,how does your company measure up? Don't know? Then perhaps you need to tune in to the webinar on Wednesday and learn from Moody's case study what works and what doesn't!

By the way, want to know if you personally make assumptions about people based on their age? Take Harvard University's Implicit Association test!

Residential builders shift plans for boomers and seniors who now want smaller homes

Atlanta-based home builder John Wieland has been touring a four-state area sleeping on a mattress on the floor of unsold homes for 26 days now. He vows to keep at it until he has sold 101 of the empty houses in his company's inventory. It's an interesting PR gimmick that I hope pays off for him.

Wieland has invested a lot in the Southeast and has built some wonderful homes and communities here over the past 39 years. But like most builders, he finds himself right smack in the middle of a builder's worst nightmare - too many big homes sitting empty and too few people with the credit or courage to buy them.

He says he has learned a lot on his journey, but the most important thing is that future homebuilding has to change in order for his company to survive. Low prices and interest rates aren't enough to move the needle much.

Wieland is one of those builders who is caught in an interesting conundrum. For years his company has been developing subdivisions full of large homes with interesting architectural details, the latest in kitchen appliances and huge media rooms. After all, his company, like so many others, knew boomers weren't necessarily downsizing. Many wanted nice, new homes with all the amenities they couldn't afford when the kids were home.

What a difference a year and a tumbling Dow make!

Now, we're seeing a shift. Boomers and seniors are actually seeking smaller, more efficient homes with open floor plans, according to the National Association of Home Builders. As boomers and seniors sweat over having enough money to live comfortably in retirement, many are choosing to reverse the trend of building lavish homes and now are seeking affordable, energy-efficient ones. In just the past year, the average square footage of new homes has dropped by 250-300 square feet.

This new trend is causing developers like Del Webb and other active adult community developers to rethink their plans. Look for bathtubs to give way to flat-floor showers (and the space used for storage) and dining rooms and media rooms disappear altogether.

Researchers at AARP tell us as many as 80 percent of boomers will choose to age in place, perhaps renovating their homes specifically so they don't have to buy a new one. In fact, just last week, the AARP reported that eight out of 10 adults are cutting back on spending and three out of four are doing so specifically to save for retirement.

Look for this housing trend to have an impact in several other ways. Home technology will continue to get smaller and more efficient; furniture size will likely trend back down after years of going the "bigger is better" route, and even cars will likely shrink not only to be more efficient, but to fit smaller garages.

So, once again, a recession will drive innovation - probably for the better. Meanwhile, maybe those huge expensive vacant homes would be the answer to families that are ready to create multi-generation households that can share in the expense and upkeep.