Targeting baby boomers online can lead to a business boom, part 1 of 2
Small business marketing tips for the home building industry
Originally published in Toolbox Magazine [ Charleston Home Builders Association ] March 2009
By Tiffany Jonas
Affluent baby boomers are online in significant numbers... and many of them are looking to move to a new home. How to capture this profitable market.
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We all know the stereotype: computer-illiterate baby boomers and seniors who struggle to check email or operate a mouse.
It might be time to bury that stereotype with other outdated notions. Consider this: in November 2008, Senior Journal reported a new Harris Poll had found that US citizens online are beginning to mirror the population of the nation. For instance, while baby boomers (ages 50-64) make up 24% of the US population, they make up 23% of the nation's online audience: just one percentage point difference.
And the Pew Internet Project at the Pew Research Center found last spring that while only 35% of Americans over the age of 65 are online, the more affluent seniors are online in greater numbers. "About three-quarters of white, college-educated men over 65 use the Internet," reported Susannah Fox, director of the project.
What does this mean to the home building industry? A lot, if you combine the statistics above with these interesting facts from an autumn 2008 survey prepared for AARP:
1 } 1 in 4 baby boomer households (26%) expect to move from their current home in the future.
2 } Many of these said they will be looking for a better house, a better climate, or a home that is closer to family and friends.
3 } More than half said they plan to look for a home that's all on one level. Older boomers were more likely than young boomers to list a single-level home in their future.
4 } Half said they would look for a newer home or a smaller home, with men more likely to prefer a newer home or a move to a home in a warmer or better climate, and women more likely to anticipate a move into a smaller home.
Charleston home builders can enjoy the best of both worlds: baby boomers and seniors relocating to Charleston for a better climate, and boomers and seniors already residing in Charleston in need of newer, smaller, or single-level homes. And considering the size of this market (already large, the number of people over age 65 is expected to grow to 70 million by 2030), that's a potential boom indeed.
First things first
The first step is to offer what baby boomers and seniors are actively seeking. This goes well beyond single-level homes and bathroom safety rails. Consider the touches that won awards for builders at the 2008 Livable Communities Awards, an annual event put together by AARP and the National Association of Home Builders:
~ Slip-resistant interior floors
~ No-step showers
~ Wide doorways
~ Lever door handles
~ Easily operated dimmer light switches
~ Sensor units that turn on lights when someone enters
~ Elevator access
~ Oversize windows
~ Level front entrances
~ Public patios and other social venues in developments
But individual features are not everything; also consider the emotional impact of your offerings. According to Marti Barletta, author of PrimeTime Women™: How to Win the Hearts, Minds, and Business of Boomer Big Spenders, changes in hormonal balance affect both men and women as they age; for instance, relationships become more important to men, and women increasingly take on more assertive roles.
Address the increased focus on relationships by building in gathering places for friends and family, opening up the kitchen to other rooms of the house, and offering upgrades that may attract grandchildren and others, like home theaters and recreation areas. And expect women boomers to play a more influential role in home buying or home designing decisions, whether she displays it openly or not. Address both men and women with equal respect and care regardless of who appears to be the leader during the meeting. You may only be seeing the tip of the iceberg.
Take the next step
Once you've developed products and services that appeal to this large and influential market, the next step is to position your company online to be found by them… and avoid turning them off when they arrive at your website. Many of the tips will apply to your printed marketing materials, too.
About the author
Aio Design founder Tiffany Jonas graduated magna cum laude with a Bachelor of Journalism degree in advertising from the Missouri School of Journalism, a top journalism school. She also holds a Bachelor of Arts degree in English and has taken coursework toward an MBA. She’s a member of Mensa, an organization for those who have tested in the top two percent of the population on a standardized intelligence test. She has been the two-time recipient of an 11-state award for design, honored at the Chicago Book & Media Show and was chosen as one of the Charleston Regional Business Journal’s 2008 Forty Under 40, honoring those who have achieved professional success while contributing to the community.
