Preparing For The Senior Tsunami
The demographics of the change to come
The Senior population is on the verge of a virtual volcanic eruption. As an example, in 2011 there will be an additional 10,000 Seniors per day that will become eligible for Medicare. That’s twice as many new Medicare beneficiaries compared to 2008. There will be over 3.6 million people turning 65 in 2011 and that trend will maintain through the Baby Boomer Generation. This burgeoning segment of the population is in addition to those people that are already over 65 and are expected to live longer than ever before.
This Senior tsunami will present some unique opportunities for the entrepreneurs and businesses that serve the Senior Market. As the Baby Boomers transition into retirement, there will be an increased need for services and given the uniqueness of the generation,there may be a new set of services required to satisfy their needs.
Defining your focus
If you serve the Senior Market, this is the time to develop a plan. If you are considering serving the Senior Market, this is the time to do some research to determine if it is the right focus for your business. Penetrating the Senior Market and converting leads into clients poses some challenges that are unique to that generation. In addition, you also need to recognize that interacting with someone who is from the Greatest Generation and a Baby Boomer transitioning into retirement can require two completely different approaches.
Depending on your industry, you may want to look at the Senior Market as two markets based on the age of a prospect. If you operate a travel agency that focuses on adventure travel for Seniors, you may want to focus on the transitioning Baby Boomers. If you are attempting to attract residents for a assisted living facility, your residents may be from the Greatest Generation, but the actual decision makers my be their children who are Seniors from the Baby Boomer Generation.
Before you develop specific strategies to attract Senior clients, you must define your goals. With the number of potential prospects more than doubling in the next few years, it is not sufficient to say that you want more clients. Get creative; what type of client do you want? Define your ideal client. Without a definition of your ideal client, it is difficult to determine what marketing strategies will work and deliver a high return on investment. This is the time to determine what you are willing to pay to attract a new client to your business. With this many new prospects entering the Senior Market and needing your services, you have the chance to change the rules of the game. But you need a plan.
Getting started
Here are a few things to consider to get your creative juices flowing. The list is by no means conclusive, but it is a good place to start.
- Define your ideal client
- Decide on the type of client you don’t want to attract
- Decide if you want to make a single sale or develop a relationship
- Analyse your cost per sale and determine if it can be lowered
- Determine what marketing strategies have the highest ROI
- Check out what the competition is doing
- Get advise from industry outsiders
- Determine if you can add value and raise your prices
In the coming posts we will be looking at some of these topics and determining what strategies can help you Attract Senior Clients while keeping costs low so you can get a high return on your marketing investment.
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