InStore Marketing Presentation 11/13/08
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Transcript of InStore Marketing Presentation 11/13/08
The Impact of Aging Consumers on Manufacturers and Retailers
WHO IS VARSITY?
WHAT WE DO
• Experience began with more than 75 retirement communities
• Backed up by a 50-member marketing team at Pavone
• National experts
Branding
ArchImaging
Research
Design
Packaging
Advertising
Public relations
Interactive
Sales promotions
CRM
Media
WHY WE DO IT• Most marketers are not in
this demo• To better understand a new
marketing demo without assumptions
• Ethnographic research to create a truly unique point of view
• To assemble a predictive model of future Boomer behavior
DEMOGRAPHICS
• 55+ market is larger than Hispanic and African-American markets combined
• Holds over 75% of the nation’s wealth
• Has nearly 2 trillion dollars in disposable income
• Controls 70% of all disposable income
• Life expectancy of 55+ continues to rise
DEMOGRAPHICS
• Older adults will continueto be a MUST target
• Distinct cohorts• 65+ are patient, thrifty,
honorable, respect authority• 55-65 (leading-edge Boomers)
are impatient, wealthy, decisive, seek entertainment
GOALS OF STUDY
• Add depth to base of existing Boomer/older adult intelligence
• Study of emotional and physiological needs to inform new products, marketing design, and best use of media
• Study mature market for base of comparison against aging Boomers in future studies
INITIAL STUDY
Ethnographic research• 2 researchers lived 24/7 at CCRC
for 31 days•Conducted focus groups, shop-alongs,
personal interviews•Residents’ and researchers’ journals,
blogs and video
SOME RESULTING SUGGESTIONS
SOME SUGGESTIONS• Product/packaging design
• Retail design
• Boomer mindset
OVERALL APPROACH• The biggest opportunities
•Help them take things for granted again• Treat them as smart consumers• Be clear about what you are selling• Keep their physiology in mind
• Sight• Strength• Stamina
RETAIL DESIGN
RETAIL DESIGN• Access is important
• Automatic door, but not “handicap” automatic door (Boomers won’t use it)
• Wide aisles – space for scooters
• Non-skid flooring• Large signage• Greater need for non-glare lighting to make it
easier for them to read• Large/clear labeling with high contrast• Furniture that accounts for physiology of
older adults
10%11%12%27%
63%
86%
0%10%20%30%40%50%60%70%80%90%
100%
Make a list ofitems to purchase
Check supply ofgoods
Make a list ofplaces to go
Makearrangements fortransportation
Makearrangements for
assistance inshopping
Get advice onlarge purchases
Actions when planning to go shopping
85%
37%24%
15% 13%5%
0%10%20%30%40%50%60%70%80%90%
100%
Shopping cart Credit cards Self check-out Handicappedparking
Shopping basket Scooter
Used when shopping
54%
17% 18% 20% 22%27% 27%
0%10%20%30%40%50%60%70%80%90%
100%
Clutter Width of aisles Hard to readlabels
Hard to readprice
Crowds Hard to finditems
Hard to reachitems
Found difficult while shopping
55+ BOOMER SPENDING
55+ BOOMER SPENDING
55+ BOOMER SPENDING
55+ BOOMER SPENDING
55+ BOOMER SPENDING
55+ BOOMER SPENDING
55+ BOOMER SPENDING
55+ BOOMER SPENDING
55+ BOOMER SPENDING
55+ BOOMER SPENDING
55+ BOOMER SPENDING
55+ BOOMER SPENDING
55+ BOOMER SPENDING
55+ BOOMER SPENDING
55+ BOOMER SPENDING
PACKAGING DESIGN
3%8%9%
23%
38%43%
0%10%20%30%40%50%60%70%80%90%
100%
Openingbottles/cans
Opening packaging Small font Reading nutritionlabels
Understandingnutrition labels
Understandinginstructions
Difficulties with products
55+ BOOMER SPENDING
55+ BOOMER SPENDING
55+ BOOMER SPENDING
55+ BOOMER SPENDING
55+ BOOMER SPENDING
55+ BOOMER SPENDING
55+ BOOMER SPENDING
55+ BOOMER SPENDING
55+ BOOMER MINDSET
55+ BOOMER MINDSET• Don’t want to be “seniors”
• See themselves as 15 years younger• Active aging – engaged in life
• Feel and act younger than parents • General sense of optimism• Transition from accumulating possessions to
collecting experiences• Self-fulfillment and lifelong learning
55+ BOOMER LIFESTYLE• Boomers
• Their lifestyle is who they are• What they do says more than their age• Want to maintain lifestyle into old age• Retirement is a time of self-expression and
reinvention
• They want to collect different experiences
55+ BOOMER LIFESTYLE
• Experiences•Restless and searching for novelty• Adult learning classes have grown
• Forensics to world religions
•Gourmet cooking classes
55+ BOOMER SPENDING
55+ BOOMER SPENDING
55+ BOOMER SPENDING
55+ BOOMER SPENDING
55+ BOOMER SPENDING
55+ BOOMER SPENDING
55+ BOOMER SPENDING
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55+ BOOMER SPENDING
55+ BOOMER SPENDING
55+ BOOMER SPENDING
55+ BOOMER SPENDING
55+ BOOMER SPENDING
55+ BOOMER SPENDING
SUMMARY
SUMMARY
• 55+ will never be the same• Multiple targets even within 55-65 and 65+• Boomers don’t want to be “old” like
their parents• Design for 55+ will change the marketplace• Opportunities abound for companies that help
older adults to take things for granted
QUESTIONS