In This Issue:

• LETTER FROM MARY
• WHAT'S NEXT SPEAKERS SPEAK UP
• BUT WAIT, THERE'S MORE
• ON THE CONFERENCE FRONT
• AGING IN PLACE TECH WATCH
• SPECIAL ANNOUNCEMENTS
• NEW MARKET FINDINGS
• NEWSWIRE

LETTER FROM MARY

Dear Friends and Colleagues,

Social media is growing at an enormous rate. It is not just for young people. Boomers are blogging, reading user ratings, registering on Facebook, LinkedIn and Twitter. You will learn more about the nuances of how these new media tools can drive user engagement and help power your corporate brand at the upcoming What's Next Boomer Summit March 19 in Las Vegas. Some Las Vegas hotels are offering room rates of $49.00. We interview some of the thought leaders in this newsletter.

Sam Decker was one of our first (and best) employees at ThirdAge Media. He has gone on to accomplish great things in the world of online media and marketing and is one of the top thinkers in the world of user ratings. Today -- as always -- the key is to establish trust with your customer. User ratings are a path toward that end.

Matthew Leess is going to provide a research overview on boomers and social media. You can read an interview with Matthew in this issue.

We will also be producing the Entrepreneurship Boot Camp and eRevenue Boot Camp on March 18 -- details on the What's Next site. If you are looking to establish a business in the growing boomer/senior marketplace, you will learn much about how to do that. If you are involved in any non-profit enterprise, the money is going to flow less from foundations and endowments and more from getting donations through the Internet and mobile. You can learn how to do this for $120 at our ERevenue Summit.

Other things to note: You can have lunch with an age-beat reporter or a blogger at the What's Next Summit. Meet people like Elizabeth Pope, a freelance writer for the AARP Bulletin; Stephen Reily, CEO, VibrantNation.com; David Weigelt, author, "Dot Boom"; Laurie Orlov, founder, Aging in Place Technology Watch; Matthew Lees, Patricia Seybold Group; Mark Hines, Verizon Wireless; Scott Leeb, Prudential Retirement and Stuart Rosenthal, Senior Beacon.

We are also involved in the exciting DATE (Design, Access, Technology, Education) Symposium at the CSUN Conference in Los Angeles on March 20. See the interviews with the top leaders in accessibility and technology below. By 2015 we can expect the markets for disability and the markets for aging related products to intersect.

Yes, there is March Madness in Las Vegas -- and it is more than basketball. There will be a lot of us coming together to provide a path toward new opportunities. There is much creativity and opportunity in a downturn. There is a new spirit of how can we share what works with our business to help you grow your business.

Hope to see you in Las Vegas or Los Angeles.

All best,
Mary

PS: If you are planning to join us at the What’s Next Boomer Summit, we’re pleased to offer a special rate to our newsletter subscribers. You’ll receive 20% off when you register for What’s Next between March 12 and March 17. Use promo code MPR3 when you register at www.boomersummit.com.

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WHAT'S NEXT SPEAKERS SPEAK UP

With the What's Next Summit just around the corner, we checked in with a couple of speakers about the event. First up is Sam Decker, chief marketing officer, Bazaarvoice, where he leads the company's corporate marketing and PR efforts.

Q: As a What's Next speaker, what topics will you be addressing?

Sam Decker: Two things are happening -- users are contributing more content on the Web, and readers are trusting that content more than traditional marketing and advertising. As a marketer, what does Social Commerce mean for you?

Q: Why are user ratings important in gaining sales/trust with customers?

Decker: Every year the Edelman Group measures consumer trust, and a couple years ago they found that 'trust in someone like me' had tripled, which is a phenomenal jump. Ratings represent the authentic word of mouth from people like myself, rather than the marketer. 12 years ago Amazon helped pave the way to creating ubiquity into the function of ratings and reviews from customers. Now over half of top retailers (including WalMart, BestBuy, Macy's and Blair), as well as manufacturers, facilitate customer reviews on their products.

Q: What is the growth pattern of user ratings?

Decker: As it relates to retailers and manufacturers, our company has grown from 3 beta clients to over 360 top brands in three years who are letting customers write reviews. As it relates to review volume within those retailers, a lot depends on implementing the best practices for fueling contribution. But we find that reviews beget more reviews. Some clients are getting thousands of reviews per week.

Q: What are your best tips on e-mail marketing?

Decker: Bath and Body Works integrated top rated products in their e-mail campaigns and saw an 11 percent increase in revenue compared to other e-mail campaigns. We have seen even greater results, as high as 50 percent higher revenue per e-mail, with other clients. Putting reviews on a site are equally effective as putting top rated products and review content within an e-mail.

We also posed a few questions to Matthew Lees, vice president and analyst, Patricia Seybold Group. Lees, who focuses on customer communities and social media, noted that the firm uses scenarios to view things through the lens of customer objectives. "The general thinking is that if you can help customers succeed at what they're trying to do (and make it easy for them to do so), this will translate into positive business results for your organization," he said. "So our starting point with social media is what your customers want to accomplish. Then we look at how social media can help them accomplish their goals. Finally, we think through how you in your business role can use social media to contribute to their success."

Q: As a What's Next speaker, what topics will you be addressing?

Matthew Lees: I'll be discussing, largely through examples, the various goals and motivations that boomers tend to have, how social media can help them successfully achieve these things, and what approach organizations can take to be an important part of the equation. I'll also touch on what's new and different about social media today, and what really isn't. Finally, I'll discuss some of the business challenges that social media initiatives bring.

Q: What are the trends for boomers and social media?

Lees:
(a) Curiosity and Exploration -- More and more boomers are simply trying things out. While many have indeed been early adopters of social media, most have been aware but unconvinced of its utility for them. As time goes on, though, boomers see how social media might, in fact, help them accomplish their various goals. So they're giving blogging, Facebook, LinkedIn, and Twitter a whirl.
(b) Content Consumption vs. Content Creation -- What I'm seeing points to boomers in general consuming more content than creating it. Not that this is a bad thing, but I expect this is more a snapshot of the present time than a long-term trend.

Q: How is social media monetized?

Lees: I tend to think in terms of business impact beyond only monetization. Companies are seeing social media efforts positively impact their businesses in a variety of ways, including generating revenue (monetization), reducing costs, extending the brand, increasing customer loyalty and satisfaction, increasing employee retention and productivity, and so on. What organizations get out of social media depends on their business objectives. Some examples:
(a) Generating Revenue -- Social sites can generate direct revenue through advertising and sponsorship (monetizing the traffic). User generated content (from forums, blogs, wikis, etc.) can be an effective way of increasing page rank in search engines such as Google; the resulting increased traffic puts more customers into the sales pipeline. Increased awareness and lead generation can also a byproduct of social pieces such as "Tell a Friend/Colleague" and "Invite a Friend/Colleague" e-mails.
(b) Reducing Costs -- Peer-to-peer support forums as part of online communities can reduce the burden on call centers and lower internal support costs by deflecting (some) calls that would have required the attention of a paid support rep. Other companies have lowered costs by reducing the time-to-market of their products and services through insight garnered through online communities. Insights through social media can also be less costly than traditional market research methods, such as focus groups, surveys, etc. (Caveat: Every market research methodology has its benefits and trade-offs; we see these as complementary, not exclusionary.)
(c) Increasing Customer Satisfaction and Loyalty - These can be trickier to measure and attribute to social media initiatives, but there is good evidence to show that customer satisfaction of community members is higher than that of non-members. One software company has found that it learns of software bugs about three days faster through its online community than through its standard support channels. Through its community, it can now release fixes days earlier, which has a definite benefit to customer satisfaction.
(d) Early Warning Systems / PR -- Examples abound of companies that learned of potential problems faster through social networks before they did through "traditional" channels. This gives them a head start on dealing with the situation. Sometimes a matter of hours can make all the difference. The value here is to the brand, and, though difficult to quantify, very real.

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BUT WAIT, THERE'S MORE

About What's Next, that is.

Looking for the latest news and research on marketing to boomers? Up-to-date information about what will be happening at the What’s Next Boomer Business Summit? Make sure you read the Boomer Summit Blog at www.boomersummit.wordpress.com.

Written by Laura Rossman, co-producer of What’s Next and principal, OutsideInsite Marketing, the blog is filled with the latest statistics about use of social media by boomers and boomer trends. Join in the conversation. And if you are looking for books about boomers, check out the What’s Next Boomer Summit Bookstore.

If you have books to add, send Laura an e-mail at boomersummitlwr@gmail.com. There also is a Boomer Summit group on LinkedIn or search for What’s Next Boomer Business Summit in the groups section of LinkedIn. These resources will continue after the Summit.

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ON THE CONFERENCE FRONT

Since we're in a conference kind of mood here, let's look ahead to the 24th Annual International Technology and Disabilities Conference being held by California State University Northridge's Center on Disabilities on March 16-21. This year's conference will launch the DATE Symposium, which will feature Gail Sheehy as keynote speaker.

To give us some insight on the event, we asked Mary Ann Cummins-Prager and Michael Paciello, to weigh in on some questions of interest. Cummins-Prager, associate vice president for student access at CSUN, helped conceive and launch the DATE concept and will be introducing Sheehy at the symposium. Paciello, founder and president of The Paciello Group LLC a software accessibility consultancy, will serve as master of ceremonies for the conference and as moderator of DATE. And now, on with the questions (and answers):

Q: What is likely to be the most promising technology seen launched at the conference as it relates to aging?

Mary Ann Cummins-Prager: Assistive technology can allow people with aging related disabilities to continue to participate fully in social, educational and workplace settings. From my point of view technology that allows people to retain social connections as they age is one of the most important and promising areas of development. In the age of cell phones, hand-held devices, and the Internet there are tremendous opportunities for people to remain connected with old friends, create new social networks and explore their interests. Unfortunately, mainstream technology companies don’t always consider an audience that may be experiencing reduced vision, hearing, mobility and cognitive functioning. The beauty of assistive technology is that it starts from a premise of universal design which is more inclusive. For me then the most promising technology is that which starts with the concept that design should be for all, creating increased opportunities for the aging population to participate fully in a technologically heavy society.

Michael Paciello: Since the conference doesn’t start for another week or so, this question is difficult to answer. The only preconference announcements I’ve seen relate to screen readers and AAC technology. Neither of these assistive technologies are positioned towards the aging market, though both are being used. However, I did see an announcement involving an off-the shelf eye-gazing / eye tracking technology by Tobii. I believe that eye tracking is an important research and product technology that will help us improve usability of Web applications to the aging market space.

Q: For Dustin Hoffman it was “plastics”. What comparable advice can you offer for the field today?

Cummins-Prager: Universal design. There are many elegant examples of technology intended for one audience that has expanded beyond what many thought might be the original market, such as the WII or on line games. Manufacturers and designers who understand this are able to reach far greater audiences and increase their market share significantly.

Paciello: It’s probably too cliché at this point, but I believe there are five areas that equate to the Hoffman’s “plastics”:

• Microbiology,
• Health-IT,
• Robotics,
• RFID, and
• Mobile information communication technologies

Q: What device(s) are most important for an aging population?

Cummins-Prager: There are so many technology based devices that can help an aging population remain independent and enjoy social connects and a high quality of life that I find it difficult to suggest just one. I guess I would say that devices which help the aging to retain cognitive functioning or slow a decline in cognitive functioning are of huge importance to a significant proportion of the aging population. But I also would again emphasize devices that create opportunities for social interactions are of great importance. In addition, some of the new technology embedded in household applicances and new homes which one can find in the smart home sector are also exciting, as they allow people to age in place and remain independent.

Paciello: Home health care, monitoring and security devices have been key entries in the current market. I am intrigued by product designs that increase independence and leverage emerging technologies while still allowing third-age individuals to maintain dignity.

Along these lines, I believe advances in eye gaze/eye tracking systems will be used to enhance e-tail, e-banking, e-travel, e-health, and e-gov Web services.

RFID, sensor, robotics, and wireless tracking systems are being integrated within everyday “devices” to improve user experience for the aging. This results in smart cars, smart cards, smart homes, and smart aids designed with easy to use and adaptive interfaces.

Q: Which vendors are the ones to watch for in this arena?

Cummins-Prager: Rather than focus on vendors, because I think all of the exhibitors at the A.T. and Persons with Disabilities Conference are worth watching, I would suggest that some of the exciting research is coming out of universities. UCLA and Georgia Tech instantly come to mind, but certainly here in Southern California, USC is at the forefront as well. The technology sector in general has been exploring the market possibilities for products geared toward the aging, but I would say any vendor with an emphasis on universal design will probably be more creative and ultimately, successful.

Paciello: Frankly, I’m not convinced there are any vendors committed to the third-age market where emerging technology is concerned. There are several organizations whose research departments are working on design and development of existing products and services to improve ease of use by third-age individuals including Honda, GE Health, Forrester, Fidelity Investments, Microsoft, and Kimberly-Clark.

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AGING IN PLACE TECH WATCH

Laurie Orlov is back this month with more insight on aging in place technology, as first reported on her blog.

In a post titled "The Internet and computers are everywhere -- except for older seniors," she takes a closer look at the recent Pew study regarding seniors and their use of computers:

"Are seniors online today? Well, that's sort of true. According to the latest Pew study, ages 64-72 and ages 73+ are the only two age groups in which Internet use lags the percentage of the population. To contrast: GenY (18-32) represents 26 percent of the population, but 30 percent of the total Internet use. The two senior groups, however, each comprise 9 percent of the population, but represent 7 percent and 4 percent of internet use. Forty-five percent of those aged 70-75 are now online, up from 26 percent three years ago. And 27 percent of age 76+ compared to 17 percent three years ago.

Reverse the perspective -- most are not. Flipping the Pew Research numbers around, 55 percent of seniors age 70-75 and 73 percent of those 76+ are not online. And some of the increase in usage, of course, is derived from individuals taking their connectivity into the next group as they age." Read the complete blog post here.

In another post based on information gleaned from the Silvers Summit at the Consumer Electronics Show in Las Vegas, she offers 10 steps for vendors who are either in or approaching the aging in place technology market. That post can be found here.

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SPECIAL ANNOUNCEMENTS

Aging in America, ASA-NCOA Conference, March 15-19 in Las Vegas

Aging in America, the 2009 Annual Conference of the American Society on Aging and the National Council on Aging takes place March 15-19 in Las Vegas. The ASA-NCOA Conference, with nearly 4,000 attendees, is the largest gathering of a diverse, multidisciplinary community of professionals from the fields of aging, health care and education, along with business leaders from across the United States

The event will begin Sunday, March 15, with the Leadership Salutes! Reception where ASA will highlight and honor the four leadership awards recipients and acknowledge outgoing board members and other leaders, volunters and all award winners. Dr. Furlong will be receiving ASA's Leadership Award at this reception. Other leadership awards recipients are: Donna Wagner, ASA Award; Kathryn Hyer, ASA Education and Training Award; and Carol Colleran, ASA Hall of Fame Award.

Visit www.agingconference.org for more details on the conference.

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NEW MARKET FINDINGS

Older workers turn to franchises in recession

Thousands of older Americans with an entrepreneurial bent have started new careers in recent years by buying small franchises in everything from beauty shops to home maintenance to tax preparation. The option is likely to draw more interest as baby boomers age and, in a bleak economy, get laid off. Details here.

Trouble in boomerland

A study released by the Washington, D.C.-based Center for Economic Policy and Research, said the retirement of tens of millions of baby boomers in the United States is now threatened because of the collapse in the values of their houses and investments. More information.

In Britain, baby boomers opt for business over retirement

Almost a third of people aged 45 to 65 want to work in later life, a proportion which rises sharply among the most wealthy, according to research by investment firm Standard Life. Policy experts said the research, which found that one in 20 "baby boomers" wanted to set up their own businesses in retirement, showed that given the right incentives, a new class of "olderpreneurs" could help pull Britain out of recession. Read more.

Older Americans worry least about money

One might think that retirees and baby boomers rapidly approaching retirement age might worry about money more than younger people. But a recent Gallup Poll analysis found that older Americans are actually the least worried about money. The portion of Americans with financial worries climbs from 39 percent of 18 to 29-year-olds currently fretting about money to a peak of 46 percent among those age 40 to 49. Apprehension about personal finances then begins to drop off at age 50 and continues to fall thereafter. Only 17 percent of those aged 70 to 89 report having money worries. Details here.

Survey: Canadian baby boomers use Internet

Canada's online baby boomers are using the Internet to e-mail family and friends more often than picking up the telephone, a survey indicates.

A Yahoo! Canada and Leger Marketing survey found that nearly half of 45- to 60-year olds in Canada are also using social networking sites. More here.

Boomers exercise more than Generation Y

Generation Y are exercising less and becoming overweight earlier than the baby boomers were at the same age, a new study by the University of Sydney has shown.

Associate Professor in Clinical Nutrition and Dietetics Margaret Allman-Farinelli, from the School of Molecular and Microbial Biosciences at the University of Sydney, has completed a cross-generational study examining the last four National Health Surveys from 1990 to 2005 to determine the effects of generation and age on the duration and kilojoules expended in leisure time physical activity over the period.

"The results indicate that younger Australians are living increasingly more sedentary lifestyles than their predecessors, with less time spent in physical exercise than people of retirement age," said. Details here

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NEWSWIRE

Regardless of age, boomers aren't saving enough
Baby boomers span a large age range, with the oldest turning 63 this year and the youngest turning 45, but regardless of age few boomers are saving as much for retirement as they had hoped to and some are delaying Social Security collections, according to a new MetLife study.

RV industry struggles as boomers' funds dry up
EUGENE, Ore. (AP) -- In a place where it rains a lot, retiring baby boomers often dream of buying an RV and heading south for sunnier climes. But many retirement funds went south first, and for now the boomers aren't buying. Their dreams and Lane County's once-robust RV makers took the hit.

Social Security chief hopeful on system's solvency
Social Security Commissioner Michael Astrue is hopeful the Obama Administration will address the solvency of the system before the 2012 elections. But in a speech in St. Louis, Astrue declined to speculate on exactly how the administration plans to fix it. Speaking to business leaders on the campus of Washington University, Astrue said the new administration is dealing with the economy and health care before turning its attention to Social Security.

Baby boomers forced to work through economic downturn
Plans to retire have been frozen by almost half of Australia's Baby-Boomer generation, and things aren't looking to good in the near future, a survey says. A survey by global market insight and information group, TNS, found 44 per cent of prospective retirees will now postpone their retirement because of the impact of the global financial crisis.

Shaky retirement plans threaten boomers' security
Many baby boomers are overexposed on risky stock investments that could devastate their retirement plans, Sen. Herb Kohl warned recently. The Wisconsin Democrat cited an investigation by the Senate Special Committee on Aging that found many people who plan to retire in 2010 have 401(k) plan investments in target-date funds that are experiencing sharp declines. One such fund, Kohl noted, lost 41 percent in 2008.

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