MARKETING TO MATURE CONSUMERS IS ABOUT MORE THAN AGE --
AGE WAVE IMPACT INTRODUCES THE LIFECHOICE MODEL
SAN FRANCISCO, CA -- (SEND2PRESS NEWSWIRE via PRNetwire) -- April 16, 2002 -- Many firms marketing to the Baby Boomer and Senior Markets segment their prospects by age ranges and expect successful results, only to be disappointed by consumer response. Age Wave Impact has learned that age simply isn't enough to effectively target the increasingly complex 50+ market.
"The LifeChoice Model recognizes that Boomers and mature consumers are characterized by a multiplicity of factors, with varying importance to marketing, depending on the product, industry and target segment," said Chuck Hurst, PhD, Director of Research for Age Wave Impact. "It's based on the idea that the mature consumer is a multidimensional individual made up of six major components. It is the complex interplay of all of these dimensions that ultimately determines the choices consumers make in the marketplace."
Age Wave Impact was founded 15 years ago by Ken Dychtwald, PhD, who authored the landmark best seller, Age Wave, which predicted the effect the aging Baby Boomers would have on our homes, families, and businesses. The firm focuses on integrated marketing programs that build long-lasting and profitable relationships with mature consumers. The Research Division has performed a number of studies for clients in the pharmaceutical, managed care, automotive, food/beverage, financial services and home improvement industries, in addition to Age Wave's proprietary studies.
"The model organizes our consumer intelligence and creates a vivid portrait of the consumer we are seeking to reach," says Hurst. "This insight allows us to target more discrete segments, pinpoint media, size markets, enrich creative strategies, and speak more relevantly to mature consumers."
Age Wave invented the concept of Lifestage Marketing that is now commonly embraced by marketing professionals, particularly in the financial services and healthcare industries.
Three LifeChoices at 53.
The following "real life" consumers illustrate the power of the model:
Meg started her own successful company when she was thirty. She married at 35. When she was 45, she began caring for her elderly father until he passed away three years later. When she turns 54 her husband, age 60, will be eligible for full retirement. She plans to retire with him, continue as the Chairman of her firm, and travel with him for the next five years. Because of the difference in their ages, she worries about becoming a caregiver, again, for her husband.
Andi was a classic young urban workaholic who never found time to marry. At 50 she found the thirtysomething man of her dreams and they rode off into the sunset on the new Harley Davidson she presented as a wedding gift. Their baby was adopted the next year. At 53 she is searching for preschools while simultaneously hunting for a new, lower stress job in the non-profit sector so she can revel in family life and begin to volunteer in her community.
Gail married her college sweetheart right after graduation and worked for eight years before the children came. With three children each two years apart, Gail decided her place was at home until her kids were firmly planted. With two in college and one more applying, Gail is taking classes at night to learn more about technology. She has a passion for education and plans to intern with an educational software development firm, hoping to launch her career at 53.
"These women at 65 will not hang up their lives to rock on the front porch and wait for the grandkids to arrive," explains Hurst. "They will not retire like their grandparents and parents did, so conventional thinking about selling them products and services will not work either. And because they're Boomers and information-seeking, they'll demand more from the companies they choose."
About Age Wave Impact:
Age Wave Impact is the nation's leading integrated marketing firm focused on the mature markets. With more than 15 years of experience in research, strategy and marketing programs, Age Wave serves a variety of healthcare, financial services, travel, packaged goods, home improvement and automotive clients nationwide, providing results-driven strategy and execution. Age Wave is located in Emeryville, California, across the Bay from San Francisco. Detailed information is available by email, firstname.lastname@example.org, or Toll-Free, 866-601-7500. Age Wave is located in Emeryville, California, across the Bay from San Francisco.
More information on Age Wave Impact
Lori K. Bitter
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