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Turning Silver into Gold: How to Profit in the New Boomer Marketplace

Book Description

“Mary is an evangelist who has been selling the dream of the boomer/senior market for over twenty-five years. She understands the customer segment better than anyone, and this book reflects her insight.”

—Guy Kawasaki, Managing Director, Garage Technology Ventures and author of The Art of the Start

“Dr. Mary Furlong is a true visionary. Her insights and market intelligence are consistently spot on and her notions about what to do and how to do it demand serious attention from start up entrepreneurs to Fortune 500 executives. In Turning Silver into Gold she has done a masterful job of revealing a broad range of timely and actionable paths to success. I heartily recommend this book to anyone interested in gaining a better understanding, and meeting the myriad needs, of a maturing population.”

—Ken Dychtwald, Ph.D., President of Age Wave, Author of The Age Wave, Age Power, and The Power Years

“Mary Furlong’s book has a social heart as well as a business sense. She is trying to assist people who are in business, but not simply for the sake of exploiting a market. Adding value to life is as important to her as it is to us at AARP.”

—From the Foreword by Bill Novelli, Chief Executive Officer, AARP

“Mary Furlong is an expert on the Baby Boomer demographic as an academic, entrepreneur, and marketer. She has lots to teach about how to successfully reach and impact this enormous market.”

—Myrna Blyth, Founding Editor, More Magazine

“Furlong displays a genuine grasp of boomer sensibilities, especially those of decency and happiness and the common good; when she speaks of value added, it is not just the markup but how the product or service adds to the pleasure of living right and well.”

Kirkus Business & Personal Finance Report

As they age, America’s 78 million baby boomers will live more active, creative, inventive lives than any generation before them. This represents a truly enormous business opportunity. In this book, the world’s number one authority on marketing to “post-50” baby boomers offers a complete blueprint for profiting from that opportunity.

Dr. Mary Furlong reveals breakthrough product and service opportunities, and gives you the tools, resources, techniques, and data you need to capitalize on them. She offers powerful insight into baby boomers’ new lifestage transitions in housing, health, fitness, finances, family, fashion, romance, travel, and work–and the new brand choices they’re about to make.

Throughout, Furlong combines extensive, authoritative market research with inspirational stories about passionate, tenacious entrepreneurs and brand leaders who are blazing new trails in these fast-growing markets. You’ll learn how to segment boomer markets, and identify opportunities to innovate entirely new categories of products and services. You’ll discover which sales and marketing strategies really work, and even uncover opportunities in the surprising worldwide boomer market.

Five trends shaping the next baby boomer revolution

Global markets, longevity, lifestage transitions, technology, and spirituality

From concept to product to financing, and beyond

All you need to execute on your baby boomer product/service opportunity

The new healthcare revolution, the new healthcare business

How boomers are using the newest innovations to take control over their health futures

Sex and romance: I’ll have what she’s having

The new sexual revolution: making it feel like the first time–or better

Choosing families, making connections

Powerful new opportunities in helping boomers reach out and connect

About the Author

Dr. Mary S. Furlong is the leading authority on the baby boomer generation as it moves beyond 50. She founded Mary Furlong & Associates to help socially and consumer-conscious companies reach this growing market. She is also Executive Professor of Entrepreneurship and Women in Leadership at Santa Clara University’s Leavey School of Business.

Before launching Mary Furlong & Associates, Dr. Furlong founded the nonprofit organization SeniorNet in 1986. She founded Third Age Media in 1996, ultimately reaching more than two million members. Throughout the course of her work for both organizations, she raised $120 million in venture capital funds. She has advised President Clinton, Congress, the AARP, and corporate clients including IBM, Johnson & Johnson, Merrill Lynch, Procter & Gamble, and Microsoft.

With the American Society on Aging, Dr. Furlong co-produced the successful 2004, 2005, 2006, and 2007 What’s Next Boomer Business Summits. She was Executive Producer of the 2005, 2006, and 2007 Silicon Valley Boomer Venture Summits and $10,000 Boomer Business Plan Competitions. She is a member of the Leadership Circles of the American Society on Aging’s Business Forum on Aging, the National Council on Aging (NCOA), and the AARP. She is also an advisor to several start-up companies all focused on the boomer market.

Dr. Furlong has appeared on CBS, NBC’s Today Show, PBS, and NPR to discuss trends in aging andtechnology. She was named one of the top 50 businessleaders by Time Digital, and has also been honored by Fortune Small Business Magazine. Her books include Grown-Up’s Guide to Computing.

Table of Contents

  1. Copyright
    1. Dedication
  2. Praise for Turning Silver into Gold
  3. Financial Times Press
  4. About the Author
  5. Acknowledgments
  6. Introduction
    1. Endnotes
  7. 1. A Global Overview of the Boomer Market
    1. Global Markets
    2. Longevity
    3. Technology
    4. Life-Stage Transitions
    5. Spirituality
    6. Endnotes
  8. 2. The Business of Health
    1. Introduction
    2. Market Analysis
      1. Natural Marketing Institute
      2. Elephant Entrepreneur: North Castle Partners
      3. Elephant Entrepreneur: WebMD
      4. Intel Inside Health
      5. Emerging Entrepreneur: Fitness Together
      6. Posit Science Corporation
      7. Body Monitoring
      8. Medical Spas
        1. Tibion
    3. Alternative Health Care
    4. Endnotes
  9. 3. Travel: An Adventure for the Heart, Mind, and Soul
    1. Introduction
    2. Scoping Out the Travel Markets
      1. Elephant Entrepreneur: JetBlue Airways
      2. Emerging Entrepreneur: Travel Learning Connections
        1. Intergenerational/Family Travel
      3. Adventure Travel
        1. Cruise Travel
      4. Education and Culture Travel
      5. Health and Wellness Travel
      6. Emerging Entrepreneur: Level Travel
    3. Other Market Slices
    4. Summary
    5. Endnotes
  10. 4. It’s Your Passion: Make it Happen
    1. Introduction
    2. Market Analysis
      1. The Elephant Entrepreneur: Sega Group
      2. Emerging Entrepreneur: LesConcierges
    3. Other Market Slices
      1. Music
      2. Books
      3. Pets
      4. Lifelong Learning
      5. Sports
      6. Motorcycles
      7. Wine
    4. Summary
    5. Endnotes
  11. 5. Sex and Romance: I’ll Have What She’s Having
    1. Introduction
    2. Market Analysis
      1. Health and Vitality
      2. Loneliness, Empty Nest Marriages, Divorce, Widows
      3. Online Dating
      4. Elephant Entrepreneur:, Inc.
      5. Personals
      6. Elephant Entrepreneur: Lilly
      7. Emerging Entrepreneur:
    3. Other Market Slices
    4. Summary
    5. Endnotes
  12. 6. Jeans, Jeans, You’re Young and Alive
    1. Introduction
    2. Market Analysis
      1. Elephant Entrepreneur: Tommy Bahama
      2. Chico’s
      3. Emerging Entrepreneur: Snowy Peak
      4. Emerging Entrepreneur: Butterfly Dreams
    3. Beauty
      1. Emerging Entrepreneur: Dayle Haddon
      2. Emerging Entrepreneur: Entourage Day Night Spa Salon, Café Wine Bar
    4. Other Market Slices
    5. Summary
    6. Endnotes
  13. 7. Gimme Shelter—and a Whole Lot More
    1. Introduction
    2. Market Analysis
      1. The Booming Housing Market
      2. Investment, Retirement, and Second Homes, Oh My!
      3. Should We Stay, or Should We Go?
      4. Not Everyone Is a Soccer Mom or a BBQ Dad
      5. Women Homeowners Setting Records
    3. Housing Design Trends
      1. Interior Design
      2. Universal Design
      3. Making Space for Aging Parents
      4. Home Offices and Home-Based Businesses
      5. The Smart Home
      6. Reverse Mortgages
    4. Aging in Place in Suburbia
    5. Big City Lights, Big City Style
      1. Luxury Condominiums
      2. The New Urbanism Movement
      3. Exiled in Exurbia
    6. Endnotes
  14. 8. A Family of Our Own Choosing
    1. Introduction
    2. Market Analysis
      1. Loneliness
      2. Empty Nests
      3. Grandparenting
      4. Elephant Entrepreneur:
      5. Emerging Entrepreneur: Telling Stories
    3. Connecting Through Media
      1. Scrapbooking
      2. End-of-Life Issues
      3. Voices of Civil Rights
    4. Summary
    5. Endnotes
  15. 9. Eldercare: The New Midlife Crisis
    1. Introduction
    2. Market Analysis
      1. The Demographics of Aging
      2. Emerging Entrepreneur: Lusora
      3. Emerging Entrepreneurs: TLContact and Moving Solutions
      4. Corporate Programs
      5. Intel: Technology and Aging
      6. Wells Fargo: Private Client Elder Services
    3. Reverse Mortgages
    4. Summary
    5. Endnotes
  16. 10. Financing Your Dream
    1. Introduction
    2. Becoming an Entrepreneur
      1. Start with a Business Plan
      2. Capital to Make Your Business Grow
        1. Small Business Loans
        2. Angel Investors
        3. Venture Capitalists
          1. What Do VCs Look for in an Entrepreneur?
          2. What Does a VC Expect in Return for the Investment?
          3. Finding the Right VC for Your Enterprise
      3. Succeeding on Your Own
      4. Creating a Not-for-Profit Organization
      5. Creating a Franchise
    3. Opportunities to Learn More: Resources for Entrepreneurs
    4. Summary
    5. Endnotes
  17. 11. On the Age Beat: The Media and the Message
    1. Introduction
    2. Doing Your Homework
    3. A Difficult Relationship
      1. The Age Beat
      2. Diversity Media
      3. Media Relations: The Basics
    4. Encore: Developing a Niche
      1. Why Not More Coverage?
    5. New Media, New Opportunities
    6. Endnotes
  18. 12. Growing the Boomer Business: Sales and Marketing Strategies That Really Work
    1. Introduction
    2. Reaching the Wired Boomer
      1. Why You Should Have an Online Marketing Strategy
      2. Online Marketing Today—Best Practices and New Technologies
        1. Email Marketing
        2. Your Website as the First Touch Point
      3. Blogs, Podcasting, RSS Feeds—Should You Use the New Technologies?
    3. What You May Not Know About Radio: Boomers Are Big Listeners
      1. The Meaning in the Message
    4. Washington, Medicare, and Marketing
    5. Creating a World-Class Sales Campaign—Best Practices
    6. Endnotes
  19. 13. The Class Act: Gold at the End of the Rainbow
    1. Endnotes
  20. A. The Connected Boomer
    1. How Boomers Spend Their Time Online
      1. Gathering Information
        1. Here’s to Your Health
        2. The Virtual Home
        3. Financial Services
      2. Making Connections
      3. Who Needs the Mall? Boomers and Online Purchasing
    2. Silver Technology
      1. Aging Related Technologies
    3. Marketing to Boomers Online
    4. Endnotes
  21. B. Boomers and Money
    1. Introduction
    2. The New Retirement
      1. Working During Retirement
      2. Long-Term Care
      3. Legacy Planning
    3. Helping Adult Children with Their Money
    4. Internet Resources
      1. eTrade (
      2. Financial Engines (
      3. Intuit (
      4. Motley Fool (
      5. Certified Financial Planners (
      6. Yahoo! Finance (
      7. CBS MarketWatch (
      8. Bank Rate Monitor (
      9. Institute for Financial Gerontology (
      10. Lower My Bills (
      11. @Prime! (
    5. Endnotes