My Grandfather has always been quite the character. At 81 years old, he has become a tech fanatic – always one of the first to pick up the latest iPhone or iPad, even before me! In fact, he was the one who bought me my very first laptop and really ignited my love of all things digital. And for every Grandfather out there, there is a Grandmother doing just the same for the ones they love.
There is no doubt that Grandparents hold a special place in our hearts. But in the lead generation world, the senior citizen demographic has become a hot commodity. The reason? They are the “wealthiest generation in history” according to a MacLean’s Magazine article that claims their wealth has quadrupled over the last 20 years.
Besides this significant increase in wealth, here are four key reasons that today’s lead generation companies are grasping for Grandma and Grandpa:
1. Greater Medical Needs
With Forbes reporting that healthcare spending is projected to hit $3.8 trillion in the U.S., it is no surprise to hear Neustar’s Chris McArdle’s recent comments at Leadscon, “For lead generators, healthcare is an untapped market”.
It is no secret that senior citizens often have greater medical needs than the rest of society. Generating senior leads not only benefits your business, but it also helps people. The lead generation process provides this segment of the population with invaluable information about products that are designed to benefit their health and make their lives easier. Often seniors will have more than one condition or ailment that needs to be addressed; this is where lead generators can play an important role in helping those who need it most to improve their quality of life.
2. They’re Educated
Remember – seniors have seen a lifetime of advertisements and heard every pitch in the book. With grandma, as with all good lead generation, it is more about quality than quantity. Relationship building matters to seniors and the key is to develop a strong relationship before attempting to share any offers.
The way you connect with a senior will determine the quality of lead they become. If your company’s aim is to steer Granny towards agreeing to receive a product or service based on the payout instead of a product she truly needs. You have lost both the senior and the health lead generation game.
Lead generation in the healthcare space is a relationship, a long term one. It requires patience, follow up, integrity and most of all the desire to improve someone’s life through your service. This strategy will guarantee future business with that senior lead, your clients, and your customers.
3. Garage Sale Gab
If the senior citizen demographic at large is anything like my grandfather, then a growing endorsement of a particular product (or your service) will go a long way.
More than any other segment of today’s population, word-of-mouth is a huge part of communication among the elderly. Whether it is through chatter at a senior living community, gossip at a garage sale or a quick gab session at the grocery store. A high potential for word of mouth endorsements make seniors a desirable target for lead generation efforts.
In this industry, referrals are consistently linked to higher rates of conversion, and whose referral means more than Grandma’s?
According to a recent study conducted by the Pew Research Center, the “Over 65” demographic is the fastest growing segment among social networks. Statistics state there has been a 35% increase in this age group from 2012 in Facebook alone.
In fact, the study reports 45% of all internet users using Facebook are over the age of 65. With over 1.4 billion monthly active users reported in 2013 – this makes the number of elderly Facebookers staggering. While these statistics may seem surprising to some, my Grandpa perfected the art of hash tagging and retweeted long ago.
What does this trend mean for lead generation firms? The migration of seniors to social media as a means of spreading word-of-mouth gives lead generation companies a new platform through which to cultivate relationships with these customers. This medium makes it simple to share the most accurate and relevant information available about products that help seniors improve their quality of life.
My grandfather along with millions of grandparents, continue to be sought after by lead generation companies because of their combined health needs and wealth. Every day for the next 16 years, an estimated 10,000 baby boomers in US alone will become “seniors” and become eligible for Medicare.
Targeting today’s hottest lead commodities is one thing. But improving the health and well-being of millions of people each year through lead generation is the BHAG at Prizm, especially if that means keeping my grandfather healthy for years to come.