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

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9780131856981: Turning Silver into Gold: How to Profit in the New Boomer Marketplace

“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.

"synopsis" may belong to another edition of this title.

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.

Excerpt. © Reprinted by permission. All rights reserved.:

Foreword

Foreword

For years, I have talked about the importance of the "longevity bonus," the wonderful possibilities and opportunities available to us resulting from our ability to live longer, more productive lives. So I was convinced when I picked up Mary Furlong's Turning Silver into Gold—and discovered early in the book the phrase "bonus round"—that I was in the presence of a soul mate. Reading on through the end of this impressive book, I became even more convinced.

After more than 20 years of studying aging and, more importantly, listening to older men and women, there is little in this field that Mary Furlong has not encountered, thought about, or sought to solve. She is keenly aware of the importance of having fun as we age and the value we put on staying fit and productive. She understands that older people are as complex and diverse as any other group and will not fit neatly into a box—especially the boomers. She knows that work is a necessity for many older people and, as she puts it, "a kick start" for many others, including those who must work to make ends meet. And she wisely notes that older people are becoming a dominant force, not just a "demographic," in our society.

Mary's aim is to guide those who want to market to older people and to encourage those who might not have contemplated doing so to give it serious thought. This is not always an obvious or intuitive undertaking. But in Mary's hands, this process does not seem daunting because she keeps things simple. There are really just five basic ideas or trends to keep in mind, she notes, and the reader will find them recurring throughout the book, whether the topic is real estate, sex, work, or investment.

The first of these ideas she calls "global markets," because aging is a worldwide phenomenon. China and Italy, for example, are graying faster than the United States. The second is longevity which, among many other things, implies that we will be spending nearly as much time after retirement as we spent working, and that providing the means to stay healthy and active will be critical to the well-being of individuals as well as their governments. The third she calls "lifestage transitions." This important idea flies in the face of the stereotypical notion that older people are set in their ways. Surprise: They change jobs, divorce, remarry, care for older parents, and face the death of their friends, among many other lifestage transitions. The fourth is technology—specifically, how it can be used to make life better for us as we grow older. And the fifth, which speaks eloquently for itself, is spirituality combined with giving back to our communities, family, and nation.

But Mary Furlong's book has a social heart as well as a business sense. She assists 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. And that brings me to a point that I think is very important.

While there is no question that Turning Silver into Gold will hold a special interest for entrepreneurs and investors, I think it will find an equally eager and appreciative audience among boomers (and their parents and their children) for its insights into aging and the possibilities that a long life offers all of us. For example, Furlong notes that people in their 60s are the greatest buyers of wine (entrepreneur alert!), and then adds that anyone can set up a wine-tasting club (DIY alert!). Or this gem: "Love for the baby boom generation is not about the first time any more—it's about making love feel like it did the first time."

Turning Silver into Gold is filled with nuggets like these. And Mary Furlong, drawing upon her years of experience and vast expertise, does an admirable job of spinning them into gold.

William D. Novelli,
Chief Executive Officer, AARP


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"About this title" may belong to another edition of this title.

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