May 13, 2020 - written by Jennifer
The Future of Elder Care and What it Means to Your Advertising
As the Baby Boomer generation retires, the customer base for the elder care industry is exploding! By 2030, 19.6%, nearly one in five, Americans will be over the age of 65. Effectively, older adults will outnumber children for the first time in US History by 2034. By 2050, there will be 83.7 million people over 65 years, almost double the population in 2012.
What does this mean for Elder Care specific industries? DEMAND. Is your business being considered for this growing demographics’ needs? Is your name recognition and branding strong? Billboard advertising is a brand builder! In fact, 48 percent of brands use OOH to build brand awareness, and as a result, these brands have seen their brand trust ratings grow 24 percent while consumer confidence improved by over 100 percent. Year over year, OOH has been a key driver in not only building brand awareness but in leading offline conversations.
We all know having a strong web presence is essential, but how do you drive search? Out of Home drives online searches and website visits! MRI/Simmons reports that an out of home audience is more likely to be engaged with their mobile phone than the audience of any other medium. Additionally a 2019 Nielsen study revealed that two thirds of smartphone users took some sort of action online after seeing an OOH ad. “OOH’s connection to digital media is undeniable,” said OAAA’s Nancy Fletcher. “OOH campaigns boost online engagement more than other traditional media can. As digital ad spend increases, so does OOH’s, because it drives people in the real world online.”
What makes billboard advertising even more unique is how it presents an ad to the maximum number of people without exerting too much effort. It reaches not just the baby-boomers who still want control of their after-retirement plans, but also millennials who may help with elder care decisions now or down the road. Nielsen states that 90% of consumers have noticed roadside billboards, thus proving billboard advertising’s effectiveness.
Speaking of millennials (the baby-boomers children) …Baby Boomers have fewer children to care for them in their old age than previous generations had, which means they will rely more on health providers and care-takers.
The health industry needs an additional 1 million nurses through 2026 to fill newly created positions and to replace retiring nurses. Billboard advertising can not just build your brand, but also serve as a recruiting medium! Using your advertising to recruit new hires is one of the most cost-effective ways to recruit in a geographic area at an average of $2 per 1,000 impressions.
Additionally, the 65+ age group is preferring to age in place i.e. stay at home instead of staying in Assisted Living Facilities or Skilled Nursing Facilities. In a survey conducted by AARP, it was discovered 90% of senior citizens prefer staying in their homes as they age versus entering an assisted-living home. This trend will likely accelerate from post COVID-19’s significant impact on Skilled Nursing Facilities (about 40% of deaths in nursing homes.)
he industry will continue to offer community-based services for seniors to build familiarity and trust. For brands, having a ‘real life’ presence is key to building consumer trust. Whether it’s a series of strategically placed billboards in highly trafficked areas, or finding physical ways to impact consumer confidence, building trust and essentially increasing your brand recognition will be key.