All of us treat individuals in the Baby Boomer generation on a daily basis. This segment of the population is obviously aging with multiple health problems. The good news also is that many of these individuals have a lot of cash on hand. This is a FAST-GROWING market for the entrepreneurial spirited nurse practitioner! Let’s look at some statistics because this will help you target your market.
According to a recent PWC survey, the baby boomer retirement savings amount varies widely. According to this survey about 50% of baby boomers have saved less than $100,000 for retirement. Another 35% have anywhere from $100,000-$500,000 in savings and the other 15% have over $500,000 saved.
If you run an insurance practice accepting Medicare, then obviously target all of them for primary care etc… But if you are interested in NICHE cash practices, this article is for you so continue reading.
So which demographic do we market towards? Obviously the top 25% of individuals. These are the patients with disposable incomes who are open to paying cash for certain medical services.
Another interesting statistic found by Experian is that baby boomers are also some of the largest carriers of credit card debit.
There are approximately 75 million baby boomers in the country. The target market we are discussing here is around 19 million people. 19 MILLION PEOPLE. That is a HUGE market.
Out of that 19 million, 11 million have over $500,000 saved for retirement. Many more have well north of $500,000 saved. Compound the fact too that baby boomers love to use their credit cards and you have a recipe for a very profitable patient market.
It shouldn’t be your concern if individuals pay for your services with debt. It is cash in your account, free and clear.
Therefore, the baby boomer market you are targeting is clear and simple: boomers in the middle to upper social classes.
Do not waste your time marketing aesthetics or anti-aging services to the lower 50% boomers, it will be a waste of your time and money. I learned this the hard way with my men’s health clinic.
I found out fast that individuals interested in life enhancement and anti-aging have disposable incomes. After wasting thousands of dollars marketing to all men, I quickly narrowed down my target market to wealthy older men who were business owners, lawyers, engineers, etc… People with MONEY. Let me tell you, it transformed my practice.
It is imperative you target the upper 25% of the baby boomer population. It is simple with modern day marketing techniques. Here are a couple examples:
- Social media targeting. 75% of baby boomers use Facebook. I guarantee you the vast majority of our target market uses Facebook. So put ads on Facebook that target that market. When you create a Facebook ad it allows you to target directly to individuals with specific interests. Target to interests that wealthier individuals have like golf or horses for example. Now you have weeded out a large portion of individuals who do not have the money for your services.
- Print ads in certain publications tailored to wealthier individuals. Mr. Smith that lives in trailer #35 off Elm street does not read the wall street journal or your states monthly business focused magazine. Mr. Smith reads the thrifty nickel. Don’t put ads for an anti-aging clinic in the thrifty nickel. I put a small ad in my states quarterly BAR associations publication for my Men’s Health clinic, it paid for itself 5 times over.
You are probably asking yourself “Well what services do I offer to these Baby Boomers?!”
You need to offer services that maintain youthfulness and activity levels. People in this group usually are health conscious individuals who are very active and have a moderate to high degree of health maintenance behaviors. Mr. Smith in the trailer park likely doesn’t swim 3 times a week and spends $200 a month on vitamins. Mrs. Robbins who lives in the Heights does. Accordingly, what does Mrs. Robbins want? YOUTHFULLNESS. Her husband probably wants to stay ACTIVE.
Learn anti-aging medicine, hormone restoration, aesthetics, stem cell injections, botox, and integrative medicine. These are CASH practices and there is a large segment of the population who has the money to pay for it. Don’t waste your time trying to get Medicare to pay for this. These are not medical necessities; they are life enhancements.
Brain storm and figure out what is needed in your general regional area. Find that need and fill it. Then market the living hell out of it to this specific population and watch your bank account explode with cash.