Branding & Aging: Redefining the Future

Ever since I began my career in aging services, which is well over a decade now, I have been hearing how providers need to appeal to Boomers and the coming “silver tsunami.” Weather forecasters would be ecstatic if they had more than a decade to prepare for an oncoming catastrophic wave! Yet, this remains a popular topic at conferences and educational events related to our space. I attribute part of this to the challenges providers face in being nimble. One does not pivot a building or a service line quickly.

From Boomers to Millennials

Therefore, it behooves providers to start thinking now about what future generations of retirees may want. Sure, they are building for the Boomers of tomorrow. But what about the Gen Xer that will come a decade after that? Or, thinking even further ahead, what about the Millennials two decades from now? Remember, the oldest Millennials are now in their early 40s. They are going to start taking advantage of retirement services in approximately two decades!

Many providers have, or are currently in the process of, retrofitting and refurbishing their properties to appeal to Boomers across the entire continuum of care. From large, luxurious independent living units that mimic the sizeable homes they once owned, to more private skilled nursing units that offer a cozier atmosphere, providers know that they need to adapt to these trends or they will be left behind.

But let’s look beyond that silver tsunami. I have written on LinkedIn about the demographic and financial challenges that will force retirement to look different for Gen X and Millennials. That cannot be avoided. Let’s go beyond those numbers, however. What might a Millennial want out of a retirement experience?

The Millennial Experience

Did you catch that?

The last word of the previous sentence says it all – experience! This is not about an easy sales process or great interactions with the welcome committee. Rather, it’s about creating an entirely branded experience that will appeal to Millennials. This demographic grew up in the age of brand identity, where one’s choice in clothes, cars, beverages, and so much more was used to infer the type of person someone was. The Millennial mindset has been driven by brands since they were children. This is also sure to be reflected in their retirement options.

Rethinking Retirement Living

A great example of a group that is already doing this is the Latitude Margaritaville line of retirement communities. They have created a branded experience, from the ground up. While these communities appeal to today’s Baby Boomers, they are also pioneering a model for what the retirement of the future may look like. What other brands could enter the aging services space to create such a rich lifestyle offering?

What if the American Kennel Club endorsed a community and helped it to become the most dog-friendly campus in the country, with a reliable pet sitting service and a full-time on-site veterinary team?

How about a campus owned and operated by Apple? It would be modelled after Apple’s design principles and include smart technology that could only be found on an Apple campus. Additionally, you can be assured that your Wi-Fi and technology will always work, as their initial cost and yearly replacements are included in your fees.

Consider a Harley-Davidson-sponsored community with specific amenities that appeal to motorcycle enthusiasts. Perhaps they have extra garage space for independent living units, while assisted living residents can enjoy regular rides in specially designed sidecars. This would allow those who require more care to continue doing the thing they love, hitting the open road!

These are big ideas, but we will likely see smaller versions of these concepts find their way into communities first. Many Millennials will remember the “Book-It” program, whereby they received a personal pan pizza from Pizza Hut for engaging in reading. In the 1990s, it was common for schools to invite in major fast-food chains to serve lunch one day a week, whether the aforementioned Pizza Hut, McDonald's, or another major brand. It isn’t a huge stretch to imagine Millennials choosing a retirement community with an on-site Panera Bread over another that has a generically branded bistro.

Food is the easiest part to envision, but it can also extend to other operational areas. An on-site gym is great, but what if that gym were a branded Planet Fitness or Orange Theory, which also allowed residents to access other locations while they travel? Spas are another great feature for high-end communities, but what if it were a branded spa, backed by a celebrity stylist who stops by several times a year, just for the residents? The possibilities are endless.

Will Your Community Be Ready?

The world of aging services is always changing. What doesn’t change is the need for providers to capture residents at an early age to help build their census and portfolios. Right now, campuses are being built with Baby Boomers in mind. As always, Gen X seems likely to be forgotten or set up as an afterthought to the post-Boomer glut. Millennials, however, are likely to reshape aging services, just as they have reshaped the world around them.

Will your community be ready?

You can connect with LeadingAge PA Vice President of Member Excellence Seth Anthony at santhony@leadingagepa.org.