Mature Market Experts Stat of The Day: Electronic Tracking and Care Coordination Tools Save Lives

Electronic tracking combined with patient centered-care management can reduce hospitalizations and deaths.

Electronic tracking combined with patient centered-care management can reduce hospitalizations and deaths.

Mature Market Experts: more mature market news and stats more often – Electronic Tracking and Care Coordination Tools Save Lives – As I have often posted before, I think technology is key to bridging the shortage of healthcare workers needed to care for the world’s booming senior population. Recent research is beginning to show the difference it can make. According to an article by Saher Selod of Mather Lifeways’ Aging In Action, “Researchers at the Oregon Health & Science University conducted an evaluation of the Care Management Plus (CMP) program. The results of the study indicate that the CMP program, an intervention tool that combines electronic tracking with patient centered-care management, reduced the number of deaths and hospitalizations for older adults suffering from several chronic illnesses.

The study was conducted in Seven Intermountain clinics where 1,144 patients received the CMP and 2,288 patients, in the control group, did not. According to the results, 6.5% of the CMP patients died in the first year compared to 9.2% from the control group. In the second year, 13.1% of CMP patients died in the second year compared to 16.6% in the control group. The difference in hospitalization rates was not as high as the death rates, except for those patients who suffered from diabetes.The researchers argued that this computerized care management system worked in conjunction with extra training for nurses to improve the health care outcomes for older adults.

CMP uses data regarding the patients’ condition that is logged into a care management tracking database. This tool is then used by the care plan teams of chronically ill older adults to access patient information quickly and address patient medical needs efficiently.

This new system would require the restructuring of primary care for those who are chronically ill. Researchers from the study recommend this restructuring in order to improve the quality of care for chronically ill patients in the long term.”

Additional source: Door, David, Wilcox, A., Brunker, C., Burdon, R. Donnelly, S. 2008. The effect of technology-supported multi-disease care management on the mortality of hospitalization of seniors. Journal of the American Geriatrics Society 56(12): 2203-2210.

I also recommend reading The John A Hartford Foundation’s annual report.

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Mature Market Experts Stat of The Day: A Snapshot of Mature Market Trends Shaping the Consumer Packaged Goods and Retail Industries

Mature Market Experts: more mature market news and stats more often – A Snapshot of Mature Market Trends Shaping the Consumer Packaged Goods (CPG) and Retail Industries – I recently read an interesting report by IRI on Boomers and the CPG category that had some interesting stats, charts and findings. IRA segments the mature market in the following way:

iri-cohort-definitions mature market

In addition to the sheer size of this population segment, as you know, the mature market controls the bulk of the nation’s wealth (yes, it’s still true despite our sagging 401Ks). So, here’s what IRI says,

“CPG manufacturers and retailers that view this group as a monolith, do so at their own peril. Market leaders who want to most effectively meet the needs of Boomers, some of whom are in their 60s, others still in their 40s, must identify the distinct and ever-changing attitudes and behaviors of literally hundreds of micro-segments based on income, geography, shopping trip missions, health and wellness and many other factors.

Overlaid with these differences in attitudes and behaviors is the profound transformation the U.S. economy is experiencing at present. Each of these micro-segments is likely to react differently to the rising then falling price of energy, a severely strained financial market, increasing unemployment and decreasing consumer confidence.

There are some broad commonalities among Baby Boomers that are worth noting, however. Approximately two-thirds of Baby Boomers will continue to work after retirement, some out of financial necessity, others from an eagerness to keep active. Baby Boomers, like their Gen X, Gen Y and younger compatriots, use the Internet actively to get information, research products and make purchases online. And, like no generation before, Baby Boomers are relying heavily on CPG products, from food and beverages to vitamins and supplements, for health and vitality. For the packaged goods industry, the opportunity is immense.”

dollar-sales-growth mature market

channel-share mature market

The full report is definitely worth looking at, although I still believe the best marketers avoid the trapping of categorizing their customers even on a micro level. I think it’s far more effective to practice relational marketing. As I’ve blogged before, this incessant labeling overlooks one key fact . . . regardless of age, we are all individuals.

David Wolfe, one of my favorite bloggers and a true expert on aging states in his blog Ageless Marketing:

“Needs drive our behavior. Our need to be physically and mentally comfortable, whole, safe and secure does not change from one generation to the next. In Maslow’s hierarchy, that bundle of needs is the most basic of all needs. Then, our need for love and to be loved never changes from one generation to the next. The same holds true of our need for self-esteem and the esteem of others.
What does change from generation to generation are the ways in which we strive to meet our needs.”

At TR Mann Consulting, we believe we are entering a new age of relational marketing . . . which has less do with age, than it has to do with technology. As ever-improving technology and quality improvement measures level the playing field in most, if not all industries, we are moving to a marketplace where your relationship with your customers is your key competitive advantage (or weakness). Simply put, it’s not just what you do; it’s how you do it. A great brand is a friendship unfolding—with each new interaction marking a new stage in the courtship. Your customer’s behavior and what they tell you as the relationship unfolds are what should be defining what “category” your customer fits in.

Mature Market Experts Stat of The Day: Nanotechnology in Medical Diagnosis and Treatment

j0438738 mature market cancer

Mature Market Experts: more mature market news and stats more often – Nanotechnology in Medical Diagnosis and Treatment- The average size of the avian influenza virus is on the order of 100 nanometers, or 0.1 microns. That a virus so small can wreak such havoc on the human body is a testament to the complex mechanisms associated with these infections. The ability to ward off such infections is also a testament to the awesome nature of the human immune system. By comparison, the width of a typical human hair is on the order of 100,000 nanometers (estimates put the range at 50,000 – 150,000, depending on the specific type of hair).

Now, consider the field of nanotechnology which focuses on the manufacture and fielding of mechanical and electronic devices of microscopic size, typically on the order of 100 nanometers or smaller. The National Cancer Institute (NCI) provides a fairly detailed overview of the use of nanotechnology in cancer treatment, and the NCI Alliance for Nanotechnology in Cancer is an initiative that provides a focal point for public and private investigation for the application of nanotechnology to the treatment of cancer. Researchers and companies have been investigating the manufacture of devices of this order of magnitude and smaller for application in the treatment of disease. A major focus for nanotechnology in healthcare is, not surprisingly, the treatment of cancer. Specific methods and modes of delivery vary. Examples include outfitting little “robots” with markers that will burrow into and attach themselves to cancerous cells for the purpose of enabling treatment and destruction of malignant cells. A major benefit of this approach versus traditional methods of radiation and chemotherapy is that the malignancies can be targeted directly without attacking or otherwise molesting healthy cells. This is a major advancement, since many of the current therapies that attack cells indiscriminately will kill both healthy as well as malignant cell material. When battling this terrible disease the last thing needed is to destroy those healthy cells upon which the individual depends for sustenance and survival. Thus, nanotechnology provides a mechanism for delivering targeted, customized, tailored therapy.

 While we are on the cutting edge of the application of these technologies, the vision is real, and it is extremely promising. Treatment is only one aspect of nanotechnology use. Diagnosis is another area, in which nanoparticles can be used to assist in imaging of potential malignancies.

 While almost a cliché, the aging of the baby-boomer population will drive a number of these new technologies, applications, and initiatives. It is almost a tautology that early diagnosis of disease translates into a higher likelihood of survival. Technologies that support early diagnosis are, therefore, of great value and will enable better, more efficient, and more accurate treatment of disease going forward. As a member of this generation (albeit, at the tail end), I am very encouraged and supportive of this research. I recall some 17 years ago when my mother passed away from breast cancer that the use of exotic technologies such as nanotechnology was barely an inkling. Indeed, the three oft-used mechanisms for treating cancer have remained surgery, irradiation, or poisoning (chemotherapy). It has only been within the past 10 years or so in which alternative therapies have been devised and discovered that are not simply variants of these three. Research into the targeted treatment of cancer by destroying the genetic material within malignant cells so that they cannot reproduce or cannot receive nourishment is an astonishing advancement and offers great future promise—a testament to human ingenuity, talent, innovation, and creativity. As in vitro and in vivo medicine evolve, such future-looking technologies will be essential in terms of early diagnoses and intervention.

Mature Market Experts Stat of The Day: TV Viewing Habits

Boomer / Senior / Mature Market Stat of the Day – “Boomers make time for 25+ hours of TV watching a week, though retired Boomers log in 12 more hours in front of the boob tube than do Boomers with kids. Nine in 10 Baby Boomers watched TV “yesterday.””

Source: Targeting Boomers. American Demographics.

Retired seniors watch more news than their younger counterparts. The beauty of this is that you can cheaply roadblock noon news in almost any market and reach the bulk of your audience. In addition, thanks to technology, TV commercial production no longer has to be the expense it once was. And remember, peer to peer testimonials work extremely well with the mature market.

Mature Market Experts Stat of The Day: Retirement

Source: Institute For The Future: Boomers in Transition

Boomer / Senior / Mature Market Stat of the Day – I have a theory that the upper-middle class to wealthier Boomers will reinvent what retirement means. How? By working longer and creating mini-retirements (a concept developed and coined by Timothy Ferriss in his book The 4-Hour Workweek) throughout their careers.

The idea behind the mini-retirement is that the traditional plan of working hard until you are 62 and then coming to a dead stop seems a little odd. Wealthier Boomers want a healthy mix of work and play with many viewing a traditional retirement as death of the mind and body. And for many Boomers, today’s technology makes working from remote locations a real possibility.

The travel and financial industries need to gain a better understanding of boomers and the mature market if they are to thrive in the changing landscape. In addition, I believe second/vacation homes will continue to grow in importance (for the less adventurous who are afraid to travel far from home).

Mature Market Experts Stat of The Day: Seniors Buy Cars

 

The mature market keeps buying cars!

The mature market keeps buying cars!

Seniors purchase more than 40% of all new cars and over 80% of the luxury new cars.

Source: U.S. Census Bureau

While the car is becoming increasingly “intelligent,” with innovative applications of information technology to assist younger and older drivers alike, these novel systems present their own problems. A major challenge for the auto industry is how to develop and integrate these innovations into the car of tomorrow with drivers who have decades of experience driving the car of today.

Source: Joseph F. Coughlin, in: Generations Winter 2004-2005