What does it take to launch a social network for seniors? The challenges seem daunting.
Just this year, the Pew Internet & American Life Project found that "modern information technology is the province of youth" with those in their 50's least likely to be the biggest early adopters of information technology. This fact hasn't discouraged entrepreneurs from trying to reach this group as Matt Richtel's recent New York Times story reported.
As Richtel points out: "The question is whether [seniors] will want to network in large enough numbers to justify the tens of millions of dollars going into the space. Indeed, the interest from entrepreneurs and venture capitalists has led to a mini-boom in sites that cater to baby boomers."
It is not without some irony that on the very day that Richtel's story ran, eons announced big layoffs - see Robert Buderi and Kristen Nicole.
Eons.com troubles notwithstanding, I do feel opportunities abound to reach Boomers. I am just not sure if the current crop of sites hits the mark. They seem to be trying to reach too broad a demographic. Certainly age is the most common characteristic that unites this group, but there is a big difference between those born in 1946 and those born in 1964. Beyond age, Boomers may be better reached through narrowly targeted niches like hobbies, lifestyles, or professional affiliation.
While Eons and TeeBeeDee have the look and feel of a social network, Rezoom and Boomj seem more like traditional websites. From my perspective, true social networks fully leverage user-generated content and reader interaction. Time will tell if all these sites can reach critical mass and take advantage of the network effect (the value of a fax machine increases by the number of other fax machines in use). But I venture to say that senior social networks will also have to overcome the way Boomers have traditionally acquired and valued information.
Unlike the under 30 set, Boomers go online to seek infomation from experts and established sources, not create user generated content and chat. That's why social networks are so appealing to twenty-somethings. They thrive on the wisdom of crowds and the opinions of their peers. Multi-sourced, non-expert advice and information are their currency. (Think New York Times and World Book Encyclopedia versus MySpace and Wikipedia.)
To that point, I was amused to read last week that Retirement Living TV - a cable TV network -- was in "advanced talks" with Walter Cronkite to contribute a weekly segment. Mr. Cronkite (never Walter), that venerable news anchor, was 65 when he retired in 1981. Why is Mr. Cronkite still so valuable a property? For older Americans, he was their source of news and represents their voice of authority. I would be hard pressed to find Mr. Cronkite's equal today. It is also telling that we are talking television, not the Internet, where more Boomers still get their news.
In time, generational differences over authority will disappear, but it is something to consider as entrepreneurs design Boomer online sites.
I will not make the mistake of lumping all seniors into one broad category. As the Pew Study found:
"This way of assembling the groups conveys an intra-generational pattern to information technology adoption. Not all people in or near their 30's got online at the same time, and the same is true when looking at people in their 40's and 50's...[P]atterns of use among followers, as well as across each wave of early adopters, vary considerably."
The good news is that entrepreneurs are attempting to reach an underserved market. What's still up for grabs is how to best reach the AARP set. In the process, creators of social networks will gain a broader knowledge of what makes a good social network, regardless of age or technical ability.
Let me get back to you.
Technorati Tags: Pew Internet and American Life Project; Matt Richtel; Eons; Rezoom; Multiply; Boomj; Boomertown; AARP; Social Networks; Baby Boomers; Boomers; Retirement Living Today; Walter Cronkite;
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