Playbook For Later: Co-Founder, CEO Designs Digital Products For 45-60 Year-Olds
If only it were as simple as opening a playbook, reading the rules and mastering the prescribed strategies. It’s not.
Jeannette McClennan, co-founder and CEO of McClennan Masson, an innovation firm focused on human-centered digital products for women—and men—over 45, set out to solve that dilemma for what she says is an ignored market looking for help.
“This New Life Curve concept came out of reams of research,” says McClennan, 57.
“There are 10 to 15 years of time from 45 to 60, as long as you’ve got good health, you see there is no playbook. From 50 to 53, when you become aware of your perishability, and you see things are not going to be the same forever, but you are nowhere near slowing down, that is where a service is needed.”
Working with partners including AARP and Oprah Winfrey, McClennan’s company offers digital services, products and strategies to navigate those mid-life to later years. “We believe technology plays a key role in developing products and services that support life transitions, as it's the responsibility of businesses large and small to help everyone live better lives,” according to the company’s manifesto.
One of the most interesting discoveries about this age group, she says, and one that is gendered, is what she calls “beauty loss.” McClennan adds, “It’s a really big one for women.”
Read more in Take The Lead on appearance bias against older women
The New York Times recently reported, “There’s so much social currency around appearance,” said Elizabeth Daniels, a professor who researches body image at the University of Colorado at Colorado Springs. “It’s not like women opt into it. It’s just in the air that we breathe.”
This age group includes boomers, and according to Forbes, they have a lot of discretionary money to spend.
“Boomers generate more than 51% of the spending in the United States (and have a total annual economic activity of roughly $7.6 trillion, according to AARP). Regardless of where or how that 51% of spending occurs, the fact is older consumers represent a sizable and potentially lucrative long-term market base for digital retail,” Forbes reports.
A serial entrepreneur involved in the creation of multiple highly successful tech ventures and startups, McClennan grew up in New York City, and after earning her undergraduate degree and then MBA at LIU Post in 1981, she says she went to work in New York advertising agencies for several years.
In 1997, she joined Mapquest in its early stages, a move she says she was destined for. “In high school I was a ballet dancer and also in the robotics club,” McClennan says.
As senior vice president of sales and marketing at Mapquest, she says she learned she “had a love of creating content. I was working with the cartography team and we realized driving directions” would work well, she says. Mapquest was then sold to AOL, so she moved to Ogilvy, where she became president of the North America division 1999 to 2003.
As president of media services and chief marketing officer at Local Matters until 2007, McClennan left to launch Daily Makeover as CEO and president.
“It allowed women to try on hairstyles, accessories and cosmetics in the new virtual reality,” she says.
This was the start of using virtual reality to change your image, try on clothes. “This was a trend that was coming,” she says.
After selling that business, McClennan became CEO and founder of her company in 2010. “I got to a place where I knew I needed to understand everything from the mission of business.”
Then working with AARP to set up an innovation studio, McClennan says, “That’s how I fell in love with a misunderstood phase of life—all lumped under ‘senior.’”
She adds, “Senior connotes something no longer in step with how people age. It connotes someone who is slowing down or service-needy,” McClennan says. “We realized there are 10 to 15 years in one’s lifespan before you slow down.”
Read more in Take The Lead on age diversity
According to U.S. Census data, the largest percentage of the population is ages 45 to 54 years old, or 38 million people, who are 13 percent of the population. Another 5 percent of the population are 55 to 59 years old, or 13.4 million people.
“Over the next two decades, more than 27.7 million people will join the 50-and-over age group. Most of the increase, however, will be among the population aged 65 and over, projected to surge by 65 percent by 2030. In addition to their growing presence, the older population will be more racially and ethnically diverse,” according to a Harvard University study on aging.
In the age group of 45 to 60, writes Deanna Scott in Raving, “Women in this age group are often overlooked by brands. It’s a good investment too, because women control 60% of all wealth in the U.S. and make 75% of all household buying decisions.”
Scott writes, “According to Claire Behar of Fleishman-Hillard New York, ‘Over the next decade, women will control two thirds of consumer wealth in the United States and be the beneficiaries of the largest transference of wealth in our country’s history. Estimates range from $12 to $40 trillion.’”
Read more in Take The Lead on fighting ageism
She adds, “There is a huge disconnect between marketers’ perception of this lucrative demographic and their actual lifestyle.”
That is exactly McClennan’s point. The digital services her company provides through partners have touched many millions of people to date, she says.
And as an entrepreneur in the tech venture space, she says she has learned a few lessons on the once and forever male-dominated fields.
“In a room of guys who are all know-it-alls,” McClennan says, “you have to be clear, succinct and outrun them. I have done that my entire career.”
Read more in Take The Lead on age bias.
Always creating and innovating new products and services, McClennan says she has two different ventures she is incubating. One is a food delivery business in Brazil, Rangri, which is Portuguese for hungry.
The other venture is Goodlife, helping people “balance their motivations with their health issues” through text messages.
In every business venture, she adds, “I make sure I am heard. I’m also a big believer in mentors.” McClennan says, “I’ve always been cognizant to pay it forward.”