Website design By BotEap.comWith all the potential target markets out there, why would anyone want to market to seniors?

Website design By BotEap.comConsidered by some to be a “lost cause,” they are labeled as too old, too disabled, too thoughtless, or too frugal. While those nicknames may apply in some cases, it’s surprising how wrong those perceptions are when you examine the reality of today’s buying public despite a sour economy, a housing crisis and unemployment at its worst in decades.

Website design By BotEap.comSuddenly, older people look very attractive to some, if not all, sellers because of a few important facts:

Website design By BotEap.comMisconception #1: Older people are a minority

Website design By BotEap.comMade: 76 million baby boomers in the United States are now turning 65, a fact that is putting older adults in the majority. According to a February 6, 2011 New York Times article on the business of aging, these new seniors are different from previous generations, anticipating a longer life expectancy than in the past, a period of at least another twenty years. Worldwide, the segment of the population aged 65 and over will more than double, from 523 million to 1.5 billion by the year 2050, according to United Nations estimates. The US Census Bureau reports that there are more women than men across the country with the Northeast leading for that distinction, as well as having the highest percentage of people in the age group 65 and older. Although more people will postpone retirement in the interest of maintaining a sustainable income, those who choose to retire will have plenty of free time for which the only salvation is keeping busy. And extrapolating the truth from reality, staying busy means seniors will understand one of the largest markets in the country, too expansive to ignore and certainly too available to dismiss.

Website design By BotEap.comMisconception #2: Older people are too old, tech-challenged, and computer-phobic

Website design By BotEap.comMade: With “senior citizen” defined as someone who has reached old age (however, to this writer’s amusement, it is still described as “elderly” in some dictionaries), the bulk of baby boomers will be a relatively young (age 65-74) to the year 2034. That’s a good twenty years in which marketers can profit. Baby boomers are not wallflowers intimidated by the prospect of going out dancing. In fact, these are our forward-thinking, mature and experienced device experts, movers and shakers who have been great participants, if not initiators, of today’s technologically advanced lifestyle for most of its existence. Hardly likely to drop out of society, these are connected individuals aware of the ramifications of social media and Google rankings, alternately engaged and irritated by the train of political missteps and world events, and influenced by the consequences of job loss and foreclosure. These are very formidable stature conscious consumers.

Website design By BotEap.comMisconception #3: Older people are too “cheap” to spend money

Website design By BotEap.comMade: Older people are the biggest spenders today. According to estimates based on a survey of consumer spending conducted by the Bureau of Labor Statistics, in 2009 baby boomer households spent about $2.6 trillion in the United States. That represents a 45% year-over-year increase as measured by a Gallup poll cited in a June 10, 2010 New York Times article by Catherine Rampell, titled “Who’s Spending Again? The Rich and the Old”.

Website design By BotEap.comWhile it is true that older people tend to be more conservative in their tastes and frugal in their choices, it is also true that their spending habits are greatly affected by the wants and needs of those who are important to them: their children, grandchildren and great-grandparents. grandchildren If, for example, the son of an elderly person has lost his job and can no longer support his family at the level of comfort it once enjoyed, let alone grandma see them suffer. Many older Americans have welcomed younger generations into their homes and are now spending lavishly to keep them fat and happy, so to speak.

Website design By BotEap.comBut there’s another reason older individuals have relaxed tight kidneys in their often extra-large nest eggs. Recent stock market gains have a psychological impact on the mindset of retirees with investments, even if those investments are based on bonds or annuities, leading them to conclude that they are wealthier. Add this sentiment to the logic that seniors can feel life is too short and now is the time to splurge before it’s too late. Fueled by years of moderately successful finances now bolstered by the weak fruits of Social Security benefits, some of these seniors enjoy significant means and plan to experience life’s luxuries before their time runs out.

Website design By BotEap.comWhat does that mean? It means vacations, cruises, luxury vehicles and home entertainment purchases. It means buying clothes, jewelry and gifts for the children. It means spending on hair and nails and plastic surgery and a new smile. It means going out to dinner and going out for a night of pleasure. All on a regular basis. Once they start, it’s hard to stop.

Website design By BotEap.comMisconception #4: Older people have no brand loyalty

Website design By BotEap.comMade: Older people demonstrate brand loyalty far more than members of today’s younger generations, who tend to be fickle, jumping from one thing to another in the blink of an eye. While fads, trends and social influences draw young people from one product to another, older adults are considered more valuable as customers, according to a September 26, 2007 report. New York Times Matt Richtel’s article on “Sticky People”. An older person will take time to weigh a decision carefully and, as a general rule, will keep that commitment longer.

Website design By BotEap.comAlthough older adults have a lifetime of experience to draw upon, a wealth of knowledge on a wide range of subjects, and valuable skills representing a variety of careers, such wisdom is viewed with some reservation in today’s rapidly changing world. First of all, old age tends to cause forgetfulness and memory loss. Second, when it comes to knowledge availability, Google provides answers for anything and everything in a matter of milliseconds, a playing field hardly equaled for a senior citizen (or anyone), regardless of how smart or accomplished they may be. Finally, the skills that older people have mastered tend to be for things we no longer need or use, like yesterday’s engines or outdated entertainment hardware, for example, now superseded by state-of-the-art wireless computing technology. Even if older people have kept up with all the technological advances over the years, their motivation to keep up with such changes once they retire is greatly diminished, as is their retention power. A younger person has the advantage here.

Website design By BotEap.comMisconception #5: Seniors won’t buy anything unless there’s a discount

Website design By BotEap.comMade: If there is something that older people completely dominate, it is the health market, with or without a discount. No one buys more health-related products than seniors, easily making them the most valuable market for companies in that industry, bar none. Old age, by nature, brings with it difficulties with balance, dexterity, autonomy and mobility, as well as sensory maintenance and retention. Some of these conditions foster social isolation. Industries concerned with protecting the elderly from physical and psychological death can only hope to reap the rewards of their manufacturing and marketing acumen. However, it is clear that the prospect of investing heavily in the development of products that can serve such purposes is raising concerns within the companies that are about to benefit. The reason for this is that the senior market is still untested territory, as it has not shown that it will buy new technologies that preserve health and wellness, even if there is a compelling need for it. Rather, companies like Ford Motor, which has a hands-free parallel parking system that alleviates the need to strain your neck (a common pitfall of aging), along with blind-spot detection and a voice-activated audio system, are They console themselves in their ability to market to a broad-based market, not just targeting the mysterious seniors for product success.

Website design By BotEap.comDuring the writing of this article, I was casually contacted by a local non-profit organization “Aging in Place” who stated that they needed a marketing plan to facilitate an increase in paid membership. Aging in Place is a concept used by national older people’s groups to describe efforts to help older adults remain in their own homes for as long as possible, while receiving assistance from a variety of outside services, if necessary, to find solutions to any inconvenience or problem. problem faced. This could include help with medical, social, financial, or nutritional needs, to name a few.

Website design By BotEap.comAt the same time, many of the real estate development companies across the country have embraced the idea of ​​building senior-friendly residential or retirement centers that incorporate new technologies to monitor the health and safety of their residents, as well as services social, dining rooms, entertainment, fitness and physiotherapy areas are a safe bet for senior marketing.

Website design By BotEap.comSurely either scenario makes sense as long as all marketers address the age old question: what is the best way to reach seniors? Or, instead, the question is how to reach the adult children of the elderly? While the options remain the same as when it comes to reaching the total market, all of which are expensive when an unknown response rate is always possible, there are ways to target seniors with intuitive reasoning. Think old fashioned if you want a larger demographic; Think creatively to reach the “younger” newcomer to the senior baby boomer or their adult children. Among a whole range of strategies, old means advertising in the newspaper; on conservative radio shows; o Sponsorship marketing and live presentations with brochures at senior fairs and events at community or religious centers. Creative marketing can mean using the Internet to reach the most tech-savvy seniors through an email campaign; or sponsored ads to accompany the right Google searches, to just touch the tip of the iceberg of possibilities. Probably the safest route for anyone of legal age is through their mailing address, which lists can be purchased through age selection, plus a range of other parameters that may be appropriate.

Website design By BotEap.comAnd as with any marketing, one effort may not be enough. A diversified approach, as well as multiple attempts, is often what means a more successful outcome, being vigilant in measuring the response at each step of the process. But keep one thing in mind. Seniors have become victims of scams more often than we care to admit. While some may still be helplessly vulnerable, others have grown even more cautious, wary of every marketing offer they come across!