Mature Marketplace Prizes Value
Remember even retirees with a comfortable nest egg are still on fixed incomes. The mature market seeks to get the most for every dollar and make their money last. Seniors appreciate added value, special offers, coupons, free gifts, samples, and, of course, discounts. As in any direct response campaign, the offer should be related to the primary product being sold.
Skepticism
Seniors have had years and years to acquire a high level of skepticism. Prove your claim with endorsements and testimonials. And use reviews and a “star” system. Seniors love and know them. Also, use positive but realistic images rather than the more common “plastic” images of a smiling older couple.
Age Status
Some seniors feel that their age gives them status, while others feel crushed by the aging process. Be aware of perceptions as you create your advertising. Also, be aware that even though 70% of people over 70 have some sort of chronic health condition, they tend not to dwell on it, and neither should marketers.
Characteristics of the Senior Market
Seniors are resistance to change and have a strong dedication to tradition. Avoid the suggestion of change and newness as much as possible. For example, market your products as simple and something that’s need not disruptive to one’s lifestyle and something that makes life more comfortable.
Examples Instead of Statistics
Seniors are unimpressed with numbers. They are, however, impressed with examples of an individual with whom they can identify, who uses a certain product or service.
Seniors Respond to Different Mediums
- Direct mail
- Radio and television commercials
- Banner ads on the web.
That’s why testing media and an integrated campaign are optimal to dominating this market for your product or service. However, direct mail is used heavily by those marketing to seniors… because it usually works better than other media.
Personalize the Selling/Buying Process
Build rapport. Be aware of the senior ideal, as opposed to the mass-market ideal. Seniors prefer to be regarded as individuals. Their buying history began at a time when merchants knew them personally. This is the last group of people in our society to enjoy personalized relationships with the people who provided them with goods and services. Unlike the generations that have followed, the mature market is not a product of an impersonal, mass-produced world.
Senior Market
The senior market is composed of many subgroups. They are identifiable by three main groups: pre-retirees (people between 55 and 62), active retirees (63 to 74) and seniors (75 and over). Your marketing should differ accordingly for each group. A senior’s lifetime of experiences is an important element in designing your offer. These experiences should be acknowledged if you hope to motivate the mature consumer to buy. Nostalgia and clichés can be utilized profitably. Instead of modern jargon and images, use language and references to fond memories with which the seniors can identify.
Affluent Americans
Seniors are the most affluent segment of our society. For example, 77% of all assets in the United States are owned by individuals over the age of 55. Seniors have five times the net worth of the average American.
Add Memorable Icons
Finally, jog visual memory with icons. Older people have a visual memory that becomes even better than verbal memory. Using icons, guarantee logos, Better Business Bureau logos, award icons and even coupons, which is a basic icon of the direct marketing industry helps increase your response. If you use a dotted-line coupon, when the person looks at the page, the icon sends a subliminal message that says, ‘We want you to do something. Look at this page and see what we want you to do.’
Do Not Bet on Web Response
While it is acceptable to include an online channel in direct mail to seniors, do not rely on this channel to carry all the response. The current breakpoint for use and acceptance of computers is about 70 years old. Older than that, and people did not use them at work; they’re not comfortable with them, and the utilization of computers is significantly lower.
Correctly Address the Senior Gatekeeper
It is critical to align the need for your product or service with the household the mail piece is entering. Half of all the households with people over 65 years old are headed by a single person, and 80 percent of those people are women. So, one of the bigger mistakes that marketers make is mailings with pictures of only couples which can generate negativity in most recipients.
Older Prospects Equal Better Open Rates
While people who are 55-plus are sometimes viewed as one segment, it may be helpful to consider that direct mail is most effective in targeting fully retired prospects who are around 70 years of age and older. The senior segment of the 55-plus demographic is probably the most conducive to reading direct mail, so that gives you a great leg-up to begin with. The odds of your mail being opened is greater with a senior.
Avoid Name Calling
The most critical elements – That’s right, the first thing to remember when marketing to seniors is don’t call them seniors. Focus on your product or offer and how it is designed to meet prospects’ needs and values without pinpointing their life stage.
Showcase Word-of-Mouth Marketing
Some seniors may feel that they’ve “seen and done it all,” or that they know a sales pitch when they hear it or read it. To counter their skepticism, include a testimonial or two from current clients.