Marketing to Seniors

How to stake your claim in the senior market

There are more than 480 million people in the world age 65 and older, according to the U.S. Census Bureau, and that number is expected to nearly double by 2030. Indeed, this important demographic is growing, and changing, and seniors want to build a relationship with businesses that cater to their specific needs. Here are four ways to market to the many segments of the senior demographic:

1. Use a no-frills approach. Having been exposed to a lot of advertising in their lifetime, seniors are rarely impressed with flashy ads. Instead, they look for advertisements that help them evaluate their personal need for a product or service. Seniors are smart consumers who rarely make impulse buys. To help them make educated buying decisions, make sure your sales staff is patient and willing to explain all the benefits of your product or service.
2. Specify your market segment. A 65-year-old consumer is very different than one who is 95 years old, so gear your marketing to a specific segment within the senior demographic. For example, consider the segment's education level, political and cultural values, and health status.
3. Realize that baby boomers are different. The boomer generation is healthier and more active than previous members of their age bracket, so they have high expectations for how much they'll achieve in their golden years. Their youthfulness should be reflected in your marketing through the photos and colors you choose. And always highlight the value of your product to pique their interest. For example, if you own a niche watch company, play up the craftsmanship of your products.
4. Don't underestimate them. Seniors are the fastest-growing group of Internet users, so don't assume they're unaware of new technology. This market spends more than $7 billion per year on online shopping alone, and their loyalty to current brands is not as strong as you may think. As a whole, seniors' buying habits do change over time, providing an opening for your company to prove itself.