Seniors are a large, growing, and wealthy market segment that merits attention from marketers. As of the 2020 census, the population of 65-year-olds was 56 million people, increasing more 39% in the past decade. That number is projected to be more than 83 million by 2050. And they are healthier than previous generations with an average life expectancy of 19.6 years. Having worked hard throughout their careers, seniors today want to enjoy life, eat and travel well, be entertained, be comfortable, be healthy, and stay active and engaged.
The pitfall is to fall back to stereotypes. Seniors today are tech savvy, well connected, better educated, discriminating, and demanding. They are heavy users of Facebook and know you can learn about just about anything on Google and YouTube.
In retirement, work-related spending like commuting costs and apparel might decrease, but discretionary spending will probably increase. Seniors likely will re-prioritize spending on recreation and experiences, products and services that make life easier and more enjoyable such as products that help keep them looking and feeling fit and youthful.
Just don’t make the mistake of using language or imagery that shouts “old.”
Do provide a clear statement of your product’s benefits with facts to back up those claims. Seniors are information seekers who want to make informed purchase decisions. Be deliberate in linking your benefits to specific purchase motivations. Be straightforward and simple in your language.
Make every effort to deliver outstanding customer service and care, as seniors highly value the personal touch. Examples include customer service reps who speak English well and can connect with a person, versus an automated, bot-based menu. Support their desire to be self-sufficient by offering usage instructions that are simple and easy to read. Many are visual learners, so a YouTube video with tips and tricks to get up and running are worth considering.
Just like any age cohort, seniors value and will seek out product and service reviews and ratings.
And, perhaps more than other age groups, seniors do look for value for money. So special discounts or free shipping offers are persuasive incentives for your brand. That said, once they find a brand that they like, they will tend to be loyal consumers. Trust is a big deal for them. Treat them right and they will stay with you.
Make it mandatory that your product designers and new products team have seniors participate in your market research. Does the product packaging work for older hands? Is the tab on the inner seal big enough to get hold of? Is the labeling clear and big enough to read without a magnifying glass? How easy is it to reseal the package? Before you go to market, be sure everything actually works.
The more expensive the price point, the more information you will need to provide in a multi-touch, multi-channel marketing campaign. Many seniors like receiving a personalized solicitation, whether direct mail or via email, with links to do a deeper dive to learn more. If you have the measurement tools in place, continue to personalize that purchase journey with more info (as needed) and use the buyer’s name(s).
At Forge, we thrive on helping clients get to the next level regardless of the target market segment. We have worked with many clients building growth plans that are grounded in solid ideas, sound strategy, brand differentiation, and consumer benefits.
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