Five Common Misconceptions About Marketing to the Elderly

With all the possible target markets, why would someone want to market to the elderly anyway?

Some consider it a “lost cause” and are labeled as too old, too impaired, too oblivious, or too spartan. These monicas may be true, but how do these perceptions look when we look at the reality of today’s public buying, despite economic downturns, real estate crises and unemployment rates at their worst levels in decades? It’s amazing if it’s wrong.

Suddenly, due to some key facts, older people look very attractive to some, if not all, marketers.

Misconception # 1: Elderly people are in the minority

fact: In the United States, 76 million baby boomers are 65 years old, with the majority being elderly. According to February 6, 2011 New York Times In an article about the aging business, these new older people, unlike their predecessors, expect a longer life expectancy (at least an additional 20 years) than in the past. Globally, the United Nations estimates that the segment of the population aged 65 and over will more than double, from 523 million to 1.5 billion by 2050. The US Census Bureau reports that there are more women than men nationwide, with the northeast leading the distinction, with the highest proportion of people over the age of 65. More people will postpone their retirement to maintain sustainable income, but those who choose to retire have more time in their hands and the only salvation is to stay busy .. And being busy inferring the truth from reality means that older people make up one of the largest markets in the country, too wide to ignore and certainly too much to dismiss. To do.

Misconception # 2: Elderly people are too old, have technical problems, and hate computers

fact: An “elderly person” is defined as a person who has reached old age (although this writer’s entertainment is referred to as “ancient” in some dictionaries), and the majority of baby boomers are relatively It will be a young group (65-65 years old). 74) Until 2034. It’s a good 20-year time for marketers to profit. The baby boomer generation is not a flower on the wall threatened by the possibility of stepping into dance. Indeed, these are our gadget-savvy, positive, mature and experienced movers and shakers, and for most of their existence, not the initiators of today’s technologically advanced style of life. But it was a big participant. There is little tendency to drop out of society, recognizing the impact of social media and Google rankings, frustrated by alternating political failures and aides in world events, and affected by unemployment and housing foreclosures. A connected individual. These are keenly aware of the tallest consumers.

Misconception # 3: Elderly people can’t spend money “too cheap”

fact: Older people are the biggest spenders today. Approximately $ 2.6 trillion was spent by US baby boomers in 2009, according to estimates based on a consumer spending survey conducted by the Bureau of Labor Statistics. Measured by the Gallup survey cited on June 10, 2010, this is a 45% increase over the previous year. New York Times An article by Catherine Lampel entitled “Who Will Spend Again? The Rich and the Old Man”.

It is true that older people tend to make conservative and modest choices in their tastes, but their spending habits are largely dependent on the needs and needs of those who are important to them, such as children, grandchildren, and great people. It is also true that they will be affected. Grandchildren. For example, if an elderly son loses his job and is unable to support his family to the level of comfort he once enjoyed, he can be far away from his grandmother and see them suffering. Many older Americans are now spending generously to bring the younger generation back to their homes, so to speak, to keep them fat and happy.

However, there is another reason why older people often loosen the tight reins of oversized nest eggs. Recent rises in the stock market have had a psychological impact on the mindset of retirees who are investing, even if their investments are bond-based or pension-based, leading to the conclusion that they are wealthier. I will. Add this feeling to the rationale that older people may feel that life is too short, and now it’s time to luxuriate before it’s too late. Backed by years of reasonably successful finances, reinforced by the subtle outcomes of social security benefits, some of these older people enjoy important means and the luxury of life before time runs out. I am planning to experience.

What do you mean? That means buying vacations, cruises, luxury cars, and home entertainment. That means shopping for apparel, jewelry and gifts for children. That means spending on hair, nails, plastic surgery and a new smile. That means going out for a night of eating out and joy. All regularly. Once they start, it’s hard to stop.

Misconception # 4: Elderly people have no brand loyalty

fact: Older people show far more brand loyalty than today’s capricious younger generation members, who fly from one thing to another just by wearing a hat. According to September 26, 2007, trends, trends and social impacts lure young people from one product to the next, but older people are considered more valuable as customers. New York Times Article on “Sticky Old People” by Matt Richtel. Seniors take the time to carefully evaluate their decisions and, in principle, keep their commitments longer.

Older people have lifelong experience, a wealth of knowledge on a wide range of topics, and valuable skills that represent different careers, but such wisdom is seen with some reservation in today’s rapidly changing world. .. First, old age tends to cause forgetfulness and memory loss. Second, when it comes to knowledge availability, Google provides answers to everything in milliseconds. No matter how smart and achieved it is, it is not an equal place of competition for the elderly (or anyone about it). Finally, the skills learned by older people are no longer needed or no longer used, such as being replaced by today’s state-of-the-art wireless computer technology, such as yesterday’s engine and obsolete entertainment hardware. Tends to be used in. Even if older people have caught up with all technological developments over the years, their motivation to keep up with such changes after retirement is as much diminished as their retention capacity. Young people have an advantage here.

Misconception # 5: Elderly people don’t buy anything unless there is a discount

fact: If there is one thing that the elderly have complete control over, it is the health care market, discounts, or no discounts. No one buys health-related products as much as the elderly, making it the most valuable market for companies in the industry. Old age inherently poses difficulties in maintaining and maintaining balance, dexterity, autonomy, mobility, and sensation. Some of these conditions encourage social withdrawal. The industry, which deals with protecting older people from physical and psychological death, can only expect to benefit from manufacturing and marketing insights. Still, it is clear that the potential for large investments in the development of products that serve such purposes is causing anxiety within companies that are ready to make a profit. The reason is that the senior market is an area that has not yet been proven and does not indicate that it will buy new technologies that maintain health and well-being when urgently needed. Rather, companies like Ford Motor Company with hands-free parallel parking systems that alleviate the need to strain the neck (a common pitfall of aging) and blind spot detection and voice-activated audio systems take comfort. Ability to not only target the mysterious elderly for product success, but also market to a wide range of markets.

During the writing of this article, I happened to be contacted by a local non-profit “Aging in Place” organization, arguing that a marketing plan was needed to drive the growth of paying members. Aging in Place is a concept used by senior groups across the country to describe efforts to help seniors stay in their homes for as long as possible, with support from a variety of external services as needed. doing. The problem I faced. This may include support for medical, social, economic, or nutritional needs, to name a few.

At the same time, many real estate developers across the country are embracing the idea of ​​building housing or retirement centers suitable for the elderly incorporating new technologies to monitor the health and safety of residents. Entertainment, fitness and physiotherapy are safe bets for senior marketing.

Indeed, as long as all marketers address the old questions, both scenarios make sense: what is the best way to reach the elderly? Or is the question how to reach an elderly adult child? The options remain the same as when trying to reach the entire market, but there is a way to target older people for intuitive reasons, although it costs money whenever an unknown response rate is possible. If you need old demographics, think old-fashioned. Think creatively to reach the newly introduced “young” baby boomer generation seniors or his adult children. Among the various strategies, the old-fashioned method means placing ads in daily newspapers. About conservative talk radio programs. Or sponsorship marketing or live presentations with handouts at senior fairs and events at community and religious centers. Creative marketing can mean using the Internet to reach tech-savvy seniors through email campaigns. Or barely touch the tip of the iceberg of potential with sponsored ads that accompany proper Google search. Perhaps the safest route to seniors of all ages is via his address. The list can be purchased through a range of other parameters that may be appropriate, in addition to age selection.

And, like any other marketing, one effort may not be enough. Different approaches and multiple attempts usually lead to more successful results, and care is taken to measure the response throughout every step of the process. However, one thing to keep in mind. Older people are more often victims of fraud than we admit. Some are still helplessly vulnerable, while others are more vigilant and distrustful of every marketing proposal they encounter.