Here’s Why Not to Ignore the Senior Market…

In our youth-obsessed culture, its often the case—in fact the norm—to focus marketing efforts and dollars on Millennials and Generation Y. The senior market—those age 65+--may not be taken seriously, with stereotyped assumptions that most spend their money on healthcare and personal care.

But according to research contained in a blog published by the World Bank of South Africa, seniors make up a significant global and growing market. The group has significantly higher incomes and greater needs that their younger counterparts. They are a major consumer group, and their global ranks are expected to grow by 250 million by year 2030.

The blog says seniors are the wealthiest age cohort on the planet, spending a projected $8.7 trillion per year today, That amount is expected to nearly double globally to $15 trillion by 2030.

Western Wealth, Eastern Promise

Seniors in western economies are projected to remain richer I to old age than other economies, remaining the top silver economy in the world. But Asia is closing fast. China, Japan, and India are all on track to challenge for the top senior economy by 2030.

Research shows that the older sector of the economy will remain strong.

Tips for Marketing to Senior Consumers

If you’re planning to market to the silver sector, it’s important to follow some different marketing rules than you would for a younger generational approach.

1)??Use relatable language. Avoid using slang and the latest buzz words.

2)??Don’t assume other people makes decisions for seniors. The senior market is by and large healthy and self-sufficient.

3)?Understand their buying decisions can be based on different criteria than younger people.

4)?Make things easy for them. Create a response path of least resistance.

5)??Use multi-channel marketing. Remember, these folks came from a generation before digital. Consider a mix of media including print.

6)??Give them something familiar. ?

7)??Personalize their experience.

?Over the Hill Could Be a Desirable Destination!

Don’t assume that “old age” means being relegated to poverty, poor health and depressed living conditions. Today’s global seniors are living active, better and interesting lives in which they purchase whatever they need, whenever they need it. If you have the right product or service, be sure to include them in your strategic marketing plan.

Rick Jourdan is the principal owner if Jourdan Marketing Consultants, specializing in strategic market planning, brand development and copywriting.