The Secrets of Marketing to Seniors
As the Baby Boomer generation grows older, the senior age group has become the largest in the US in terms of size and percent of the population. With that share of the market comes great buying power. In fact, today 77% of the country’s wealth is controlled by senior citizens. They’re living longer and becoming more active. That’s why, now more than ever, understanding how and why they buy is critical to any company hoping to maximize their marketing efforts.
Build Trust—and a Relationship
Seniors like to know what they’re spending their money on. They devote more time researching and planning their purchases than other age groups. That means earning their trust is critical. How do you that? Great customer service is one way. Seminars, workshops and other sponsored events are another. Give them the opportunity to spend time with your brand and get comfortable with it. If they like what they see, they’re more likely to become loyal customers.
Referrals Can Make the Difference
When compared to other demographics, seniors are more likely to respond to word of mouth and referrals. They put a high value on personal recommendations from people they know. So encourage your current clients to refer friends and family through incentive-based programs. Offer discounts or other rewards for referring someone who becomes your customer. Give them a reason to spread the word and promote your brand!
Connect with Social Media
While print and TV advertising are still the most effective at reaching seniors, social media is gaining ground fast. According to a 2013 Pew Research study, nearly half of seniors over the age of 65 who are on the web use social networking sites to keep in touch with people they know as well as keep up with current events and news. They’re also the fastest growing demographic on Facebook and Twitter. So as with any other online audience, it’s important to engage them often and with relevant content. As they continue to adopt social media, make sure you’re there to respond to their needs.
The Future’s Looking Bright
Every day for the next twenty years nearly 10,000 Baby Boomers will join the senior demographic. Those are staggering numbers that quite simply can’t—and shouldn’t—be ignored. The faster your business adapts its strategies to capture their interest, the faster you’ll earn their business. If you would like to learn more about marketing to seniors, we’d love to talk with you. Contact Chris Nation, our Director of Client Services—he’s itching to share what he knows!