Our traditional marketing strategies don’t really focus much on the seniors. However, senior citizens constitute an important part of the consumer market. Marketing to them can give any company a significant business advantage, as very few are doing so.
There are two ways to enter the senior market:
- Create a brand that exclusively targets the seniors. This can be a spin-off of your original brand.
- Deploy a portion of the company’s marketing prowess to create senior-centric advertisements of your products.
Creating a senior-focused brand
Creating a senior-focused brand is actually the most powerful way to appeal to the elderly demographics. To establish a brand like this, you need to invest significantly more in developing customer relationships.
A supportive customer care and personalized approach make the older customers feel special and respected. That will eventually turn into brand-love. Unlike the millennials, elderly people are usually brand loyal.
Be careful to keep a consistent brand image across all advertising media. Seniors feel more comfortable with a familiar and consistent brand style.
Advertising to the seniors
Companies often think that the younger generation drives the market. So, from smartphones to sports cars – all ads target the 18 to 35 age group. In reality, seniors are significantly influential in the market of the so-called youth products too. For example, about 88% of youth cars of US are purchased by people who don’t fall into that age group.
Most companies are spending 80% of their advertising resources behind 20% of the potential customers. To take advantage of this situation, you should make sure to allocate enough budget for creating senior-focused ads.
Internet marketing works quite well to reach the seniors. 65+ people remain online for over three hours per day. Email marketing is another very effective option, as more than 75% of elder people use email regularly.
Seniors nowadays are a lot more active on social media too. Facebook provides a great opportunity to create age-specific ads. And that can be another great way to advertise to the seniors.
In summary, the key to being successful in senior market is customization. Focusing on the seniors will let your stand out from the plethora of advertisements that ignore them. Unlike their parents, the seniors of today have a much higher purchasing power and they are willing to spend on a variety of products. Capturing this market can give any business a decisive edge over the competitors.
This post is part of our contributor series. It is written and published independently of TNW.