The number of older Americans is increasing at a rate three times faster than all other age groups. According to estimates by the Congressional Budget Office, mature consumers account for $800 billion in assets and spend $160 billion a year on discretionary items like travel, luxury cars, and jewelry.
Financial advisors who can tap into this market can become an indispensable resource to aging clients. Make sure your message is loud and clear to senior clients and prospects by improving its delivery.
1. Business cards. Pull out your business card and take a serious look at it. Is your name and phone number legible? If not, the card doesn't promote anything.
2. Brochures. Avoid glossy stock that causes glare when read. Twelve-point type (or higher) with high contrast in color between paper stock and ink (e.g., black ink on a white card) works best.
3. Newsletters. Don't be surprised when seniors with time on their hands actually read them from cover to cover. Make them worth reading.
4. Print ads. Newspaper and magazine ads rank higher than television and radio when it comes to reader believability. How-to features draw best and enjoy a longer shelf life (in wallets and purses) than most people realize. However, keep the message simple and avoid clutter. The most common complaint from seniors is that "The print is too small."
5. Radio ads. Media research suggests that the radio draws seniors during early-morning hours. Keep background music in check when producing radio commercials.
6. Television ads. Seniors' television viewership tends to peak in the early evening. News, documentaries, and game shows are good placements for senior-targeted advertising. But don't neglect late-night television; daytime catnappers are often up all night. Most common complaints? 1. Background music interferes with the spoken message. 2. Phone numbers and other information do not stay on the screen long enough to be copied down by the viewer.
7. Direct mail campaigns. Not everyone considers it junk mail. Seniors have the time to read and enjoy getting mail. The nation's largest providers of senior services rely heavily on direct mail campaigns.
8. Promotional giveaways. These can be cost-effective because of their long shelf life. Promotional keychains, calendars, and refrigerator magnets with your name printed on them work best because they're used often. Consider an inexpensive promotional compass for the dash-board of the senior's car. They'll never leave home without it.
9. Staff orientation and training. It takes approximately 500 hours for an employee to become proficient at their job. For businesses that serve special populations like the elderly, the learning curve is even steeper. Train early and often. Be sure to incorporate senior sensitivity into general job-skills training. The best senior-sensitivity topics to include in staff training are communication skills (e.g., getting through to the hearing and visually impaired individuals), typical problem situations (e.g., mobility issues), and special characteristics (e.g., emotional needs).
10. Community involvement. Much of what Americans accomplish is done through groups and associations. So sign up, volunteer for committee work, or run for office. Goodwill is a priceless commodity. Become an integral part of community life. There's always a need for volunteers, in-kind donations, scholarships for needy students, team sponsorships, trophies and awards, and more. With community networking, a little bit of effort goes a long way.
David Demko, Ph.D. is a gerontologist who serves as lifestyle columnist for Maxim magazine. His work has also been featured in Marie Claire and Glamour magazines. He is the author of "Live Well Now: Dr. David Demko's Anti-Aging Plan to Youth'n Your Life." For more information, call Next Decade at 800-595-5440 or visit www.nextdecade.com.
