The largest segment of Americans today, about 130 million consumers born before 1965, constitute the largest generational demographic this country has ever seen -- and they represent upwards of $3 trillion in spending power for goods and services.
Members of this growing market clearly represent a powerful group to which you can market insurance products -- but how can you reach them? This is a dynamic, and, at times, confusing demographic group that has both modern and traditional value sets. As a result, you have to think like they think, act like they act, and, above all, show that you respect them by taking the time to understand them.
How do they think?
The mature market views the world a bit differently than their younger counterparts. While much of society labels them as being "old," members of this group tend to think of themselves as simply getting older. They aren't planning to retire as much as they are planning to "rewire."
Seniors tend to use technology as an informational and educational tool rather than a pure source of entertainment. You're not likely to find a member of this group surfing social networking sites such as MySpace or Facebook, which tend to cater to younger Internet users. You may, however, find them searching online for information on, among other things, insurance coverage options.
As this group approaches the age by which adults have traditionally retired, their search for information is driven by a desire to remain a vital part of society. They are in no mood to slow down. Instead, they plan to remain connected, engaged, and influential, as well as search for new and fresh ways to do that. This is a group that has always been willing to take the path less traveled, and now, with the nest empty, they are especially open to new experiences that will allow them to "remain in the game."
Marketing for grown-ups This group of 130 million Americans understand that they are no longer young, but, as previously mentioned, they firmly believe that they are not getting old. Knowing that, you should avoid the more traditional marketing techniques that refer to their target audience as "senior," "elderly," or "old." Some things to keep in mind include:
- Let them control the marketing relationship -- they believe they've always been in control of other situations, so selling insurance should take on more of a co-operative approach between you and your client.
- Since this group demands information, the more they know, the smarter they feel. The smarter you make them feel, the more likely they are to purchase and keep purchasing your products and services.
- One size doesn't fit all. This group tends to see itself as unique, and these consumers want choices -- lots of them. So avoid the "cookie-cutter" solutions that many companies still use to force their products and services to fit certain consumers. Instead, allow these clients to create customized solutions that make them feel special.
- Don't just talk the talk. Mature consumers tend to seek out companies that make decisions with their best interest in mind. Solve their problem -- not yours -- by offering products they can use instead of just the products you have. And, when things don't work out well, as in a product failure or unacceptable customer relations, admit the problem and offer a solution.
Where to reach them
While newspaper and television station executives try to figure out how they can preserve their dwindling audiences, they have their eyes fixed firmly on more mature audiences. These are, after all, the people who grew up reading the newspaper and watching TV -- and they still do.
However, they don't stop there. They understand that there's a lot to learn on the Internet and tend to use the Web in order to satisfy their appetite for insurance information. Members of the mature market tend to use the Web to help them make decisions about health care, life insurance, long term care insurance, and other coverage options. Rather than working against Internet tools, such as sites that offer term life or health insurance through the Web rather than an agent, work in tandem with these resources to help your client make the best possible decisions for their situation.
After health comes wealth: Another reason why seniors use the Web is to help them make decisions about managing their money. It could be as simple as checking their bank balance or stock quotes or seeking information about reverse mortgages.
These are the good old days
These 130 million people, as a group, strongly believe that these are the good old days and that the best is yet to come. If you see gray hair and immediately think that seniors have stopped growing and can be ignored because they aren't relevant anymore, do so at your own risk.
This group is the elephant in the room. You simply cannot ignore it. It's big and it's unique, and the members of the group are flexing their culture-changing muscles just like they always have. They're changing the concept of growing older, just like they changed how we view childhood, adolescence, marriage, and parenthood.
Those companies and individuals who take the time to understand this group and learn to speak to it in its own voice are the companies and individuals who will continue to ride this ageless generation and take full advantage of these good old days.
Stu Hardman is president of DevicePharm 5.0, a marketing strategy and integrated marketing communications firm. He can be reached at 949-271-1794 or by email at stuh@devicepharm.com.
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