Young families are ideal for your book of business. They need coverage for their two cars, their first home, and their lives. As more children come along, their houses get bigger, their cars get nicer, and as their earning power increases, the need for protective coverage will only grow. Keeping these young families satisfied will surely generate solid business for your agency over the long term.
But it is not young families that have the most money to spend; it is the 50-plus consumer. It is not young families that have the established brand loyalty and understanding of how much insurance they need and why; it is the 50-plus consumer. And it is not young families that fear a health crisis that could bankrupt them during what will surely be a very long retirement; it is the 50-plus consumer.
Baby boomers are the largest, wealthiest, and best-educated demographic that this nation has ever seen. They are moving into the second half of their lives with excitement, entrepreneurship, and the spirit of trying new things, and your marketing and sales practices need to reflect your understanding of and respect for the mindsets and needs of these powerful consumers.
Did you know that ...
- Many boomers perceive themselves to be younger than they are? Most boomers laugh at the idea of retirement and other mature living stereotypes. They feel they are middle-aged and that they have another 50 years to go.
Your sales force needs to be trained in what makes 50-plus consumers tick so they can speak and sell to them effectively instead of alienating them. Your marketing materials must also reflect vital, active 50-plus images that demonstrate your understanding of healthy people on the go, enjoying their lives on their terms.
- Turning 50 inspires many boomers to face fears and take risks? Skydiving and starting new businesses are just some of the leaps many boomers are making, and these risk-takers are smart enough to manage that risk efficiently.
From home office coverage to disability insurance, talk to your 50-plus prospects and clients about protecting themselves for the many adventurous years they have left.
- Adult boomer children are key decision-influencers for their senior parents? The senior parent still makes the call, but they rely heavily on the educated boomer child for input and guidance.
Talk with your boomer clients about their senior parents, new products that may save them money, and areas where they may be over or underinsured.
- Independent living, for as long as possible, is a key concern for 50-plus consumers? Fearful of being a burden to their adult children should a health crisis strike, most boomers are proactive about securing long term care products and related insurance.
Concerns about the expense, confusion around the perceived complexity of the products, and fear related to the topic, however, is common. Why not partner up with a local financial planner and host a day-long seminar about protecting the health and assets that your prospects and clients have worked so hard to achieve? You can also create marketing materials displaying, for example, worry-free kayakers who are 50 and older -- worry-free because they know they're protected by your agency's long term care insurance.
- Most boomers volunteer? The 50-plus consumer typically volunteers for one or more organizations, and they respond to companies that do, too.
Race for the cure. Walk for diabetes. Stomp out smoking. Put your PR hat on and demonstrate your commitment to the community and to health issues that many boomers confront.
- Boomers spent $7 billion online last year alone? Many agents think that because boomers didn't grow up with computers, they don't surf the Web. The truth is that they not only go online, they also buy online.
Is your Web site being put to work for your business or just taking up some cyberspace? Is it 50-plus user-friendly? If you're not sure, hire a marketing consultant who understands the online needs and expectations of the mature consumer to evaluate and enhance this important marketing tool.
Try to stay educated about the decision-making criteria and buying behavior of this vital consumer, and enhance your approach accordingly. What do they need? What do they want? Review your marketing materials, sales techniques, and presence in the community, and see if they line up with the attitude of today's active 50-plus consumer.
Jennifer Kalita is a 50-plus marketing specialist, author, speaker, and columnist. She can be reached through www.50plusfusion.com.
