Selling to Seniors

Marketing to this fast-growing market will pay major dividends

Across the U.S., a new person turns 50 every seven seconds. But while aging baby boomers get most of the attention, the senior market is diverse. Relationships matter most to a 75-year-old consumer, while '60s music and a glitzy ad campaign may attract the "young" senior.

Since seniors account for about 75 percent of all U.S. wealth, there's money to be made with this population. To better understand this market and make sales, you'll need a three-part strategy:

1. Learn about the different needs of the over-50 market.
2. Design a senior-friendly marketing and communications strategy.
3. Take advantage of expert resources to develop your message.

 

Trump the competition

Your competitors may ignore the senior market, and you can capture it through a renewed focus on customer service, a welcoming atmosphere and large-print ads.
Try: Seniorize Your Business, from the design of your parking lot to the lighting inside a building.

Sharpen your message

Not all seniors are alike. Marketers cite a major difference between traditional "mature folks" — age 65 and above — and younger baby boomers known for their independence.
Try: Visit The Boomer Project or Evergreen Direct for advice on how to play to the strengths of different groups within the senior market. Get a free subscription to Suddenly Senior newsletter or download a free chapter of The 50-Plus Market, a new book focused on this fast-growing consumer group. Get more insights from the 35 million seniors active in AARP, the nation's leading organization representing older Americans.

Hire them, too

Don't just sell to seniors. If you want to be senior-friendly, hire seniors as full- or part-time employees who can talk up your company and help older customers.
Try: Go to retirementjobs.com, Seniors4Hire or the Senior Job Bank to post an opening. All sites work with companies deemed senior-friendly and offer job seekers a searchable database by state or Zip code.

Find the best lists

Need a national or regional mailing list of active senior consumers? List brokers break down information on some of the most targeted U.S. markets.
Try: Get up-to-date information from the many firms offering senior-specific mailing lists, such as AccuData America, Dataman Group and The List Company.

Don't forget the Web

More and more seniors are taking to the information superhighway, and experts forecast this trend will continue as more baby boomers reach age 50.
Try: Design a senior-friendly Web site with these tips from the National Institute on Aging.

 

• If you have a retail store, consider large-letter signage and wider aisles among other changes.
• Free trials and money-back guarantees are concepts that can improve senior response to your message.
• Be patient. Unlike younger consumers, seniors may not be in a hurry to make major purchases.
• Convene an informal focus group of seniors to evaluate your product and your marketing approach.

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