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Can You Talk … "Older"? Targeting the Over-55 Market The "senior market", the "mature market", the "55+", whatever name or refined parameters you use to define it, it is BIG. And this segment will expand exponentially as the Baby Boomers join their ranks. They are a major market, they are increasing rapidly, and they will remain one of the largest identifiable, reachable, and profitable target audiences for many years to come. Are you in place to tap this market? Do you have the products or services designed specifically for their evolving needs and wants? The Baby Boomers first raised the promise of major generationally-based product and service targeting. Generation X has more recently repeated this opportunity. Now the marketing world is presented with a third superb opportunity. The over-55 segment looms as the most promising target ever. They have money, are free to spend it, are living longer and better, and feel they deserve the best. And,... there are over 65 million of them now and that figure is expanding dramatically. Are the over-55 really different from the larger population? Take a look at the following selected issues and compare the generation-specific wants/needs/ tastes of an older person to those of a "Generation X-er" or even a healthy "Boomer": |
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| Special
Needs |
Hygiene, medicine, medical equipment; transportation, diet, support services | |
| Fears | Health, financial security, independence, danger of falling, criminals, geographic re-location, aging, relevance | |
| Isolation | Separation from family; need to touch others, desire for responsive pets; religious interest; single person households; smaller meals, fewer meals, eating alone | |
| Activities | Reading (real books), gardening, television, music, shopping, group travel, gambling, paced physical activity | |
| Old-
Fashioned |
Values, vocabulary, language skills | |
| Embarrassment | Medical assistance and equipment | |
| Politics | Active voting blocks, special interests | |
The over-55 market presents significant uniqueness and cannot be reached effectively through non-targeted, general market appeals. They are not just "older" people; they are different people with vastly different life experiences. This reachable population segment offers a real opportunity if you can design and communicate your product or service in a manner which impactfully addresses their needs... Do you know the language to "talk" to this older segment? Can you speak to them in a tonality and vocabulary that will "reach out and touch" them? The over-55 segment has money; does your product or service have value for them? Maybe not? At minimum, maybe not optimally. As with any marketing activity, the decisions of product mix and marketing investment must be made by in-depth, intuitive, sensitive understanding of the wants, needs, and motivations of the consumer... You need to influence their buying decision. To do so, the marketer must have intimate knowledge of the target and the ability to translate their wants into profitable business opportunities. The best way to maximize your opportunity among this target is to approach the market, up-front, personal, and with a "translator". Two excellent methods are one-on-one interviews and focus groups. Each format provides specific unique benefits. (Statistically projectable quantitative research could be used at the very beginning to "aim" the qualitative research recruitment and at the end to verify the results to validate investment risks.) Qualitative research is the most effective approach to really learn, explore, and gain feedback during the development stage of marketing planning... Whoever is making the manufacturer marketing decisions, whether in product mix, advertising copy, selling approaches, etc., must have personal sensitivity to this explicitly age-specific target. Marketing 101 Reprise: To maximize sales and profit, your marketing investment must influence the buying decision of the target audience who want your product or service. To know how to influence, you must know them. Then simply speak back to them in their own words... A warning: Don't presume knowledge in your choice of products or communications for the over-55 market. This age-specific target is as unique as that for six year olds, and marketing presumption can lead to major problems. If you listen to this target and learn from them, you will be in the best position to tap the third generational wave of opportunity! |
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