โSeniorsโ today are getting younger. They are feeling younger, too. Marketing to them requires attention to new details, experts say: their online savvy, story-seeking and independence.
And whatever you do, donโt call them โold.โ
The โboomerโ generation
Marketers agree, the attitudes of the boomer generation represent a sharp departure from those in the โGreatestโ generation, and itโs important to consider that while there may be 10,000 new boomers turning 65 each day, the last thing they want is to be considered โsenior.โ
โThey donโt view themselves as old,โ says Jim Gilmartin, president of Chicago-based Coming of Age Marketing, a company devoted to marketing specifically to the baby boomer population. โThey often see themselves as 10 or 15 years younger, and they donโt want to be treated as old. There are still many people who are active and vibrant into their sixties and seventies.โ
This older demographic doesnโt just feel younger, but they actually are becoming younger relative to even older counterparts, with people living longer on average and gravitating toward much more active lifestyles.
โAs boomers are entering what used to be considered old age, we are finding ourselves with about 20 extra years tacked onto our lifespans,โ says Shannon Ingram, executive vice president and managing director of FaceTime Strategy. โWe now are confronting new โmiddleโ years.โ
A combined 8 in 10 American workers, for example, think they will continue working full or part time after they reach retirement age, according to a 2011 Gallup poll. Proportionately more of these workers, 44% to 36%, say they will do so because they โwant toโ rather than because they โwill have to.โ
Realizing the distinction can be an important hurdle in creating messaging that appeals to customers of financial products for the boomer generation. It has to not only fit their needs and preferences, but also has to align with the ideal with which they associate themselves.
โSelling to Boomers and older consumers is different than selling to others primarily because of this shift in how we manifest our values,โ Gilmartin says. โOur need for identity, relationships, centering, gaining knowledge and growth, rejuvenation and recreation are always with us, but as we grow, we focus more on having meaningful experiences rather than gaining material goods.โ
Selling to 60-somethings
Acknowledging what the demographic does and does not consider to be self-characteristics is one step, as is agreeing that one size does not fit all.
โSome marketing approaches that worked well 20 years ago are not effective today,โ Gilmartin says. โFor example, focusing on experiences the product leads to is a better strategy today than focusing on products.โ
Additionally, itโs important to know where the borrower is. Thereโs a good chance that means the Internet. Todayโs 60-something is online savvy and lenders are catching on to the online market to keep up.
Gaining an online presence is a start, but if youโre going to do it, do it right, the experts say.
โOne of the leading ways to create a sense of trust with consumers is by displaying a secure site certification on your home page, such as the Trust Guard or Better Business Bureau (BBB) seal,โ Gilmartin says. โAnother way to build trust with the over 60 crowd is by explaining, if not on your homepage then on an easily found โAbout Usโ page, who you are, your values and your mission.โ
Having a customer service number on every page is a must, as is a live voice on the other end of the line when a borrower picks up the phone, Gilmartin says.
Aesthetically, a simple, clean and uncluttered site works best, as does a font size that is easy to read and color scheme that allows for strong contrast.
โUse positive imagery,โ Gilmartin says. โSeniors often view themselves as 10 or 15 years younger than they are, and are often active into their 70s or even 80s. So itโs good to feature images of active or happy older people.โ
Cautions
Know the audience you are trying to reach and give them what they want, the boomer experts say, whether or not you have any celebrity affiliations and regardless of company size or budget.
โBoomers need to trust you,โ Ingram says. โYour message has to be honest and relevant. For example, they love nostalgia, but they donโt want to be 20 again.โ
The marketing should always hinge on a story, in addition to being accessible and relevant, Gilmartin says.
โWhatever advertising or communications venue lenders use or can afford should focus on positioning their product or service as gateways to experiences.โ