Tapping the Senior Citizens' Market
June 26th 2007 08:08
Marketing and advertising campaigns in the recent decades have been focused at young consumers because the elderly or the senior citizen's segment were stereotyped as low net-worth individuals dependent on their children's income.
Today, the senior citizens or the silver haired segment of the population represent a huge untapped market that has the financial means to remain independent in their later years. Surveys reveal, these seniors have higher education, independent sources of income and have even access to the internet and read print media.
Based on a study of the senior citizens lifestyle, published in the Journal of Consumer Marketing, researchers define the elderly market "as people of 55 years of age and older who are consumers of products and services for seniors." Other surveys showed that the 55-65 market save twice as much as the 25-44; have double the discretionary spending of the younger market ; and if motivated to spend and buy, purchase more investment properties, new cars; travel more often and literally buy more of a product that come with a better quality.
Here's some vital insights from marketing experts that can be used in communicating to the senior citizen market :
1. Seniors do not think about their age in general. Older people do not think of themselves as old. Advertising that talk to their active lifestyle rather than to or about his age is preferred. Case example is Sony which reportedly spent more than $25 million in advertising that attempts to make Sony's camcorder's, digital cameras and other high-end gadgets appealing to the seniors. One ad should a grandma happily taking images of underwater sharks in her camcorder. So far, sales of camcorders recorded a high digit double growth. In contrast, Heinz ad on pureed senior food targeting seniors with chewing problems buying Gerber baby food. The product failed as the older people shied away from the product perceived to symbolize old age weakness and helplessness.
2. Capitalizing on the elderly social activities is more appealing. This includes relationships with grandchildren and peers connection. It must show the elderly as a companion and not a dependent.
3. A study reveals that about 30 percent of all people over age 55 say that "they avoid buying products that negatively steretype older people".
4. The belief that older people are set in their ways has become a misguided belief. The elderly segment group can be motivated to buy new products, services and even technologies.
Truly, the elderly market can be tapped and be an economic haven if properly marketed.
Today, the senior citizens or the silver haired segment of the population represent a huge untapped market that has the financial means to remain independent in their later years. Surveys reveal, these seniors have higher education, independent sources of income and have even access to the internet and read print media.
Based on a study of the senior citizens lifestyle, published in the Journal of Consumer Marketing, researchers define the elderly market "as people of 55 years of age and older who are consumers of products and services for seniors." Other surveys showed that the 55-65 market save twice as much as the 25-44; have double the discretionary spending of the younger market ; and if motivated to spend and buy, purchase more investment properties, new cars; travel more often and literally buy more of a product that come with a better quality.
Here's some vital insights from marketing experts that can be used in communicating to the senior citizen market :
1. Seniors do not think about their age in general. Older people do not think of themselves as old. Advertising that talk to their active lifestyle rather than to or about his age is preferred. Case example is Sony which reportedly spent more than $25 million in advertising that attempts to make Sony's camcorder's, digital cameras and other high-end gadgets appealing to the seniors. One ad should a grandma happily taking images of underwater sharks in her camcorder. So far, sales of camcorders recorded a high digit double growth. In contrast, Heinz ad on pureed senior food targeting seniors with chewing problems buying Gerber baby food. The product failed as the older people shied away from the product perceived to symbolize old age weakness and helplessness.
2. Capitalizing on the elderly social activities is more appealing. This includes relationships with grandchildren and peers connection. It must show the elderly as a companion and not a dependent.
3. A study reveals that about 30 percent of all people over age 55 say that "they avoid buying products that negatively steretype older people".
4. The belief that older people are set in their ways has become a misguided belief. The elderly segment group can be motivated to buy new products, services and even technologies.
Truly, the elderly market can be tapped and be an economic haven if properly marketed.
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