Six Ways to Market better to Older consumers
Marketing to Older Consumers (101)
I’m a Marketing consultant specialising in helping businesses understand and target older consumers — my business recently celebrated its fifth birthday. A time for reflection on what has been a fun experience so far.
At times it has felt like we are early to a party. Very early as the host is still working out where and when to start the fun through to being the first guest as the host is still finalising arrangements before opening the doors.
During this time and my early career, I have learnt a lot about the reality of marketing to older audiences and thought I’d share some of my thoughts. I believe things are changing but in my opinion still too slowly.
1) Age is a lousy indicator of its own. I can remember reading a magazine article years ago that contained a picture of 10 very different-looking men and the question underneath what do these men all have in common?
The answer was they were all 35 but when shown to a research group to guess how old they were got answers from between 25 and 45. They all lived very different lives, different interests, jobs etc.
This doesn’t change as we get older — in fact, the variance may well become more profound. Age can point you in the right direction but won’t get you too much further on its own.
2) Health = Wealth. There is an inextricable link between the two.
Globally the difference between life expectancy for those in good health and not is staggering. Proxies for health are very helpful in shaping older audiences and their needs/requirements.
Those talking about longevity already and making plans aren’t the ones who will need the most help. Education around health and its knock-on effect has a very long way to go.
3) Lifestage This varies a lot. A couple in their 50s who started a family comparatively late will be very different to those who had a family much earlier (say early 20s and might be grandparents in their early 50s).
The impact on disposable income and relationship status also comes into play. The midlife and beyond dating market is very strong as a result!
4) Affluence. Or wealth simply is wealth. The travel market for older silver travellers is well defined and industries like cruise have boomed as a result. Average age of a new car buyer is firmly midlife+ and despite some of the messaging Older consumers will be key in the move to electric.
At the other end of the spectrum, the need for older consumers to live frugal smaller sustainable less expensive lives is a reality facing many. Consumers may look the same on the surface but this lens will help colour in the shades.
5) Purpose. Plenty of studies show this but in mid-life and beyond this is quite the differentiator. Working for longer/active hobbies/social engagement all leads to quite different outcomes.
For all the talk of the great retirement there are studies showing the 12/18/24 month itch and in my experience understanding individual purpose is incredibly important and a strong indicator of need and behaviour.
6) Education. Can you detect a theme here? Life-long learning and the desire to pivot possibly multiple times are linked.
Needs/expectations/hopes desires are undoubtedly influenced by the level of education. The number of start-ups focused on eduction is testimony to this. Note to Universities/Colleges globally this is your chance!
All of the above is really only scratching the surface — so much more to say about all of it in particular the execution of communications. There are people out there that can help and ultimately as in any great marketing talking to conusmers is a great idea!
If any of this interests you or someone you know I have just relaunched my website (www.greyafro.com) and newsletter where I will expand a bit further on these themes and some of the other things I have learned. I’d also be interested to hear from older adults how they feel about the way they are marketed to.