Forster Communications

Communicating the value of your products to older people

Forster and Age

We are on a mission to re-frame the value of older age and revolutionise how we communicate on age issues.

We are working with changemakers to shake up the issue and improve how we communicate with, for and about older people.

We are slowly moving beyond the stereotypes

Who do we want to be?

We need to leave all of this behind

Is it worth the investment

• Demographic power:• Older people are fastest growing segment of UK population

• Economic power:• People over 50 own three quarters of all financial assets • They account for half of discretionary spending

• Cultural power:• People aged 50-65 spend twice as much on leisure and entertainment

as under-30s

• Political power:• Across the UK, people aged 55 and over cast four out of every

10 votes and made up the majority in many marginal seats

Approach by attitude, not age

Older people want to be seen /

treated as people first – rather

than being defined by their age

Attitudes, not age, are the most

fruitful approach to segmentation

and targeting

Older people can be alienated by

direct references to age (and often

mentally subtract ten years from

their actual age)

“I’m just warming up in life really”

“I am very definitely not old – I am older than I’d like to be but mother is old, not me”

“It’s depressing seeing bits of you get worn down, but I can see the chance we have to live life to the full”

“Don’t try to sell to me as an older person, I’m an experienced and discerning consumer”

Older – but not old

Decisions,

decisions

Key market – 50 to 70 years old

50-70 year olds: challenges and opportunities

Financial security / financial insecurity

Caring responsibilities / freedom caring responsibilities

Married / separated

Empty nest syndrome Retirement / rise in state pension age

Peak earning years / redundancy

School aged children / grandparents

More time for self-care / deteriorating health

Comfortable in own skin and mind

Decisions, decisions – identifying the segments

Segment type General ethos

Reliers I don’t know where I’d be if they weren’t here to look out for me

Adaptors Circumstances change, you just have to find different ways to do things

Separators I don’t want them poking their nose in

Strugglers Life is hard – I don’t know what the future holds for me. I just have to take each day as it comes

Carry Ons Age is just a number. I don’t feel any different. My perspective on life hasn’t changed

Embracers Now it’s time for me – this is what all the work has been for

Planners Life can be tough – tougher still if you don’t plan ahead

Life events sparking transition into new segment

Retirement

Carry On

EmbracerPlanner

Carry OnAdaptor

StrugglerRelier

Separator

Profile of segments: Strugglers

Characteristics

• Struggling in the face of adversity • Future is uncertain• Low morale or low self esteem – may

not see the light at the end of the tunnel • Feeling enormous pressure

This age group

• Struggling due to a recent or current major life event

• May be struggling as a result of being made redundant at work, caring for an ill partner or parent, facing benefit cuts or have a chronic health condition themselves

• Or otherwise may be anxious about forthcoming retirement and be anxiously preparing for old age

• May not know where to go for help / advice

“My whole world has turned around since I was made redundant. Whereas I used to think abut retirement, I now take each day as it comes and I don’t know what the future holds for me”

“Life’s tough when you become your parents’ parents. I barely have time to myself these days and worry about them all the time. But what can do but keep going!”

Profile of segments: Carry Ons

Characteristics

• Creatures of habit• Reasonably contented with life / not particularly

positive or negative • Active • Have not had any major setbacks or life

changing events therefore have no need to feel old

• Do not feel old and getting older is not an issue• Likely to be in good health therefore have

no reason to modify their behaviours or worry about their health

This age group

• Likely to still be in work• Unlikely to be preparing for older age

Similar to ‘adaptor’ segment but have but have not experienced a recent life changing event

“I turn 50 today. I don’t feel any different. My perspective on life hasn’t changed. Maybe it’s because my grandfather is still alive. He’s 98. I don’t feel like I am on the back side of my life yet.”

“Hitting an age is just a number. The answer is to never stop. Never retire. Maybe just change what you are doing. Adapt.”

Profile of segments: Embracers

Characteristics

• Want to get the most from life • Seeking new horizons • Embracing new opportunities resulting

from their situation• Feel that they have a new lease of life

This age group

• May have experienced a significant life event i.e. divorce, no direct family commitments any more (‘empty nest’ syndrome)

• Financial situation may vary from extended wealth through inheritance from parents to lower income as a result of divorce

• Likely to view retirement as ‘time for me’• May be considering early retirement

“Everything as I know it has changed – my kids have moved out of home and my husband and I have separated. What choice do you have but to start again?”

“The world will truly be my oyster when I retire as I’ll have lots of time to do the things I want. I see it as the time when I can finally reap the rewards of my hard work up until now!”

“People used to say life begins at 40. These days it’s more like life begins at 50!”

Profile of segments: Planners

Characteristics

• Feel and like being in control of their lives• Strong sense of self worth• Getting older is not an issue for them • Forward thinking and proactive• Actively choose course of action• Reasonably contented with life

This age group

• Likely to be putting plans in place that will ensure a smooth transition into older age

• May be involved in their community and have strong local networks

“You’ve got to put something back sometime. I became a mentor because I’ve got to a stage in life where I’m really comfortable with who I am, have more time (and money) and want to help others.  Life wasn’t always like this!”

“Life can be tough – even tougher if you don’t plan ahead”

“I’ll do all I can to avoid my kids going through what I had to when my parents died”

Profile of segments: Reliers

Characteristics

• Feel they don’t have control over their lives• Discontent with life • Sensitive to old age – do not view it positively• Likely to require care – have handed over

control to child/partner

This age group

• Unlikely to have caring responsibilities themselves or assume caring responsibilities

• Poor health may resulted in them depending on other people or otherwise deep insecurity / sense of self worth

• May be on incapacity benefits and out of work • Likely to have narrow social networks

“I don’t know where I’d be if they weren’t here to look out for me”

Profile of segments: Separators

Characteristics

• Mistrustful of other people• Have experienced difficulty in their lives• Project a desire to stay independent and

self-reliant

This age group

• Can be socially isolated with little contact from other people

• Likely to feel negative about themselves and have low self esteem

• Unlikely to ask for help/support, even when they need it

“I don’t need them poking their nose in and telling me what to do. I’m alright as I am”

Profile of segments: Adaptors

Characteristics

• Have adjusted to their situation• Future focussed, practical and resilient• Have had to deal with loss or change

This age group

• Children may no longer live at home • Parents may need caring for or have

deceased• May have downsized or moved

“We didn’t need a four bedroom family house any longer. So we’ve downsized and bought our dream two bedroom flat on the river”

Applying the segments – Attitudes to financial planning

Segment Attitude

StrugglersI’ve got to keep my head above water day-to-day, I can’t see beyond the end of the month at the moment

Carry OnsI’ve got enough to keep me going for now and have always paid into a pension. I’ll cross that bridge when I come to it.

EmbracersIt’s wonderful that I don’t have to worry about the mortgage anymore. And the kids are looking after themselves these days, so I’ve got a bit more freedom with my finances.

PlannersI like to know all the options and to make sure my savings are getting the best possible rate. I also want to make sure there aren’t any nasty surprises down the road.

AdaptorsWe’ve downsized since we stopped earning which has kept us comfortable. Hopefully that should keep us on an even keel, but we should consider what our needs might be in the future.

ReliersMy son says I’ve got enough to keep things ticking over, and he’ll help out if there’s anything else I need.

SeparatorsI know where my money is and what I need to get by on. Why should I listen to anyone else? They just want to get a cut of it.

Implications for marketeers

• Know your audience

• Getting tone of voice right

• Encouraging planning as a route to freedom and choice

• Picking off the lowest hanging fruit

• Finding the right influencers

• Matching products and services against audience segments

Creating a marketing strategy

Do we know who our audience is?

What are the barriers?

What are the incentives / motivators?

Who is already doing this and how are they doing it?

Are we capable?

What will success look like?

Be ruthlessAbility to act

Willing to act Add text

High

Low

Low

Low potential and unwilling

High potential and willing

Using the right channels

Those you own, those you share, those you don’t

Who’s good at this?

Co-op

Fuss-free phones

Further information

020 7403 2230