Truths About Marketing To the 50+ Consumer

Kurt MedinaJohn Migliaccio, Ph.D.

Marketing to the 50+ Consumer

• There is no single “Mature” Market: Pre-Retirees:

Aged 50 to circa 62Active Retirees: Aged 62 to circa mid 70’s Seniors:Everyone older than above

• Value, Not Price Alone:This is the number one

consideration for 50+ “total-quality-for-the-money-spent

Marketing to the 50+ Consumer

• Self-Reliance and Self-Empowerment Are The New Life Skills:

Taking responsibility for themselves reflects the inherent skepticism of institutions of the leadingedge of the Baby Boomers.

• No Surprises:Especially true among the older-

old Deliver what’s promised and what’s expected

Marketing to the50+ Consumer

• Questions and Comparisons:The mature consumer

“comes from Missouri” Expect comparisons Expect questions-anticipate

• One to One Please:Retirees and seniors like to

communicate one to one.Don’t be in

a rush.

Marketing to the 50+ Consumer

Referrals and Word-Of-Mouth Referrals via word of mouth come about a lot

more often among retired portions of the 50+ Due in part to their never ending quest for

value and their willingness to celebrate success stories in this hunt “Key Learning” you are being “talked about/

referred” whether you get the name or not

Marketing to the 50+ Consumer

• “I don’t want to leave my home”

83% of homes occupied by seniors are owned free and clear

AARP/Roper annual polls say consistently that, “80% or more of retirees want to stay right where they are, thank you very much.”

Marketing to the 50+ Consumer

• You need to know How seniors think, as well as what they think.

Author David Wolfes’, and others, research suggests that information processing moves from the “left brain” linear thinking, to the “right brain” emotional thinking with age.

Impressions form almost instantaneously, intuitively, and pictorially in the right brain.

Marketing to the 50+ Consumer

• “Know how they think”

If you do not connect in the right brain/emotional thinking, no amount of facts will have any impactlater.

Once the customer has been drawn in by your imagery or emotional context, they then will need to justify any purchase decision based on

the facts and information you present.

Marketing to the 50+ Consumer

• I Control My Own Life:

Independence and self-sufficiency are critical themes to understand.

Self-respect stems from being in control of one’s own life.

Decisions and choices must be made by the individual.

Marketing to the 50+ Consumer

• They want someone to help them afford retirement.

Position choices in front of them such that they can “see” how to afford them.

Ie. “good, better, best”

Marketing to the 50+ Consumer

• Give Away “Service”

Give informational materials, newsletters, “how-to” strategies, helpful personal convenience items. Compliment a true service orientation of TAG with tangible reminders of this position.

Marketing to the 50+ Consumer

• Who Makes the Decision In the FamilyThis is

somewhat generational. Older citizens have typically had the male making

decisions. Baby Boomers are likely to have male and female participants in the decision making. In any generation, be respectful of both sexes

in the interaction, and do not exclude one over the other.

Marketing to the 50+ Consumer

• Don’t Dismiss Technology And The Internet For The Mature.

If you think that the 50+ consumer is not on the internet you need to get your head out of the sand. If you are technologically challenged, do something about it. Staying challenged is not an acceptable strategy.