When it comes to marketing to California’s seniors, it takes one to know one!
The opportunity is there. 7,000,000 California seniors who are mostly ignored or disrespected by marketers. With more buying power than any other demographic segment, marketers are just now beginning to realize the huge potential of senior consumers and the importance of getting their message to them ahead of their competitors. But knowing about the potential is only half the battle. Having the right resources, with a knowledge and sensitivity to the target audience, is critical to successful selling.
As for me, being referred to as a “senior” doesn’t bother me. After all, I share some common characteristics with this consumer segment including:
- I’m 65 years old, but think of myself as 10 to 15 years younger (until I’m buying something online and need to scroll and scroll downward to find 1953)
- I’m still working and don’t plan on stopping any time soon
- I’ve become less brand loyal and less status conscious
- I expect deals and discounts. And I’m not embarrassed using coupons.
- Now that the kids are out of the house, my wife and I downsized and simplified
- I exercise more and eat healthier than ever
- I get most of my news online, but still enjoy an occasional newspaper
- I’m nostalgic about music and events of my youth, but try to stay current and contemporary
As far as the advertising and marketing industry is concerned, too many ad agencies believe that older people don’t understand social media, they’re too expensive, and they need a younger staff to work on large, youth-oriented categories such as fast food, soft drinks, beer, video games, and telecommunications. According to Nancy Martin, Director-talent at TBWA,
“There’s a commonly held conception that to be creative, you need to know what’s hot, what music is cool, what website is all the rage, and with age, you become less aware of those things by and large”
That might explain why the average age of the staff in ad agencies is 38 and why more than 60% of employees in the ad industry are 25-44. What’s more, the average age of a creative is 27, and just 5% of agency employees are over 50.(Forbes Magazine) Meanwhile, there’s a large and skilled talent pool consisting of older advertising professionals that has been pushed out of the business. No wonder 32% of advertising professionals say they experienced ageism and 79% say they work in an ageist industry.
Assuming there’s some truth to younger employees being a better fit for products aimed at younger consumers, there are still huge brands and companies that market (or should market) to consumers aged 55+. After all, seniors represent half of the population and control over 50% of the nation’s disposable income. And importantly, they account for $46 trillion in wealth! (Forbes Magazine) It’s time for CMOs to question the experience of their resources for their older customers and time for older and experienced advertising and marketing professionals to help them understand and communicate to this large, untapped, and growing demographic.
Photo by Benjamin Morris
- Partner Silver Advertising, specializing in marketing to Seniors. Author of The Silver Rush: Marketing to the California Senior.
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