Category: Strategy

Lessons from Hollywood: Enhance Your California Senior Marketing Strategy

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For CMOs seriously looking to create a senior targeted strategy, the insights gleaned from older movie goers offers valuable clues.

Clearly the Film and TV industry is listening and addressing slate decisions for theatrical releases and those viewed on streaming platforms. While millennials remain the coveted target group of the studios, to win the box office ticket derby they also need to reach the 50+ audience. They account for nearly 32% of all ticket sales and 49% of all film/TV consumption.

With entertainment brands like Netflix reporting that their fastest growth rate is coming from the 50+ market, their senior adult strategy appears to be working.

Traditionally, studios are risk adverse. When a hit emerges, the studios rush to produce their own versions of the storyline.

Netflix, during its infancy, needed significant offerings licensed from other studio vaults. But seniors are credited with driving the disruption that has allowed them to produce their own content because of the improved investment returns.

  • Seniors enjoy all movie genres but lean toward ‘art house films’ accounting for 75% of the average audience
  • Seniors account for 56% of the audience for Faith &family titles and 50% of indie films
  • For All-audience films, including the blockbusters such as Star Wars, seniors account for 27% of the total

CMOs can apply many of the insights from the entertainment industry to adapt to their own senior marketing plan. Here are 6 that may win your brand an Oscar!

1) Seniors have been movie viewers (consumers) their entire life:

• They’re hooked and loyal but can smell a “bomb” a mile away. They base purchase decisions on earlier ‘good and bad’ choices.

Insight: Prior experience matters. Your brand equity should be leveraged to resonate with longstanding users.

2) Subject matter or storylines are more important to seniors than other movie attributes:

• They prefer biopics, historic themes, or classic literature because they have had meaningful and sometimes emotional experiences with the content.

Insight: Brand and product experience, and don’t forget value, are the most important purchase decision criteria for seniors.

3) The 55-plus audience seeks out peer-reviewed films

• They pursue ‘Word of Mouth’ commentary, aka ‘influencers they trust’

Insight: Seniors do their homework. They are now skeptical of a lifetime of hype and sales pitches. Instead, they focus on a product’s real benefit before they purchase.

4) Senior movie audiences act and buy with predictability: 

• The Film and TV industry applies this predictability to their product development and marketing.

Insight: A performer’s career, much like a brand’s, will have some wins and loses – but it is ‘body of work’ over time that matters and should be drawn upon to differentiate and reinforce the sale.

5) Seniors favor leisure time options:

• They prefer mid-week days and non-peak hours for their entertainment choices.

Insight: This knowledge can benefit retail brands that should consider shifting their day-part offerings to capitalize on older customers who are “watching” when others are not! 

6) Seniors are nostalgic for performers they’ve grown up with:

• Seniors respond to actors/filmmakers who have success and longevity. Think Clint Eastwood or Steven Spielberg.

Insight: Customer retention and repeat visits come to brands that consistently sell products that deliver results and are relevant to the buyer. It helps to market to seniors using familiar experiences aimed directly at them – not a ‘one size fits all’ strategy.

Photo by Nestor Rizhniak

Marketing Opportunities with California Seniors

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Like a tsunami, the California “silver rush” is coming and it’s time to develop a senior marketing strategy before your competition beats you to it.

A new California Gold Rush is on the way! This time, however, it’s more of a Silver Rush as marketers slowly, but steadily, discover the sales potential of California’s silver-haired consumers. All 7,000,000 of them! This sub-segment has been virtually ignored to date, but accounts for nearly half of consumer spending in the state. Companies that “mine” seniors first, and in the right way, are sure to be rewarded handsomely. After all, California seniors have been trend setters for years and they intend to stay that way. And importantly, as California goes, so goes the rest of the U.S.

California has a long history of firsts that have mushroomed across the country. Consumers in the state started trends like sushi in the 60’s, yoga in the 70’s, and bottled water in the 80’s. Additionally, they were first to ban smoking in the 90’s, and were responsible for the green/organic food movement of the 2000’s. The surfing culture thrived here, as did multi-cultural fusion of cuisines, drive-through restaurants, the motion picture industry, and of course, all the technical innovations of the Silicon Valley. And many of the consumers who fueled those movements then, are California seniors now.

California marketers that are curious as to whether their products and services are relevant and desirable to seniors should start by auditing their current sales and marketing efforts to seniors and begin to brainstorm what they could do with their marketing budget, product, packaging, pricing, distribution, and promotions to work harder and earn a positive ROI. Perhaps new and targeted creative and media is the answer for existing products. Many times, however, the solution is in new products, line-extensions, sub-brands, or new brands altogether.

Just as a creative exercise, imagine the following:

  • What would a hearing aid look like if it were designed by Apple?
  • What would a senior clothing line or even a hospital gown look like if it were designed by Mossimo?
  • Why can’t wheel chairs look cool?
  • What if those little bottles of shampoo and conditioner in hotel showers had type that could actually be read by seniors?
  • What would a senior product section in a grocery store consist of? Better yet, why aren’t there entire grocery stores designed with seniors in mind?
  • Why aren’t there more TV shows written and produced for seniors that are as good and authentic as This is Us is for its target?
  • Where are more movies like On Golden Pond and Driving Miss Daisy? (Too many fall into the trap of stereotypes and clichéd humor!)
  • What if somebody produced an English drama on TV that seniors could actually hear and understand?
  • What if a marketer produced an expensive and entertaining TV commercial for a “senior” product and aired it on the Super Bowl? Revolutionary!
  • Why aren’t there video games for seniors?
  • Why don’t car companies position or design cars for seniors?

The sad truth is that too many marketers either don’t know about the upcoming California silver rush or don’t have marketing partners to pull it off. The good news is that it’s not too late to get on board.

Photo by wavebreakmedia

About Brian Morris

Partner Silver Advertising, specializing in marketing to Seniors. Co-Author of The Silver Rush: Marketing to the California Senior.

 

The Importance of Having the Right Resources When Targeting California’s Seniors

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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

Career Longevity Steps CMOs Should Consider

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The biggest demo is waiting to be courted – California seniors!

A Harvard Business Review study notes that CMOs can expect on average 4.1 years on the job. That’s frightening, given the impact of losing a gig that according to Ad Age, pays major brand CMOs $1.5 million a year in salary and benefits.

CMOs could improve their job security:

  • Google ‘seniors economic power’ – prepare to find the largest cohort of consumers and why they’ve been underserved by marketers.
  • Embrace 55-85 as the new 18-49 demo
  • Look at senior spending categories (not just healthcare) and find a sweet spot for your brand
  • Get it out of your head that everyone 65 years-old retires
  • Act like you’re starting in marketing all over again – be smart, be bold, be original!

Today’s CMO jobs are tough, if not tougher, than it was when I was CMO for McDonald’s and Warner Bros. Somehow, that title is the first to take the hit, regardless of the department leading the initiative. That’s just the way it is.

But, a great CMO is more than a marketer. Their # 1 job, customer acquisition, comes from being a forensic accountant, private investigator,  possessing innate curiousity, and a voracious student of trends others may not discover until they’ve become norms.

The demographic phenomenon known as the “silver tsunami”, will expand a brand’s market share dominance and could extend a CMO’s job tenure. The number ofCalifornia seniors  will increase 87% over the next two decades. As they’ve hit the magic retirement age, they’re disrupting convention by staying in the workforce.

Joseph Coughlin, founder of the MIT AgeLab and author of The Longevity Economy, describes the problem marketers are having getting their heads around the enormity of this age group

“Oldness as a social construct is at odds with the reality that constrains how we live after middle age and stifles business thinking on how to best serve a group of consumers, workers and innovators that is growing larger and wealthier with every passing day.”

This definition succinctly captures the starting point CMOs can undertake to proactively move their company’s portfolio into consideration for consumers that have another 25+ years of spending ahead of them. And they control 70% of the nation’s disposable income!

California is particularly poised as the best state to develop dedicated senior plans.With a projected 112% increase in senior growth, this segment is increasing at twice the rate of any other state.

  • They’re more active and in better shape. A 65-year old can expect another 20 years of life.  And it’s even longer for women.
  • Shopping online is not just for the young. 70% of seniors are e-commerce users.
  • The number of traditional TV viewing seniors approaches 2/3’s of the population, but streaming as an option is gaining quickly with 78% being internet users.
  • Over 50% aged 55-64 use streaming services.

Finding what senior consumers want is really a simple exercise. Dig into what they’re doing today to stay in shape, earn a paycheck, make a difference in their community and enjoying the fruits of their labor. Study the brands late 30 and 40-year olds were once loyal to and see if they’re still loyal. Tailoring your message to support  seniors who are experiencing service or product innovations will get results. Done right, you may need to ween yourself off marketing to millennials. After all, they don’t have all or even most of the money.

Photo by Monkey Business Images

Marketing to Healthy-Eating California Seniors

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Healthy eating by California’s seniors can lead to healthy profits for marketers.

California has a reputation for being the home to people who eat healthy, have an active lifestyle, and have an upbeat attitude. But is this reputation deserved or more of a myth? And if it is true, how does it apply to seniors, and what does it mean for marketers trying to reach this target audience?

There is evidence that supports many of the “stereotypes’ of the state. According to The United Health Foundation, California ranks 3rd in the nation in “health behaviors” which measures such things as diet, exercise, smoking, drinking, and preventative care visits to doctors and dentists. So it’s not surprising that the state has a life expectancy of 80.9 which is 2nd in the U.S.

As far as diet is concerned, Californians are known as healthier eaters. They eat more servings of fruits and vegetables than residents of any other state. But for California’s 7,000,000 seniors, it can be a different story. Consistent with the rest of the country, approximately 1 in 4 older Californians have poor nutrition. And as they get older, their nutritional needs, appetite, and food habits change in many ways. The U.S. Department of Health and Human Services notes that seniors need to be mindful of the following:

  • Seniors need to eat more foods that are rich in fiber, vitamins, and minerals
  • Many seniors experience a loss of appetite with age. It’s also common for seniors to have their sense of taste and smell diminish. These factors lead to malnutrition and health problems.
  • Since seniors often do not notice when they are thirsty, it’s especially important for them to make a conscious effort to stay hydrated
  • Many seniors have less social interactions which can turn mealtimes into a chore rather than an enjoyable experience

Marketers can help educate and provide seniors with solutions to healthier eating. The National Institute on Aging suggests:

  1. Help make eating more of a social event
  2. Provide them with healthy meal planning and portion control solutions
  3. Add more flavors to their food using herbs and spices
  4. Provide foods that are softer for their teeth and gums
  5. Develop products that are specifically created to address the fiber, vitamins and minerals that seniors need

The adult nutritional section in stores is a sad place. All too often, food is being marketed too much like medicine. Packaging, product names, graphics, and nutritional information are presented in a boring, clinical manner that appears anything but delicious or appealing. Packaged-goods marketers can easily stand out as a brand that “gets” seniors. And in California, with the most Hispanics and Asians in the country, imagine the opportunity for senior-oriented products created just for them. The opportunity starts with the right products, but should continue with the same “senior sensitivity” in pricing, advertising and distribution.

In the U.S., seniors account for nearly $230B of consumer sales. And much of this is made up of food-related products. The 2010 U.S. Census shows the senior age group is, for the first time, the largest in terms of size and percentage. And it’s the fastest growing! It’s time for brands to address this target with more products with them in mind. And there’s no better way to do that than to provide nutritional and delicious food products that add healthy years to their lives.

Photo by Goran Bogicevic

CMOs Can Build a Winning California Senior Strategy by Targeting Caregivers

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Women aren’t just the caregiver, they’re the money managers too!

Every day for the next 20 years, 10,000 people in the U.S. will turn 65. Many will seek the help of a caregiver. Most will want to “age in place” and stay in their own home. Women will be the likely choice to provide the care and make their home the alternative to a senior care facility.

This fact alone should encourage CMOs to evaluate their brand offering with a senior strategy in mind and aimed at California seniors. And it starts with caregivers.

Why are women called The Chief Consumption Officers for the elderly?

  • They control 80%of the household wealth –
  • They outlive men, on average, by 7 years.
  • At 65 years old, their life expectancy is an additional 20+ more years.
  • Women will continue to consume and shop long after the passing of their husband
  • While some men act as caregivers, largely as the handyman, women are the nurturers – stemming from their maternal duties parenting.
  • The instinct to care for a child is essentially the same as caring for an adult- feeding, bathing, dressing and driving

Aging and women are at ease together because women possess the responsibility gene more so than men. Long before Siri or Alexia, there was the woman of the household… the one doing the chores, nursing, shopping, carpooling, banking and overseeing the repairs and attending to the needs and happiness of the family.

It’s not just hands-on care: 8 percent of baby boomers, 13 percent of Generation X and 19 percent of millennials are financially supporting a parent to the tune of $12,000 a year, according to a survey of 1,000 adults released this summer from TD Ameritrade.

Of the two sexes,  the women is the natural planner.  It has been said, when it comes to retirement, men are looking forward to relaxing – women are planning to grow old. 

Which is how they approach the role of caregiver. They develop a plan – what to buy, where to shop, and how to make that budget last. For CMOs, this consumer behavior is easy to track and target. By focusing on the women controlling the plan, the opportunities open up every day for new product entries.

But with the growing need for caregiving, there is both a talent pool issue and a silver lining on the horizon.

According to an AARP Public Policy Institute study, the ratio of caregivers to adults is dropping – now at 7 to 1. By 2030, this number nearly cuts in half to a ratio of 4 to 1. Caregiver tools and services are waiting to be innovated or created from an existing brand, with a senior benefit and dedicated marketing commitment. One opportunity could focus on California caregiver recruitment and retention. For those willing to follow the money, the potential is real.

Photo by Photographee.eu

A Disruption Marketing Strategy for California Seniors

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The time is right for disruptive marketing strategies to the senior market.

If you’re a CMO and market a product with at least 15% of your sales being attributed to senior consumers and you’re not committing marketing dollars to that segment, think about the following:

  • Seniors spend over $5 trillion annually (AARP)
  • The senior age group is, for the first time, the largest in terms of size and percentage. And it’s the fastest growing age segment. (2010 U.S. Census)
  • By 2025, one in every 5 Americans will be 65 or older (International Longevity Center)
  • Adults 55 to 64 outspend the average consumer in nearly every category, from food, household furnishings, entertainment, personal care, gifts, travel, and many others (The U.S. Consumer Expenditure Survey)
  • Boomers outspend younger adults online nearly 2:1 (Forrester Research)
  • Although seniors account for nearly 50% of consumer spending, they are targeted with just 10% of marketing dollars (AARP)

If those statistics got your attention, it’s the perfect time to act. After all, how many times have you experienced a huge target audience with money and the inclination to buy which, up until now, has been untapped by you and been ignored by your competitors? Probably never. So here are some tips to get started:

  1. After a sales audit by consumer segment, and checking on both your own Brand Development Index and Category Development Indexes against the senior target, if it’s clear that there is some “blue ocean” out there, begin the process of learning about what makes seniors tick. If you have the time, staff and resources to do that and to develop marketing strategies culminating in a marketing plan, great. If not, you should look in to partnering with companies that specialize in marketing to seniors.
  2. If there are apparent opportunities and the budget to move forward with a plan, many marketers do some form of A/B testing and in-market testing in a limited geography. The downside of this approach is that it telegraphs your intentions to competitors.
  3. Your media spend needs to be sufficient enough to make an impact. Remember, this is a target audience that may be unaware of your brand and needs messaging that is tailored to them. Plus, don’t cut corners on production costs. Seniors are tired of, and insulted by, cheaply produced, stereotypical advertisements (re: “I’ve fallen and I can’t get up”.)

And here’s a big idea for a big thinking brand that wants to pre-empt the competition and make huge inroads with seniors overnight. Be a brand that not only advertises to seniors in a meaningful way, be the first main-stream brand that truly embraces them and celebrates them. Do it with a highly creative and well-produced advertising campaign. Like famous past campaigns for Nike (“Just do It” when it was introduced in the 80’s, or Apple Computers when they came on the scene with “Think Different”

Photo by WeAre

Quality Time Remaining and Marketing to California’s Seniors

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How understanding “QTR” can give marketers an advantage with California’s senior consumers.

QTR, as an acronym and attitude about life, is growing in awareness and popularity—especially with seniors. Standing for Quality of Life Remaining, those adopting a QTR perspective have a growing sense of their own mortality and a feeling about how many years they might have left to live a fulfilling, enjoyable, and meaningful life. Since every person has their own idea about what makes up QTR and how it motivates their attitudes and behavior, the goal for marketers is to understand how to position your products and services to fit this mindset.

Importantly, QTR is not just about life expectancy, it’s about a healthy life expectancy, which factors in the absence of serious illness or injury. These two numbers can be quite different. For instance, the current life expectancy for California’s 7,000,000 seniors is 80.8 years old. That ranks California 4th in the U.S. But according to the CDC, the healthy life expectancy in the state is 67.7 years old. Remarkably, that seemingly low healthy life expectancy is the 3rd best of any of state. (CDC) With an average age of retirement at 68 years old (Bureau of Labor Statistics), it’s obvious that QTR is not just about what life should or could be like when one stops working. Increasingly, people are typically motivated to adopt the QTR point of view as early as in their 50’s, and for some, even earlier.

Joanna Campbell in her article “QTR-And Why It Matters” outlines some key questions that help define how people can approach the concept of QTR for planning the rest of their lives. Some of them are as follows:

  1. Who and what matters to me?
  2. Who and what take up a lot of time and effort—and are a waste of time and effort?
  3. What joys do I overlook or under-appreciate?
  4. What do I need to accomplish in the time that I have left?
  5. What am I putting off that matters?
  6. What do I need to change that I should change?

My first taste of QTR occurred in graduate school when we were given the assignment of looking into the future and then writing our own obituary. I can honestly say writing my obituary helped shape what I wanted to do for a living, my feelings about family life, and what kind of accomplishments I would be proud of. The assignment also forced me to think about how I wanted to be remembered. Powerful stuff for a 22-year old to ponder. And by the way, I still have a lot to do to make that obituary a reality.

For marketers, the trick is how to gently remind the senior target that the time is now to buy your product or use your service. They need to be motivated to go on that Mediterranean Cruise now. Don’t put off that Harley Davidson purchase a minute longer. Take your grandkids to LegoLand this weekend. Don’t delay in buying that big screen TV, learning to play the piano, joining a gym, eating better, reading more books, seeing more movies, trying new restaurants, learning to speak Spanish, whatever. The point is, someday is not soon enough. Your potential consumers are not going to live forever, but you can help them extend their Healthy Life Expectancy, and just as importantly, help them extend their Happy Life Expectancy.

Photo by Benjamin Morris

Retailers – Best Buy, Amazon and CVS are Targeting California Seniors

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Some retailers are already embracing California’s “Silver Rush”

Seniors in American will top nearly 100 million over the next 20 years. And Best Buy, CVS and Amazon are not waiting to invest and build a relationship with the wealthiest consumer segment in the country.

Having just completed the $800 million purchase of Great Call, Best Buy sees the potential in focusing on an active, aging population.

“Today, 42 million Americans are caring for the needs of an aging family member. Great Call is dedicated to supporting caregivers with the latest information and resources.”

Great Call’s 900,000 paying subscriber base hit $300 million in revenue this year. The Golden State alone represents several hundred million in reoccurring subscription sales from California seniors.

They call it “connected help and personal emergency response” backed with real time, live, medical specialists and a suite of devices for helping seniors to remember their meds, self-diagnose a current health concern, and provide urgent assistance in an emergency.

Best Buy saw the potential with seniors, the wealthiest customer base, with trends pointing to their long life expectancy and continued consumer consumption.

“Now we have the opportunity to serve the aging population by combining GreatCall’s expertise with Best Buy’s unique merchandising, marketing, sales and services capacities.” Best Buy CEO Hubert Joly

Healthcare to seniors has always been a key discipline for the pharmacy retailer community. Just as Best Buy announced their GreatCall deal, CVS, with nearly 10,000 locations nationwide and approaching 900 locations in California alone, is bringing video healthcare to all population groups.

For seniors who have rapidly embraced technology usage, this move from CVS creates a stronger loyalty and link between senior shoppers and their more active lifestyles as well as their quest for information. CVS just increased accessibility for millions of California seniors with its CVS Minute Clinic rollout. This big news means time saving and more personal access to nurse practitioners, physicians, and assistants from their home or mobile device for $59 per online use.

CVS is smart to expand more boomer-oriented services in the medical field. This is because Amazon, the mother of all retailer disruption, is yet another company that is focusing even harder on America’s healthcare system and seniors.

Amazon spent $1 billion to buy Pill Pack, the online pharmacy that provides pre-packed doses, coordinates refills, and assures on time delivery. Needless to say, it fits right into the Amazon model.

Amazon has also formed an alliance with JP Morgan Chase and Berkshire Hathaway to help drive down the costs of healthcare to their employees. These moves further underscore the fight over consumer’s healthcare expenditures, and a battle for senior loyalty and market share which CMOs should embrace.

Acquisitions and innovations like Best Buy, CVS and Amazon may seem just like another investment from three high volume players. But it’s driven in part by the ‘silver’ found in California’s hills–the nation’s largest senior adult population.

California seniors will be in their prime ‘healthcare utilization’ for years as many will choose to work well beyond age 65. As a result, CMOs across the retail spectrum should be asking – “what can our brand do to build trust and business from a dedicated senior strategy?” It’s time to join the “Silver Rush”.

Photo by Lakov Filmonov

California Seniors – “What’s in their wallet?”

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CMOs should consider these 5 dominant forces in their senior strategy development.

They are the aging consumers incorrectly lumped into the ‘old age bucket’. A bucket that labels anyone 65 or older as being on their way to a planned community, assisted living, or worse. And they’re not considered big shoppers. Really?

Every year in the U.S., seniors make informed purchase decisions spending up to $15 trillion dollars.

Since the age wave of 65+ is heading toward 100 million in the next 25 years, here’s more proof why targeting California seniors is a CMO’s best bet:

  • Between 1990 and 2020, an estimated 112% increase in California seniors will occur.
  • California’s senior growth rate is two times faster than any other state the U.S.
  • The growth rate in eleven California counties will exceed 150%

As you ponder where to begin your senior marketing strategy, consider this McKinsey study on the 5 dominant forces over the next 12 years that will effect the consumer landscape.

  1. Changing face of the consumer – it’s all about the aging population explosion
  2. Evolving geopolitical dynamics – economic power shift moves to the 65+
  3. New patterns of personal consumption – focus on health and wellness
  4. Technological advancements- by 2030, 3 out of 4 consumers will own a connected mobile device
  5. Structural Industry shifts – direct to consumer purchasing shifting toward seniors

The California Silver Rush is real. The economic contribution seniors play in the state’s economy should lead any CMO currently targeting the 18-49 to develop a senior strategy – just as was done decades ago for Hispanic, African-American and multicultural consumer segments.

As a CMO, few initiatives are more critical to the success of your brand and your job longevity than more customer acquisition.

Consider these characteristics of the California senior-dedicated strategy and budget:

  • They control the majority of the wealth/savings/assets in the state
  • They have more experience as consumers
  • They have been shoppers for ½ a century – they’re savvy and do their homework
  • Unlike millennials, they see advertising as a service in deciding where and what to buy
  • There’s a good chance they were customers of yours in the past. Are they still?

CMOs must reallocate their resources and move past the traditional barriers to growth and consumer age. They would be wise to go beyond the expected 18-49 target cutoff. In California, seniors are lining up to finally spend their nest egg.

Photo by Wavebreak Media