Top 7 Tips For Marketing To Target Populations Who Are 50 Or OlderBy Judie Rappaport
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Every 7.7 seconds someone in the United States turns 50. The 50+ population, which controls more than $7 trillion in wealth, owns 77% of all financial assets and 50% of all discretionary spending, represents the highest ratio of homeowners, purchases 41% of all new cars, represents 80% of all luxury travel, and is 30% more likely to purchase products online than younger users. Wherever you are and whatever your product, you'll most likely be affected by the aging of America.
- Identify your target. The 50+ markets consist of four distinctive groups with different buying patterns. Before you spend another dime, take the time to determine which segment is your primary target: Baby Boomers (50-54), Transitionals (55-64), Active Retirees (65-74), or Matures (75-84).
- Use positive, realistic images. People generally see themselves as younger than their chronological age, but not decades younger. Use age-compatible couples, and remember, women are a majority of the over 65 population.
- Do not emphasize biological age. Unless you're marketing octogenarians (80+), those measurements are obsolete. Direct your message to the target's needs and lifestyles -- these are the keys to their buying patterns.
- Market nostalgia, youth, personal gratification, "you deserve it" to the Baby Boomers; challenge the status quo for Transitionals, market responsibility, savings safety, and "you've earned it" to the Active Retirees and Matures.
- Beware of thinly veiled Ageism. Delete words and phrases like senior, aging, golden years, twilight years, slowing down, need assistance, and "are you still (walking, running, sailing)" from your attitude and copy. Focus on abilities, not disabilities.
- Create a customer retention strategy with a strong inbound communications program. All 50+ targets favor businesses that continually update and educate them to the market, corporate status and product benefits.
- Create a Web site and work site that welcomes your clients. Try aging etiquette training for your staff, brighter lighting, high-contrast colors for signs, bags, walls, doors, and promotional material. 12-point Arial is the best typeface for aging eyes.
Today's Top7Business article was submitted by Judie Rappaport, President, Advantage 50 Plus Seminars & Marketing. Advantage 50 Plus helps clients with 50+ targets build market share and increase client retention percentages through expert sales training, marketing seminars, and private consulting. For details call Judie Rappaport at 888-575-4393 or visit www.advantage50plus.com. To receive a free copy of Solutions for reaching the 50+ Markets, visit www.advantage50plus.com and click on "free newsletter" or "email us."
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Article Submitted On: January 25, 2000