The Maverick Entrepreneur™ Series

 

10-Day Marketing to Seniors PART 7 of 10

Tips for marketing to wealthy seniors
by STC Staff Writer

Over one-third of the buying public, today is over 50, and more than 75 percent of the wealth is in the hands of these people. This means that it is a huge market for you to attack – as long as you know what you’re doing because this subset of the senior market is wise to the tricks of the trade and won’t fall for hype and hyperbole.

* No Stereotypes – In your marketing materials, avoid stereotypes like the plague. You want to use images of the types of seniors you’re marketing to, but use images based on how they see themselves.

* Technology Is Good – Don’t avoid technology. Most boomers and successful seniors either know how to use most technology or have assistants who do it for them. They will get messages via tech if you place them in their line of vision.

* Use Multimedia Experiences – While you do want to use tech, you also want to use old media. Seniors still love reading magazines, newspapers, and listen to the radio and watch cable TV. This could change as younger people become seniors but as of today, a multimedia approach is best.

* Focus on Benefits – It’s very tempting to talk about the features of your product or services but they don’t care about that. Like most markets, they care about what the service or product does for them. What are the benefits? Does it make them more money? Does it save them time? Does it get rid of heartburn so they can eat more?

* Provide the Information – Seniors who have money like to read the information before making a buying decision. Provide white papers, infographics, charts, graphs and any type of information you can to educate your audience on the benefits of your product or service, as well as the problem you’re solving.

* Be Empathetic – Some seniors took a big hit during the financial downturn of the economy in 2008. They may still be technically rich and wealthy but due to the situation, they’re a lot less trusting. If you show empathy to them for their losses and celebrate gains, you’ll be a lot more trustworthy.

* Remember Humor – Wealthy seniors, like most human beings, like some humor in their advertising. They like to make fun of themselves and others. But not in a cruel way. It’s important to maintain a sense of decorum.

* Focus on the Stages of Life – Today seniors are a lot healthier, smarter, and more with modernism than the elderly of the past. They’ve grown with technology, and become more progressive in their ideas and values than you might think. It’s imperative to study your audience before making assumptions.

* Be Relevant – With more than two trillion dollars in spending power, this demographic demands that advertising and marketing be more relevant to them and their needs. Even if you also have a younger audience, create marketing materials just for your older wealthy audience.

* Be Specific, and Respectful – Remember, your targeting the most sophisticated Niche in marketing, so your presentations need to not only be relevant but direct and to the point. Don’t insult their intelligence by talking down to them through your ads. It’s wise to stay away from exaggerations since these individuals know how to shop, compare goods and prices, making informed and intelligent buying decisions. competition is stiff these days, everyone seems to be willing to cut prices to the bone. Luxury focused stores like Henri Bendel, Michael Kors, Bon-Ton, and many more are closing down due to lagging sales, Even the upper class are becoming more frugal and demanding high-quality ant the best prices now.

If you take these tips and apply them to your audience within your niche, you’ll start getting more results from your senior wealthy audience.

There are some specific things to bear in mind when marketing to new retirees. We’ll look at this demographic next time.

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