All successful brands know that there is more to marketing than self-promotion and convincing consumers to buy your product. The key to success for any brand is building and maintaining a mutually beneficial relationship with your consumers. Like any relationship, trust must first be established. Once consumers feel they have found a brand they can trust, then ROI will rise naturally. A fundamental aspect of any positive relationship is an understanding and communication. It’s important for brands to have an understanding of the consumers’ needs and show consumers that they’re listening through effectively communicating that understanding. When consumers feel they have a voice, they will be more willing to engage with the brand.
In the senior market especially, brands that wish to target this audience must build a rapport. The senior market is a unique demographic and to advertise to them requires an essential understanding of their wants and needs. To better connect with this demographic, here are some general marketing insights to keep in mind:
- They care about altruistic value over materialistic value
- More individualistic than younger consumers; less influenced by peers and other external factors
- They want facts; with years of buying they know what they’re looking for and what information is necessary to make an intelligent purchase
- Change in perception of time; time is no longer an essence, especially for retirees
- Attentive to warranty policies
- When purchasing “need” items, they tend to be more bargain-minded
- When purchasing “want” items they tend to be more value-minded
With these considerations taken into account, advertisers will be able to more effectively target the fastest growing market, seniors.