Published 26 May 2018
The older demographic is a very lucrative market in terms of pure spending power, but also the least understood. Age discrimination plays a part, but a lack of understanding on the best ways to target the 50+ hinders marketing growth. The ABS figures suggest this is a huge missed opportunity in Australia. Ruby Cha Cha has vast research expertise with the 50+ crowd to share with you. Hate are some of our top tips for getting better engagement.
Demography is dead and it’s all about attitude mindset. When marketing to anyone over the age of 50, the last thing to focus on is age. In fact, the ABS identify median life expectancy as 80 years old for males and 85 years old for females respectively. What this means is that the 50+ market will be very diverse with many more years for consumption and spending in comparison with previous generations.
If your marketing messaging use words such as senior, elderly and aged, consider changing your wording. The 50+ crowd resent age defining language as it suggests your brand is stuck in its ways – not the consumer. The 50+ crowd is cashed up, educated & online. They have more freedom to do whatever they want to do and they choose brands who ‘get them’. Therefore, focus your marketing messages on building their experiences, their passions, improving their knowledge and matching it up with an attitude of enjoying life
There are at least 3 age segments that can be identified in the market. When reaching out to the market, identify these segment, their preferred channels and tailor your approach to that. Generally, the older segments get a large portion of their information through their TV, emails and from direct google searches on the topic they are after. Facebook and social media are also grown into big influencers. Make sure you research your market, the segments, and channel tendencies to improve your chances of capture from FB advertising to FB likes.
Facebook is a big winner here for engaging the 50+. Maintaining a Facebook presence to provide content that keeps them interested in your page is key to attracting. If your product or service is more professional based, LinkedIn can offer much to the professional and investor targets. Remember to think segments and tailor your strategy based on a blanket approach.
A great tactic for engaging anyone in your marketing campaigns is targeting directly the values of your customer. Recognizing the change in values for the 50+ segments is the first step in engagement. The stereotype of older generations heading quietly into retirement is very much dead and gone. Nowadays, are getting involved more in the community and giving back in huge corporate social responsibility campaigns is noticed, engaged with and talked about.
Values today have significantly changed for the older demographic and are much more diverse than previous generations. To best match your marketing message, get some research into the key values and traits of your specific customer. This will provide you with a direct marketing message that will resonate and improve uptake.
In recent research we have conducted with over 50’s groups, the most consistent issue is that they feel ignored. Marketers are obsessed with Millennials (some of whom will be turning 40! soon), but older target audiences aren’t considered that sexy. Crazy, when they often have more disposable income, keen to be seen as still relevant, huge consumers of TV and glossy magazines (where younger audiences have left these channels). Understanding the needs of this audience can reap huge rewards – from property to technology to consumer goods – its all up for grabs. Let us help you start a conversation with them.
A Game of Thrones viewer could be 18 or 75. Lifestyle channels Great Australian Bake Off has contestants who are 16 and 68, all passionate about the same thing. The point is, if you message only around age or lifestyle stage you miss the most important driver of motivation and interest. This driver is passion for a brand, category or product. A passionate baker will love your next baking product at any age – don’t just target 34-year-old mothers with 2 kids! Think about the Circulon Ad – a brilliant example of how to do it well.
If you’re interested in learning more about how to target or message to this market, give us a call…
Get in touch with the Ruby Cha Cha team. Email us at info@rubychacha.com.au or contact us here.
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