Retirees spend approximately $93 billion on prescription drugs every year.
Good reason for Rite-Aid and Walgreen’s to capitalize on the changing health care climate, and the growing array of healthcare options. Their new “marketing to boomers” initiatives are reviewed in this article – Drugstores Going After Baby Boomers’ Dollars.
Rite-Aid is rolling out a campaign promoting its new wellness 65+ loyalty program, while Walgreens re-named its “Take Care” in-store clinics to “Healthcare Clinics” to attract new customers by addressing chronic diseases prevalent in older Americans, such as diabetes, high blood pressure and asthma. According to Walgreens CEO Greg Wasson, “the chain has the opportunity to move from just convenience to more health, daily living and beauty.”
While retail brands have an opportunity to create in-store experiences and offerings that foster stronger relationships and truly build loyalty – this marketing to boomer strategy should extend well beyond retail to all the “health, daily living and beauty brands” sitting on those stores shelves. And for these brand marketers, the key is to consider (beyond the in-store experience) how to make the brand experience come to life for boomers at every touch-point: online, on-the-go and everywhere else.
But healthcare marketers, and marketers in general, need to proceed with caution. Because boomers, like every other audience segment (and which is actually comprised of multiple sub-segments), exhibit unique attitudes, beliefs and behaviors. There are also physical, emotional and lifestyle realities that distinguish the 50+ market from younger generations – and these realities evolve as people move from middle age to old age.
The 50+ audience represents a lucrative opportunity for those willing to genuinely embrace this enormous, growing market. But knowing who they are, how to connect with them based on their motivations, and what they want out of your marketing is an important requisite for success. Time will tell for Rite-Aid and Walgreens!