Tackling Stereotypes - The Active Adult Market Opportunity
by Eric Brody
The 50+ market is the largest, fastest growing, most influential in the country today - and will be into the foreseeable future. In spite of this, many brand stewards continue to focus efforts against a traditional prospect base of adults 25-44.
When it comes to the 50+ market, consider that:- There are approximately 40 million of them
- 10,000 turn 50 years old every day
- They control 70% of the nation's wealth,
- And they are the only demographic that's growing
For many marketers, the 50+ market is where the battle for share will be won or lost. But marketing to them is not like marketing to younger audiences. There are physical, emotional and lifestyle realities that distinguish them from younger generations, and these evolve as they move from middle age to old age. Here are ten forces that you should begin to consider when planning a 50+ program:
1. Segmentation.
The 50+ market is made up of multiple segments - with different needs, motivations and attitudes. Working or retired, in good health or in need of care, kids at home or empty nesters, married or widowed - these are just some of the distinguishing variables.
2. A Lot More Life To Live.
At age 50, one can expect to live another 35 years. Not long ago it was 25. Soon it will be 40. That's a lot of years to cultivate a relationship. Treat these customers with respect and dignity, and they'll reward you iwith their loyalty.
3. Turning Back The Hands of Time.
We can't stop the clock. But a 50 year old will appreciate you asking when they turned 40. Which means they don't associate with imagery connected with being old. Further, most don't think of themselves as past their peak. They're either still there or striving to reach new goals. So help them get there.
4. Vibrant, Agenda-Setting Individuals.
Preconceptions are dangerous. The 50+ crowd is a vibrant, agenda-setting group that doesn't resemble previous generations. Jerry Seinfeld, Oprah Winfrey, Robin Williams, Bonnie Raitt, Bruce Willis and almost 40 million others - while middle-aged, they're certainly not over the hill.
5. Many years of leisure time.
The kids are out of the house. Parents can actually come and go as they please. "Travel & Leisure" actually has real meaning. For marketers who make-up the travel continuum — bookings, planes, trains, automobiles, hotels, activities, etc. — there's a new, big, interested audience wanting to hear from you.
6. Experiences. vs. things.
For most mature adults, the "who has more toys" game is no longer interesting. Instead, life-enhancing experiences - the simple things - become more fulfilling. This is why Community Colleges - offering numerous continuing Adult Education classes - are the fastest-growing higher education institutions.
7. Inner-directed.
Motivations in your 50's are different from when you were younger. From becoming oneself and proving oneself to being a better me, for me - the journey's taken on higher meaning. So for those brands that adapt a higher purpose beyond higher profits mentality - you'll find a ready and willing partner.
8. Are you talking to me?
Because your communications don't reinforce that you understand your audience. Examples include labeling as seniors, defining by age rather than lifestyle, stereotypical stock photography or type treatments difficult to read. Remember that you are not communicating to a target audience or a consumer - you're appealing to human beings.
9. Be Positive.
People don't want to be reminded that "time is winding down." Regardless of where one resides in the 50+ demographic, negativity will be ignored. Because there are too many others promising light at the end of the tunnel
10. Be Your Audience.
Let them see themselves in your brand's story. Let them "write it" and then you bring it to life. The more that boomers can put themselves and their values into the brand, the better the opportunity for you to fit into their lives.
The 50+ audience represents a lucrative opportunity for those willing to genuinely reach out to this enormous, growing market. But knowing who they are, how to connect, and what they want out of your marketing and communications is an important requisite for success.