Question

Is it practical to assume that people age 55 and older constitute one large consumer market? How can marketers segment this age subculture? What are some important variables to keep in mind when we tailor marketing messages to this age group? Develop a communication program to persuade these consumers.

Answer 1

Yes it is practical to believe that people aged 55 and older constitute one large market.The senior citizens make up for almost 75 million people. They have large amount of disposable income . They very well receive marketing messages and always look for proper guidance to live long and healthy lives. Marketing to them should be a major thought of every campaign and should not be a passing thought.

Senior citizens are the most affluent segment of the  society.70% of assets in US are controlled by them and more than half of the depositors in financial institutions comprise of senior citizens.Even though less than 5% of advertising is made for them, they  spend just under 50% of purchasing dollars in US.They have very high purchasing power.

Senior citizens are likely to be influenced bystrong straightforward messages. Relying solely on technology should not be there as senior people are not very tech savvy. Trust is another important variable. When asking seniors to share their detalis it is necessary to ensure them that their information is safe and secure.Exclusivity is equally important and making exclusive offers and promotions for seniors will be effective . Image selection is very important when marketing to seniors . The aim is to see  the senior connect with the image in the advertisement .

Any marketing Communication program has to be for specific group of consumers.The communication program can be on multiple channels like social media , advertising in TV,  radio etc.First the target consumer ie seniors should be understood through surveys and interviews .Next it is necessary to reflect the Unique Selling proposition of the brand in every message across all communication channels.It is then necessary to detrmine the channels to be used to reach to the consumers.Then comes branding which is a vital part of market communication program . Finally it is necessary to plan the right set of success metrics for different communication channels.

The communication program to reach senior citizens