How to Market to a Senior Demographic

In the digital world, while most businesses are targeting mainly the Millennial and Gen Z audiences, it is essential to note that the senior audience or the 'Baby Boomers' are very different from their younger counterparts. The 55-64 and the 65+ age groups have different mentality, interest and behaviour, and it is even a very diverse group. Thus, we cannot generalise them, and as a marketer, we have to take that into consideration.

Before we dive into the details, here are some terms that need more understanding:

Generation Z or Gen Z - This demographic group includes people born between 1997 and 2012. They are now aged between 6 and 24.
Generation Y or the Millennials - They were born between 1981 and 1996. These are people from the age bracket of 25-40 years old.
Generation X or Gen X - These are the babies born between 1965 and 1980 and are currently between 41-56 years old.
Baby Boomers - They are people born between 1946 and 1964 and currently at age 57 and above. The term was coined when the Americans in the post World War II era found newfound prosperity, resulting in a baby boom.

Not to be confused with the baby boomers, the term “Senior 4.0” is a market segment that refers to the 45-54, 55-64 and 65+ age groups. This segment has more spending power, a vast income and is constantly searching for resources to live their lives better and longer. From a marketing perspective, this generation is open-minded to receiving messages.

So, how do we differentiate this segment?

Retirees - They are from the bracket of individuals aged 65 and above. These people have stopped working, started living on a fixed income, and value leisure time with family and friends.
Early Retirees -These are the people aged 50 and up who set up early retirement. They are financially stable, and they enjoy a lot of free time with their family.
Late Retirees - They are older than 65 and retired late as they are still working and thus have different needs and aspirations than retirees.
Grandparents and Relatives - This segment does not involve only the grandparents but also their relatives. Mostly, it’s the relative that is being targeted as they have the power to purchase, and they make decisions for their older relatives.

What do we need to know about the more mature consumers?

They know their tech. Never underestimate them when it comes to technology. They may not be a digital native like the Gen Z’s or the Millennials, but they are digitally literate.

According to BuzzStream and Fracti, they consume more content than their younger contemporaries. In fact, 25% of them spend more than 20 hours per week consuming online content, making them a good target for digital campaigns.
They put a premium on customer service. They value the one-on-one relationship with brands they deal with, expecting this love to be reciprocated. A prompt response to their questions, comments and excellent aftercare service is highly appreciated.
They aren’t impulsive buyers, and they are more cautious when buying something online. Marketers should work on convincing this segment by sprucing their campaign with materials that answer how their product or service would help improve or prolong lives.
This segment is more interested in travel and leisure like cruises and mobility equipment, health and wellness products, care services, insurance and financial products.

References:

https://www.antevenio.com/usa/generation-senior-4-0-how-to-engage-them/

https://www.cyberclick.net/numericalblogen/marketing-to-seniors-key-considerations-and-strategies

https://www.kasasa.com/articles/generations/gen-x-gen-y-gen-z

https://www.webalive.com.au/marketing-to-seniors/