50+ Marketplace Rules That Work Today New Priorities for Boomers, Retirees and Seniors © Medina Associates 2011 A Presenta...
Kurt Medina President Medina Associates www.medinaassociates.com Click  RESOURCES Password “DMA2011” Free Book For All Att...
20 Years Ago, marketers thought that everyone in the 50+ Marketplace was a  “Senior” . and that they were all OLD ... Toda...
What must my company do to make sure its 50+ marketing is relevant? Know  Whom You Are Marketing to
The Three Most Meaningful Mature Market Segments Pre- Retirees Active Retirees Seniors Age 50-63  Age 64-74  Age 75 + (All...
Comparing The Segments Pre- Retirees Active Retirees Seniors Age 50-63  Age 64-74  Age 75 + Boomers World War II Silent Ge...
 
How Do We Slice the  50+ Mature Market? THE BOOMERS!
Boomers <ul><li>Time Constrained </li></ul><ul><ul><li>Working Longer </li></ul></ul><ul><ul><li>Less interested in readin...
Boomers <ul><li>Financially Constrained </li></ul><ul><ul><li>We generally assume that all  Boomers are well off and   fre...
55+ Workers TOTAL Savings & Investments <ul><li>Includes IRA’s </li></ul><ul><li>Does not include homes </li></ul>Employee...
Boomers <ul><li>Instead of being Impulse Buyers,   The Boomers are becoming  information seekers. </li></ul><ul><li>They w...
Boomers <ul><li>Don’t trust … </li></ul><ul><ul><li>Marketers </li></ul></ul><ul><ul><li>Institutions </li></ul></ul><ul><...
Create   promotional  approaches that   Educate before   you sell
The Caregiving Burden on Middle-Age Families:  1990 - 2020 # of Teens or Older Parents  Supported Per Family Neal Cutler-A...
<ul><li>Not only are the  numbers    of aging parents increasing … </li></ul><ul><li>But Boomers are far more   committed ...
Boomer Attributes <ul><li>Boomers like to think of  themselves as special </li></ul><ul><li>Offer them something  “unique ...
Boomer Attributes <ul><li>Boomers seek VALUE ...   As THEY define it </li></ul>
How Do We Slice the  50+ Mature Market? ACTIVE RETIREES
Active Retirees The most exciting part about  being an ACTIVE RETIREE … …  are the new and EXPANDED Horizons that you give...
Income Change 2000-2010 Census Bureau 2011
Entrepreneurs <ul><li>Leading Edge Boomers and just-  retired active retirees are more  likely to start a new business tha...
“Me” <ul><li>Retirement is a time when it’s “OK” to start thinking about “Me” </li></ul><ul><ul><li>What can I learn? </li...
How Many Years  Will You Live  After Retirement? LIMRA 2010
Who’s Providing for Whom? <ul><li>Nearly half of all retirees (44%) are  providing some sort of financial  support for fam...
How Do We Slice the  50+ Mature Market? SENIORS
When is Someone “Old”? Roper 2003 AARP 2009
Life Expectency  of 65 Year Old Couple Probability of One Spouse Still Living at Various Ages Mouton & Co. 2010
PERCEPTION OF “PRODUCTS FOR SENIORS” <ul><li>Would you purchase a product designed for a “senior”? </li></ul><ul><ul><li>Y...
Seniors  vs Adult Children <ul><li>Products and Services for true Seniors often are marketed to adult children instead of ...
Appeals For … <ul><li>Boomers (Pre-Retirees) </li></ul><ul><ul><li>Uniqueness … New Solutions </li></ul></ul><ul><ul><li>O...
The 50+ Markets  and Today’s Digital World
On-Line Internet Access by Age Pew Internet Project  May 2011 & Aug 2011 65+ … 14% 50-64 … 38% ANY  50+ SOCIAL MEDIA USAGE...
Who Owns What? Pew Internet 2011
Opportunity Areas <ul><li>Optimize your website for  search engine identification. </li></ul><ul><li>Create a “Resource” l...
Don’ts DO’s Medina’s 50+ Rules of The Road
Use Contrasting Colors in Graphics <ul><li>Older eyes have a different   color perspective than yours </li></ul>DO
Introduce New Ideas by Starting with Familiar Concepts <ul><li>You’ll engage an older   mind much more quickly </li></ul>DO
Hurry, Hype or Hustle Your Prospcects <ul><li>The more you push, the less  they will respond. They  DON’T TRUST “marketing...
HURRY !!!  What Are You Waiting For? Why Wait ?  
Use Icons in Your Promotions <ul><li>Visual memory is retained  better than verbal memory </li></ul>DO
Buy America AdWeek Media/Harris Poll 2010
Use Scare Tactics <ul><li>Positive Approaches of   Benefits Gained will almost  always outpull negative  possibilities. </...
HUMANIZE Your Promotions <ul><li>The LARGEST single error made  in 50+ marketing is the use of  impersonal approaches that...
Use Testimonials <ul><li>Real People are much more  believable than any company  message … AND they add   HUMANITY . </li>...
Create “Stories” in Your Promotions <ul><li>Storytelling is another “humanizing”  technique … and one which has  great app...
Use Glossy Paper or Plastic Tabs <ul><li>The glare from glossy paper  will reduce readability to a  major degree for older...
Use Closed Face Envelopes <ul><li>Closed face envelopes contain  letters inside … from real people  … AND they also add </...
50+ DRTV  “Rules of the Road” <ul><li>Start with 2-4 seconds of  non-message  space to get attention </li></ul><ul><li>Kee...
<ul><li>A major conflict can exist between  Corporate Branding Goals and  DRTV Response   Goals </li></ul>DRTV  Branding v...
Thank You! Kurt Medina HANDOUTS www.medinaassociates.com Go to RESOURCES Password: “DMA2011”
Upcoming SlideShare
Loading in …5
×

50+ Marketplace Rules That Work Today: New Priorities for Boomers, Retirees AND Seniors

883 views

Published on

Published in: News & Politics, Business
0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
883
On SlideShare
0
From Embeds
0
Number of Embeds
32
Actions
Shares
0
Downloads
18
Comments
0
Likes
1
Embeds 0
No embeds

No notes for slide

50+ Marketplace Rules That Work Today: New Priorities for Boomers, Retirees AND Seniors

  1. 1. 50+ Marketplace Rules That Work Today New Priorities for Boomers, Retirees and Seniors © Medina Associates 2011 A Presentation for The Direct Marketing Association DMA2011 Conference
  2. 2. Kurt Medina President Medina Associates www.medinaassociates.com Click RESOURCES Password “DMA2011” Free Book For All Attendees
  3. 3. 20 Years Ago, marketers thought that everyone in the 50+ Marketplace was a “Senior” . and that they were all OLD ... Today, marketers think that everyone in the 50+ Marketplace is a Boomer … and that they are all HIP! Both Views Are WRONG!
  4. 4. What must my company do to make sure its 50+ marketing is relevant? Know Whom You Are Marketing to
  5. 5. The Three Most Meaningful Mature Market Segments Pre- Retirees Active Retirees Seniors Age 50-63 Age 64-74 Age 75 + (All ages are approximate at best)
  6. 6. Comparing The Segments Pre- Retirees Active Retirees Seniors Age 50-63 Age 64-74 Age 75 + Boomers World War II Silent Generation Depres- sion
  7. 8. How Do We Slice the 50+ Mature Market? THE BOOMERS!
  8. 9. Boomers <ul><li>Time Constrained </li></ul><ul><ul><li>Working Longer </li></ul></ul><ul><ul><li>Less interested in reading “junk” mail </li></ul></ul><ul><ul><li>Don’t have time for seminars </li></ul></ul><ul><li>New ways (or even revisiting old ways) of reaching them are going to be needed </li></ul>
  9. 10. Boomers <ul><li>Financially Constrained </li></ul><ul><ul><li>We generally assume that all Boomers are well off and free-spenders, especially on themselves. </li></ul></ul><ul><ul><li>The term “Well Off” is changing with the recession … and with reality. </li></ul></ul><ul><ul><li>As a result … </li></ul></ul>
  10. 11. 55+ Workers TOTAL Savings & Investments <ul><li>Includes IRA’s </li></ul><ul><li>Does not include homes </li></ul>Employee Benefit Research Institute 2010 $10K-$49K 19% $50K-$99K 15%
  11. 12. Boomers <ul><li>Instead of being Impulse Buyers, The Boomers are becoming information seekers. </li></ul><ul><li>They want information before making any important or large financial decisions. </li></ul><ul><ul><li>Preferably quickly </li></ul></ul><ul><ul><li>Preferably customized to their individual requirements </li></ul></ul>
  12. 13. Boomers <ul><li>Don’t trust … </li></ul><ul><ul><li>Marketers </li></ul></ul><ul><ul><li>Institutions </li></ul></ul><ul><li>Do trust … </li></ul><ul><ul><li>Impartial experts </li></ul></ul><ul><ul><li>Their friends </li></ul></ul><ul><ul><li>Folks who work with them one-on-one </li></ul></ul><ul><ul><li>Themselves </li></ul></ul>
  13. 14. Create promotional approaches that Educate before you sell
  14. 15. The Caregiving Burden on Middle-Age Families: 1990 - 2020 # of Teens or Older Parents Supported Per Family Neal Cutler-American Institute of Financial Gerontology
  15. 16. <ul><li>Not only are the numbers of aging parents increasing … </li></ul><ul><li>But Boomers are far more committed to caring for their older parents than were previous generations. </li></ul>USC School of Gerontology 2007
  16. 17. Boomer Attributes <ul><li>Boomers like to think of themselves as special </li></ul><ul><li>Offer them something “unique to them” </li></ul><ul><li>“Insider” tips </li></ul><ul><li>Offer them access to a VIP list </li></ul><ul><li>Customization – NOT “Mass” </li></ul>
  17. 18. Boomer Attributes <ul><li>Boomers seek VALUE ... As THEY define it </li></ul>
  18. 19. How Do We Slice the 50+ Mature Market? ACTIVE RETIREES
  19. 20. Active Retirees The most exciting part about being an ACTIVE RETIREE … … are the new and EXPANDED Horizons that you give yourself
  20. 21. Income Change 2000-2010 Census Bureau 2011
  21. 22. Entrepreneurs <ul><li>Leading Edge Boomers and just- retired active retirees are more likely to start a new business than any other age range </li></ul><ul><li>110,000 new businesses per month started by this age group </li></ul>Ewing Kauffman Foundation 2010
  22. 23. “Me” <ul><li>Retirement is a time when it’s “OK” to start thinking about “Me” </li></ul><ul><ul><li>What can I learn? </li></ul></ul><ul><ul><li>What haven’t I done? </li></ul></ul><ul><ul><li>What can I do? </li></ul></ul><ul><ul><li>How do I/WE want things to be? </li></ul></ul>70, the new 70
  23. 24. How Many Years Will You Live After Retirement? LIMRA 2010
  24. 25. Who’s Providing for Whom? <ul><li>Nearly half of all retirees (44%) are providing some sort of financial support for family members. </li></ul><ul><ul><li>Children make up 53% of that pot. </li></ul></ul><ul><ul><li>Grandchildren make up 37%. </li></ul></ul><ul><ul><li>Parents/other relatives make up 10%. </li></ul></ul>Schwab “Families & Money” Survey 2010
  25. 26. How Do We Slice the 50+ Mature Market? SENIORS
  26. 27. When is Someone “Old”? Roper 2003 AARP 2009
  27. 28. Life Expectency of 65 Year Old Couple Probability of One Spouse Still Living at Various Ages Mouton & Co. 2010
  28. 29. PERCEPTION OF “PRODUCTS FOR SENIORS” <ul><li>Would you purchase a product designed for a “senior”? </li></ul><ul><ul><li>Yes … 29% </li></ul></ul><ul><ul><li>No … 71% </li></ul></ul><ul><li>Why Not? </li></ul><ul><ul><li>“ The products are dull” </li></ul></ul><ul><ul><li>“ The products are over-simplified” </li></ul></ul><ul><ul><li>“ The products are not aimed at my lifestyle “ </li></ul></ul>Nikkei Marketing Journal 2004 (Asked of Seniors in Japan)
  29. 30. Seniors vs Adult Children <ul><li>Products and Services for true Seniors often are marketed to adult children instead of to the seniors themselves. </li></ul><ul><li>With some exceptions, this is a mistake. </li></ul><ul><ul><li>The Senior is the Decision Maker. </li></ul></ul><ul><ul><li>The Adult Child is the Influencer. </li></ul></ul><ul><li>Usually, you DO want to start a dialog … but the Senior decides. </li></ul>
  30. 31. Appeals For … <ul><li>Boomers (Pre-Retirees) </li></ul><ul><ul><li>Uniqueness … New Solutions </li></ul></ul><ul><ul><li>Offer answers up front </li></ul></ul><ul><li>Active Retirees </li></ul><ul><ul><li>Value & Values … Expanding Horizons </li></ul></ul><ul><ul><li>Value for themselves – not just in comparison to “neighbors” </li></ul></ul><ul><ul><li>Grandparenting </li></ul></ul><ul><li>Seniors </li></ul><ul><ul><li>Independence … Comfort … Ease </li></ul></ul>
  31. 32. The 50+ Markets and Today’s Digital World
  32. 33. On-Line Internet Access by Age Pew Internet Project May 2011 & Aug 2011 65+ … 14% 50-64 … 38% ANY 50+ SOCIAL MEDIA USAGE ANY TWITTER USAGE
  33. 34. Who Owns What? Pew Internet 2011
  34. 35. Opportunity Areas <ul><li>Optimize your website for search engine identification. </li></ul><ul><li>Create a “Resource” location on your website that is regularly updated. </li></ul><ul><li>Gather names and email addresses throughout your site. </li></ul><ul><li>Encourage visitors to send articles and informational papers to their friends. </li></ul><ul><li>BE ACCESSIBLE! </li></ul>
  35. 36. Don’ts DO’s Medina’s 50+ Rules of The Road
  36. 37. Use Contrasting Colors in Graphics <ul><li>Older eyes have a different color perspective than yours </li></ul>DO
  37. 38. Introduce New Ideas by Starting with Familiar Concepts <ul><li>You’ll engage an older mind much more quickly </li></ul>DO
  38. 39. Hurry, Hype or Hustle Your Prospcects <ul><li>The more you push, the less they will respond. They DON’T TRUST “marketing”. </li></ul>DON'T
  39. 40. HURRY !!!  What Are You Waiting For? Why Wait ?  
  40. 41. Use Icons in Your Promotions <ul><li>Visual memory is retained better than verbal memory </li></ul>DO
  41. 42. Buy America AdWeek Media/Harris Poll 2010
  42. 43. Use Scare Tactics <ul><li>Positive Approaches of Benefits Gained will almost always outpull negative possibilities. </li></ul>DON'T
  43. 44. HUMANIZE Your Promotions <ul><li>The LARGEST single error made in 50+ marketing is the use of impersonal approaches that don’t reach your prospect on a visceral gut level. </li></ul>DO
  44. 45. Use Testimonials <ul><li>Real People are much more believable than any company message … AND they add HUMANITY . </li></ul>DO
  45. 46. Create “Stories” in Your Promotions <ul><li>Storytelling is another “humanizing” technique … and one which has great appeal, especially for Retirees and Seniors </li></ul>DO
  46. 47. Use Glossy Paper or Plastic Tabs <ul><li>The glare from glossy paper will reduce readability to a major degree for older readers </li></ul><ul><li>Plastic Tabs can’t be opened properly. Use paper tabs. </li></ul>DON'T
  47. 48. Use Closed Face Envelopes <ul><li>Closed face envelopes contain letters inside … from real people … AND they also add </li></ul>DO HUMANITY .
  48. 49. 50+ DRTV “Rules of the Road” <ul><li>Start with 2-4 seconds of non-message space to get attention </li></ul><ul><li>Keep main points as simple as possible </li></ul><ul><li>Use graphics to reinforce voice </li></ul><ul><li>Use repetition for major point(s) </li></ul><ul><li>No fast cuts. Let the viewer’s mind dwell on the image </li></ul><ul><li>120’s are preferable for direct selling </li></ul><ul><li>800# on-screen 3 times and minimum of 30 seconds in a 120 second commercial </li></ul>
  49. 50. <ul><li>A major conflict can exist between Corporate Branding Goals and DRTV Response Goals </li></ul>DRTV Branding vs Response 2 Humana
  50. 51. Thank You! Kurt Medina HANDOUTS www.medinaassociates.com Go to RESOURCES Password: “DMA2011”

×