Effective marketing strategies for an older market

In determining effective marketing strategies for an older market, the marketing team must first realize just how influential marketing strategies are on older markets.In the past it was common for those in marketing to focus on younger members of the market because they reasoned that these younger generations of people would live longer and therefore have more time to buy products.This misconception has been robbing many companies of their more mature audiences' dollar.

Statistically speaking, the Baby Boomer generation (often categorized as the older market) out number both generations that have been born after them.In fact, with the average life expectancy being higher than ever before, the older market still has about a quarter of a century of quality consumer spending left ahead of them.There are 50 million Americans over the age of 60 and these members of the older market spend an average of about $1 trillion a year.That is a huge market segment!

So you realize that effective marketing strategies for an older market at just as important, if not more so, than marketing strategies for a younger market.But what types of strategies work best when it comes to marketing to this older age group?Well if you are in the business of pharmaceuticals of new cars you are already benefiting from 77% and 53% (respectively) of your markets from people who are 45 years old and older.These types of businesses provide excellent examples of how to reach older markets and are worthy of closer study in order to get some useful ideas of your own.

Other effective marketing strategies are based on knowing your market.How are the needs of the older market different from the needs of a younger market?Health and physical changes are some of the most profound differences that you will encounter.As we age our bodies change.Metabolism slows down and we typically gain weight, muscles become strained and bones are weaker.Eyesight and hearing begin to suffer.People retire and have more recreational and leisure time at their disposal.All these things lead to marketers responding with marketing strategies that are directly related to the current needs of their market.For example, the Ford Motor Company plans to sell a sedan for empty-nesters with a trunk that holds eight golf bags and the Target Corporation plans of having the clothing departments of their stores carve out large chunks of space for khaki pants and flowing linen separates aimed at being more comfortable and therefore better suited for older bodies.

The older market is also a market that loves their information.The older market is less likely to consist of impulse or emotional buyers.Rather members of the older market either know what brands are tried and true or are willing to research out new brands before switching to something different.Printed material is therefore very important for the older market, especially if the product that you are attempting to market is more expensive.Do not mistake the older market for one that will overlook mistakes and skim through paper work.This market is smart and mature and you need to reflect that your company respects this about them in your marketing.

As a marketer you will need to first understand how changes in mental processes in late life might affect the way an older person responds to marketing stimuli and then use your knowledge of how lifestyles of mature persons can be used to design effective marketing strategies.Marketers can better understand their specific older market through studying the older consumers' consumption and behavior in the marketplace.Specifically, this includes mass media use, expenditure and consumption patterns, shopping habits, product/service acquisition process, as well as behaviors following a purchase.