The old conventional wisdom said marketing to the 18-49 set was the only way to advertise. If grandma had any money, she had long ago decided how she was going to spend it; going after her checkbook was a waste of time.
Times change and as tens of millions of baby boomers get old, businesses are marketing to seniors. As with any nascent steps, some are doing it better than others and there are tricks to success.
“We offer a discount for senior citizens, just like AAA, but as far as marketing to that group we are about to start,” said Shawn Abaspor, president of Stamford, Conn.-based U. S. Limousine Worldwide. “This is new to us. Right now, we are planning to offer a local upscale senior living community our services at a discount.”
The business community has not tapped the senior market as well as it could, said Bronxville-based public relations practitioner Bob Cole.
“When people think of seniors they don”™t think of the 60-year-olds who, despite the economy, have nice nest eggs,” Cole said. “There is a lot of money within the senior community.”
Mitchell Ostrove, a financial consultant at White Plains-based The Ostrove Group, helps seniors manage those next eggs.
“Life expectancy today is much longer than it was 30 or 40 years ago,” Ostrove said. “People today can be retired just as long as they were working, so how they plan for that or how they manage their assets to provide them with the best solutions are the areas I concern myself with. Part of the process is getting them to understand what assets they have and how that will provide for them going forward.”
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Insurance agents selling long-term insurance have to market to people before they become seniors, while the insurance is still affordable.
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“A very small percentage of people have long-term care, and this is why I say we really have to start talking to people in their 40s about it,” Ostrove said. “What happens is people wait until they”™re in their 60s or 70s to get it and by then it”™s too expensive. They could have purchased it for a fraction of the cost if they had thought about it years earlier. Most people end up needing some form of long-term care, and that is not just for nursing homes. These days more people are taken care of in their homes by other family members. With long-term care insurance they would be having assistance come into their own home and have it paid for.”
One concern for seniors is that they may outlive their assets.
“People forget that inflation makes every year cost more than the prior year even though you may not be doing anything differently,” Ostrove said. “The real key is sitting down not only with the senior but with the children, as well, so that they understand the actions that they perhaps should be taking.”
Tim Goergen, owner of A-1 Canadian Drug Service, a prescription medication broker in Mamaroneck, has used his 81-year-old mother-in-law to market his services.
“I can get brand-name drugs at up to 70 percent off,” Goergen said. “My mother-in-law goes to all the senior centers, so she”™s a great source. The seniors trust each other.”
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Unfortunately, Goergen warned, some companies that market to seniors can prey on their weak computer skills.
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“There are a lot of predators out there and the Internet is the key to using their predatory instincts,” Goergen said. “I go on the web all the time and there are over 11,000 companies stating that they”™re Canadian drug companies, and out of that number only 211 are registered. They could be selling talcum powder. There”™s no way of knowing where these companies are or what they are selling, so the FDA has been trying to tell the seniors not to buy online because they don”™t know where this stuff is coming from.”
Bob Cole”™s wife and partner at Cole Communications, Sue Cole, said marketing to seniors is not a broad topic.
“The first thing I”™d say is it”™s a distinctly mixed group,” Sue Cole said. “We look at it and say there are young seniors, old seniors and very old seniors, and they have a lot of money. For the younger seniors think travel and clothing purchases. Financial advisers have known this for years.”
How do you reach them?
“We tend to overlook that seniors are still used to looking at their newspaper, and we believe when it comes to issues and services and you want to reach seniors, go the op-ed page route. That”™s where a lot of Westchester seniors find out news about the community. At the same time, they”™re also online, so you have to key in on their new fascination with the Internet. That”™s where the growth is coming from, so use email blasts, get your web site senior-friendly with clean graphics and larger type. They”™re looking for bargains, so provide free shipping if you”™re a merchant.”
The personal touch is also important when trying to reach seniors, Sue Cole said.
“Seniors are loyal to their vendors and service providers and it is important that when you touch them to provide service with a smile, make sure you deliver and follow up,” Sue Cole said.
