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Truths About Marketing To the 50+ Consumer Kurt Medina John Migliaccio, Ph.D.

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Presentation on theme: "Truths About Marketing To the 50+ Consumer Kurt Medina John Migliaccio, Ph.D."— Presentation transcript:

1 Truths About Marketing To the 50+ Consumer Kurt Medina John Migliaccio, Ph.D.

2 Marketing to the 50+ Consumer There is no single Mature Market: Pre-Retirees:Aged 50 to circa 62Active Retirees: Aged 62 to circa mid 70sSeniors: Everyone older than above Value, Not Price Alone: This is the number one consideration for 50+total-quality- for-the-money-spent

3 Marketing to the 50+ Consumer Self-Reliance and Self-Empowerment Are The New Life Skills: Taking responsibility for themselves reflects the inherent skepticism of institutions of the leadingedge of the Baby Boomers. No Surprises: Especially true among the older-old Deliver whats promised and whats expected

4 Marketing to the50+ Consumer Questions and Comparisons: The mature consumer comes from MissouriExpect comparisonsExpect questions-anticipate One to One Please: Retirees and seniors like to communicate one toone. Dont be in a rush.

5 Marketing to the 50+ Consumer Referrals and Word-Of-Mouth Referrals via word of mouth come about a lotmore often among retired portions of the 50+ Due in part to their never ending quest for value and their willingness to celebrate success stories in this hunt Key Learning you are being talked about/referred whether you get the name or not

6 Marketing to the 50+ Consumer I dont want to leave my home 83% of homes occupied by seniors are owned free and clear AARP/Roper annual polls say consistently that, 80% or more of retirees want to stay right wherethey are, thank you very much.

7 Marketing to the 50+ Consumer You need to know How seniors think, as well as what they think. Author David Wolfes, and others, research suggests that information processing movesfrom the left brain linear thinking, to the right brain emotional thinking with age. Impressions form almost instantaneously, intuitively, and pictorially in the right brain.

8 Marketing to the 50+ Consumer Know how they think If you do not connect in the right brain/emotionalthinking, no amount of facts will have any impactlater. Once the customer has been drawn in by yourimagery or emotional context, they then will need to justify any purchase decision based onthe facts and information you present.

9 Marketing to the 50+ Consumer I Control My Own Life: Independence and self- sufficiency are criticalthemes to understand. Self- respect stems from being in control of onesown life. Decisions and choices must be made by the individual.

10 Marketing to the 50+ Consumer They want someone to help them afford retirement. Position choices in front of them such that theycan see how to afford them. Ie. good, better, best

11 Marketing to the 50+ Consumer Give Away Service Give informational materials, newsletters, how-to strategies, helpful personal convenience items. Compliment a true service orientationof TAG with tangible reminders of this position.

12 Marketing to the 50+ Consumer Who Makes the Decision In the Family This is somewhat generational. Older citizens have typically had the male making decisions.Baby Boomers are likely to have male and femaleparticipants in the decision making. In any generation, be respectful of both sexes in the interaction, and do not exclude one over the other.

13 Marketing to the 50+ Consumer Dont Dismiss Technology And The Internet For The Mature. If you think that the 50+ consumer is not on the internet you need to get your head out of the sand. If you are technologically challenged, do something about it. Staying challenged is not an acceptable strategy.


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