Misconceptions about the over 50's market - opinion piece
Kate McDougle from Added Value takes a look at the two biggest misconceptions and some items for thought for any companies marketing to an over 50s demographic.1) That an over 50s market even exists!
We wouldn’t talk of 20s to 50s as a single market, so why do we imagine that everyone 50 to 80 forms a single market? At 50, you’re the sandwich generation: you might be caring for both your children and your parents. But at 80, for the first time in over 60 years, you might be dependent on someone else.
Likewise, that over 50s in different countries are all the same – each has had extremely different experiences (e.g. the over 50s in China were born during the cultural revolution while those in France were born during the unprecedented growth of the 30 Glorieuses.
2) That once you’re over 50, you suddenly base all your choices on the practicality of a product’s packaging or the simplicity of a service contract.
Your tastes actually become more sophisticated and discerning as you get older, not dumbed down.
Should this age group be grouped by age e.g. 45-55, 55-65, 75+?
Age is a very poor proxy for segmenting the over 50s. Needs, attitudes, household situation (married/ single, kids/ empty nester, looking after an older relative), work status (working/ retired) and overall health status (in good health or not) are all much more powerful drivers of behaviours.
In what ways should the marketing strategy differ when reaching out to older vs. younger audience groups?
It’s a question of cultural relevance – we tend to be well aware of what music the younger generation like listening to, but do we bother to find out what older audiences like? Likewise for their idols, personal style, what they are reading…
A marketing strategy should vary according to what we know about the specific group of consumers we are targeting and we shouldn’t fall back on generalities such as “you must target all older audiences like this…”
Is personalisation harder with older consumers because they are less willing to part with data?
The question answers itself – yes, you need data to personalise an offer, so if older consumers are less willing to part with their data (and we don’t have alternative ways of getting it) then it is harder.
However, do we agree that it is harder to get them to part with their data? With the right approach, it’s easy to get deep insight into their lives.
What are the key macro-environmental considerations, including economic, social, cultural, legal and political factors, which will shape the mature market moving forward?
The same forces that shape any market – economic growth, employment, legislation affecting retirement, living standards, access to healthcare provision, breakdown of the nuclear family, access to affordable housing…
