Talk of advertising to senior citizens and the first image that comes to mind is that of ads pertaining to medical insurance or even hearing aids. The common perception is that the elderly do not have any purchasing power, nor are they tech-savvy. This is, however, far from the truth. Seniors can not only navigate through the Internet but they also have the money to spend on holidays abroad or buying expensive gifts for the ones they love.
Companies that do not spare a thought for this segment are indeed losing out on business. Saumya Chattopadhyay, Head, Strategic Planning, Rediffusion Y&R, says that if any company is in the segment of business which could be of interest to senior citizens, then it is prudent to address the segment carefully. “The market is often ignored by competitors, so attack this segment and project the image that you are senior friendly,” advises Chattopadhyay. It is good to remember that seniors control a significant portion of the market. In the USA, they control at least 70 per cent of the market segment. And that’s a lot!
If you compare the needs of the senior segment to that of the younger group, you will find that there is a great deal of similarity. The elderly too want the same things that Generation Next desires, only in different quantities. For instance, you may not believe it at all, but senior citizens are the greatest purchasers of toys. In fact, 25 per cent of all toys are bought by this segment, a study reveals.
When dealing with senior citizens, try and touch their hearts is the expert advice. Remember that most of them are great buyers, and if you could offer them special discounts, they would be loyal to your company. Not only are they savvy shoppers, they also understand the value of money. Hence, the best way to hook this segment is to offer great deals. Situations must be presented in a manner with which seniors can easily identify.
“The image of the old man sitting all alone listening to an old radio is completely gone. This group of people have a reasonable amount of money; they are out all the time, taking maybe two to four holidays a year, which includes visiting their children in other cities and even abroad; investing their surplus money in the stock market and so on. You have to try to use imagery that shows not only maturity but also an active lifestyle,” says Chattopadhyay. Lifestyle advertising can definitely focus on the senior citizens’ activities rather than on products and services.
So why are companies not taking greater notice of this valuable market? Our youth-obsessed society doesn’t help. Much as most people don’t want to grow old, older people are not considered to be very exciting. Marketing and advertising industries are often dominated by young people who are not interested or focused on their parent’s generation. In Europe the trend is slowly changing. A recent French billboard from lastminute. com, Europe’s largest on-line travel booking service, features a grinning caricature of an elderly woman with large unfashionable sunglasses, dressed in a bikini on which is splashed the caption “Stay fresh this summer.”
Large worldwide corporations like Coca-Cola, Walt Disney, Sony and Nike were born in the 20th century, and they contributed to define the core target for advertising as 15 to 35 year-olds. Today, people in marketing, advertising and television still address the youngest consumer possible to build loyalty. But this method ignores the fact that consumers do age and one day become completely out of sync with this style of product or its communication. While continually following this formula, marketing managers, agencies, and TV channels go to who they see as the easiest target and ignore the rapidly ageing population.
Says Chattopadhyay in-sightfully, “Brands don’t like being associated with older people as most brand managers feel that by doing so, their brands would in turn be viewed as ‘old’. In a country like India with 50 per cent of the population below 25, it’s a risk no brand wants to take.”
The author is a well- known industry watcher