Seniors are the last homogeneous market segment. And it was a segment most ignored by modern marketers, until recently. Now you can’t afford to ignore them.
Seniors are particularly specific when it comes to knowing what they want. With years of life experience, they are bound to know a thing or two about the way they want things to be. It’s been said that being 50 is the new 40, 60 is the new 50, and 70 is the new 60. With this in mind, this market doesn’t want to be reminded that they are aging. They don’t want to be hindered by the stereotypical vision of what seniors used to be. Instead they are young minded, young at heart and eager to make the rest of their lives as enjoyable as possible.
One increasingly popular item among the senior set is the Reverse Mortgage. Increasing their quality of life can easily be attained with this simple tool. The possibilities are endless when you consider what a Reverse Mortgage can do for a couple that has dreams of traveling but not the means to do so. Or what about the grandparents who want to spoil their grandchildren? The dreams of taking the grandkids on trips and fun outings end quickly when most seniors realize their Social Security will not stretch that far. If you can take a moment and really think about what a Reverse Mortgage can do, you’ll see how lives can change and dreams can be fulfilled.
So whether you are in the business of changing lives through reverse mortgages or are in the position of marketing to the 60+, here are 5 keys to successfully help you understand the Senior Market.
Key #1- Self Perception Exceeds Reality
Use their market perception, not your own. This demographic is sensitive to being old or seeming old. On that same hand, they take pride in the wisdom and knowledge they have in life.
Key #2- Avoid Surprises
This market does not like surprises. They remain very loyal to businesses that present everything upfront and avoid the fine print.
Key #3- Focus on Abilities, NOT Inabilities
Direct focus on what this market is capable of doing. They do not want to be viewed in the stereotypically version of what it is to be a senior. This refers back to self perception; they see themselves as active and independent.
Key #4- The Little Things in Life DO Matter
Their social interactions throughout the day are minimal compared to a younger demographic. They really appreciate the little things in life. A simple “thank you” goes a long way with this market. A key to having success in this area is to do the unexpected.
Key #5- Referrals and Word-of-Mouth
Word of mouth is very common among this demographic. They have the time and energy to talk with others about their experiences.
Remember, marketing to this demographic, when executed properly, can be very rewarding. These consumers are very loyal and once they have gained trust, will be clients for life.
Reverse Mortgage Facts
- A reverse mortgage is a tool that can be used for seniors 62 years and older who own their own home.
- Its a government funded loan that allows the borrower to pull from the equity that is just sitting in their home.
- Its tax free and no borrower is required to make any payments until they die or they choose to no longer live in the home. This unique loan will pay you for as long as you live.
- The reverse mortgage industry
is on the verge of explosion. In the next few years the first of the baby boomers will be turning 60 and from there on out, the senior market will be growing at such a rapid pace that it will be hard to keep up.
