Connecting With 50+ Customers

Transcription

1 The 50+ Marketing Agency Connecting With 50+ Customers baby boomer & senior marketing

2 Program Why 50+ Customers What We Know Shifting Paradigms The Value of Storytelling Conditional Positioning Summary 2

3 Why 50+ Customers

4 The 50+ US market 77 Million $2.4 Trillion $7 Trillion 50% 2:1 Born Annual Income Annual Spending All Online Spending Outspend All Generations U.S. Census Consumer Expenditure Survey AARP AARP Forrester

5 The 50+ US market Growing Living Working Spending 5MM % 35% 16MM 79 23% 60% Population Growth vs Average Age 1900 vs 2015 Work force participation 2012 vs Population to Retail Sales Census Bureau Census Bureau US Bureau of Labor Stats McKinsey U.S. Census Syncrony Financial 5

6 The 50+ Consumer Mindset: What We Know

7 Why Communications, Marketing & Sales Have Gotten Tougher Changes Brought About by Aging Markets Physiological Hearing Taste Touch Smell Manual dexterity General mobility Vision Behavioral Values Root Motivators Cognitive processing Communications Impacts Culture Marketing Sales PR/Media Operations/Service Customer Satisfaction Product/Service Development 7

8 The Need to Shift Your Marketing Paradigms The Old Consciousness Monologue Product Centric Economic Values Rational Hierarchical Directive Control Minded Inwardly Focused The New Consciousness Dialogue Customer Centric Metavalues ( Higher Level Values) Emotional Distributive (Networks) Collaborative Adaptive Minded Outwardly focused 6

9 Approaching 50+ Customers Connect messages with 50+ customer s values & motivators in the fall & winter stages of life Linked to: Developmental psychology & Consumer behavior Communications processing by the brain 9

10 A 55-year-old Boomer Is Not Just a 25 year Older Version of Her 30-year Old Self She s in a different season of life with a different worldview, & has different needs, different motivations & different values Her priorities have changed: things that once mattered much, now often matter less Things that once mattered little, now often matter more 10

11 Boomers & Older Customers Are Not All The Same! No such thing as a pure boomer & senior" customer market 115 million consumers are not a single segment. Very diverse: o o o o Income Education Religion Politics o o o Socio economic Geography Lifestyle But, life stage has an impact on how customers common values & purchase motivators are manifested To connect need to focus on how they think Their behavior 11

12 Focus On 2nd Half Purchase Values & Motivators MUV s* Identity Relationships Purpose Adaptation Energy 1 st Half of Life 2 nd Half of Life dependence materialism egocentrism novelty escape vs. vs. vs. vs. vs. autonomy experiential altruism habit engagement *Motivating Underlying Values 12

13 Defining Attributes: 1st Half of Life IDENTITY VALUES BEHAVIORS MOTIVATORS Dependence Egocentric Idealistic Material/Things Developing Crowdsourced Peer-driven Self-interest Esteem from social/vocational Validity from accomplishments Defining Attributes: 2 nd Half of Life IDENTITY VALUES BEHAVIORS MOTIVATORS AUTONOMY RELATIONSHIPS PRACTICAL EXPERIENCES PRESERVATION INDEPENDENCE INTROSPECTIVE ALTRUISTIC ESTEEM FROM PERSONAL GAINS VALIDITY FROM VALUES Immediate Externally driven Escape Excitement Acquire Novelty MEANINGFUL HARDER TO PREDICT CONTROL AUTHENTICITY LEGACY ENGAGEMENT 13

14 We Begin Shifting From A Need For Immediate Gratification... Position your brand & products as Gateways to Meaningful Life Experiences 14

15 Behavior Shifts

16 The Rules for Understanding Older Customers Behavior Is More: Realistic, more practical With age comes wisdom Novelty has less appeal Dependent on context Behavior is harder to predict Detached, more individuated Less subject to peer & other social influences, yet more caring of relationships Resistant to persuasion Less influenced by hyperbole in advertising 16

17 The Rules for Understanding Older Customers Behavior Is More: Emotional, intuitive Gut feelings often trump reasoning Focused on peak experiences Pleasure sought in little things Introspective More self-informed Authentic Less disposed to trying to impress others; fewer airs Seek honesty Source: David B. Wolfe 17

18 Understand the Brain If You Want to Connect Better, Understand How the Brain Works It s only in the last 10 to 15 years that 90% of the research on how the brain works has been published 18

19 The Right Brain Rule for Connecting Lead With the Right Arouse Emotions With Appealing Imagery: Seeing Hearing Smelling Tasting Touching Follow With the Left Give customers reasons to justify their emotions after charming the Right Brain which sends its first impressions to the Left Brain for: Analyzing Reasoning Deciding Main Source of Visceral Pleasures & Satisfaction Main Source of Mental Comfort & Satisfaction 19

20 Like a Hospital ER, the Brain s Triage Is Based on Urgency and Relevance to One s Interests If you connect with: Relevance to customers By mirroring their values and Resonating with their language preferences Your message has an excellent chance of reaching their conscious minds Successful connecting depends more on what takes place in customers' brains and minds than on the products or services you provide 20

21 How The Brain Processes Communications - Triage Customer Experience Integration Relevance Determined Executive Decision Visual Auditory Tactile Olfactory Gustatory Brain (image) Preconscious Mind Conscious Mind Other Data: innate behavior traits experiences Need Root Motivators Execution/ Conclusion 21

22 Storytelling

23 Tell a Story Storytelling has become an important part of communications strategy; whoever tells the best story, & whoever tells it best, will win. Rolf Jensen 23

24 Storytelling Generally Works Better Today Than Ever - Changes in Demography FACT: Today s customer universe is ageweighted toward midlife and later values FACT: Resistance to emotionally neutral information (mainly processed in the left hemisphere of the brain) increases in midlife FACT: Receptivity to emotionally enriched information such as stories contain increases in midlife 24

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29 Conditional Positioning vs. Absolute Positioning Less is typically more in the early stages of communications Conditional Positioning Can Be More Effective Than Absolute Positioning 29

30 Let Older People Define Your Message Conversely, absolute positioning is about the product. Remember BMW s The Ultimate Driving Machine Absolute positioning is a left-brain orientation Well suited to the younger age groups that once dominated the marketplace Absolute positioning strives for an objective image of the product on a mass-market basis An image everyone recognizes the same way and admires 31

31 Conditional Positioning 32

32 Summary

33 In Summary The Problem Isn t What Marketers Don t Know; The Problem is What Marketers Know That Ain t So What we thought we knew Bend customer s wills to marketer s wills Marketing is about meeting numbers Power wins over markets Controlling customers is key to success Strategic control of information is vital What we now know Adapt to customer wills Marketing is about behavior responses Customers now have the power advantage Letting customer s lead is key to success Information flow is no longer controllable 33

34 In Summary Common 50+ Defining Attributes should guide your messaging Tying company values to target customer values Authenticity & honesty are essential company/brand/product values As the 50+ brain moves to the right, communications must follow Conditional positioning more effective than Absolute positioning Pull them into the message Entice their imaginations & let them self-select Position your brand & products as Gateways to Meaningful Life Experiences 34

35 Some Sage Advice To have Sight is to be Blessed; To Have Insight is to be a Thousand Times Blessed Anonymous 35

36 Thank You! For more information, please contact: Jim Gilmartin Or visit: The 50+ Marketing Agency

37 Appendix

38 Reaching Your 50+ Audience Online Channel Selection Organic Search Paid Search Remarketing Video Direct 50+ Audience Conversion LinkedIn Paid Social Display Digital media have moved from strictly a direct response medium to a multi-faceted channel with the potential to reach consumers across every point in their journey 49

39 What Are They Doing Online? 38

40 What Are They Doing Online? Source: Older Adults & Internet Use, Pew American Life Project 6/12 Reaching Todays Boomers & Seniors Online, Google Ipsos

41 What Are They Doing Online? 40

42 What Are They Doing Online? Source: Boomers Reveal Comfort With Online Transactions, emarketer

43 What Are They Doing Online? Source: Experion, U.S. Census

44 What Are They Doing Online? Source: Boomers Big On Word Of Mouth emarketer 2007 Conversation Index Bazaarvoice

45 What Are They Doing Online? Source: Boomers Big On Word Of Mouth emarketer 2007 Conversation Index Bazaarvoice

46 What Are They Doing Online? Source: Reaching Todays Boomers & Seniors Online, Google Ipsos

47 What Are They Doing Online? 46

48 What Are They Doing Online? Source: Reaching Todays Boomers & Seniors Online, Google Ipsos

49 What Are They Doing Online? Source: Digital Consumer Report, Neilson 2/14 48