1. Marketing to Seniors
Team 3

2. Agenda
Defining a Senior
Population and financial statistics
Myths and Facts about seniors
Failed campaign
Successful campaign
SWOT Analysis
Recap

3. What is a Senior Citizen?
Merriam-Webster defines a senior citizen as:
an elderly person; especially : one who has retired
50 Age at which you can join AARP –
The American Association of Retired Persons
55 Age at which you can get the Senior Discount at Denny’s
591/2 Age at which you can withdraw your 401(k) without penalty
62 Age at which you can collect Social Security
65 Age commonly associated with the term “senior citizen” and retired persons in the US, Canada and UK
Also the age we assumed for our research

4. Common Misconceptions about Senior Citizens
Myth: Senior Citizens have no disposable income
Fact:
Senior Citizens have low fixed living costs
82% of all seniors own their home outright
Most own their car
Lower income does not mean lower available cash
$232,000 median net worth
18% have over $100,000 in investments
40% of discretionary income in the US

5. Common Misconceptions about Senior Citizens
Myth: Senior Citizens have no interest in modern technology
Fact:
46% of seniors own and use cell phones
42% or17.5 million regular internet users
Average senior spends 58 hours a month online
There are more seniors using twitter than y/o
10+ million seniors use Google
8 million seniors use Facebook
8 million seniors use YouTube
6 million seniors shop on Amazon

6. Realities about the Senior Market
41 million seniors
87 million projected seniors by 2050
Current life expectancy of 65 y/o is 84 and growing

7. Seniors have a combined net worth of $9.5 Trillion!

8. General facts about seniors
Seniors do not think about their age in general.
Older people do not think of themselves as old.
Advertising that speaks to their active lifestyle rather than to or about their age is preferred.
30% of seniors say they will avoid a product that is marketed towards older, or disabled persons

9. Does a memorable ad campaign mean it was successful?
USA Today’s most memorable commercial of the last 25 years (2007)

10. Failed Campaign
Heinz Senior Foods campaign of the 1950’s was considered one of the first major marketing disasters
Essentially rebranded Gerber baby food as a product for people with dentures and chewing problems
Company spokesman Weimnan said: "The company understood the need that some seniors have for soft foods, but the product line bombed because older people don't want to stand in a checkout line with something that says you're a denture wearer.“
Heinz has not specifically targeted an older market with any products since
The product failed as the older people shied away from the product perceived to symbolize old age, weakness and helplessness.

11. Successful Campaign
Hoveround

12. What makes the Hoveround commercial successful?
The ad does not:
Mention any age or disabilities
Any ailment or inabilities
The ad does mention:
Independence (3 times)
Mobility
Inclusion in family events
Its all possible
Free to see the world
Ability to go where you want
Improve quality of life
Large, easy to read telephone number and address both
DVD or VHS casette

13. Strengths Large amounts of discretionary income
The ability to explore all nuances of their interests at their leisure.
Value for seniors comes in the form of high-quality, low-risk, reliable and easy-to-use products
Values determine buyer behavior
Starting to spend more aggressively

14. Weaknesses Don’t like to be labeled as “seniors”
Buying behavior based on life experience and buyer knowledge
Physical limitations prevent some seniors from using products
Have difficulty reading small font in advertisements, brochures and contracts
Lack of consistency among the definitions of what constitutes a “senior”
Mass marketing does not work for this highly heterogeneous group

15. Opportunities
Seniors have not made their brand choices for the rest of their lives and they can change
Broken into 3 groups: “pre-retirement (55-65) “young-old” (65-80) and “old-old” (80+)
Seniors do experiment with new products
Seniors are living longer
Will buy loyally from marketers who speak to their core values and motivations in generationally appealing ways
Look for continued reassurance

16. Threats Fickle when it comes to brand loyalty
If the perceived risks are overwhelming, seniors will refuse to purchase
Believe a simpler life is a better life-now is not the time to complicate their days
Stepping up the product ladder no longer fits their lifestyle
Less likely to take risks

17. Take Aways
Seniors don’t like to be treated differently than younger consumers
Seniors want to be independent and self-reliant
Seniors are willing to purchase technology
Must not be overly complicated to operate
Must offer perceived value
Seniors are very family oriented, and enjoy technology that will aide them in keeping close to loved ones