Many industries have the senior citizens as their core target market – retirement housing, retirement planning financial consultancies, assisted living, home support, prosthetics, health care and so on. Customer retention strategies appealing to the market of the aged need to be special, empathetic and tailored in accordance with the following specific attributes:
- Attributes Of The Senior Citizens Market
Present day businesses cater to a multigenerational marketing segment. Today’s market of elderly people is composed of the traditionalists and the baby boomers who may be either pre-retirees, active or late retirees.
- They do not like to be labelled as senior citizens. A significant portion of the elderly population is still working and expect products and services to provide them with autonomy and self-control.
- They are tech-savvy and use smartphones and respond to digital campaigns. An integrated approach comprising of both online and offline strategies are the best.
- They love to save for posterity and are more interested in potential quick price savings rather than offers with long redemption periods.
- A sense of pride and value is what they expect from their preferred brand. They believe in testimonials and endorsements, compared to self-claimed numbers and statistics on your product performance.
Assure Safety, Convenience And Comfort
In order to make brand switching difficult for the elderly people, you need to assure them of consistency in safety and comfort. Wary of cyber scams, they think twice before doing online shopping. They come back for repurchases only when your brand offers secure payment options. Your brand message must be one that gives importance to their convenience and comfort levels. The older generation loves to be less dependent on others when buying goods and services. Make the on-boarding process easier and simulate the in-store experience on the digital front.
- Use More Visual Content
Elderly people are more impressed with pictures and images than with numbers and infographics. With a general decline in viewing and hearing faculties, using high resolution images is important. More than the technical parameters, the idea conveyed through the messages is more important. Refrain from depicting adults as tired, depressed and dependant persons. Older adults love to see themselves as years younger than what they actually are. Using images that can boost their self-confidence makes your promotional literature entertaining and engaging for them.
- Provide Empathetic Customer Service
Disrespect and hastiness shown when attending to customer queries is the number one reason for customer churn among the octogenarians and nonagenarians. The support crew must be trained specifically to meet the unique needs of older people. Use CRM software to profile senior clients, who may not be all the same, just because they belong to the same age demographic. Pathwwway Ltd will identify their buying preferences and refrain from asking them for too many details when the details can be obtained by the customer care executives themselves, just by putting in a little extra effort. Keeping user experience simple and straightforward goes a long way into creating brand loyalty.
- Be Generous With Offers, Discounts And Deals
Having lived through hard and scanty economic phases, the elderly people look for affordability and tangible savings as the determinants of brand loyalty. Translating savings made from repeat purchases into numbers and quantifying discounts earned will win their approval. They are deal-prone and expect cash savings and subsidies on every purchase made.
- Socializing Meaningfully With The Traditionalists And The Baby Boomers
Using the social media can humanize your customer retention strategies and make up for the remoteness and indiscretion in the modern day remarketing programs. In addition to this, senior people believe in brands that they can trust. This trust is created by word-of-mouth publicity which is early created by being active on social media networks. It is wrong to assume that the Facebook Ads or the Twitter campaigns target only the teens and the younger adults. Grandpas and Grannies too are active users of social media. Research from Forbes indicate that the 74 plus demographic is the fastest growing in the social media circles.
- Provide Gated And Exclusive Offers
Personalize the offers made to senior people. It is time businesses start tailoring exclusive offers for the market of traditionalists and baby boomers. The percentage of people aged over 65 has increased is expected to reach 20.9% in 2050, when compared to only 13 percent in 2010. Also, it is estimated that older people have over 45 times more spending power than the younger generation. It is meaningful to provide dedicated attention when strategizing deals, discounts and loyalty programs for older adults.
- Mail Marketing To Seniors Is Highly Effective
Older people do respond to mails and love the way mail content appeals to their unique preferences. Unlike the younger people, who do not have the time and patience to read through detailed mails, the elderly believe in deep learning. They also like the way businesses keep them in the regular communications loop by sending them newsletters, new product launches, industry and market trends etc by mail.
- Develop Research-Backed And Data-Driven Web Content
The older people are more cautious and meticulous than the younger generation. The senior citizen decision making process is not impulsive. They take time to review, research and make an informed and educated decision. They are put off by faulty claims and extravagant promises. Genuineness and verifiability of information provided becomes very important when remarketing to the older people. Providing calculators, price and feature comparisons, testimonials from previous users of the product, trust badges from competent authorities are all ways to win their confidence.
It must not be forgotten that the older people like to shop for goods that promise value and dependability in the long run. Customer retention strategies must convince them of the value addition gained by investing in your brand. Making the shopping process less complicated will increase the wow factor among senior adults, as they prefer assisted and one-stop shopping that can assuage the unpleasantness of senescence. Hiring loyalty managers wisely is mandatory since older people love to be treated with respect and answered to patiently.