The Secret to Selling to Seniors
Archives: Daily Issues
Issue #2585
- WEALTHY: They spend $7 billion a year online – get them to spend it with you (John Forde)
- HEALTHY: The healthiest way to eat meat (Kelley Herring)
- WISE: Jonathan Swift on getting old
ALSO IN THIS ISSUE:
- What’s your top priority? (Michael Masterson)
- Any business can multiply its profits with this… (Jason Holland)
- It’s Good to Know… if you’re didaskaleinophobic
- Add “cogent” to your vocabulary
== Highly Recommended ==
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“Every man desires to live long; but no man would be old.”
Jonathan Swift
The Secret to Selling to Seniors
By John Forde
What do you know about marketing to the older generation? It might not be enough. Check this out:
• According to the last U.S. census, the fastest-growing market is people 50 years and older. Right now, that’s about 37 percent of the total U.S. population. By 2015, it should hit 45 percent.
• Nearly 30 percent of these people are on the Internet. Not to mention an incredible 80 percent of seniors in the top income bracket.
• How much money do these folks have? About 70 percent of all the disposable income in the U.S. Around $1.6 trillion. Overall, they have a combined household net worth of around $19 trillion.
• The over-50 crowd – just in the U.S. – spends about $7 billion per year online.
• They also buy 40 percent of all new cars, 80 percent of all new luxury cars, 74 percent of all prescription drugs, and 80 percent of all leisure travel. And this same crowd – close to 75 percent of them are grandparents – buys 25 percent of the toys sold in the U.S.
To lump together everyone in the “older generation” is to include every race… every economic, religious, and political background… every level of income… you name it. Almost every marketing niche in existence somehow overlaps with the post-50 set.
And it’s about to get even more diverse…
Between 2005 and 2030, the total market of consumers between the ages of 18 and 59 will grow only about 7 percent larger. Meanwhile, the market of people over 60 will grow 81 percent. That’s huge. Somewhere around 20.5 million more customers.
With all those folks going grey – with such diverse interests and needs – what to sell? Creams, lotions, pills, and wheelchairs?
Not hardly. In the 1930s, it made sense to think of 65 and up as the age of obsolescence. Not anymore. If there’s one clear trend it’s this: A whole new concept of what it means to be older has evolved.
By and large…
Today’s Older Generation Is Healthier
There’s lots of talk about how life expectancy is soaring. Hogwash. Science doesn’t expect anyone to live past 114 years. And that’s the way it’s been for a long time. What’s changed, though, is how well we’re living and how long we’re doing so.
Only about 5 percent of the older population lives in nursing homes, according to agingresearch.org. We’re shifting from acute to chronic ailments that may make life a little tougher, but don’t stop us from doing and accomplishing all kinds of great things, regardless of age. We’re also getting in shape and staying in shape.
And we’re discovering that bad health has more to do with bad habits than with heredity. And that diet and exercise can even hold off diseases we might be genetically susceptible to.
If you’re marketing to this crowd, you’d better throw in adventure travel, fitness products, vitamins, dignified fashions and sportswear – in general, a lot more “younger” products and sales pitches than anyone might have imagined 20 years ago.
Today’s Older Generation Wants To Learn
Age-related memory loss and brain function is way over-estimated. New research even suggests it has a lot more to do with how you expect to age rather than any actual mental or physiological changes.
More important, we’re all just a little more aware of learning opportunities today. And the opportunities are more accessible than ever before. That’s as true for the older population as it is for everyone else.
There’s a booming market for mail-order education, seminars, educational travel, and more. Heck, my own grandfather learned to speak French at 76 years old. That’s better than I’m doing at 39!
The Older Generation Wants To Work
In too many cases, economic pressures force some people to work longer than they want to.
That’s a problem.
But there’s also a huge segment of the older population that just wants to keep on working. Some never retire from their jobs, some volunteer, still others launch second careers. And that may help explain why products that teach new skills and let people launch home businesses can do so well.
The bottom line?
Check your assumptions about the senior market. They’re a lot younger than you might think.
[Ed. Note: Knowing your customer is one of the most important aspects of making a sale. Learn the ins and outs of finding a target market, attracting traffic to your site, making sales, and more from some of the best experts in the business (including copywriting expert John Forde) with a membership in ETR's Internet Money Club. Learn the details here.
And to get John's wisdom and insights into copywriting (and much more), sign up for his free e-letter, Copywriter's Roundtable, at copywritersroundtable.com. Or send an e-mail to signup@jackforde.com. Get a free report about 15 deadly copy mistakes and how to avoid them when you sign up today.]
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Dear ETR: “What advice can you offer for better time management?”
“I’m a college professor. As you might be aware, college teaching is a little different from other professions. What advice can you offer for better organization, time management, and the like?”
Jeffrey P.
Birmingham, AL
Dear Jeff,
I used to be a college teacher, so I know what you mean. As a professor, you have the following types of work:
• Preparing your classes
• Teaching your classes
• Giving tests
• Grading tests
• Meeting with students
• Meeting with faculty/administration
• Furthering your own research and writing
Of these seven activities, you have to decide which is the most important to you. If you want to get to the top of your field, it will probably be the research and writing. This falls into the important-but-not-urgent category of your planning process. Thus, that is what you must give your greatest attention.
I like to do my top-priority tasks first thing in the morning. That way, I do them when I have lots of energy, and they don’t get crowded out of my schedule by less important but “more urgent” items. If your schedule permits, I would recommend you do this. Devote at least an hour a day – preferably two – to your research and writing.
Aside from that, you should spend some of your priority time networking with key people in your field. Everything you need to do in this regard has been explained in past issues of ETR. It also will be covered in a new book ETR is publishing at the end of the year titled How to Master Plan Your New Life.
The rest of your schedule should be organized around your classes. Limit the amount of time you spend at faculty meetings and with students. You don’t want other people to dictate your time. You want to be captain of your fate.
Finally, in addition to everything I just mentioned, look into the time-management techniques recommended by success mentor Bob Cox in ETR’s Total Success Achievement Program.
- Michael Masterson
[Ed. Note: As a special thank you to our best customers, Michael has started a new VIP service in which he gives insider business-building advice usually reserved for his private clients - a twice-weekly newsletter called Ready Fire Aim: The Michael Masterson Dispatch. If you have bought an ETR product or attended a conference and are not receiving Ready Fire Aim, please let us know by sending an e-mail to Michael@ETRfeedback.com.]
Are You Marketing With Just One Channel?
Some business owners and marketers think that one channel of marketing (maybe direct mail, TV ads, or joint ventures) is all they need.
“I just have a little retail store. I’m not a big company,” they say. Or, “I reach my customers with the Yellow Pages just fine.”
But as Michael Masterson and MaryEllen Tribby reveal in Changing the Channel: 12 Easy Ways to Make Millions for Your Business, any business can multiply its profits by using a multi-channel marketing strategy to reach their customers.
For example, the owner of Michael Masterson’s local cigar shop, Cigar Connoisseur, is already using joint ventures, event marketing, TV and radio advertising, print ads, and direct mail. Joe’s coordinated, multi-channel approach has increased the number of customers that come to his shop, the frequency of their purchases, and the amount they spend during each visit.
Joe is doing very well. But Michael thinks he could do even better, and has suggested testing telemarketing and e-mail marketing, as well as search engine optimization for the Cigar Connoisseur website and pay-per-click ads. If Joe takes Michael’s advice and tests these additional channels, he will surely find at least one more that will work to his market.
You, too, could amp your sales by reaching out to your customers via multiple channels. Keep in mind that not every marketing channel works for every business. That’s where testing and tracking comes in. If one channel isn’t generating enough sales to justify the time and money spent on it, forget about it… and move on to the next channel.
[Ed. Note: A comprehensive marketing plan is only one part of your business's overall sales and marketing efforts. You can find dozens of techniques and strategies in Michael Masterson and MaryEllen Tribby's Amazon.com bestselling book, Changing the Channel: 12 Easy Ways to Make Millions for Your Business.]
Slow and Low Is the Way to Go
Want to live longer… enjoying drippingly-delicious meat?
It may sound too good to be true, but it’s not. You simply need to be aware of three factors – quantity, quality, and preparation.
Quantity (eating too much meat) and quality (eating the wrong kind of meat – i.e., “conventionally” raised meat, packed with hormones and pesticides and rich in inflammatory omega-6 fats) are the first two issues.
These are easy to fix by eating smaller portions and choosing only grass-fed meat.
But there’s a third, much-overlooked, issue you need to address: the way you prepare your meat. Problem is, the most popular ways of cooking meat – grilling and broiling – are recipes for cellular damage and disease.
Here’s why.
Cooking protein-rich foods at high temperatures – even for short periods of time – promotes the formation of cancer-causing heterocyclic amines (HCAs). But you can prevent this… by slow cooking!
Cooking your grass-fed meat in a slow cooker – at or below 212 degrees – creates negligible amounts of HCAs. Cooking “slow and low” also infuses your meat with wonderful flavor, a tender texture, and mouthwatering moisture.
In addition to using a slow cooker, you can make your meat safer by stewing or poaching. And be sure to add antioxidant-rich herbs and spices (especially turmeric and rosemary) to further reduce the risk of HCAs.
[Ed. Note: One of the best ways to stay in peak condition is to eat good foods. Nutrition expert Kelley Herring has collected dozens of her healthiest and most delicious recipes in her e-book Guilt Free Desserts. Pick up your copy today.]
For more advice on which foods you should – and shouldn’t – be eating to stay in top health, sign up for ETR’s free natural health newsletter.]
It’s Good to Know: Are You Didaskaleinophobic?
You probably know about arachnophobia (fear of spiders) and claustrophobia (fear of enclosed spaces). But did you know that those who suffer from didaskaleinophobia are afraid of going to school? (Don’t let your kids find out this has been documented.)
Here are a few more less-common fears you may not be familiar with:
• Phasmophobia – fear of ghosts
• Enochlophobia – fear of crowds
• Iatrophobia – fear of doctors
• Pteronophobia – fear of being tickled with feathers (Okay, this one isn’t so common.)
• Spheksophobia – fear of wasps
(Source: Schott’s Original Miscellany)
== Highly Recommended ==
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Word to the Wise: Cogent
Something that’s “cogent” (KOH-junt) – from the Latin for “to drive together” – is convincing, appealing to the mind or to reason.
Example (as used by Meg Wolitzer in Surrender, Dorothy): “One woman, Adrian Pomerantz, was so intelligent that the professors always lit up when Adrian spoke; her eloquent, cogent analyses forced them not to be lazy, not to repeat themselves.”
[Ed. Note: Become a more persuasive writer and speaker ... build your self-confidence and intellect ... increase your attractiveness to others ... just by spending 10 VERY enjoyable minutes a day with ETR's new Words to the Wise CD Library.]
Copyright ETR, LLC, 2009
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Tags: marketing to wealthy seniors, seeling to seniors, selling to seniors, Selling to senors
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