For the first time in our nation’s history, one in three Americans are over the age of 50. Moreover, by 2010, the 50+ population will grow by 41 percent while the -50 population will grow by a mere 1 percent. This presents new challenges for companies that want to target this market.

This recent shift in demographics forces companies to promote the awareness, development and deployment of innovative, consumer-friendly products and technology-leveraged services which cater to the unique needs of our expanding senior population. They must also provide independence, mobility and quality of lifestyle within safe, comfortable and familiar home environments.

A recent presentation by Don Marsh (www.MatureMarketplace.com) for the Healthcare Public Relations and Marketing Association (HPRMA), addresses the search of products and services – especially in health care, financial planning, retirement living and leisure time by the senior population – that can enhance their lives. To capture and retain the loyalty of those in search, Don observes four fundamental rules of relationship marketing:

    1. Requires individual knowledge of your consumer

 

    1. Must be interactive

 

    1. Does not need to be high-tech

 

    Must be based on perceived value and personal service

While he briefly addresses some of the physical challenges for this population such as deteriorating eyesight, hearing and cognitive changes which force companies to consider elements such as glare sensitivity, clarity and volume of speech, and use of photos vs. testimonial letters, respectively, in their marketing strategy, the most effective way to reach this base, by far, is by appealing to their values. When observing such rules of relationship marketing, consumer perception of your products and services will improve and consumers will focus on value rather than price.

According to Marsh, three ways to influence human behavior are by addressing human needs, addressing human wants and addressing human values. Addressing human values remains the most important of all. Why are values most important? The exchange of “values” creates an environment of trust and confidence. When consumers talk about their values, it leads to understanding what makes their lives unique.

So for companies out there who are trying to wrap their arms around what the senior population “needs” or “wants” – it’s about getting a grasp of who they are and how they live. Scott Public Relations agrees and has offered our unique insights and perspectives to business professionals and companies in this space. Our experience teaches us that the longevity of a company’s services and products are dependent upon their ability to know and understand the way their consumers live and how they think. The appropriate “ground up” approach ensures that seniors and consumers alike can easily incorporate such products/services into their lives – which is highly considered as a value add.

Visit us at Scott Public Relations for more insight on related topics.