Not such a neglected market as some seem to believe, the aging become more and more interesting as a market segment, and Wise Agency seized the opportunity to open shop as a matchmaker. While many businesses are sticking by traditional marketing practices of targeting 18 to 45 year olds, Wise takes a smarter approach, engaging the aging.
According to the company’s official press release, over 50’s are Australia’s fastest growing consumer segment, controlling the largest portion of Australia’s wealth. The seniors have a strong buying power – the problem seems to be that marketing and advertising are usually geared at the young. Everything from snacks and refreshments, to soaps, perfumes, drinks, and even coffee are advertised to the younger segment of the population. But what do you do when, for instance, those between 55 and 64 are the most devoted coffee drinkers? You get wiser.
Wise did. The agency released the Top Myths about the Mature Market:
- Myth: People in their 50’s, 60’s, 70’s, 80’s are not Internet users. In fact, they are the fastest growing Internet users, spending more time online than teenagers.
- Myth: The mature market doesn’t have money to spend; Yet the over 50’s control the largest portion of Australia’s wealth.
- Myth: Over 55+s stick with what they have; Rather they buy new and are the leading purchasers of health care, entertainment, alcohol, travel, electrical appliances, household services, reading materials, cosmetics, designer clothes and much more.
- Myth: Baby Boomers and beyond don’t try new things; Instead, they are constantly trying new brands and products that meet their changing life stages and styles.
- Myth: They are saving it for their children’s inheritance; This group is much more concerned about helping their children now.
- Myth: They stay put; This demographic accounts for over 80% of all leisure travel.
- Myth: 55 plus are prepared to go gently into the twilight; Forget that, they are ready to kick up their heels and see themselves as forever young.
Knowing all this, how are you going to craft your next PR campaign?