While much of the advertising dollar goes to the prized 18-to-35 demographic, Bill Murtha’s recent post on mature adults gives powerful witness as to why marketing to mature adults is critical, especially for community banks and credit unions.
Murtha cited a recent survey that found that by 2018 nearly 70 percent of all disposable income in the United States will belong to senior adults. Nearly 8,000 people turn 65 daily in the United States.
The challenge for banks is to determine what services this exploding demographic will need in the coming years and how to market those services effectively.
Murtha offers a list of how he believes seniors will be spending their cash in the coming years, such as:
*Health insurance
*Life and long-term care Insurance
*Estate Planning
*Financial Planning
*Travel
*A second home
*RV’s
*Independent Living
*Retirement homes
*Cars and boats
Community banks and credit unions have the advantage of being trusted and steadfast, qualities senior adults seek when investing in their health, wealth and fun..
Murtha also cites the following statistics that tell us that seniors are embracing technology:
*60 percent of individuals 65 and up are online.
*65 percent of those online make purchases because of e-mail.
*35 percent of seniors online use social media, like Facebook and LinkedIn.
*Three of five seniors go online for news.
*And 28 percent have a smartphone.
Traditional media also plays a role in senior decision-making. Eighty-five percent of senior’s cited direct mail as a reason for purchases. Sixty-five percent of seniors still read newspapers. And seniors watch more than four hours of television per day.
What this tells us is that new and traditional media are important in marketing to seniors. But at community banks and credit unions, where relationship-building is vital, there’s another avenue to consider:
The brown bag.
For many seniors, a trip to their financial institution is as much a thread in the fabric of their social lives as the church, a trip to the grocery store or hair salon, or weekly service club meeting.
And for many seniors, those interactions with tellers or other bank personnel are one of the highlights of their day. But financial institutions can effectively take this a step further, effectively and inexpensively.
Consider inviting seniors to monthly “brown bag lunches.” Those simple social gatherings not only provide a great opportunity for banks to market their services, like estate planning, investments buying a second home, budgeting in retirement, college funds for grandchildren, or loans. As for services the bank doesn’t offer, partner with customers who do offer those services. The end result is creating stronger bonds between your financial institution and your clients, both individual and commercial.
Beyond financial considerations, “brown bag” gatherings can address other issues facing seniors, like identity theft, effective use of social media, health and community involvement. This tells seniors that the relationship extends beyond their account numbers.
Remember too, that building a positive, meaningful relationship with senior clients can reach their younger family members, creating a sense that if an institution is good to grandma and grandpa, it will do the same for their children and grandchildren.
The bottom line: Relationships, both in person and online—matter. And a kind word or financial wisdom over a sandwich can be powerful.
Read Bill Murtha’s entire post: http://behaviorchange.net/marketing-to-seniors-everythings-changing-and-everythings-not/
