Senior Shoppers & Marketing Opportunities
Prior to the pandemic, elderly buyers were known for their extreme brand loyalty. However, coronavirus has forced many shoppers to change their shopping habits due to new social distancing and safety priorities, forcing people to branch out of their shopping norms and try new brands, especially the senior demographic.
Many marketers tend to avoid target marketing to this particular age group due to their brand loyalty intensity and their unwillingness to consider the latter. Like everything else in 2020, many attitudes and behaviors have shifted. In fact, the National Retail Federation (NRF) released data from June of this year that showed 45% of baby boomers shopping online more due to the pandemic.
Changes in consumer behavior have taken a turn due to the pandemic. Although many elderly shoppers have sparked interest in eCommerce, many marketers are still unwilling to concentrate their marketing efforts toward this demographic. There are many reasons for this, one of which being that in years past, brands were highly afraid to include older customers in their target marketing because it ran the risk of losing younger customers who might perceive the brand as outdated. However, according to AARP, the 50+ segment owns 70% of the nation’s wealth. With how segmented our market can be in today’s age, wouldn’t it be an excellent investment for a brand to obtain this group’s interest and the younger demographic?
With today’s technology advancements, it is so easy for marketers to use the right tools to target multiple demographics at a time. Taking advantage of this new potential is a prime opportunity for brands to expand to elderly shoppers, especially since elderly shoppers have been expressing their interest in trying new brands during this time.
On the flip side of this new opportunity, brands that have relied on their senior market’s loyalty are now at risk of losing many of their consumer bases if they, too, do not attempt to revamp their marketing strategies. Many may fall through the cracks with so much competition as new brands step in as a permanent replacement.
Baby Boomers Impact
Older consumers are beginning to tap into today’s marketing trends that had only previously been associated with younger generations. Covid has forced baby boomers to become more aware of their purchasing decisions. They’re not picking things off the shelves as they once were before. They now have to reflect on how this product affects them directly.
As marketers, it is essential to communicate with your customers and target market through all online platforms and a fantastic digital experience. It is also now more critical to make a great first impression with your customers to help lock in new loyalty.
Senior shoppers are ready to spend and embrace new brands now more than ever, so it is essential to include them in your marketing strategies. Ultimately, they have an undeniable spending power that can significantly impact the growth of your brand. If you are interested in developing a great marketing strategy that will include the 50+ demographic and take your business to the next level, contact us today at 334.446.6149 for a Brand New Idea.
Posted: Dec 01, 2020