As baby boomers approach retirement and enter their golden years, they have created a new consumer segment that is both diverse and complex. With this market growing in numbers and purchasing power, it's time to consider how best to serve this demographic online.
Edging Towards Immortality
We are living longer. The global population is aging, and modern science has done many incredible things to enhance human health. The number of people over 65 is expected to double by 2050 while average life expectancy continues to increase.
Investment in anti-ageing research and immortality is set to reach $73 billion by 2027. Senolytics drugs (drugs targeting senescent cells) are expected to get us closer to immortality in 2023, with a 50% chance of extending lifespan by more than half.
The Rise of Affluent, Highly Educated Seniors
The aging population is showing signs of being more affluent and highly educated than ever. More than 27.9 % of those 65 and older have a high school diploma or college degree, according to census data
Today's seniors also own multiple technology assets such as smartphones, tablets, laptops/desktops, smart TVs — even smart refrigerators!
The majority of this age group has positive views toward the benefits of online platforms.
They want to stay connected with friends and family through social media channels like Facebook Messenger or Skype video calls.
Rapid Digital Adoption in the Silver Market
The digital transformation and adoption of technology among seniors are growing. According to a Pew Research study, 87% of older adults with a college degree use the internet, compared to 40% without a college degree. This age group also has high usage rates for smart phone technology and broadband adoption.
The Monetizable Senior Tech Habits
The unique ways that older people engage with technology have led to some interesting opportunities for monetization.
For example, seniors spend more time on social media than younger generations. Seniors are also more likely than younger generations to use online news sources or leverage online financial help.
Seniors Seek Daily Online Connections
How older adults use digital media heavily depends on their emotional needs and social connections. Older adults are increasingly using the internet to maintain relationships with family members who live far away. Many seniors also use social media platforms like Facebook or Twitter to keep up with friends and family members.
Seniors Stay Online For 6 Hours Everyday
Seniors spend about six hours a day online. They are interested in health, wellness and financial tips but also seek fun and entertainment. They enjoy sharing their life experiences with the next generation and have a strong desire to leave stories behind for future generations.
PPC & SEO Messaging for Seniors
Single-focus messaging: The nature of aging and short attention spans means that the older generation is more likely to prefer single-focused topics at a time.
Explicit messaging: Older users don't respond well to the vague or ambiguous language, so be explicit in what you are offering them and how they can take action
Minimalist design: Make sure the design of your landing page is clean and uncluttered; this will help avoid confusion and any unnecessary distractions that could leave users feeling disoriented.
Simplify Senior Brand Experiences
The navigation should be simple and easy to find. Whether they need to call customer service or check their account balance, the experience must be clear and concise.
Menus should be straightforward for customers to navigate independently or with help from family members if necessary.
Instant gratification is key. Ensure fast delivery of useful information and goods and services.
Relevance. Seniors are looking for information that is relevant to them. Your brand's content should be personalized and tailored around their specific needs, not just a random assortment of information that could apply to anyone.
Engagement. To engage seniors daily, brands must provide a consistent voice and tone across all touchpoints in their digital ecosystem—including websites, email newsletters, social media channels and advertising campaigns.
Authenticity. Authentic storytelling builds trust and strengthens positive relationships between you and your audience by giving them insight into who you are as an organization.
Inform And Educate More
Seniors need consistent regular messaging if they're going to understand your product or service fully, so provide plenty of opportunities for that kind of interaction.
This can be as basic as a weekly newsletter or as advanced as a virtual assistant (VA) who answers questions 24/7 in real-time and has access to virtually all of the information you do.
Increase Investment In Video
Short videos are better for engagement than long ones. Suppose you want to keep your senior audience's attention for longer periods. In that case, you should make sure there are no more than three components in the video—and that each component has an actionable takeaway for viewers (such as a purchase or sign-up).
Create Golden Experiences
Senior brand experiences should be memorable and meaningful. They should allow them to connect with their past while also providing an opportunity for self-discovery in the present.
Write appealing content with bucket brigades backed up by captivating visuals showing what makes you unique as a business or organization.
Adapt and Iterate
The aging population is a growing market. The digital habits of these consumers are likely to change, and businesses must adapt their strategies accordingly.
By understanding this changing behavior and looking for ways to capitalize on it, businesses can find success in an increasingly competitive environment.