Marketing to Seniors

Credit Granting to the Senior Market
©Michael C. Walker, 2004

How you will be paid for the products or services you sell depends largely on how you deliver what you sell to the customer. For example, if you sell by mail order, your distribution system includes "middleman" services and payment is made through credit granting or C.O.D. The same holds true if your sales are distributed through local, regional or national delivery services.

If your sales are made over-the-counter or delivered directly by staff, both cash and credit payments can be accepted. Cash payments include actual cash, as well as checks, money orders, travelers checks and debit cards. Credit payments may include commercial credit cards such as Visa, MasterCard, American Express, Discover and the like. Either way you will have to price your goods and services with this additional overhead in mind. Few businesses today can survive on an all cash business. Credit has become a convenience and a way of life for both producers and consumers. Chapter Eight in Marketing to Seniors 2^nd Edition explores credit granting to best prepare the reader for operating in this senior market.

While credit cards are part of virtually all of our daily lives, the senior population is somewhat less likely to be as inclined to use them. This continues to change, especially at the lower end of the senior age spectrum. By including cash and credit charge accounts, you cover the full range of purchase options for all customers. However, remember that the senior customer is often a customer with others involved in the purchasing process. This can complicate the purchase and payment process.

Marketing to Seniors 2^nd Edition also introduces the concept of the "extended senior customer" to explain the significance of others who may be involved in various purchasing and payment decisions. This phenomenon should be explored fully when applying credit granting operating procedures to the senior market.

Marketing to Seniors, 2^nd Edition by Michael C.Walker, © 2004, published by 1^st Books Library / Authorhouse ( http://www.authorhouse.com/ ), 800-839-8640

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