Marketing to Seniors

NEW BOOK LAUDS SENIOR MARKET
©Michael C. Walker, 2004
(Expanded 2nd Edition now available)

By the year 2010, the number of seniors age 65 and older will increase to approximately 40 million people, according to projections based on U.S. Census Bureau data. That will represent a 14.3 per cent increase over that age group from the year 2000. Not only does this demonstrate the dynamic growth of the senior market in numbers, it also will represent substantial purchasing power.

In addition to these figures, there are currently over 24 million more in senior market customers if we include those who are age 55 to 64, many of whom are early retirees or semi-retired. These figures provide ample proof of the substantial business potential the senior market offers.

Marketing to Seniors 2^nd Edition is a new book that has been written to provide an overview of this dynamic market and how best to profit from it. In preparation for designing programs, products and services to reap potential benefits from the senior market, various principles, techniques and research mechanisms have been included to enhance the likelihood of success. Once new offerings are produced, tested, promoted and sold, accounts receivable must be collected. To address this challenge, Marketing to Seniors 2^nd Edition has dedicated a chapter on granting and collecting credit balances. A sincere effort has been made to demonstrate the marketing implications in senior credit relationships.

The concept of the "extended senior customer" is also revealed in this book as a phenomenon to be understood and reckoned with in the senior market. This results from the fact that purchasing decisions of older seniors are often made in conjunction with someone else, or such decisions are fully made by someone else. Generally speaking, this will tend to be more prevalent as senior age increases. This is a natural, if not exact, progression. So when the term senior customer is used, it must be understood that it may represent more than the senior himself or herself. This will now be referred to as the "extended senior customer". While not a new market variable, its occurrence has not received sufficient attention in relation to its potential importance. Marketing to Seniors 2^nd Edition is believed to be the first marketing source to label it and discuss its relevance in relation to business development. This may represent a challenge to delicately apply to advertising strategy, but it can be of enormous value to the sales staff in relationship selling.

The new 2nd Edition includes new sections on positioning, branding, differentiation, and market segmentation, among others.

Marketing to Seniors 2^nd Edition combines the essential principles with senior specific ideas, examples and programs for anyone desiring to promote goods and services to the senior market. The material is not industry specific, however its approach is more in keeping with local and regional providers than with large national producers and distributors.

Marketing to Seniors 2^nd Edition goes beyond text material to include three reference resources:

• The first provides a sample format for use in designing a senior marketing plan. This exercise will ask key questions to be considered in preparing and presenting your plan.

• The second provides a glossary of over 200 key terms in marketing as a general topic, as well marketing which is senior specific.

• The third is a reference library with a list of over fifty sources for further reading. Marketing to Seniors 2^nd Edition can by no means serve as an answer to all marketing questions. The reference sources provided are broad enough to serve as a valuable supplement and resource to the book.

Marketing to Seniors 2^nd Edition is designed to function as a teaching aid in both the workplace and the classroom. Now over 20% larger.

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