The number of Americans over the age of 65 is on the rise. In 2015, there were an estimated 47.8 million people age 65 or older in the United States. By 2060, this number is expected to reach 98.2 million. The senior population is not one that agents or financial advisors can afford to ignore. However, marketing to them is not exactly the same as marketing to younger generations, and success will depend on your ability to account for their unique needs and preferences.
Understanding Seniors’ Needs and Experience
Part of successful marketing is empathy. Try to put yourself in your clients’ shoes. A person turning 65 in 2017 was born 1952. A person turning 80 years old in 2017 was born in 1937. Think of all the changes – social, economic, and technological – that have happened since then.
No two people are exactly alike, and this is as true for seniors as it is for anyone else. However, many seniors share certain common concerns.
- They have high medical bills. A Kaiser Family Foundation study found that Medicare beneficiaries spent an average of $4,734 on out-of-pocket health care expenses in 2010. With rising health care costs, this figure can be expected to rise.
- They are worried about outliving their retirement savings. Longer life spans mean that this is more of a risk. According to the Social Security Administration, one in 10 of today’s 65-year-olds will live past 95.
- Many of them still work. Whether it’s because they need to or because they want to, many older Americans continue to work full- or part-time. In 2016, 8,916,000 people over the age of 65 were employed, compared to only 6,647,000 in 2011.
Understanding Seniors’ Preferred Communication Methods
If you rely on Snapchat to reach seniors, your marketing efforts are bound to suffer.
Although seniors are less likely to be found on the newest social media platforms, they are somewhat tech savvy. The Pew Research Center found that 67 percent of seniors use the internet and half of them have broadband internet connection at home. Smartphone use is also on the rise: 59 percent of people between the ages of 65 and 69 and 49 percent of people between the ages of 70 and 74 have one.
And seniors do use some social media, even if they’re not often found on certain sites. Another Pew Research Center survey found 36 percent of people age 65 or older use Facebook, which is by far the most popular site for this age group. Facebook is followed by LinkedIn, used by 11 percent of this age group. Instagram (5 percent), Pinterest (9 percent) and Twitter (6 percent) are less popular with the over 65 crowd.
Putting It All Together – How to Market Insurance for Seniors
If you’re marketing to seniors – and you should be – you want to focus on their concerns and use the communication methods they prefer. Online, this mostly means using Facebook, at least for now. Ready to launch your career in the growing senior segment? PTT Financial is a good place to start. Download this flier to learn more about the amazing opportunity.
