Speedeon Data Blog

The Growing Case for Targeting Seniors

Posted by Rachel Pankiw on Jun 28, 2018 2:53:13 PM

It’s well known that the senior population is continuing to grow with many adults living longer. Some reports estimate that the number of seniors will more than double by the year 2060 and reach 100 million people in the US alone.[1]

The average American life expectancy is 78 years and statistics show that once people reach age 80 they are likely to live another eight to ten years.[2] While seniors only make up 14 percent of the population they account for 34% of all spending.

Research from the Bureau of Labor Statistics shows that the share of the household budget devoted to healthcare doubles when a family member reaches 75. These aging consumers need a variety of products, services, and other resources to assist them in their later years, including:

  • health monitoring tools
  • long-term care insurance
  • medical device IDs
  • long-term care facilities and
  • other assisted living services.

Marketers will need to develop sophisticated strategies that consider the dynamic needs and behaviors of the aging population, their immediate family, and other caregivers to succeed in the competitive senior care space. A good place to start is analyzing your current customer file. You can segment your customers and further refine your target audience by overlaying relevant demographic attributes such as age, wealth, and ailment data, along with proximity to family members.

A variety of predictive analytics tools can be used to identify which customers will be most likely to respond to your marketing offer, spend the most, and provide the greatest lifetime value. By combining high quality demographic data with predictive analytics, marketers can better target this lucrative group of consumers.

 

[1] The Population Reference Bureau

[2] National Center for Health Statistics

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