The growing senior population, possessing historic levels of disposable income and having significant needs for a variety of age-related products and services, presents marketers with many lucrative opportunities.
Some reports estimate that the number of seniors will more than double in the US in the next 40 years. Research shows that when a household member reaches age 75, the share of the household budget devoted to healthcare doubles. These aging consumers need a variety of products, services, and resources to help them in their later years.
CONNECTING WITH KEY INFLUENCERS AND DECISION MAKERS
Seniors oftentimes rely on their loved ones, in particular their adult children, when making healthcare and other living-related decisions. While seniors do account for a significant amount of purchase activity their adult children are oftentimes the ones making the final decision. It’s estimated that 73 percent of the time adult children of prospective residents are involved in their parents’ transition into a new setting with the adult daughter being the main person in most cases.
Reaching today’s aging consumers and their family members with timely, relevant information when they’re in market for long-term care and other needed products and services is key to establishing valuable relationships.
AN IDEAL PRESCRIPTION FOR REACHING THE AGING POPULATION
Marketers need to develop sophisticated marketing that consider the dynamic needs and behaviors of the aging population, their immediate family, and other influential caregivers. A good place to start is overlaying demographic data to your customer file. Combining demographic attributes like age, wealth, income, ailment data, and proximity to family can help you further refine your target audience.
Your target audience can be further refined by leveraging a variety of predictive analytics tools. For example a cloning model or look alike model can identify influential attributes of your current customers to find more consumers who will behave just like your best-performing customers.
A response model can determine which customers will respond to a particular promotion while a lifetime value model can gauge which customers are worth investing additional marketing resources into.
Once your initial target audience has been finalized you can extend your campaign’s reach to relevant family members, caregivers, and other influential loved ones and decision makers using a family identity graph like RelativeLinks.
MATCHING SENIORS TO LOVED ONES AND CAREGIVERS
By using the family identity graph Relative Links with high quality demographic and customer identity data along with predictive analytics, marketers can better connect with key influencers and decision makers succeed in the highly competitive senior care market.
To learn more about why engaging seniors is a family matter check out our white paper.