The Importance of Understanding How Older Consumers See the World

The biggest mistake you can make is to try to change people’s minds. Instead, you have to speak to what they already believe and value.

Welcome to Longevity Gains, the newsletter for marketers and entrepreneurs who want to succeed in the longevity economy, the largest and fastest-growing market in the world. It’s the $22 trillion opportunity you can’t afford to ignore.

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As you saw last week with the way Steve Jobs marketed Apple’s products, people buy things based on what they believe about who they are and aspire to be.

When it comes to purchasing behavior and brand connection, 74% of consumers favor feeling valued and understood as a key factor. That means they're asking you to understand the conversation that's already happening in their heads.

Perhaps you've heard that saying before. If not, remember it, because it's the essence of everything you’re aiming for with your marketing efforts in the longevity economy.

The biggest mistake you can make as an entrepreneur or marketer is to try to create demand or change people’s minds. Instead, you have to speak to what they already believe and value, and the fundamental desires they already have.

To illustrate this point, I’m going to lead with a surprising example — Jordan Peterson. I'm not a fan of Mr. Peterson's, and you may not be either. But it's a mistake to think that he's converting impressionable young men to how he thinks. 

It's more accurate to say he's channeling what certain people already believe and giving voice to those who think they're alone or isolated in their worldview about men, women, and society. 

Although perhaps a distasteful example, it’s nonetheless a perfect illustration of how great marketing works in general. And it’s specifically important in the longevity economy given the neglect that older consumers feel.

The Role of Belief When Marketing to Older Consumers (Longevity Gains)

Who’s Getting It Right?

When crafting your own messages for older consumers, it never hurts to have winning examples. Unfortunately, we don’t have a lot to guide us, which is why I’ve highlighted early Apple ads as general examples of values-based empowerment marketing.

For example, a study by CreativeX looked at more than 126,000 brand messages and found that only 4% of people featured in ads in 2022 were over the age of 60. That’s startling given that people over 60 represent 16% of the population, and generate one-quarter of consumer spending.

Plus, the ads that do feature older people are often only good examples of what not to do. Old school inadequacy marketing is still seen as effective for older consumers, even though research shows that older people are even less receptive to negative messages that rely on fear, insecurities, and anxieties than other age groups. Older consumers prefer empowering messages just like most everyone else, except even more so.

So, let’s look at some examples of brands and advertisements that are doing great work. Given the sorry state of marketing to older consumers, you’ll see that it doesn’t require creative genius. It only takes an awareness of what older people are really like.

Donna Karan

The "In Women We Trust" shoot featured eight iconic models from several generations, ranging from 59-year-old Linda Evangelista and 55-year-old Cindy Crawford to 46-year-old Liya Kebede and 27-year-old Imaan Hammam. While supermodels may not be the most relatable group of genetic lottery winners in the world, the underlying message is clear. You don’t stop being an iconic supermodel once you’ve over 50, and that’s true of whatever you do as well.

Humana

I love the way this Humana ad uses humor to poke fun at marketing stereotypes about older people. While water aerobics, golfing, and antiquing aren’t negative stereotypes, they’re still cliches. This is a great reminder that older consumers are much smarter and more sophisticated than brands give them credit for. And just wait until you try those cliches with Generation X.

Amazon’s Joy Ride

Amazon’s “Joy Ride” spot was the toast of last holiday season, with many proclaiming the advertisement to be a work of genius. But it’s actually simple and obvious — older people are people too, and people like to have fun. In fact, fun may be your secret messaging weapon, as long as you understand what fun looks like to your ideal older prospect.

Allegro’s English For Beginners

You may remember seeing this spot from Allegro — the popular Polish online auction site — back in 2016. It’s a story about an older Polish gentleman who orders a book called “English For Beginners” and begins a mission to learn a new language for mysterious reasons. It’s empowering across the board, a great example of how to frame real benefits for older people, and has a conclusion that melts the coldest of hearts.

Saga’s Experience is Everything

Saga is a UK company catering specifically to 50+ longevity economy consumers via insurance, travel, and financial products. Their “Experience is Everything” spot asks the question “What does old mean?” and then goes on to define it with the most flattering terms and examples. Simply and effective.

It’s important to note that these are all well-funded brand advertising campaigns. As small businesses and startups, we need to have laser focus in our messages to make sure that we’re quickly resonating with our chosen ideal prospects. This means knowing them at an intimate level so that you know exactly what to say and how to say it.

A Tale of Two Retirements

Speaking of understanding your prospects, here’s a potent example. The general longevity economy trend is that people are pushing back retirement age, with many coming out of retirement to go back to work (unretirement):

Americans over 75 are the fastest-growing age group in the workforce, more than quadrupling in size since 1964, according to the Pew Research Center. Forecasters expect that cohort of older, working Americans to double over the next decade.

But how you communicate when trying to help a person in this new life stage depends on why they’re doing it. And that’s where you can get it wrong.

On one hand:

People are living longer and are more likely to be healthy into old age.

The nature of work has also changed. “More people are working at desk jobs that don’t require much physical labor,” said Gal Wettstein, a senior research economist at the Center for Retirement Research at Boston College. “That contributes to people’s ability to work longer.”

We’ll call these people “those who don’t want to retire, at least not yet.” But on the other hand:

For many people, though, working into their golden years simply comes down to lacking enough money to stop working and keep a roof over their heads.

“It’s a tale of two retirements,” Morrissey said. While plenty of older Americans are working good jobs later into life by choice, others have struggled to find their place in the workforce.

Both groups are viable prospects for products, services, and experiences that make their ongoing work life better. But you have to be very specific in reflecting what motivates them, or you may end up spinning your wheels.

More people are working well past retirement age. It’s not easy (CNN)

Until next time…

Keep going-

Brian