Silver Spending Shoppers: Tapping into the Over-50 Consumer Market

Shanita Akintonde:

Hello and welcome to another special edition of my Marketing Insights podcast series. This one entitled, Silver Spending: Tapping into the over-50 Consumer Market. I'm your host, Shanita Akintonde, professor, author, career coach, and marketing shero. Today we're going to take a deep dive into the world of wisdom and wealth where experience meets expenditure. So get ready for Silver Spending: Tapping into the over-50 Consumer Market. Now, y'all know me, marketing maestros. I'm a passionate educator, entrepreneur, wife, mother, and of course, marketer. I've seen trends come and go in all of those capacities, but the power of the over-50 crowd in shaping markets, that's a constant. Just last year, this group was responsible for, wait for it, an amazing 22% of consumer spending. Today on this podcast, we're going to uncover why and how to connect with this influential demographic.

Here's part one, Decoding the over-50 Consumer. This isn't just about age. It's about understanding a stage in life filled with freedom, wisdom, and yes, spending power. We're talking about consumers who've moved on up beyond the noise, seeking value and values with an S in what they buy. They're inching along that Maslow's hierarchy, not stopping at a steam, but full steam ahead up towards self-actualization. They're not just spending, they're investing in lifestyles that echo their matured preferences and seasoned sensibilities.

Part two is going to be what I'm introducing to you now, which I'll call the Experts Corner. This is where I've reached out in my vast array of contacts and identified someone very special who I'd like to introduce to you momentarily. This individual is a renowned parent who has also studied the nuances of age-based marketing based on her own experiences and devised strategies therein through her own online shopping habits. With that being said, let's give a warm Marketing Insights podcast welcome to Senior Sally. Senior Sally, I'm thrilled to have you. I want to delve into what makes the over-50 market, including yourself, tick, and how they are reshaping our consumer culture. All right? Take it away for us, Senior Sally.

Well, thank you, darling. I'm so happy to be here with you and all of your listeners. You see, you have to understand that I know all about you and this podcast. I've been listening to you from day one, child, and I think, and you can correct me if I'm wrong, that you're up to about 50 podcasts out here. Anyway, let me make sure I answer the question that you asked me, which is what the connection is between, oh, and by the way, if I didn't say this, I don't prefer the name, Senior. I mean, I guess by some categorizations I'd be considered a senior, but I like, Seasoned. Call me Seasoned, like when I'm seasoning my pot pies with that bouillon or whatever you call it, and my Thanksgiving is around the corner, so I'm going to have my turkey and my stuffing and of course my pies.

But I must say this to your listeners and I'm promising, child, I'm going to answer your question, but let me just say, cobblers are my go-to. I make peach cobbler, blueberry cobbler. Oh, my blueberry cobbler. Baby, they love that blueberry cobbler in my family. I can't even put it down on the table before it's gone. But anyway, let me go back to what you're asking if I haven't forgotten, and that's what makes these brands resonate with their demographic. See, I have refined taste if you can't tell, I do. And I have accumulated across my years of span, I won't say what that age is, but I've accumulated life experiences and I appreciate those brands that are able to do that to reach me in ways that are not pandering or patronizing. You know what I'm saying? They don't need to pander or patronize. I want them to just tell me what their product is about and give me the opportunity to say, "Okay, I'm going to go out and buy you."

The over-50 crowd in particular has lived through more trends and product pitches than most marketers have had hot dinners. And by the way, if any of your listeners need a hot dinner, just call on Seasoned Sally, and I am there. The reason I use the word, seasoning or seasoned, before my name is because I believe that seasoning is what makes every dish work. Without the proper seasoning, oh Lord. Anyway, successful brands also understand that they need to engage the 50+ crowd through authenticity and respect.

I mean, that's what we want. They need to offer the products and experiences that genuinely enhance our lives. We don't want to just be again told what you're going to do. You got to show us what you're going to do. And this could be, for example, healthcare and wellness that are for our knees. Like I got a bad knee over here, I'm working on it, but that would be helpful. Or luxury and leisure. I love luxury and leisure. That's what I do in my spare time. So I hope I answered you, child, but again, thank you for having me on this podcast with you. I'm so proud of you, baby. So keep it up, keep it up.

Brilliant insights, Seasoned Sally, and thank you, I'm so happy you're here as well. It sounds like what you're saying is it's about respect and relevance and the need for brands to understand that. So when we talk about respect, and I spend a lot of time on that, Seasoned Sally, and the rest of the marketing maestros, I have a podcast called How Do Brands Spell Respect? So I understand the need for respect and really try to be respectful in each and every one of these episodes, for example. But we're talking about honoring the intelligence of the 50+ demographic and their lifelong contributions to society and culture. At least that's what I hear you saying, Seasoned Sally.

When we say things like relevance, we're talking about ensuring that products and services truly fit into the lifestyle of the group. In this case, the silver shoppers. And an example I have, like you gave us a wonderful example, Seasoned Sally, is that technology companies that design user-friendly products with larger texts and intuitive interfaces show they understand and respect what can be some physical challenges that come with age. And then you can take brands like travel companies that offer tailored itineraries with a balance of adventure and comfort to demonstrate that they value the active yet refined lifestyle such as what you're saying, Seasoned Sally, as well.

That's exactly right, Shanita, that's exactly what I'm saying because I know I love to cruise and do other things, but it has to have at the very minimum a sense of me feeling pampered. Like when I go get my manicure and my pedicure, I want to be pampered so that I feel pretty and I feel lovely. But here are a couple of more examples, and then I'm going to turn this microphone back to you, honey, because this is your podcast. I make pies and cobblers and things. That's what I do outside of my motorcycle and walking my dogs, and also I'm going to Paris next week, so I do more I guess, than make pies.

But anyway, back to this. I want to talk about engagement, and I'm not just talking about engagement from the standpoint of the eight times that I've had to host those kinds of parties for each one of my marriages. The brands that do this is what I'm talking about now, not my husbands or my ex-husbands because we're talking about engagement like when the brands understand that they don't need to just talk at people, they need to talk to them and engage with them. But again, that's what my ex-husbands obviously didn't know. But anyway, when you take platforms that are like Facebook and I see my grandbabies all the time on Facebook, for example, or LinkedIn, which I'm getting linked to a little bit more now, but those kinds of things, they can foster communities around the brand.

They give people an opportunity to give feedback. Again, I get from my blueberry cobbler by the scraping, scraping, scraping of the fork at the bottom of the plate. That's all the feedback I need, child, I say, oh yeah, y'all like that. Involve them in product development. Make them feel like valued members, in other words of that family, because that's what it's all about, and I'm a big proponent of family despite my eight husbands and my 12 children. I feel that family is important and now they give me my money so I can travel. So I really love y'all. This demographic also, lastly, appreciates being included in the conversations rather than being sidelined. Who wants to be on the sideline? Which fosters a deeper brand loyalty. So that is what we are talking about here.

That's a very powerful approach, and again, Seasoned Sally, you're really laying it on us. The seasoning is thick. Engagement fosters loyalty, but it also empowers consumers is what I hear you saying. It tells them that their voice matters and their experiences are not just heard, but also appreciated and acted upon. And in an age where every other advertisement seems to target millennials or Gen Z, seeing a brand that positions itself with a clear message that is targeted towards the 50+ demographic market is refreshing and often leads to a strong emotional connection. Would you agree with that, Seasoned Sally?

Absolutely. And in this emotional connection stuff, when we're talking about that, it's key because it's not just about the functional benefits of a product or service, but it's how it make folk feel. Does it make them feel valued? Does it resonate with their identity and their aspirations? It's like I do with my children. I say, this is what you can be, and I continually reinforce it in them and now in my grands as well. And in closing, I just want to say this, brands can evoke a positive emotional response. When they are able to do that way, then they are more likely to see a repeat or repeat, repeat business and recommendations. Recommendations are huge within this community, in my community if you want me to be frank.

Well put, Seasoned Sally. It's clear that tapping into this over-50 market isn't just about seeing them as consumers, but recognizing them as individuals with unique stories, preferences, and futures like your grandchildren. Brands that can do this effectively will not only find success, but also advocates and partners to their older or within their older consumer groups. Is there anything you want to say in closing before we go to the next section, Seasoned Sally? No, I just want to say thank you again for this. This podcast is wonderful. I love the work you're doing with McGraw-Hill and the Marketing insights. I have liked it and shared it wherever I hear it, and thank you for having me. Just thank you for having me and make sure when I see you again, I give you some of this cobbler, child, because I got a special blueberry cobbler just for you.

Thanks, Seasoned Sally. All right, moving on to section three or part three. This is where we're going to talk about some success stories in silver spending, and this is where I'm going to spotlight a few brands that have hit the mark. From travel agencies tailoring dream vacations to tech firms that remember, tech-savvy isn't reserved for the young. These companies don't just sell products, they enrich lives. Up first, AARP, which is the American Association of Retired Persons. The reason for their success is that AARP is specifically tailored to the needs and interests of individuals aged 50 and above. They offer a wide range of product services and information that cater to this demographic's lifestyle including health insurance, travel deals, and retirement planning.

All of this makes them a highly relevant and valuable asset to their target audience. And in full transparency, marketing maestros, I recently got my AARP card and I'm so happy to have it, and I can tell you all that all of these things I just listed about them is so true. So I will keep you tuned on how yours truly is using the card. Okay, next up is LL Bean. Now, the reason for their success is because LL Bean is known in many circles as a quality and durable product. It appeals to the 50+ group because of its classic styles and functional products, but their commitment doesn't stop there. Talking about the demographics commitment and LL Bean's commitment, because you see the latter is about customer service. They understand that this idea of having a generous return policy, can we say Nordstrom? Having a generous return policy is life.

I mean, any brand that understands that, just they get it. It resonates well with older consumers in particular because that group values reliability and high standards in their purchase. Moving on down the road, I'm going to go to the third one, which is Viking Cruises. I think Seasoned Sally would appreciate this one, y'all. The reason for the success of Viking Cruises is that it targets the older demographic with river and ocean cruises. But let me pause. Not just any kind of river and ocean cruises, luxury river and ocean cruises that emphasize cultural enrichment and comfort. Now, if you've been following me along all 49 of my podcast episodes, this is number 49. Then you know I did a past podcast called, Cruising Brands. Go back and take a listen to that one.

In that podcast, I talk about cruise lines and other ways in which brands bring comfort and style across ages in the demographic landscape. But in this podcast, Silver Shoppers, Viking understands that when you offer sophisticated and leisurely travel experiences that appeal to older adults, then you are hitting a jackpot because they often have more time and resources to invest in extensive travel. All right, and rounding us out, last but not least is Olay. Olay, Olay, Olay, Olay, Olay, Olay Olay. I don't know why I'm singing that. That's not even a song. I made it up. But Olay markets its anti-aging skincare products by highlighting their scientific approach to reducing wrinkles and improving skin texture, which of course is going to appeal across the board, but especially to older consumers who are concerned with skincare and appearance in a different way.

The frequent use of mature models and advertisements is another key. Let me pause here. When you have models that reflect the consumer demographic, I know this is Marketing 101, but y'all, as I've shared in past podcasts, so many brands miss this mark. So you need to see, so you can believe what you can be, and so Olay gets that and they use mature models, beautiful women and men in their ads to show that is not mutually exclusive with not being attractive, and it promotes a message of aging gracefully and confidently, like Seasoned Sally. I got a kick out of her. I hope y'all did too. So let me conclude this last portion of this portion of the podcast, Silver Shoppers, by saying this. All of the brands that I listed, and there are many others that I could have included, maybe there'll be a part two. Y'all let me know if you want Seasoned Sally to come back.

Each of these brands excel in reaching the 50+ market by understanding and addressing the unique needs, preferences, and values of older adults, ensuring that the products and services are both relevant and appealing. So to round out, here's the scoop, marketers, if you're not speaking directly to the heart and smarts of this 50+ demographic, you're the one missing out. They're looking for authenticity and utility, a brand that says, lean in for this one. We see you, we value you, and we're here for you. Goosebumps, right? All right, so in closing, let me wrap it up with this. Engaging with the over 50 market is not just good business, it's smart business. They're experienced, discerning and ready to engage with brands that respect and reflect their values.

Thank you to all of you, marketing maestros, for listening to this special edition number 49 of my Marketing Insights podcast series entitled, Silver Shoppers. I appreciate you, Seasoned Sally, for joining us and bringing your unique perspective. And I'm Shanita Akintonde. I'm looking forward to exploring more enlightening topics with you in my next episode. Stay tuned and remember that every age adds value. Until next time, which will be our best time, this is Shanita Akintonde, professor, author, and career coach signing off.

If you enjoyed listening to these podcasts, be sure to subscribe on your favorite platforms such as Stitcher, iTunes, Apple Music, Audible, Google Play, or wherever you listen to your other favorite episodes. Be sure to like them and subscribe wherever you hear them. Connect with me on LinkedIn @ProfessorShanitaAkintonde or follow me on Twitter @_Shanitaspeaks. That's _Shanitaspeaks.