If you want to market a service or product to the public, you have to know what demographic the money comes from. Contrary to popular belief, much of that money comes from an older age group, according to Jeff Weiss, a marketing consultant and founder of Age of Majority, a consulting and advisory website aimed at destroying myths about aging.
Weiss’s advice applies to those targeting consumers who need financial advice and other services, as well as anyone selling a product. Weiss has developed the "Dirty Dozen"—12 myths about aging that can make entrepreneurs ignore the aging population to their detriment, he said during a session at the Retirement Coaches Association conference on Wednesday.
Merchants of services and products “can no longer dismiss the opportunity to target, engage and sell to older, active consumers who control the majority of wealth and account for a significant portion of spending across most categories,” Weiss said on his website.
“This is a group of consumers, active agers not baby boomers, who did not exist before,” he said during the conference. “Forty percent of spending is done by those over 55 years of age.”
Realty defies the myths that can mistakenly rule marketing, Weiss said. The myths, and catch phrases that capture the ideas, include the following.
• “One foot in the grave,” is a saying that says aging is depressing. In reality, surveys have shown that people aged 65 to 79 rate themselves the happiest of any age group.
• “What’s a blue tooth?” This myths says older people do not understand digital technology.
• “You can’t teach an old dog new tricks,” which indicates older people will not switch brands they have grown accustomed to. “Everyone has brand loyalties, but most people of any age are willing to change,” Weiss said.
• “Don’t forget my senior discount” is the myth that older people do not have money. In fact, the older generation is the one that has accumulated wealth, Weiss said.
• “I’ve fallen and I can’t get up” is the stereotype that older people are not active.