Banks and Marketing to Seniors
Banks have all kinds of customers. Some are young and some others are old. While we can all be caught up in marketing to a demographic of the young and the digital, there can be a segment that is older. Not so tech savvy. Not very trusting of online transactions. But very drawn to word of mouth recommendations. So how do you market to them?
- You start by doing your research. Learn all that you can about your target group. This will help you make informed decisions about engaging with this group.
- List down the ways that you can engage with such a group. Will direct mail work better than an email campaign? Do you want to consider television or radio as channels to communicate with them? Maybe you can consider a kind of get-together or workshop where you can teach them how to use a digital product maybe.
- Make things easy for them to take to. Don’t make them jump through flaming hoops or take them through any complicated processes – won’t work with those who want “simple and straight forward”
- Always add the personal touch. The older generation (in fact just about anyone) prefers this to any computer generated call or web-based process.
- Use your common sense – make sure that you offer them the right kind of products that they will be interested in. Offering them a credit card with special offers that include bungee jumping is not going to cut it.
- Be honest and show them that you can be trusted. Gimmicks and stunts won’t get you their attention. But credibility will.
- Communicate with them regularly with newsletters. Or invite them to customer appreciation events and recognize referrals.
- They still read newspapers. So it is a great idea to tap this – either by advertising in newspapers or by sending them information through inserts in newspapers.
- Seniors do use Social Media to communicate with their families across the globe – so some amount of Social Media marketing can work.
- They want simple solutions and not complicated procedures.
- Your messages to them must be simple and direct – they want to understand stuff for themselves – and not depend on someone else to explain it down to them. So offer them, products and communication that will be easy for them to process.
- Use the right kind of images – images that evoke feelings of comfort. Images that are age appropriate. Don’t use either youthful images or those of old infirm people.
- The older folks are concerned about security. It is a huge thing with them. So financial products that resonate with this idea, will work. Marketing messages that focus on these themes – security, independence, health, family relationships, and healthy lifestyles – work best.
- Seniors rarely give up something that they have been comfortable with, quickly to replace it with something else. They don’t impulsively opt for anything. So you need to give them time – take it slow and explain how your new product will add value to their lives.
- They like to feel like they are saving money to leave to the next generation – so any financial product that helps in increased savings, will work well with them.
- A great way to engage with this kind of demographic is clearly through print media – but it is a good idea to throw in some web as well.
- Make them special offers. Make them feel special. They appreciate companies that make a point of looking after their customers.
- Give seniors a reason to trust you.
Seniors have a unique advantage to them in that – they are incredibly loyal. They might take their time warming up to you but once they do, their loyalty is something else. And what is more, they will recommend you to their peers. (Word of mouth recommendations work great here):