Attract Senior Clients With This Timely Message
Marketing to seniors
It’s no secret that you can attract senior clients with a marketing message that is framed with a relevant message. Nothing is more relevant to seniors than their finances and in particular, how their Social Security income contributes to their overall financial situation. When speaking with seniors about their finances or when you are offering your product or service, they are quick to let you know that they are on a fixed income. This is the same objection that people of all ages use, they just refer to their budget in different ways. It seems that when we become seniors, we are given a script to use that includes the objection; “I’m on a fixed income.”
Seniors who rely on Social Security for a sizable percentage of their income can usually count on a Social Security COLA (cost of living adjustment) each year. The Social Security Administration (SSA) generally adjusts benefits payable each January based on the annual change in the consumer price index for urban wage earners (CPI-W) through the third quarter of the previous calendar year. In January of 2009, the COLA resulted in a 5.8% increase in monthly Social Security income for seniors. The average monthly benefit is currently just above $1100, resulting in an additional $750+ over 2008′s annual benefit.
Here’s the opportunity
The congressional budget office projects that under current law, there will be no Social Security COLA for 2010 through 2012. This is going to come as a rude awakening to our seniors who are generally expecting a cost of living increase. Since the CPI is lower, due mostly to a decrease in energy costs, there will be no cost of living increase.
When marketing to seniors, it is always to your benefit to frame your offer in a relevant way that touches on their interests. Nothing is more relevant than being on a fixed income and not getting the increase in Social Security benefits that you are accustomed to. If you use this information to frame your offer, you will increase the number of presentations and will attract more senior clients.
For example: ”Mrs. Senior, in light of your not getting a cost of living adjustment in your Social Security, this may be a good time to look at your options related to ……… let’s see if we can save you some money.”
The verbiage is going to be industry specific, but the concept is the same. You are offering a valid reason to take a look at your offer. This will work particularly well with ongoing expenses. We have been conditioned from birth to give consideration to an opportunity if we are given a reason to act. For decades the retail industry understood this and was successful at having “White Sales” on Labor day, driving people into their stores to buy towels and sheets because it was Labor day! Of course today’s consumer needs more relevant justification to look at an offer. And this is a good thing.
Demonstrate your understanding
By framing your offer in such a way that demonstrates your understanding of the senior’s situation, you will actually increase trust that you are sincere in your offer to help. As business people who market to seniors, we understand that we have an obligation to put their needs first. That said, we are in business to offer a valuable product or service and earn a profit. By incorporating this important information into the way we frame our offer, we can open doors that may have remained closed if we had not had a good reason for seniors to act.
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