Did you know that data from the 2020 census indicate that over 40 million people in the US will become 65 in the next ten years? If you’re a business looking to market to seniors, you’ll want to pay close attention to those turning 65. This age is when many people enter retirement, and they’ll have more time and money to spend on discretionary items.
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Learn how to market to this valuable demographic with our tips. Whether you’re looking to sell a product, such as selling final expense insurance, selling Medicare Supplements, or other services, read on for helpful advice. With the right approach, you can succeed in reaching this lucrative market.
- Understand the Diverse Types of Seniors Turning 65
- Appeal to Their Emotions and Motivations
- Easy access to your online meetings
- Help Them Feel Comfortable with Making a Big Purchase
- Use Age-Appropriate Language
- Keep Your Message Simple and Focused
- Adopt Multichannel Marketing
- Offer Solutions to Their Problems
- Be Patient throughout the Sales Process
- Help Them Take the Next Step
- Follow Up after Completing a Sale
- Boost Your Performance with Sales Software Tools
1. Understand the Diverse Types of Seniors Turning 65
As people turn 65, they’re often classified as seniors. However, this broad term can encompass a wide range of people with unique backgrounds, experiences, needs, and preferences. While there are commonalities among this group, such as being eligible for Medicare, there are also lots of disparities.
For example, some seniors may be relatively healthy and active, while others may have chronic health conditions and require more assistance with the activities of daily living. Some seniors are still working, while others are already retired.
Others are married, while some are single. Some have children and grandchildren, while others do not. Some live with family or supportive communities, while others live in isolation and cope with loneliness.
What all these seniors have in common, though, is that they’re all facing the challenges and opportunities of aging. As such, it’s critical to understand the diverse types of seniors turning 65 to better cater to their needs and preferences.
2. Appeal to Their Emotions and Motivations
When selling to seniors, it’s essential to appeal to their emotions and motivations. Unfortunately, multiple companies typically bombard them with marketing messages. It can be stressful and bewildering, especially if they don’t know what they need or want. However, there are ways to cut through the clutter and appeal to people’s emotions and motivations.
This group is usually more interested in making purchases that improve their quality of life or make their lives easier. Emotional factors such as wanting to feel independent, connected, and valued motivate them. It’s also critical to understand what they’re looking for at this stage in their lives.
Since age-related limitations may obstruct their access to particular products or facilities, their concern may be retirement income, leaving a legacy, or simply being self-sufficient.
From there, you can create a message that speaks to their needs. For example, if someone worries about retirement income, you could highlight the features of your product that will give them peace of mind.
Likewise, people turning 65 become eligible for Medicare, a government-sponsored health insurance program. Many people view this status as a significant milestone, and their emotions and motivations will likely change as they enter this new stage of life.
Understanding these changes is vital to best sell to people in this age group. For instance, they may become more concerned about their health and ability to afford medical care. They are looking to buy supplemental Medicare coverage. They may also be more open to changing their lifestyle, such as exercising or eating healthier.
As people age, their priorities tend to change, and you must be aware of these developments when marketing to them.
3. Easy access to your online meetings
In sales, you want to have as few friction points for the prospect as possible. That goes for any age group. When it comes to delivering your pitch, there should be no friction at all for your prospect to listening to and seeing your pitch.
When you are selling a complicated product, use visuals to help you get your value proposition across. It makes it easier for your prospect to follow you when you are building value around your proposal.
When you want to use visuals in sales calls, make sure that you choose the appropriate software. All-in-one collaboration software such as Zoom or Teams is not a good choice. For one, it will require you to hang up the phone and go to another platform.
Another reason for not using collaboration software when selling to senior citizens is that it requires extra steps for the prospect to get connected to you such as installing the software, figure out how to get the audio and video working and so on. In other words: it creates unnecessary friction points that lead to frustration.
Try using software solutions that were created to add visuals to sales calls such as CrankWheel. CrankWheel is a browser-based screen sharing software that enables you to share your screen to any device, mobile or desktop. There is no setup or downloads required for the prospect to see the visuals you are sharing. The prospect enters the session with one click.
4. Help Them Feel Comfortable with Making a Big Purchase
Turning 65 is a significant milestone. People are at an age where they begin to think about how they want to spend their golden years. Many usually feel nervous about making large purchases, such as a house or a car. This feeling is perfectly normal. However, here are some steps people can take to make the process less intimidating.
First, it’s crucial to do some research and understand all of the various options available. There may be government initiatives or private insurance plans that can help cover the purchase cost. It’s also essential to help seniors determine their needs and wants. Once they have a concise idea of their needs, they can look for the best deals.
Second, seniors should consult family and friends for their opinions and advice. It can be helpful to talk to someone who has already gone through the process of making a big purchase. It can give them valuable perspective and help them feel more confident about forming their own decisions.
Finally, people turning 65 should take their time and not rush into decisions. Advise them not to be afraid to ask for help from professionals if they need it. Making a big purchase is a huge decision, but it doesn’t have to be overwhelming. With careful planning and research, people can feel confident and comfortable making the right choice.
See our case study on how agents sell insurance over the phone with CrankWheel.
5. Use Age-Appropriate Language
Besides helping people turning 65 feel comfortable, using age-appropriate language is vital when selling to this consumer group. This approach means employing words and phrases that are respectful and easy to understand. For example, instead of saying “elderly people,” you could say “people who are 65 years old.” Likewise, rather than “retirement,” you could talk about “the next stage of life.”
Furthermore, instead of saying, “You’re getting old,” you might say, “You’re entering your golden years.” It’s also essential to be respectful and avoid assumptions about a person’s abilities or interests. Just because someone turns 65 doesn’t mean they’re no longer active or engaged in the world around them.
Exert the effort to ask questions and listen carefully to the answers. Doing so can ensure you have a mutually beneficial conversation. In addition, you show respect for the person you’re talking to and help them feel at ease and understood by using age-appropriate language.
6. Keep Your Message Simple and Focused
As this group enters its golden years, all sorts of companies bombard them with information about their next stage of life. It can be overwhelming, and they don’t need any extra confusion. As a result, it’s crucial to keep your message simple and focused when selling to this demographic. Stick to the key points and resist the urge to include too much information. Also, refrain from trying to upsell them on products or services they don’t need.
This tactic will help people quickly understand your product or service and decide. In addition, people turning 65 are often more conservative with their money, so be sure to emphasize the security of your investment. Remember, they’re not looking for flashy or complex sales pitches. Instead, they want to know you can offer them excellent value for their money. If you can deliver a clear and concise message that suits their needs, you’ll be successful in selling to this demographic.
7. Adopt Multichannel Marketing
People turning 65 often become more interested in learning about their options for retirement living. This makes them an excellent target market for companies offering retirement-related products and services. Adopting a multichannel marketing approach that includes online and offline sales tools is crucial to reaching this market.
For example, brochures are a vital part of any offline marketing campaign. They provide potential customers with information about your company, products, and services. If you’re selling to seniors, include the benefits of your product or service in your catalog. It’s also essential to make it convenient for seniors to find your marketing material. One way to do this is to distribute them through local senior centers or other community organizations.
In addition to offline marketing, online marketing channels are valuable to include in your sales strategy. This generation is relatively comfortable using the internet, so it’s essential to have an online presence. Thus, having a website that’s accessible and easy to navigate is crucial. Moreover, online ads can be a great way to reach prospective customers. Pay-per-click ads are also particularly effective because they allow you to target people in specific demographics.
Remember, with so many innovative solutions today, the sales market is becoming massively competitive. Let’s say you’re looking for ways to strengthen your marketing performance. In that case, you can also explore various sales tools examples that can help you identify potential customers better, generate reports, and boost your productivity.
8. Offer Solutions to Their Problems
Furthermore, when selling to people turning 65, it’s crucial to remember that they’re likely facing several challenges and concerns. For example, many seniors are already in the retirement stage or nearing retirement and may be on a fixed income. They may also be dealing with health issues or spouses. As a result, it’s essential to offer solutions that can help them address these issues.
It’s also good practice to discuss products that can help them save money or improve their health. You should also prepare to answer any questions they have about the products you’re selling and provide additional information and resources if needed. By taking the time to determine their needs and offer appropriate solutions, you’ll be able to build trust and establish yourself as a reliable resource.
9. Be Patient throughout the Sales Process
Salespeople often need to be patient when working with customers, especially when selling to people who are turning 65. They’re in a significant life transition, and people want to take their time in making decisions. Additionally, they may be working with a lot of new information and dealing with anxiety about the future.
It’s crucial to respect these feelings and give people the space they need to make decisions. However, it’s also essential to be assertive in moving the sales process along. You don’t want people to feel like you’re rushing them, but you also don’t want them bogged down in indecision.
The goal is to come across a balance between providing people with the facts they need and offering them the freedom to make decisions. People turning 65 can be excellent sales leads with patience and connective communication.
10. Help Them Take the Next Step
For many seniors, approaching age 65 is a time to enjoy a more relaxed lifestyle, but for others, it can be a moment of uncertainty. Some may still be working, others in semi-retirement, while others are already out of employment and facing new financial challenges. Still, others may deal with health issues requiring more care and attention. Whatever the situation, it’s vital to have a plan to ensure a smooth transition into the next phase of life.
Several aspects can help people turning 65 take the next step. To ensure their preparedness for the future, guide them in taking these actions:
First, they should ensure their enrollment and eligibility in Medicare. Medicare can be an excellent resource for people over 65, but it’s essential to understand their coverage and which Medicare supplemental plans might be right for them.
Second, they should review their finances and develop a budget to account for any changes in income or expenses. At the same time, they should evaluate their living arrangements. If they’re not ready to downsize, options like continuing care communities can give them the support they require as they age.
Third, they should take steps to stay healthy, both mentally and physically. There’s no one-size-fits-all answer when planning your golden years, but with research and advice from trusted professionals, seniors can make the most of this next phase in their life.
11. Follow Up after Completing a Sale
Once the sale is fully complete, it’s critical to follow up with customers in this demographic since they may have questions or needs that they didn’t anticipate. For example, they may need help with long-term care insurance and estate planning or have other financial needs distinct from other groups.
By staying in touch, you ensure that your senior customers are making the most of their money and that their financial situation is stable. You can also offer them new products or services that may be of interest. Additionally, following up with seniors helps build rapport and trust, which can lead to repeat business. By keeping these perspectives in mind, you can provide excellent customer service and build strong relationships with this essential customer base.
Boost Your Performance with Sales Software Tools
As the population of people turning 65 continues to grow, so does the senior products and services market. To succeed in selling to this age group, it’s crucial to understand who they are and what motivates them to make purchasing decisions.
Appeal to their emotions and provide a solution to their problems and you’ll be well on making a sale. Remember to adopt a multichannel marketing approach, employ sales software tools, and use age-appropriate language throughout the sales process. Finally, be patient and understanding, and follow up after the sale is complete. With these tips, you’re sure to sell products and services to people turning 65 successfully.