Embrace the golden marketing opportunity – prepare for the silver tsunami

For marketers and advertisers, looking towards the future can be both exciting and unnerving. The way we work is always changing – from how we collect data, to the technology we use to segment and target our key audiences.

But for all of the time we spend considering ​how​ the industry works, we also can’t lose sight of who​ is at the centre of it all.

While it’s true that we’re data-obsessed, collecting every bit of information that reveals our target audience’s current wants, needs and aspirations, we might be missing the bigger picture and a very important shift if we don’t take a moment to zoom out a little and see our audience from a different perspective.

Right now, a monumental change is reshaping the very foundation of America. More specifically, the nation is ageing. Rapidly. Demographic trends reveal that by 2030 – which is not as far away as it sounds – one in every five Americans will be over the age of 65. By 2060, that will become one in every four.

So why should marketers care?

Seniors hold the greatest amount of wealth

To give perspective on why this demographic shift is such a shake-up, consider that, currently, approximately 1.5 in every 10 Americans is over the age of 65. Consider, also, that in just one short decade, that ratio will transform to one in every five. With numbers like that, it’s hard to ignore the developing economic impact. While health care is obviously bracing for what some refer to as the ‘grey tsunami’, the ripple effect of an older demographic is much more far-reaching.

What we know today is that the ​average age of a senior caregiver​ is a middle-aged, Gen X female, and she’s likely to be a relative. In 2030, that woman will be a member of the​ Millennial generation​, a demographic that is experiencing the fastest growth in wealth. Plus, as a woman, she controls the majority of a household’s spending.

Additionally, in 2030, the 65-year-olds and over are very different seniors to the ones that we know today. They aren’t part of the Great Generation, who have experienced depression and war; they are Baby Boomers, the generation that holds the ​greatest amount of wealth in the US.

Companies who do not create products or services that cater to either of these demographics could be missing out on one of the largest opportunities of our time.

Opportunities to market new products and services will be plentiful

If they haven’t been already, marketers and advertisers will soon be challenged with the promotion of products and services that they’ve never encountered before. In response to both the opportunity and demand, expect to see the development of new products and services for seniors – and those who care for and about them – from a wide variety of sectors. From smart toilets that track your health, to apps for education, to new social networking platforms to connect with friends and family, the future possibilities are endless and, in fact, many of them are already in the works now.

Marketers need to adjust the way they interact with audiences in order to connect with older people.

When it comes to formulating campaigns in the future, considerations for accessibility will be crucial. Sight and sound, the two senses most used to glean information from our surroundings, are also the two senses most commonly lost with age.

For example, ​visual impairment​ affects close to 20 per cent of seniors. For those who are trying to connect with this group, thoughtful audio and visual design is imperative. Large, clear fonts, contrasting colours and the inclusion of audio, can go a long way for making messages accessible.

Click image to view full infographic.

Voice-over is key to forming an emotional connection. While audio is certainly a useful tool for ensuring a marketing campaign’s message is delivered, voice-over ensures the message is felt. Marketing, after all, is a very emotion-centric industry. Just try to find an award-winning ad campaign that doesn’t make you feel something.

So how do you connect on that visceral level with middle-aged to senior audiences? You can start with making sure that you’ve got the right voice-over. Research shows that the most popular ​voice-over casting strategy​ is to select a voice that sounds like a peer to the target audience. In this vein, the demand for senior voice-over on Voices.com has grown 17 per cent from 2016 to 2017.

Additionally, some creative professionals are leveraging senior and middle-aged voice-over to convey affluence, power and authority for a wide range of brands and industries, from luxury goods and travel, to financial services and health care.

Future could be golden for those who take advantage of the silver tsunami

All in all, looking into the future can be stressful or exciting, depending on whether you see it as an opportunity or a threat. However, the most important step you can take is simply to pay attention. It’s all too easy to get lost in what’s happening in the moment, or to become obsessed with big data and then miss the big picture.

There’s no doubt that marketing, in America and beyond, will look very different in the next decade, given current demographic trends, but change can be a good thing. For those who are ready and willing to adopt a seniors lens and tune into the wants, needs and aspirations of a new generation, the future – and the silver tsunami – can look golden, indeed.

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