Is developing a marketing approach to reach the mature markets really worth it for your brand or business? Does this seem like a potentially high cost, high effort or high risk exercise?
Chances are that if you’re reading this, you already understand that mature consumers are viable – beyond viable – representing the lion’s share of discretionary income and outspending younger adults online 2:1 on a per captia basis in the U.S. However, you might be unsure of how to go about developing a real plan for winning these consumers.
At Immersion Active, we’ve been doing just that—successfully marketing to boomers and seniors—for over 10 years. Let me share a few of the more foundational secrets to our success:
You Have The Answer
One of the first anxieties that most marketers face when trying to build a plan to target mature consumers is the feeling that they don’t have a solid basis from which to start. This is almost never the case. With just a small amount of data, most brands can begin the journey to identifying their first (or next) mature market opportunity. For example, in our work with a national senior care company, we were able to leverage some limited website analytics data to unearth a major opportunity around those caring for someone with a chronic condition.
Our client’s site traffic data showed that visitors who viewed a certain page on chronic conditions content converted at 3x the rate of the average site visitor. This simple insight was the beginning of a marketing strategy that lead to a customer segment now worth tens of millions of dollars.
The point is this: You can start where you are. We have yet to work with a brand that didn’t have the answer to targeting mature consumers already inside their walls. The real question is: How do I go about responsibly developing that opportunity?
Start Small, Win Bigger
Once you’re able to identify a potential area of growth for the mature market, start with small experiments (“bullets before cannonballs” as Jim Collins would say) to increase your knowledge and success. In the same case study, once we were able to identify the initial insights, we started to experiment with small changes around content and inquiry forms to further test our hypotheses. The simple change of adding a dropdown of chronic disease types to the inquiry form helped us identify one specific condition that not only converted at 3x the average rate but also had a higher lifetime value. This simple experiment led to increased focus on this customer segment, a focus that allowed the company to grow market share with mature consumers while preserving their precious marketing dollars.
You don’t need to drop big money into experimental campaigns to find a market. Work with what you have, and start with small campaigns that can lead to increasingly bigger results. Internal experiments at Immersion Active can range from a couple of hundred to a couple of thousand dollars, max. Once we’ve confirmed our hypothesis then, and only then, will we move to a small ($20,000 – $50,000) pilot campaign.
Winning Sometimes Means Forgetting What You Know
Hopefully what you’re starting to see is that creating a “culture of optimization,” like we have here at Immersion Active, is the smart path to bigger wins. However, along the way, we’ve learned a simple truth that sometimes you have to forget what you think you know in order to move forward. Your organization may have deeply ingrained beliefs about mature markets that could be holding you back. Without a fresh perspective and fresh eyes on actual data, you might be missing a real opportunity for growth that could catapult you to success within your company and position your brand as a market leader with mature consumers.