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Forster CommunicationsCommunicating thevalue of your productsto older people
Forster and AgeWe are on a mission to re-frame thevalue of older age and revolutionisehow we communicate on age issues.We are working with changemakersto shake up the issue and improvehow we communicate with, for andabout older people.
Is it worth the investment• Demographic power:• Older people are fastest growing segment of UK population• Economic power:• People over 50 own three quarters of all financial assets• They account for half of discretionary spending• Cultural power:• People aged 50-65 spend twice as much on leisure and entertainment as under-30s• Political power:• Across the UK, people aged 55 and over cast four out of every 10 votes and made up the majority in many marginal seats
Approach by attitude, not ageOlder people want to be seen /treated as people first – ratherthan being defined by their ageAttitudes, not age, are the mostfruitful approach to segmentationand targetingOlder people can be alienated bydirect references to age (and oftenmentally subtract ten years fromtheir actual age)
Older – but not old “I’m just warming up in life really” “I am very definitely not old – I am older than I’d like to be but mother is old, not me” “It’s depressing seeing bits of you get worn down, but I can see the chance we have to live life to the full” “Don’t try to sell to me as an older person, I’m an experienced and discerning consumer”
Key market – 50 to 70 years old Decisions, decisions
50-70 year olds: challenges and opportunities Financial security / Empty nest syndrome Retirement / rise in financial insecurity state pension age School aged children / Married / separated Peak earning years / grandparents redundancy Caring responsibilities / More time for self-care / Comfortable in own freedom caring deteriorating health skin and mind responsibilities
Decisions, decisions – identifying the segments Segment type General ethos Reliers I don’t know where I’d be if they weren’t here to look out for me Circumstances change, you just have to find different ways to Adaptors do things Separators I don’t want them poking their nose in Life is hard – I don’t know what the future holds for me. Strugglers I just have to take each day as it comes Age is just a number. I don’t feel any different. Carry Ons My perspective on life hasn’t changed Embracers Now it’s time for me – this is what all the work has been for Planners Life can be tough – tougher still if you don’t plan ahead
Life events sparking transition into new segment Retirement Embracer Planner Carry On Adaptor Carry On Struggler Relier Separator
Profile of segments: StrugglersCharacteristics “My whole world has turned• Struggling in the face of adversity around since I was made• Future is uncertain redundant. Whereas I used to think• Low morale or low self esteem – may abut retirement, I now take each not see the light at the end of the tunnel day as it comes and I don’t know• Feeling enormous pressure what the future holds for me”This age group “Life’s tough when you become• Struggling due to a recent or current major your parents’ parents. I barely life event have time to myself these days• May be struggling as a result of being made and worry about them all the time. redundant at work, caring for an ill partner or But what can do but keep going!” parent, facing benefit cuts or have a chronic health condition themselves• Or otherwise may be anxious about forthcoming retirement and be anxiously preparing for old age• May not know where to go for help / advice
Profile of segments: Carry OnsCharacteristics “I turn 50 today. I don’t feel any• Creatures of habit different. My perspective on life• Reasonably contented with life / not particularly hasn’t changed. Maybe it’s because positive or negative• Active my grandfather is still alive. He’s• Have not had any major setbacks or life changing 98. I don’t feel like I am on the back events therefore have no need side of my life yet.” to feel old• Do not feel old and getting older is not an issue “Hitting an age is just a number.• Likely to be in good health therefore have The answer is to never stop. Never no reason to modify their behaviours or retire. Maybe just change what you worry about their health are doing. Adapt.”This age group• Likely to still be in work• Unlikely to be preparing for older ageSimilar to ‘adaptor’ segment but have but have notexperienced a recent life changing event
Profile of segments: EmbracersCharacteristics “Everything as I know it has• Want to get the most from life changed – my kids have moved out• Seeking new horizons of home and my husband and I• Embracing new opportunities resulting have separated. What choice do from their situation you have but to start again?”• Feel that they have a new lease of lifeThis age group “The world will truly be my oyster when I retire as I’ll have lots of• May have experienced a significant life event time to do the things I want. I see i.e. divorce, no direct family commitments any it as the time when I can finally more (‘empty nest’ syndrome) reap the rewards of my hard work• Financial situation may vary from extended up until now!” wealth through inheritance from parents to lower income as a result of divorce “People used to say life begins at• Likely to view retirement as ‘time for me’ 40. These days it’s more like life• May be considering early retirement begins at 50!”
Profile of segments: PlannersCharacteristics “You’ve got to put something back• Feel and like being in control of their lives sometime. I became a mentor• Strong sense of self worth because I’ve got to a stage in life• Getting older is not an issue for them where I’m really comfortable with• Forward thinking and proactive who I am, have more time (and• Actively choose course of action money) and want to help• Reasonably contented with life others. Life wasn’t always like this!”This age group “Life can be tough – even tougher• Likely to be putting plans in place that will if you don’t plan ahead” ensure a smooth transition into older age• May be involved in their community and have strong local networks “I’ll do all I can to avoid my kids going through what I had to when my parents died”
Profile of segments: ReliersCharacteristics “I don’t know where I’d be if they• Feel they don’t have control over their lives weren’t here to look out for me”• Discontent with life• Sensitive to old age – do not view it positively• Likely to require care – have handed over control to child/partnerThis age group• Unlikely to have caring responsibilities themselves or assume caring responsibilities• Poor health may resulted in them depending on other people or otherwise deep insecurity / sense of self worth• May be on incapacity benefits and out of work• Likely to have narrow social networks
Profile of segments: SeparatorsCharacteristics “I don’t need them poking their• Mistrustful of other people nose in and telling me what to do.• Have experienced difficulty in their lives I’m alright as I am”• Project a desire to stay independent and self-reliantThis age group• Can be socially isolated with little contact from other people• Likely to feel negative about themselves and have low self esteem• Unlikely to ask for help/support, even when they need it
Profile of segments: AdaptorsCharacteristics “We didn’t need a four bedroom• Have adjusted to their situation family house any longer. So we’ve• Future focussed, practical and resilient downsized and bought our dream• Have had to deal with loss or change two bedroom flat on the river”This age group• Children may no longer live at home• Parents may need caring for or have deceased• May have downsized or moved
Applying the segments – Attitudes to financial planning Segment Attitude I’ve got to keep my head above water day-to-day, I can’t see beyond Strugglers the end of the month at the moment I’ve got enough to keep me going for now and have always paid into Carry Ons a pension. I’ll cross that bridge when I come to it. It’s wonderful that I don’t have to worry about the mortgage anymore. Embracers And the kids are looking after themselves these days, so I’ve got a bit more freedom with my finances. I like to know all the options and to make sure my savings are getting Planners the best possible rate. I also want to make sure there aren’t any nasty surprises down the road. We’ve downsized since we stopped earning which has kept us Adaptors comfortable. Hopefully that should keep us on an even keel, but we should consider what our needs might be in the future. My son says I’ve got enough to keep things ticking over, and he’ll help Reliers out if there’s anything else I need. I know where my money is and what I need to get by on. Why should Separators I listen to anyone else? They just want to get a cut of it.
Implications for marketeers • Know your audience • Getting tone of voice right • Encouraging planning as a route to freedom and choice • Picking off the lowest hanging fruit • Finding the right influencers • Matching products and services against audience segments
Creating a marketing strategy Do we know who our audience is? What are the barriers? What are the incentives / motivators? Who is already doing this and how are they doing it? Are we capable? What will success look like?
Be ruthless Ability to act High High potential and willingWilling to act Add text Low Low potential and unwilling Low
Using the right channelsThose you own,those youshare,those you don’t