How To Talk To Older Women
Selling to Seniors
July 2001
Jean Van Ryzin Chicago - Anyone marketing to the 50+ market should be marketing to women first, says Marti Barletta, president of the TrendSight Group. The older female market is "immense and growing," she tells STS. As the population ages, it becomes increasingly female. The number of women aged 45-54 will increase 73% from 1990 to 2010, Barletta says, and by 2010, 50 million women will be over age 50. At the same time, women control a large and growing share of private wealth in the United States. By 2010, women are projected to account for 50% of all U.S. private wealth, thanks in large part to baby-boomer women who are spending a lifetime working and investing. With more money at their disposal, women are still the ones who control most household spending, Barletta says. They make the vast majority of day-to-day consumer spending decisions, and they're also asserting more authority on big-ticket items, such as cars. On big-ticket items, little things count "Older women have more confidence and are more comfortable demanding what they want," Barletta tells us. When a woman goes out shopping for a big-ticket item, such as a car, she has a long list of what she wants. While men might want a V6 engine, a good price and a certain maker, women want all that plus a solid safety record, a security system and power-lock doors and windows. They're more likely as well to seek a company with a strong record of good corporate citizenship. They look beyond brand image to how a company treats the environment and its workers, among other things. "That kind of stuff goes a lot farther with women than with men," Barletta says. As a result, women want a lot of information when it comes time to make a big purchase. That makes print and online avenues a great way for getting all the facts across to them, Barletta tells us. Word-of-mouth is extremely powerful as well with older women, much more so than with men, Barletta says. Women are more likely to talk with their friends and family about big decisions and purchases they plan to make. They seek out other people's ideas and don’t see it as asking for help, as men often do. As the population ages, it's common to see "tribes" of older women out and about spending time together, Barletta says. These groups of friends shop, travel, exercise and visit with each other often, making word-of-mouth very influential. As women in the baby-boomer generation age, they will bring a "double dose of confidence" to the marketplace, Barletta says. "These women have made it on their own and have taken care of themselves," she explains. "They've been involved in more things included in our conventional definition of successful." Baby-boomer women are increasingly involved in investing and often are more successful investors than men because they are more patient, Barletta says. Elder care also will be a crucial issue for these women, she adds. One statistic estimates boomers will spend 17 years caring for their children and 18 years caring for their parents. There are gender differences here, as well. "Sons give money and daughters give time." Barletta says. |
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