By Saumyajit Ray
While the marketing panorama has witnessed dramatic modifications previously decade, with brands clambering to create modern experiences for the developed millennial and Gen Z client, the profitable phase on the opposite facet of the age spectrum is commonly forgotten. Yes, India is a younger nation with over 65% of its inhabitants beneath the age of 35, nonetheless there are 110 million seniors above the age of 60, with 40% of them residing within the city areas. While brands and entrepreneurs are slowly realising the wallet-share related to the elders, there’s a need to revisit this phase with a extra present outlook in the direction of their wants, aspirations and life-style.
‘60s are the new 40s’ is the mantra adopted by most seniors. From more healthy diets and strict health regimes to unique travels and indulgent wardrobes, the seniors now not search austere retired lives. Instead, they make investments correctly and save up to relish this new part of life with new and thrilling experiences. They usually are not afraid to study new expertise, strive completely different cuisines and discover new locations. And very like their youthful counterparts, they search worth and which means within the brands that they endorse. Value shouldn’t be restricted to the financial worth of the model however consists of the social and environmental affect of the model as properly. Unlike the youthful era, the seniors have the spending energy to indulge within the brands that they will relate to and a stickiness that’s typically missing within the simply distracted millennials and Gen Z. According to the report, Unlocking the potential of senior consuming market, the medical and life-style marketplace for the economically-independent senior city inhabitants was pegged at $6 billion (about ₹43,000 crore). The general potential of the market pushed by senior citizen shoppers is as massive as ₹100,000 crore, excluding the true property, banking and monetary providers and insurance coverage and pharmacy merchandise. Of which, solely ₹10,000 crore has been addressed up to now.
To harness this chance, brands need to revisit their understanding of the senior phase. The grim, lonely and unhappy model messaging speaks to a stereotype that’s now not the norm. These new shoppers are embracing age with a renewed love and zeal for all times. They relate to messaging that aligns with their new-age values and lays the muse for a long-term relationship based mostly on belief. Experiential marketing has developed as the brand new mantra to seize the target market’s consideration and efficiently convert a need right into a agency buy intent. It permits the viewers to get pleasure from an immersive model expertise that’s not restricted to how a services or products features however as an alternative highlights the model’s ethos and the way it makes the potential consumer really feel while indulging within the services or products. Experiential marketing permits them to perceive each the model philosophy in addition to its intent to obtain these values. A robust instrument that connects the model to the buyer while permitting the buyer to have interaction with the model’s id and values. However, related to different marketing instruments and aids, a cookie-cutter strategy in the direction of all market segments would render the complete train of experiential marketing futile. Seniors endorse model messaging that’s concise, clear and genuine. Hence an genuine expertise is crucial to seize the eye and loyalty of this phase. It permits shoppers to flip into model ambassadors, in addition to serves as a catalyst for word-of-mouth marketing, a vital marketing exercise to construct model belief and encourage trials amongst extra cautious seniors. According to a McKinsey analysis experiential marketing is the highly effective catalyst for word-of-mouth marketing, with branded experiences accounting for 50-80% of all word-of-mouth exercise.
A profitable experiential marketing technique should promote the model’s message and values. Seniority, a web based portal devoted to life-style and medical merchandise for seniors, goals to supply merchandise which can be helpful but in addition enjoyable and quirky to praise the modern life-style of India’s aged. True to its promise of addressing life-style wants of the senior phase, Seniority launched offline shops with two ‘experience zones’ in Pune and Coimbatore the place the corporate routinely organises zumba courses, yoga periods and remedy talks for seniors.
As India’s elders look to enrich their lives with new experiences, journey and hospitality have seen important demand from this rising phase. Once once more, it’s the service suppliers, who’re ready perceive this phase and supply an expertise that greatest aligns with the perspective and developed wants of the aged which can be ready to benefit from the loyalty and belief of this phase. Every Indian above the age of 70 shouldn’t be in search of a visit to the holy shrines! Mrs Smita. Jain, a 60-year-old residence baker, celebrated her milestone anniversary by reserving a visit to Norway to witness the Northern Lights along with her 65-year-old husband. Allowing the seniors to actively take part in designing their journey expertise, permits journey suppliers and platforms akin to Senior World, to combine the service they supply with the experiential marketing mannequin itself. A inventive alternative to permit seniors to have interaction with the model and really feel related with the model’s course of proper from the beginning.
The emergence of nuclear household set-ups, has led to a rising need for elder care providers. Some new-age seniors have additionally embraced the thought of group dwelling. However, true to their perspective, the seniors anticipate amenities that appear and feel identical to ‘home’ with good high quality providers and facilities to lead a holistic life-style. While elders search group participation to overcome the loneliness that always accompanies outdated age, quite a lot of them desire to keep at their very own properties with good high quality elder care providers that additionally addresses their loneliness. The pandemic additional amplified the crucial need for high quality well being care at residence for the aged and led to a surge of over 40% within the Indian elder care market. Choosing an elder care accomplice is a major resolution. Allowing somebody into your private house and sharing private well being particulars, wants thought and consideration. Thus, rendering conventional promoting and marketing instruments pretty inefficient for this class. When making necessary selections like these the seniors belief their very own expertise or that of somebody they know. However, with the worry of the pandemic looming at massive, the previous yr made it troublesome for firms to supply in particular person experiences and even trials. It was the model’s fairness with its present’s subscribing seniors that helped these eldercare brands attain new and potential shoppers. With seniors turning into comfy with expertise, brands like Emoha aligned their imaginative and prescient of providing seniors a holistic life-style with the present digital surroundings. Emoha’s MOH TV provided over 600 diversified on-line programmes to maintain the seniors engaged. Online yoga periods, antakshari and even bingo nights, stored the senior entertained and allowed them to socialise and belong to a group even while staying confined throughout the 4 partitions of their properties. They created compelling experiences that elders might share with others of their societies and colonies. Thus, changing clients to potential model ambassadors! Word of mouth marketing at its greatest, particularly at a essential time just like the pandemic. Besides, a number of the bigger digital occasions had been open to potential subscribers as properly, permitting them to expertise the service first hand.
Creating compelling experiences stays key to constructing model loyalty amongst seniors. Saregama, a longtime music firm, repackaged its providing into an expertise by creating the a lot well-liked Carvaan. A transportable music participant, formed as a radio to give a retro vibe, loaded with a number of the hottest tunes from the yr’s passed by, allowed seniors to bask in some treasured outdated recollections. An expertise of nostalgia with each track. Its no shock that the model turned vastly well-liked amongst the elders.
Brands which have tailored their providers and communication to align with the evolving life-style of this rising senior phase, have succeeded in making a loyal buyer base. However, a really massive phase stays untapped. It’s about time that different brands get up to realise that while the seniors are retiring from jobs, they don’t seem to be taking a retirement from life or their Amazon Prime subscription! In reality, life has solely simply begun for these younger at coronary heart people, who’re keen to discover and experiment new avenues. It is on the brands now to create fascinating communication and experiences that might align with the developed values of seniors.
The writer is co-founder and CEO of Emoha Elder Care. Views expressed are private.