Many in their 60’s and 70’s were rocking in the ’60s and ’70s. They’d prefer you not make them feel, or think, old.
Silver Age • November 5, 2019
Snapshot: Silver preferences, beliefs and behaviors are as diverse as their health and wellness needs, and they shift over time. Developing an understanding of their psychology and segments is critical to driving both engagement and outcomes. Getting it right is good for health, and good for business.
n a recent interview on CBS Sunday Morning, Sir Elton John quipped, “I’m 72 years of age; I feel as if I’m 18.”
In 1965, a 21-year-old Roger Daltrey belted The Who’s iconic lyrics, “I hope I die before I get old.”
Rock royalty can undoubtedly capture the sentiments of a generation. Their music illuminates the power of youth, the wisdom of age, and the ch-ch-ch-changes over time.
Studies indicate that as we age past 50, we get happier. Happier, despite all of the realities, responsibilities and the health and wellness issues we manage for ourselves and others. The Socioemotional Selectivity Theory (Carstensen et al., 2003; Carstensen et al., 1999) provides insight by suggesting that as we grow older, we accumulate wisdom that leads us to prioritize emotionally satisfying events, friendships and environments over personal achievements and knowledge-related goals. We condition ourselves to prioritize our emotional well-being and avoid situations that encroach upon it.
Sir Elton may have said it best when, in the very same interview, he went on to say, “I’ve still got a lot of living to do hopefully with my children. And who knows what I’m gonna be doing? I really don’t know. And I don’t care. I don’t care to know. I just want to be surprised.”
By 2030, the number of Americans age 65 and over is projected to reach some 71.5 million people, and nearly 10 million of them will be age 85 and older.
PEW RESEARCH
“Marketers reflect the culture and the conversation in our country. Stereotypes about the 55-plus demographic were really limiting people’s sense of what they could do with this half of their lives.”
Martha Boudreau AAR Chief Communications and Marketing Officer
Behind Home Plate
Note: this story gets a bit real. If you’re easily offended, skip it.
Late summer 2019. Minor league baseball game with my 12-year-old and his buddies. Seats behind home plate. Beautiful evening at sunset.
The boys run off to get ice cream and try to catch some foul balls. Sitting alone, I strike up a conversation with the two guys in the row in front of me. A retired 70-something dad with his 30-something son. We talk baseball, family, health, our kids and our childhood. Stories of Americana. Wholesome stuff. As the son gets up to go grab some food, the dad turns to me and says, “back in the 70’s I was bartending and dealing at a club next to the Playboy mansion…”
As I nervously looked left, right and leaned forward, I’m thinking where in the hell is this story is going, and why is he sharing this with me, right here, right now? As he went on (not as graphically as you may be thinking), it became clear…he wanted me to know that he wasn’t always the grandfather with the hearing aids, new knee and a limp. He was once a vibrant young man – as ambitious, adventurous and rebellious as a rocker. While it wasn’t my place to judge nor justify his 70’s rock star ways, I felt deep empathy for this relative stranger who was sharing insights into his struggles with age and aging.
The portrayal of aging adults in today’s media tends to go one of two ways: the over-idealized depiction of grandparents living the all-American dream retirement, or the old, frail and sick, in need of the latest drug or device. Beyond the characterizations of the individuals, the days of their youth, the 60’s and 70’s, are often stereotyped as simpler, one-dimensional times…the hippie or disco days. Collectively these representations not only fail to capture the essence of Silvers; they fail to inspire action.
Silver Psychology
To understand the psychology of Silvers today (and this just scratches the surface), it helps to understand their yesterday. Many were raised by generations that lived through the Great Depression and World Wars. They grew up on Ed Sullivan, Elvis and the Beatles. Their lives were impacted by the Cold War, Vietnam and the cultural movements that began in the 60’s and still reverberate today. They watched the unimaginable as we put a man on the moon. Technical breakthroughs like the TV and commercial air travel were as transformative as social media and self-driving cars are today. Traditional family structures, close-knit neighborhoods and religion played a greater role in defining their communities and values.
Many others migrated to this country to seek opportunity and escape oppression. They infused the customs of their native lands into American society to expand our racial, ethnic and cultural diversity. According to the U.S. Census Bureau Population Projections, between 2018 and 2060 the share of the older population that is non-Hispanic white is projected to drop from 77 percent to 55 percent.
The number of Americans age 65 and older is projected to nearly double from 52 million in 2018 to 95 million by 2060, and the 65-and-older age group’s share of the total population will rise from 16 percent to 23 percent.
U.S. CENSUS BUREAU
So if we truly want to connect with Silvers, at a deeper emotive level where the strongest bonds are built, we must explore how their experiences shaped their preferences, beliefs and behaviors. We need to measure their life experiences within the context of their current health and wellness priorities. Age-related psychological theories such as the Socioemotional Selectivity and the Activity Theory, which indicates there is a positive correlation between keeping active and aging well, provide us with critical insights into their emotional and behavioral drivers. Resisting the urge to simply tie features to the functional needs of a homogenous older demographic takes work, and more specifically, a deep dive into segmentation to build dimensional perspectives on influencing action to enhance health and wellness
Those over 55 own 70% of all available U.S. income, and, globally, people over 60 will account for $15 trillion in spending power by 2020
Euromonitor International
Silver Segments
The Silver market potential is clear. Tapping into what drives them isn’t always as obvious. Whether your brand markets exclusively to aging adults, or they represent one of several multi-generational segments, age-only based approaches and one-size-fits-all marketing will frequently fail to resonate with Silvers.
Aging in America is changing. While many are thriving in their later years, many are struggling to manage their physical and mental health. And these conditions can change fast. Traditional segmentation that incorporates demographic, geographic, behavioral, benefit and psychographic inputs will tell much of the story, yet may still fall short in capturing the fluid dynamics of the Silver marketplace. Consider the following, which can vary significantly with aging adults:
Age – We characterize Silvers as Boomers and older. The age span represents the time at which both health needs and spending can increase significantly. The age span can stretch decades. Age, however, has become less accurate in predicting health and wellness needs and priorities.
Health – Health profiles range from the healthy and proactive protectors of their health to an increasing number of Silvers that are struggling to manage obesity, chronic disease and co-morbidities.
Mental Health – The healthcare community’s increased focus on mental health is shedding light on its overall impact on well-being and behaviors. Emotional and psychological states must be accounted for as they can be highly variable along their care continuum and critical to outcomes. These factors become incrementally significant at key milestones such as diagnosis and determination of treatment plans.
Financial Health – For even the most prepared, a lifetime of savings and stability can pivot with unexpected healthcare costs and long-term care. Income levels and tax brackets mean little when expenses exceed means. Above and beyond the costs, navigating the complexities of insurance, plans and payments are taxing at best. Empathizing with their realities is essential – money matters.
Providers – With age comes more medical conditions to manage. As the list grows, so does the team enlisted to treat the various ailments. As most care today is not effectively coordinated, individuals can be overwhelmed by the multitude of options and influencers in our health and wellness decisions. Despite the volume, most tend to trust a select few. Determining what drives trust will dictate which path and products Silvers will incorporate into their lives.
Caregivers – In addition to caring for themselves, Silvers often aid in the well-being of spouses, parents, children, grandchildren and extended family. Similar to the influence of providers, Silvers are very influential amongst their peers. Appealing to the various roles Silvers play can extend the reach.
Gender – Men and women can age very differently. While women are more prone to struggle with the physical effects of aging, they form tighter social bonds and gain satisfaction in their roles as caretakers. Many men suffer, often in silence, as their identity is tied to their careers and income – once that is gone, they can lose their sense of identity and purpose.
While we won’t go any deeper into the art and science of segmentation here, we do want to highlight the Silver-specific considerations and rewards for getting it right. Many brands are missing the mark in either ignoring these critical audiences or not digging deep to understand, empathize and connect. Developing mutually exclusive and collectively exhaustive segments will enable you to build differentiated strategies that target the ideal audiences and drive action.
Wrap Up
One of the most considerable risks in marketing to Silvers is not taking the time to invest in them. Do it well, and realize the benefits from a deeply engaged, well-funded and loyal following. Do it poorly, they’ll likely just opt-out, or check out, someplace else.
Maybe Pete Townshend said it best in another anthem,” Well, who are you? I really want to know.”
Silver Age is a marketing consultancy dedicated to enhancing the health and wellness of aging adults. We partner with organizations to create communications, programs and platforms to realize their health potential and market power.
To learn how we can help you, email us at connect@silverageco.com.
