Targeting Seniors? Talk To Senior Helpers

There is a cost to pushing deeper into this market. Some may not want to pay it. But before saying no, be sure to evaluate the cost of losing business to competitors who say yes.

A second point about the cell phone story speaks to what information the industry still needs to collect about seniors. Lets go back to my friend who is frustrated with the small-sized cell phones. She says she really wishes she could talk to cell phone developers and let them know about the problem she has noticed. Maybe they could come out with a Senior Style line of phones, she says.

Now, carry that thought over to the insurance and financial sector. Maybe the senior-friendly companies should take a few cues from those who work with seniors in lifestyle support capacities.

The industry is not lacking for senior-side research, of course. But most of the research probes the usual terrainwhat seniors themselves think about senior needs, what the adult children of seniors think about senior needs, what government studies show about senior needsand even what industry professionals think about senior needs (from a business perspective, naturally).

Whats missing is perspective from what I will call “senior helpers.” These may be nurses, social workers, pharmacists, senior center workers, travel agents, servers at restaurants frequented by seniors, senior clothiers, church workers, and senior exercise instructors. They are people like my friend who work regularly with seniors but who may be outside the family and financial advisor circles so often tracked by financial services companies.

Many of these helpers see seniors as they live out the impact of their financial decisions. Therefore, they are in an ideal position to shed light on what seniors really need, want and are willing to buy. It could be that their comments will trigger new and valuable strategies for working with seniors, and new product ideas, too.

The many cross-sector initiatives on aging do generate some insight of this kind. Im referring here to efforts of social agencies, religious groups, business counsels and aging organizations of every description. Thanks to them, we are starting to see larger street signs appearing here and there and senior-centric professionals moving into ground-level offices.

Now, its time to bring that hands-on focus to the insurance and financial sector. Talk with those senior helpers, do focus groups with them, poll themgenerally try to learn what they see and think about senior financial needs.

Their perspectives might be decidedly different than industry findings to date. More to the point, the insights gleaned may give your firm the competitive edge it needs in this market.

Reproduced from National Underwriter Edition, June 4, 2004. Copyright 2004 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.