Relevance Is Marketing In The Longevity Economy

10/26/2016 12:51 pm ET
markhager.com

How to have your existing customers over age 50 love you more and make getting new ones so much easier.

I have a secret for you.

The more relevant customers age 50+ think you are to them and their lives, the more revenue you will earn from them.

That is why so many business owners have problems breaking into the Longevity Economy; why they can’t find and keep enough customers in this market.

They think you can just keep doing the same things you’ve always done and people will flock to you.

That couldn’t be farther from the truth.

Let me ask you something. What would happen if you stopped being worried about getting someone to buy for a while? What if instead you went out of your way to become relevant to them?

Just so you’re clear on what I mean, I want to make sure we start from the same understanding of relevance. According to the dictionary, it means, “Closely connected or appropriate to the matter at hand.”

Closely connected. Appropriate. Pertinent.

I know you are committed to your work, and you really desire to bring value to the people and community you serve.

That’s why this is so important.

You see, in a different time, you might have been able to grow a company just by showing up or running generic ads or offering a better price. That is not true today with these customers.

Not if you want real growth … and the income that goes with it.

Real growth starts with being relevant

Relevance to customers over age 50 is the path to tapping into the Longevity Economy.

Sure, you can go hire an Ad/PR agency and get more eyeballs and (maybe) more leads. You can just keep casting that net wide and hope you get lucky.

OR, you can do something that makes complete sense and will have a greater long-term ROI, because it creates more sustainable revenue and income.

Relevance begins with knowledge

That is, knowledge of your best customers over 50 years old. You must have a clear idea of who these people are.

That means you need to start at minimum with an understanding of:

  • Who they are
  • What their lives are like
  • What they want and need

If you don’t know how or want to do this research yourself, you can learn this from someone who already knows this market and will teach you. (That’s an easier option.) Just know this is a mandatory step.

Relevance is achieved through alignment

In a previous article I talked about having a good look at your products and services, your processes and customer experience, and your marketing to see how you align with your best customers over age 50.

This is the hard part, where you scrutinize what you’ve built to find what doesn’t work for customers. A lot of business owners choke on this effort; they don’t like their baby to be under the microscope. Sometimes, they let their pride get in the way or they resist anything that leads to change.

But, let me me be very real with you.

This is where the money is.

It’s where you begin and what prepares you to find the mother lode.

It’s also the beginning of everything I do with my clients. Why?

Because you have to get a clear view of where you are right now. Until you pore over it and know where the stumbling blocks are, you aren’t going to be able successfully adjust to align better with these customers.

How to align with customers over 50

Once you know some things that aren’t working for your customers (hopefully, you’ve compiled a good list), the real work begins.

Your first job is going to be coming up with a solution for each item on your list. I know that sounds like a big task, but think about it this way:

Before you can decide whether the effort is worth the outcome, you have to know what you’re going to have to do to fix the problem.

So, maybe you just take the first 5 or 10 things on your list and start there. It’s your choice. But, you need to start from a point of a solution, so you can weigh the benefit/effort of each against the others and the bottom line.

When you do that, make sure you consider:

  • How will it affect revenue?
  • How difficult is it to do?
  • How much will it cost?

There are other considerations you could take into account, but those are the big ones. Once you’ve done that you’ll have what you need to prioritize your list.

I have a step-by-step process I offer some of my clients that helps them through this process and provides an ongoing, prioritized list. This is an easy ranking system that alleviates so much guesswork and it can seriously increase your chance of success.

Now, it’s time to move!

Now that you have your list ready to go, it’s time to put the wheels into motion on your solution to the first problem.

There are many things I cover with clients working up to this part, but the most important to make sure of are:

  1. Your solution is achievable.
  2. You have figured out how to make it repeatable (part of how you do business or a process).
  3. You have a clear way to measure if it works.

There you have it. That’s the basic process I go through with my clients to help them achieve relevance to their best customers over age 50.

Can you see how starting from a point of knowledge, then planning your steps to align with these customers can increase your chance of success?

Parting advice

Stop making it so hard on yourself to get plugged into the Longevity Economy. Think instead about if your customers understanding your relevance to their lives.

  • It’s not about selling the latest widget.
  • It’s not about buying the right advertising.
  • It’s not about working 20 more hours a week and hoping things will be different next month.

It is about starting with you and ending with them. Focus on that and I think you can expect things to go much better for you.

Want to learn more? Just go here. You can also connect with me on Twitter & LinkedIn

This article was originally posted on markhager.com.

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