Deep personalization: the key to reaching the senior market

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The aging adult consumer population offers limitless opportunities for technology companies. The number of people aged 60 and over is expected to double between 2019 and 2050. And in the United States, the aging population is expected to become the main driver of consumer spending growth in the coming years, 70% of all US disposable income being held. by those over 55.

Yet many companies struggle to reach this high-potential group, often taking a one-size-fits-all approach for an incredibly diverse demographic. My company, Honor Technology, primarily works with people over the age of 65. Since our inception nearly eight years ago, we have successfully tapped into the aging market to become the largest home care network.

So what's the secret to successfully engaging aging adults? Delivering deeply personalized experiences through the use of data.

Many companies have tried unsuccessfully to reach the aging adult population. This is often because products, services and marketing tend to take a one-size-fits-all and often too simplistic approach to engaging the senior market. Yet older people are one of the most heterogeneous and complex groups. A 72-year-old could be retired, suffering from dementia and living in an assisted living facility. But another 72-year-old could work, run marathons and travel the world. If brands don't take into account all the differences that exist within the aging adult population, many seniors will think, "This product is not for someone like me."

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Another nuance to note is that seniors have fairly well-established preferences. They know what they like and don't want to stray from experiences (and brands) that have worked for them in the past. Research on personality development has found that a person's openness to changing their preferences increases in their twenties and steadily decreases throughout aging. It's no wonder seniors tend to prefer shopping in person or talking to customer representatives over the phone: it allows them to find products and specify services that meet their individual needs.

The crux of the challenge for brands that cater to seniors is this: while there is great heterogeneity when it comes to what a "senior" looks like, the aging adult population also has deep-rooted preferences. While audience segmentation can work, it's just not sustainable or specific enough to be successful at scale. One way or another, brands must take into account the individual preferences of each senior and meet a wide range of expectations.

So what does success with seniors look like?

To reach the aging adult population, business leaders need to invest in deeper data collection and management and can even use artificial intelligence technologies to better understand people's motivations and behaviors. By embracing personalization, brands can rise to the challenge of catering to a diverse but very specific market by providing every senior with tailored recommendations, content, offers and experiences.

Better personalization is made possible by integrating data and