Successfully Marketing to Seniors (65 and Over)

The 65-and-over population controls the bulk of disposable income in the United States. For insurance brokers and agencies, this means that using the right strategy can have a tremendous impact on the bottom line.

Historically, insurance brokers targeted seniors through traditional media.

But today’s seniors—many of whom are baby boomers, born between 1946-1964—are more internet-savvy and active than their counterparts from the past. Successfully selling to them requires a more modern approach.

Before we explore what such an approach might look like, let’s take a step back and examine a few things that make the modern 65 and over customer tick.

4 Character Traits of the Modern Senior Consumer

Today’s seniors have been driving the economy for decades. Compared to younger adults, seniors have the most money to spend.

Successfully marketing insurance for seniors starts with understanding what’s most important to them.

1. Independence: Seniors know that their health will change at some point. No matter what happens, they don’t want to be a burden on their families. To this end, they place a high value on Medicare coverage that enables them to maintain their independence as they age.
2. Custom solutions: Many 65 and over individuals are open to change—particularly during Medicare’s open enrollment period. Despite this, they’ve grown to expect solutions that have been customized to meet their needs specifically.
3. Access to information: Seniors want to be able to make their own decisions based on all available information. Like the other generations brought up with the internet, they expect to have round-the-clock access to their Medicare plan information, pricing options, and comparisons. And when they’re not able to answer their own questions, they expect to be able to call a knowledgeable and trusted agent who can meet their needs quickly.
4. Respect: The 65 and over population doesn’t expect to be ridiculed or talked down to. Instead, they expect that marketers will cater to their intellect and target them respectfully.

Now that you have a better idea about what your Medicare prospects are looking for, let’s explore some tips that should help you close more deals.

Tips for Marketing to Seniors

How do you effectively sell insurance to seniors? Consider these four tips as you hone your ultimate senior marketing strategy.

1. Ensure all marketing materials are compliant when marketing healthcare to seniors

If you’re in the Medicare Advantage. Medicare Supplement (Medigap), or the Prescription Drug Plan markets, you need to make sure that all marketing materials comply with the guidelines issued by the Centers for Medicare & Medicaid Services (CMS). Failure to comply can result in sanctions and other penalties for the health plan and for your agency.

CMS has oversight over direct mail pieces; advertisements on television, the internet, the radio, billboards, or other publications; promotional materials; presentation materials; scripts and outlines for sales agents; communications regarding membership, contracts, and plan activities; notifications of changes to providers, costs, or benefits; and more.

Be sure to review the Medicare Marketing Guidelines before engaging with seniors. In some cases, the health plan and CMS may have to approve your content before you can send it out or publish it.

2. Embrace digital marketing to seniors

Seniors today are comfortable searching for information and buying things online (thank you, Google and Amazon). As such, the right web marketing strategy can deliver impressive results.

As you build your digital marketing campaign, remember to make your site user-friendly and intuitive so visitors—young and old—can easily navigate it. You’ll also want to pay attention to the layout of the site—its colors, the fonts you use, the contrast between the text and background, and more—to make sure information is easy to consume.

Seniors are active on social media, too—particularly on Facebook. You’ll want to have a robust presence there.

Last but not least, when you’re marketing to seniors, use images that reflect your target audience. Someone in their 70s is unlikely to be persuaded by a picture of a group of teens playing beach volleyball.

3. Don't ditch direct mail campaigns

Direct mail remains a top purchase influencer for baby boomers—even in the digital age.

Direct Mail is a great way to reach as many prospects as possible because it does not require consent to contact.

4. Create memorable content for seniors

Campaigns are only as strong as the content that powers them. Whether you’re writing for the web or writing a direct mailer, you need to make sure your content is persuasive and easy to understand.

Make sure your content explains why and how your insurance products will improve your prospects’ lives. Emphasize the customized solutions your agency offers, as well as the personal attention brokers provide. Pay attention to your tone, too. You don’t want to sound condescending or disrespectful, and you don’t want to use fear to make a sale, either.

Great content demonstrates empathy. If you can convince a few seniors that you understand their problems and have a great solution, you may be able to generate additional business through word-of-mouth referrals.

Selling Insurance for Seniors? Develop Your Strategy Today!

The right senior marketing strategy can help your insurance agency unlock an enormous revenue stream from a group of customers who love to be loyal to companies that deserve it.

It starts with understanding your customers as best as you can. You’ll also want to develop a multi-channel campaign and invest in tools that help you achieve your goals.

It may take some time to put together a winning strategy. But that hard work should pay off—helping your insurance agency or brokerage grow a profitable segment of its customer base.

Looking for more? Check out our white paper: The Complete Guide to Successful Cross-Selling