Marketing to the Generations: Matures
“Once you create a loyal customer base, it’s tough for a competitor to take that away”
Joseph Mansueto
This is the first post in a four-part series about Marketing to the Generations
We oftentimes explain the importance of defining your target markets to our clients. Otherwise, marketing is a “shot in the dark,” as you have no idea who your services are going to appeal to and why. One important way to break down your target markets is by generation.
Marketing to multiple generations is essential for the survival and success of your firm. This good business practice ensures you are building lasting relationships for years to come. In the next few blogs, we will be discussing four different generations you should be marketing to beginning with the oldest, matures.
Characteristics
Matures were born between 1927-1945. They are patriotic and are rule followers. They respect hierarchies, but also demand respect back because of their life experience. They have a strong preference for loyalty and traditional values. The men often dedicated their whole career to one company. Women of this generation were part of the pre-feminism movement. They usually stayed home to raise their families, and if they worked outside of the home, it was for very particular roles such as a teacher, secretary or nurse.
Why They Matter
Matures are frugal, and they have solid portfolios. They can see the value in your services and will be loyal clients for life. As matures now make up the majority of the older generation that is still living, they need your help to plan their wealth transfer.
Financial Traits
Few matures are still in the workforce. Most are facing health issues and disabilities. They are willing to seek out and listen to expert advice.
Ways to Connect
Before meeting with a “mature,” make sure your office is accommodating to the disabled. Ask yourself if you have any generational biases that will conflict with them. Be sure to make their comfort a top priority, stick to formal titles, and follow their rules of engagement.
Building Relationships
Matures are interested in your history as well as your background. Information such as awards, designations and other qualifications are important to them. They want to ensure you are a true industry expert before they offer their business to you.
Don’t overlook the older generation. Although they may be “set” in many areas concerning their financial planning, working with the mature generation can prove to be very rewarding for your business and for you, personally.
Marston, Cam. The Gen-Savvy Financial Advisor: Advising the Generations in the New Age of Uncertainty. Generational Insights, 2016.
