The retiree (or seniors) marketplace can be lucrative for a local small business retail store. They tend to be loyal and engaged in word of mouth marketing about good retail experiences, experiences they value. They can also be flexible about when they shop and this is where a retail business can really leverage the opportunity.
Before you can market any retiree service or benefit you need offer what they want, offer what they value. Next, you need a plan. What products will be offered and at what special prices? The most common approach is to offer a flat discount to retirees, or seniors as they are called in some marketplaces. This discount is usually between 5% and 10%. Discounting is kind of lazy though.
Price is important to the seniors marketplace since they either have a fixed income or are living off finite savings. They like businesses which help them save money. This is the value piece. It’s about value every day, every visit.
One option is to create your own retiree / seniors card, something like a club card, for use in promoting the business. These should be professionally designed and produced. Ensure that such a card is respectful and something these customers would proudly carry. Design the card so that it promotes the benefits you offer – so that it is an extension of your marketing program.
An approach we really like is partnering with local seniors organisations or retiree communities – helping members save and the group itself benefit. Mutual benefits like this – for individuals, a group and your shop – yes, they are programs that work the best in nor experience. Plus, our POS software can manage this for you.
Local indie retailers, small business retailers, are well placed to connect with the retiree marketplace through these approaches. Where big businesses will tend to go the straight Seniors card discount route or similar, a more engaged and nuanced approach with a community benefit connection is more likely to drive a valuable Lebel of word of mouth.
Tower Systems provides this advice to local indie small business retailers because you are our community. We only engage with indie retailers. No big businesses. We want, and need, local indie retail to thrive.
To market a business to retirees consider these options:
- Train employees to offer the discount or other benefits to someone who looks eligible. While this could cause embarrassment, it could also extend the word of mouth around the offer.
- Promote to retirement villages in the local area.
- Advise local government authorities that you offer a benefit to retirees.
- Contact local clubs and organisations likely to connect with retirees.
- Promote the benefits in-store and in your business newsletter. You want to spread your offer as far and wide as possible, so that retirees beat a path to your door.
- Visit local retirement residences and offer assistance.
- Advertise in trailer parks.
- Look up clubs the Internet – there are plenty of groups, clubs and forums for older folks travelling around. They share tips about places they like.
The value of the retiree market to your retail store will depend on the value of the offer available to them and how widely you promote this. While some retailers see retirees as a chore others see a business opportunity.
Recent Comments