expand customer reach in financial services with the ageing consumer
DESCRIPTION
Unprecedented growth of the older demographic means that every company will need to respond to the ageing of its customers. This can be done without detriment to the existing client base and should expand your customer reach. With 54% of the HNWI’s in Asia-Pacific over 56 years of age, such strategies are particularly critical in financial services. This is also the fastest growing age segment in most developed markets of APAC and worldwide. MasterCard predicts that in two years time, Singaporeans over 65 will have a spending power of more than $13 billion not to mention their assets and savings. Contrary to common belief, attracting and retaining older customers need NOT mean that your brand or offering is suddenly skewed to an older consumer at the expense of your current positioning. Silver helps companies to make the right strategic choices and to profit from the power of the 50+ market. Sometimes, minor changes to the customer touch-points can remove major barriers that might otherwise impede the brand experience for your older customers.TRANSCRIPT
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In the Financial Services industry
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Population ageing is unprecedented,
a process without parallel in the history of humanity…
“Population ageing is unprecedented,
a process without parallel in the history of humanity…”
United Nations, World Population Ageing Report
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The time to respond is NOW
54% of the APAC HNWI’s are above 56 years old (CapGemini/Merrill Lynch APAC Wealth Report)
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Years of opportunity
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The Stats Don’t Lie
$1,021.2
$1,963.9
0
500
1000
1500
2000
2500
2005 2015 Affluent Asia Emerging Asia TOTAL
2. Disproportionate wealth and spending power
(Retired 65+)
US$
bill
ion
s
Popula'on growth by age
0 to 14 -‐6.5% 15 to 34 1.8% 35 to 49 0.9%
50 + 33.5%
1. Fastest Growing Age Segment in APAC
2008 to 2018
Aus, China, HK, India, Indon, Japan, Korea, Msia, Phils, Spore, Taiwan, Thai, Viet
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MARKETING
PRODUCT Age Specific Age Neutral
Age Neutral
What Needs to Be Done? • Keeping the brand relevant to your older customers without
alienating younger segments • Age-neutral strategies reach the broadest customer base
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AGE NEUTRAL No apparent
age focus
AGE SEGMENTED
Neutral product adapted for
older consumers AGE SILO Product created and marketed to older consumers
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Factors to consider that uniquely affect older consumers
Physical
YOUNGER OLDER
Growth in formative years: • Larger sizes
25 effects of ageing: • Customer touchpoints • New products/services
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25 effects of ageing
Physical ageing affects the entire customer journey
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How Silver Can Help You Profit from the power of the 50+ market
• Workshops – Insightful, interactive, fun and actionable workshops that help teams
understand the opportunities and challenges of older customers – Sessions ranging from ½ day introductions to 2-day immersion and ideation
programmes • Age-Friendly audit
– Using unique tools to evaluate your entire customer journey through the prism of ageing
– Enable business to identify and remove the barriers between them and older consumers
• Consulting – Applying research, insights and ideas to devise unique strategies that create a
sustainable competitive edge with the ageing consumer • Speaking
– Kim Walker is one of the few global authorities on this subject. A TED speaker and co-author of a definitive book on the subject*, his lively delivery entertains and informs. His internationally awarded keynotes cover topics such as:
• How you can benefit from an ageing customer base • Why ‘age-friendly’ is the new mantra for every businesses • *Marketing to the ageing consumer
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Some of our clients
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Email: [email protected]
Silver Web: www.silvergroup.asia
Blog: http://silvergroup.asia/blog/
Twitter: https://twitter.com/#!/SilverGroup
Age-Friendly web: www.age-friendly.com
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