Editor’s note: Barbara Champion is principal of Chicago research firm B. Champion Associates Ltd.

Not only are the sheer numbers of people within this segment huge, but its spending power - estimated at $2 trillion by the MetLife Mature Market Institute - is immense. Combined, these two factors present marketers within certain product and service categories the potential for almost unparalleled opportunity. As Sandra Timmermann, director of the MetLife Institute forecasts, these consumers literally have “the potential to change how America  does business, since the goods and services sought by these older people will be in much higher demand.” Even Gail Sheehy in her juicy bestseller Sex and the Seasoned Woman recognizes this phenomenon as nothing short of a “demographic tsunami.” But disaster is most certainly not on the horizon for forward-thinking marketers who understand this potentially lucrative market and effectively target products and services to meet its evolving needs.

As a solid foundation for identifying opportunities within the mature market, marketers must understand that older consumers differ significantly from younger cohort and affinity groups. While consulting firms are still gathering data on the market and no unanimity of opinion exists, it is generally agreed that as one rounds the second half of life - somewhere around the 50-year mark - a rather profound psychological and emotional adjustment occurs; a reordering of priorities often takes place, whereby spiritually-motivated goals and interpersonal relationships provide the basis for many of life’s most fulfilling satisfactions.

Too, it is often agreed by many who have studied this market that mature consumers welcome change and the potential for personal growth and reinvention - but exactly how this metamorphosis evolves and how it affects consumer behavior varies. When it comes to work, retirement, second careers, recreation, philanthropy, family, finances and how money is spent, attitudes and behaviors can vary widely. And for those who research the 50+ segment, it is essential to understand that the decision-making drivers of older consumers do not generally mirror those of younger targets. Some critical differences between mature consumers and younger counterparts include the following:

  • Status labels and high-end brand loyalties become less important as time marches on. Rather, value and quality supersede these factors in the decision-making hierarchy.
  • Peer pressure and the desire to impress others also plays less of a role. It becomes more about how products and services enhance and deepen the meaning of one’s existence that really count.
  • Ongoing acquisitiveness as a means to fuel one’s ego and sense of self-worth tends to fade with age. Again, the focus is more on life-enriching experiences and spiritual growth as one gets older.

Too, in identifying opportunities within the mature market, it is important to recognize that older consumers are oftentimes far less homogeneous as a group than younger segments. And this is why companies and brand managers are having a difficult time figuring out a way to reach the mature market as a whole. Within each age decade, for example, there can be wide variance in terms of health, physical and mental acuity, psychological attitude/outlook, and the degree of engagement in the basic fabric of life. We’ve all witnessed this; at age 65 or 70, for example, one person can exhibit “old” tendencies while another of the same age is physically vibrant and attitudinally youthful. Thus, in order to make research more productive, study samples should consist of leading-edge mature consumers - the upper strata that continue to be actively involved in the consumer marketplace. This begins with the recruitment process and crafting a screener that identifies this target based on lifestyle and psychographic measures, not mere demographics. To this end, here are some suggestions for screening respondents that may really help deliver high-impact research results:

  • Screen by self-perceived age. Ask a potential respondent how old they feel relative to their chronological age and shoot for those who feel younger, more energetic and more vital than what their birth date might otherwise imply.
  • Get at physical vigor and activity levels. Reach the on-the-go segment who participate in organized sports, walking groups, aerobic classes, fishing expeditions, etc. These are the folks most likely to be interested in varied and new experiences and open to novel ways of using tried-and-true products and brands.
  • Go for those with a positive mental outlook. Ask a range of attitudinal questions relating to how one feels about the state of the world, the younger generation, personal challenges, and if they perceive the potential for possibility and change. Does this person exude a sense of forward-thinking optimism?
  • Reach those who have influence on others. Look for people who have direct influence on the behaviors of their cohort group. Do friends call them for advice and referral? Are they called upon to recommend new restaurants or critique movies, books or travel destinations? Do they tell others what computer to buy, which real estate agent to use or what financial advisor can be trusted? The possibilities are endless.
  • Screen for degree of involvement/engagement. Develop a checklist of various activities that demonstrate a respondent’s involvement and engagement in community and social causes. These people are likely to have a large contact network of friends and colleagues whom they influence. The more activities and points of social engagement and commitment, the better! The list might include philanthropic organizations, political campaign work, neighborhood committees, alumni associations, religious study groups, fundraising and other volunteer committees, environmental activism, and continuing-education classes, to name a scant few.

Carefully consider

It is imperative to think about the mature market differently than younger consumers. And any research endeavor should carefully consider how to best recruit for leading-edge influentials, the slice of the mature market that is likely to be most profitable for many of today’s marketers. This begins with a well-thought out, well-constructed screener that speaks to the lifestyle and psychographic dimensions that distinguish a dynamic mature market slice from more inert segments.