Marketing Financial Products to SeniorsJoshAugust 17, 20162 viewsIncome & Career0 Comments2 views 0 No matter which demographic you are working with, you’ll need to tailor your sales pitch to suit the client’s individual needs. If you’re a New York mortgage broker, you’ll need to know every single detail about the housing and finance markets in that state since details can vary between states. It’s commonly accepted that the driving force behind the 2008 economic collapse was the inability of consumers to meet the terms of their loans. While some analysts like to point the finger at lenders, it’s important that clients fully understand the implications of financial terms they are agreeing to. When working with seniors, special care and attention needs to be taken to properly address the needs of this demographic. There are two key factors that need to be taken into consideration when soliciting to an older demographic. Complacency As business professionals, we are responsive to industry trends. Adapting to the nuances of a dynamic economic environment is one of the key factors to success. Senior citizens have often used the same financial services for many years. To them, there is often very little incentive to change a system that seems to have been working for a long time. Even if you are able to offer services that are able to more effectively meet their needs then their current solution, many elderly consumers feel no need to fix something that is not broken. To appeal to this mindset, it’s important to clearly identify what they have been missing out on. Reverse mortgages, for example, should not be pitched as an exciting new financial product that has only recently become available to them. Instead, point out all the ways that traditional mortgages have failed to meet the unique needs of retirees. Position your product as a long-overdue change that was needed to ensure financial institutions were able to deal fairly with their older clients. Challenged Understanding Complex Ideas When you deal with financial matters on a daily basis, it can be easy to forget how complex some of these products actually are. Senior citizens often have a hard time grasping these concepts as quickly as a younger individual. When you are working with an older demographic, focus on explaining the direct impacts your product will have on the client’s daily life. Instead of quoting interest rates, amortization schedules, and financial calculations, clearly inform your client exactly what changes they will notice. Will their payments be higher or lower? What is the exact value they will be required to pay? When will they need to make payments? What are the direct benefits they will receive from your product? If you can demonstrate the impact your offerings will have on your client’s daily life, they will be much more likely to understand the inherent value of what you are offering them. Although you will need to make a few changes to your sales pitch, aging baby-boomers means that senior citizens are soon to be one of the largest demographics. Making sure you are able to effectively meet the needs of this audience will open up many doors for your business. When individuals retire from their job or move into a new home, their financial needs change. This is a perfect opportunity to solicit your services and allow your organization to help these individuals smoothly transition into a new lifestyle.