Older Consumers Want Good Service

In a recently published research report called Service Trumps Price As Consumers Get Older, we examined what consumers care about most when shopping or doing business with financial services firms, insurers, and retailers. The analysis of nearly 5,000 consumers looked at data across five generations: Gen Y (20s), Gen X (30s), Younger Boomers (40s), Older Boomers (50s), and Seniors (60s+).  Some common things showed up in all three sectors:

  • Younger consumers focus on low prices. For all three sectors, Gen Y was the group that cared about low prices more than every other generation. This focus on price dropped considerably with progressively older generations.
  • Older consumers want good service. When it comes to financial services and insurance, Seniors care the most about good service. And while good service isn’t the top concern for Seniors when they deal with a retailer, it is clearly one of the more important attributes. The need for good service declines with progressivley younger generations. 

The bottom line: To reach older consumers, make sure that your marketing messages (and offerings) convey (and provide) good service.

Written by 

I'm an experience (XM) management catalyst; helping organizations improve results by engaging the hearts and minds of their employees, customers, and partners. I enjoy researching and speaking about leading-edge XM topics. I lead the Qualtrics XM Institute, which is the world's best job. We're igniting a global community of XM Professionals who are inspired and empowered to radically improve the human experience. To achieve this goal, my team focuses on thought leadership, training, and community building. My work is driven by a set of fundamental beliefs: 1) Everything starts and ends with human beings, so you need to understand how people think, feel, and behave; 2) XM is a discipline that needs to be woven throughout an organization's entire operating fabric; and 3) Building the XM discipline requires a combination of culture, competency, and technology.

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