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 am an experience management transformist, helping organizations improve business results by engaging the hearts and minds of their customers, employees, and partners. My "job" is Head of the Qualtrics XM Institute. The Institute is still being established, but our goal is to help organizations around the world thrive by mastering Experience Management (XM). As part of this focus, I examine strategy, culture, interaction design, customer service, branding and leadership practices. And, as many people know, I love to speak about these topics in almost any forum. Prior to joining Qualtrics, I was managing partner of Temkin Group (leading CX research, advisory, and training firm), co-founder and chair of the Customer Experience Professionals Association (CXPA.org), and a VP at Forrester Research. I'm a fanatical student of business, so this blog provides an outlet for sharing insights from my ongoing educational journey. Check out my LinkedIn profile: www.linkedin.com/in/brucetemkin

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