Contrary to what many people think, seniors and baby boomers present tremendous opportunities for Reverse Mortgage digital marketing. Despite business opportunities presented by these two market segments, less than 10% of baby boomers are targeted by businesses. Yet, a recent survey by PEW Research Center reveals that groups of seniors and baby boomers now own and make use of modern gadgets at rates close to those below 65 years old.
This neglect of seniors is not surprising. Many misconceptions make business owners overlook seniors when it comes to digital marketing opportunities. Like, social media platforms are primarily used by the younger generation. Seniors are on social, and this can be an excellent source for nurturing and generating leads if utilized correctly. Remember that social media connects all generations but is used differently by each once you understand how seniors and baby boomers are engaging on these various platforms, your opportunity increases.
The fact that an increasing number of seniors and baby boomers use technology is essential for you to understand. These baby boomers are entering the age of retirement. Many of these potential retirees are not prepared for what lies ahead after leaving the world of employment permanently. This presents vast potential for reverse mortgage professionals to educate, build trust & credibility with seniors.
But, many reverse mortgage loan originators still rely solely on traditional forms of marketing to promote their services. While traditional marketing still works, digital marketing is gaining dominance in the reverse mortgage industry, and timing is vital in capitalizing on this opportunity. Currently, you are able to position yourself with much less friction. As competition grows, the time, effort, and resources that will be required to get the same results will also increase.
Changing landscape of seniors and baby boomers
Seniors were late adapters into advancing technologies, which is usually the case each decade. We are currently at a place where the older generation has finally adopted and uses these technologies as a part of their daily lives.
In a survey report on Boomer’s expectations of retirement, 45 % have no retirement savings. Of those who are undecided when to retire, a third of them say the reason is that they do not know if their retirement savings could sustain them.
The difference between the retirement phase of Baby Boomers and the previous generation is that a large percentage of the Boomers are expected to live longer than their parents. Those who retire at 60 are expected to live 25 years more, which means their retirement period will be longer.
Seniors are worried about this and based on research into popular terms regarding retirement, senior, and reverse mortgage terms. Simply put, seniors are concerned about this next phase of their lives. Understand that they are not going to the library or depending on others solely for answers. They are searching online, and if you not there, the potential for your business being the solution to their issue is ZERO.
Think about these numbers for a second. Think of the millions of people who are not ready and trying to figure out how to retire comfortably.
What if you strategically create content that genuinely helps them with many of the concerns they have about retirement.
Your lead generation opportunities increase with every piece of optimized content you create.
Seniors and the use of technology
In terms of technology adoption, seniors have lower rates when compared to the general public. But, this group is more digitally connected than in previous decades. Young seniors, who are highly educated and affluent, own and use various technologies similar to the rates of adults below retirement age.
Facts about seniors using technology
- Pew Research Center reports in 2012 that more than half of those aged 65 and older were internet and email users. This figure is significant as it represents the first time that half of the seniors went online after years of slow growth.
- Once seniors are online, the internet becomes a regular part of their daily activities. 70% of seniors are on the internet on a typical day, and overall, 80% are online on an average day. This figure shows that with the tools, education, and necessary training on technology, seniors have become fervent users of the internet.
- There is also a significant increase in seniors who use social networking. PEW further reports that 86% of the age group of 65 and older use email.
- 73% of young seniors own mobile phones, an increase from 57% in 2010.
How seniors use technology to change their lives
The figures show that seniors are catching up with the general population in the use of technology and how it has become an essential part of their lives.
Seniors use the internet to be updated with current events, pursue interests, shop, manage their money, connect with friends and family, and to research topics.
Concerning social media, seniors go through their social media accounts, though they seldom share content. However, they tend to share content they find visually pleasing and highly accessible.
The importance of digital reverse mortgage marketing
With today’s seniors being more tech-savvy than ever, traditional marketing campaigns may not be enough to educate and market your reverse mortgage services. Just as with the younger generation, it takes four to seven interactions generally to get someone to take action. The digital component of any marketing campaign is crucial since most consumers resort to online searches to learn more about products and services.
Digital marketing is best in connecting with consumers who search for loans independently. It is also an excellent opportunity to gather contact information, stay connected with the consumer throughout the process, and nurture them using an omnichannel approach.
Searches for Reverse Mortgage and Reverse related products are starting to increase. You and read more on our article titled, The Rise Of Reverse Mortgages in 2020.
The more you effectively create content and use digital marketing strategies to answer these pressing questions, seniors are searching for you to increase your opportunity to acquire more leads from past efforts.
The present digital landscape and the changing demographics of seniors provide reverse mortgage professionals the opportunity to become an authority in the industry. As millions of Baby Boomers enter the retirement age, and as the number of seniors using technology soars, it becomes imperative for you to utilize digital marketing strategies.
Getting started now could be the difference between you or your business being the trusted authority, with brand recognition and trust in your area or just another business listing on the internet.