Tuesday, July 25, 2017

Saga for the younger variety of oldies who want to 'keep doing'

I have always felt a little sorry for Saga. Not that sorry, because amongst those working in the ageing business the company has something of a reputation for arrogance.

It has the textbook case of being a high profile brand but for increasingly the wrong reasons. It is also a great example of a brand that has aged with its customers, despite its best efforts not to do so.

So here we go, new blood brought in to the company from Tesco has got the branding gurus working hard and now it is results time:

Saga is relaunching its brand, unveiling a new look and feel for the brand as well as its first ever strapline ‘Keep doing’ as it looks to evolve the business to ensure it remains relevant for today’s over 50s, rather than being seen as a brand for “old people”.

Marketing Week has a good coverage of the story. I am glad I am not the marketing director, who I hope is a brilliant strategist. The dilemma for the brand is that the more it positions itself to younger old the less differentiation it has. The longer it holds on to (and relies upon)  its older-old customer the harder it will be to break free from the inevitable decline it will face in revenues.

Maybe 'keep doing' is going to do the trick but I have my doubts.

It is very easy to be critical and I guess what the company is doing is its only option. It is a bit like putting a tattoo on grandad. As long as it is out of sight I guess it cannot do any damage. Dick Stroud

Monday, July 17, 2017

Working (and spending) longer - the Japanese way

For those of you with a WSJ subscription, this article is about how Japan is leading the way in keeping staff in the workplace for longer. Well worth reading.

If you don't have access then watch the video and look at the chart, showing the percentage of 65+ in the workforce. I think it gives you the storyline.

What it doesn't say is that if the workplace must be capable of supporting older workers it has to adapt to their changing physiological state. A nice way of saying it has to cope with poor eyesight, hearing loss, limits to body strength and flexibility plus a host more things.

There is a strange and useful symmetry about making the workplace suitable for older workers and ensuring they are also able to spend their money by buying your products. There is no magic about how this done (well a little bit). Have a look here and all is explained. Dick Stroud

Sunday, July 16, 2017

Good and bad news about how older people use their pensions

This report from the Financial Conduct Authority is the most authoritative research I have seen about what older consumers do when they reach the age they can access their pension savings (that is 55 years old in the UK).

The good news is that it seems they are trying to be sensible and not blow the money on a Lamborghini (the purchase most often quoted by the media).

The bad news is that many of them (40%) made this financial decision without taking any advice. This is not because they are ultra bright and don't need professional advice - the exact opposite.

What it shows is the financial illiteracy of many older people (same applies to their kids and grandchildren). In the past the Financial Services Industry saw the ignorance of their customers as benefit but now it is under so much scrutiny it has become a problem. Dick Stroud