Manning Banks Case Study
focus on who are already their biggest customers. At this time Manning Banks biggest supporters
are from ages 55+. They make up 35% of households and 66% of deposits. Since the elderly are
a huge supporter of the bank they already have developed a need and loyalty for the bank
therefore it is easier to market reasons why they should stay.
The elderly are also more cautious with their money. They evaluate many options before
making either a simple or complicated purchase including who offers the product/service the
cheapest and who is of most convenience to them. Also, most of the senior’s expenses include
medical expenses, medical care, health …show more content…
By focusing on the 34-44 year old age group, banks are making the smart decision to invest in a
mature and financially stable group that is soon to be amongst the biggest depositors, seniors.
Marketing to these groups requires a variety of strategies. One of which is offering senior
discounts. Since seniors are less interested in new products, offering special discounts is a way to
not only maintain customer loyalty, but it also helps spark word to mouth. Everyone appreciates
discounts and when they feel valued by banks they will be sure to tell their friends/ associates.
Another strategy that would be useful for banks to use would be to advertise safety, trust and
patience. It is no surprise that seniors are taken advantage of when it comes to money. Wells
Fargo describes it as “Distressing that that older Americans are losing at least $2.9 billion every
year to people who take advantage of their vulnerabilities” (Hands on Banking). And that’s only
for the cases that are actually reported their inability to adapt to new technology and to foresee
financial danger makes seniors susceptible to fraud and financial abuse. “Perpetrators