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Alex Kudos has over 18 years experience in marketing and currently serves as CMO at Social Discovery Group.
When you think of seniors, what is the first image that pops into your mind? Someone sitting at home alone or knitting in a nursing home?
Over time, brands have leveraged images and stereotypes that have detached them from society. This image is far from reflective of the rich and diverse experiences of people aged 50 and above. In fact, an April 2024 Wall Street Journal article cited a study that found that people are planning to retire earlier at 62 instead of 65. This will drastically open up the pool for marketing.
With a lot of free time and high disposable income, there is a high lifetime value on entertainment and e-commerce platforms. As such, it’s important to recognize the nuances of this demographic and challenge prevailing stereotypes through thoughtful and inclusive marketing strategies.
Seniors are not a one-category group; they encompass a wide range of interests, values and lifestyles. When crafting campaigns, it’s important to recognize and celebrate this diversity.
For example, we conduct studies to gain insights into the preferences, aspirations and behaviors of different demographics to make sure sites are tailored to exactly what will resonate with that audience. Through this research, which polled around 1,000 singles over the age of 45, we discovered that 72% of DateMyAge users are open to learning a new language to better communicate with their international date. This has allowed us to offer new features on our platform based on what they prefer.
Avoid perpetuating stereotypes of aging that portray senior citizens as passive or dependent on others. Many seniors are active with life, community involvement, dating and staying busy. Seniors want to be intimate and are ready for dating, but many feel ostracized or not welcome on popular apps such as Tinder. This opens up the opportunity for companies to create tailored campaigns for the growth strategy of companies.
Recognize and respect the autonomy of seniors rather than assuming they are involved with a certain lifestyle or mindset. There’s a unique opportunity to empower them by acknowledging their ability to make informed choices and pursue their interests.
The New York Times highlighted Not Your Daughter’s Jeans (NYDJ), an inclusive denim company that has empowered women of all sizes and ages to embrace their beauty and be comfortable with themselves. The company has used heartwarming methods that resonate with women around the world.
Don’t underestimate the digital literacy and engagement of older adults. Many seniors are active users of technology and digital platforms, including social media, online communities and e-commerce sites. Within the survey mentioned above, 90% of the community leverages the video date feature, which opens up a new medium for marketing.
Expand your marketing efforts to include these channels, ensuring that your messaging is accessible and resonant across various digital platforms. At the same time, know where your audiences aren’t. While many seniors are quite active on social media, you will likely find more success with a site like Facebook than with TikTok, where only 30% of users are above the age of 40. Keeping this top of mind will help you achieve the highest ROI when testing a new medium.
Leveraging the right digital channels can have an immense impact on targeting this group. Similar to NYDJ, using messages that connect with audiences on a personal level can be very successful. What is your audience watching? What are they reading? What is something that triggers a positive memory? These are all questions that can help discover the right messaging that resonates. Technological barriers can be a challenge, but simplifying digital experiences makes it easier to overcome.
Prioritize ongoing engagement and feedback from seniors themselves. Focus groups and customer feedback have not only helped with campaigns but also helped us launch new products geared to specific niche audiences that value their interests. I recommend listening to their voices, preferences and concerns; use this information to refine marketing strategies. Be open to adapting and evolving your approach based on the insights and feedback you receive, ensuring your campaigns remain relevant and resonant with this demographic.
By embracing these considerations, brands can cultivate more meaningful connections with seniors, moving beyond stereotypes to authentically celebrate their vitality, wisdom and contributions to society. Through inclusive and respectful marketing, we can challenge outdated perceptions of aging and foster a more inclusive narrative that honors the richness and diversity of experiences among older adults.
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Companies offering in-app payments and financial services within their respective platforms are examples of applying embedded finance in non-financial services.
As embedded finance alters how businesses, both financial and non-financial, approach finance, companies are already seeing the benefits that come with it. For instance,
88% of them have reported that they are seeing an uptick in customer engagement, while 85% are witnessing an increase in new customer acquisitions. It’s estimated that by 2029, the
embedded finance sector will generate $384.8 billion, a notable increase from 2020’s $22.5 billion.
By incorporating embedded finance into their service offerings, businesses will be able to uncover new opportunities for growth. The embedded finance solutions allow leaders of the financial industry – major banks, payment systems, e-wallets and others -
to expand their portfolio of customers and niche products in areas and countries which were previously too expensive and risky for them to enter.
Examples of how fintech and financial companies are
applying embedded finance to their services include:
The integration of mobile banking apps with apps for food delivery or ride-sharing
Non-financial businesses using in-app payments
to create continuous customer interactions
Retailers offering POS financing options
Addressing Unmet Financial Services Needs in a Growing Market
There’s a vast affiliate marketing market with an acute need for financial services that current financial organizations are unable to adequately address. This is an ideal example of an industry where embedded finance solutions could unlock immense profit
potential for financial institutions. This gap also results in publishers facing cash flow issues and a lack of credit.
One way to start benefiting from these solutions is to engage in partnerships. In March, the international technology leader,
Mitgo Group, acquired embedded finance platform Embedded in a bid to launch a new business division. The company’s expansion is aimed to help more fintech services to tap into the affiliate marketing sector, which is estimated
to grow beyond $15.7 billion in spending this year.
Embedded provides end-to-end solutions designed to equip non-financial businesses with embedded finance products to reduce payment costs, improve business processes, and enhance customer lifetime value. Embedded
use cases cover businesses across various industries, such as pharmaceutical and medical, eCommerce and retail, and electronics manufacturing companies.
With this acquisition, Mitgo Group is looking to facilitate 7% of the transaction volume, which is estimated at over $1.5 billion, from the affiliate marketing sector within the next three years. The company plans to establish cooperation with the leading
players of this market – global payment platforms and financial institutions. This way, fintech companies can cooperate within the affiliate marketing industry and profit from it.
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Join top executives in San Francisco on July 11-12, to hear how leaders are integrating and optimizing AI investments for success. Learn More
Artificial Intelligence (AI) is often touted as the future of advertising and marketing, promising to revolutionize the way companies target and engage with customers. The numbers don’t lie, with reports projecting a colossal surge in global market revenue for AI in marketing, quadrupling from $27.4 billion in 2023 to $107.4 billion in 2028.
It’s no secret that many companies are already capitalizing on AI to spruce up their marketing strategies. Using AI-assisted dynamic decision-making, marketers can fine-tune their programmatic media buying and determine the winners of in-market tests. The AI can also predict and identify potentially profitable audiences for marketing purposes.
And that’s just the beginning. AI is now taking on the role of content creator. Marketers are finally loosening the reins and allowing AI-generated content for media placements, beyond just search advertising. To create custom images and copy for creative testing, companies are feeding AI with inputs from various sources, including past performance, marketing ideas, analyst insights and specialist knowledge.
However, as we transition into this new era of AI marketing, we must also acknowledge the potential pitfalls. AI tools are not infallible, and they can contain inherent biases and perpetuate racism.
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Join us in San Francisco on July 11-12, where top executives will share how they have integrated and optimized AI investments for success and avoided common pitfalls.
A case in point was the recent controversy surrounding the partnership between Levi’s and fashion studio Lalaland.ai. The AI-powered digital fashion studio creates hyper-realistic fashion models with the aim of increasing diversity in the industry. However, the announcement was met with fierce criticism, especially from models of color who already face a lack of representation. Many questioned the decision to create artificial models instead of hiring real models, calling it “lazy,” “problematic,” and most importantly, “racist.”
“The future of marketing is going to be about datasets and not gut reactions or hunches,” Larry Adams, founder and CEO of diversity-focused AI platform provider X_Stereotype, told VentureBeat. “In the past, we used human intelligence — of mainly white males — to create advertising. Today’s approach uses datasets pulled from various sources to create marketing campaigns that extend to many more media channels. And yet, those data sources are still based on past performance, created and evaluated through the lens of white males.
“Artificial intelligence,” he went on, “is only as good as its inputs. Considering most of the data that exists is biased because of its one-sided point of view, the lack of diversity and gender experiences creates a gap in the knowledge base that AI draws upon to make its decisions, which impacts the output.”
With more and more reports coming out that AI can be racist, from marketing ploys like racist AI rappers to social media, false facial recognition in design to Facebook’s blatant ad placement discrimination, there’s a need in the industry for checks and balances — for a solution with human-informed insights from unbiased datasets.
That’s precisely what X_Stereotype aspires to offer — an AI-powered platform that analyzes content through a lens of diversity and inclusion, enabling marketers to identify racial bias and risk factors present in content at the earliest stage of development.
As a seasoned marketer, Adams was always invested in driving effective advertising through data, culture and insight. But it was the murder of George Floyd in 2020 that spurred his latest venture, X_Stereotype. As a Black professional in corporate America, Adams had long felt the challenges of navigating the industry while dealing with the unique experience of being Black in America. But it wasn’t until the Floyd murder that the marketing community at large started to take notice and ask questions, leading to a conversation around inclusion and authenticity.
Adams was also working as a senior advisor on Michael Bloomberg’s 2020 presidential campaign, where he was responsible for content strategy, marketing automation development and data strategy. He quickly realized that the campaign was not effectively reaching Black voters. Despite efforts to understand and reach multicultural audiences, stereotypes around how to connect with a Black audience were still prevalent, and the necessary data and messaging were not available.
To address this, Adams teamed up with entrepreneur Phil Alexander, who had been working on a research grant involving understanding how different human attributes impact working relationships. Together, they commissioned a full study with neuroscientists, psychologists and other specialists to quantify their findings and create algorithms that calculate 40 new psychometrics.
This research ultimately led to the creation of X_Stereotype, an engine designed to drive effective advertising while creating a less racist and more inclusive world, fueled by a truthful, inside perspective of today’s diverse experience.
Through X_Stereotype, Adams is taking his life’s work to the next level by combining data, culture and insight to drive more effective advertising that truly resonates with diverse audiences.
“The resolution to bias in AI systems is to create new datasets that represent a multitude of aspects of our diverse audience sets,” he said. “In the case of X_Stereotype, we have generated 4 million (and growing every day) new data signals that represent the complexity of today’s multicultural society. X_Stereotype structures our data to make it easy to integrate with other datasets to help AI make better decisions and create more representative outcomes.”
X_Stereotype is an AI-powered platform that uses predictive analytics to gauge the performance of content across different races and cultures. The platform offers 40 comprehensive metrics for content, including emotional impact, bias, inclusion and purchasing intent.
Using real focus groups and natural language processing, the platform converts human responses into emotion and sentiment scores, allowing its AI to learn from and improve upon itself.
By recognizing bias in content, X_Stereotype aims to predict the public’s reaction to an asset, generating an insights scorecard that identifies potential racial bias and risk factors.
A single focus group to refine its AI model creates roughly 300,000 data points. Collectively, X_Stereotype’s market research efforts generated over 4 million data points. X_Stereotype also collected a broad range of consumer demographic data such as age, gender, household income and marital status.
Companies such as FanDuel, Chipotle, J&J, Bob Evans and P&G have used X_Stereotype’s platform to gain the predictive power of AI as they pursue their business goals. The platform has been used in many settings, from early concepts to commercials featured in the Super Bowl. The platform claims to double ad effectiveness while reducing costs by providing clear, actionable insights earlier in the process.
One notable case is that of Bob Evans, where X_Stereotype’s insights were appreciated and provided a sense of comfort in knowing that all their concepts were being reviewed.
With over two years of experience working with AI providers and large language models (LLMs), the company plans to introduce more generative AI to the platform in the near future.
“X_Stereotype is on a mission to remove bias from marketing,” said Adams. “The driving force behind our mission is our own experiences, plus our love for marketing, and opening the door for more representation by creating a marketing culture that values our input and sees that it’s good for society and business results.”
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