Empathizing with Seniors

A recent article in the New York Times called “A Graying Population Spells Business Opportunity” explores the business opportunities surrounding an aging population. As the baby boomers enter retirement age, they’re going to bring with them BUYING POWER. As the NYT article demonstrates, marketers are starting to wake up to the potential boon of marketing to seniors.

Even now there is some stigma to marketing to seniors: young people don’t want products designed for the elderly, and many seniors don’t like the implied admission of their age that buying these products could mean. But with the huge potential that the growing senior population may bring, marketers are finally starting to come around and design products that could appeal to seniors, and sometimes to younger ages as well. The best example cited by the article is cars with motion sensors in reverse: this is meant to aid those unable to turn their necks while backing up, but it appeals to younger people interested in cool toys.

This doesn’t just mean that businesses can make lots of money by targeting the elderly in their product designs and marketing schemes. It also is important to address the fact that in ten years, we are going to have an unprecedented amount of seniors. If we don’t start paying attention to them with products offered, they’re going to have an even harder time. Baby boomers are unlikely to be willing to go into conventional retirement homes as previous generations have, so creative forward-thinking will be vital.

Here are some reasons that it’s essential that we start paying attention to the needs of seniors:

  1. It’s moral and respectful to care for seniors.
  2. It will preserve order. They are already a huge part of society and will only grow more significant. Failing to appeal to their needs will only result in an unhappy group of elderly people.
  3. It’s time to start paying attention the needs of the elderly. It’s time to wake up and give them the attention they deserve.
  4. It could mean very big money. If the needs of senior citizens are studied more closely, then new products and services could be devised to make their lives easier. People are retiring with bigger and bigger nest eggs; they have more money to spend and are looking to spend it on useful things.
  5. We’re going to get old, too. Let’s set a good example for the younger generation on how to treat the elderly. They’ll probably do the same, and whatever brilliant products and services we come up with now will still be around when it’s our turn.

Increasing the effort of marketing to seniors can only result in positive effects for everyone, so it’s very good to see people finally paying attention to the boomers and their elders.

What are your thoughts?

JS

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