The UnNoticed Entrepreneur In 2020 the world will have more 55-year-olds than 5-year-olds, so how do we market our business to these silver surfers?
In 2020 the world will have more 55-year-olds than 5-year-olds, and yet according to the Havas Group, only about 5% of U.S. advertising is even aimed at people over 50. In this episode addressing the Personalization module of the SPEAK|pr course, I share thoughts on marketing to people who aren't looking to go offline anytime soon.
Why is this, but more importantly how can our own businesses cater to the silversurfers who now control 80% of the wealth in western markets like the UK and USA? It's important because this is a major trend; According to the EU, the senior citizens market will grow by 81% from 2005 to 2030 while the 18-59 year old market will only increase 7%
I share the true story of how I demonstrated a wireless router and antennae to a woman in her 70's at a campsite in Aberystwyth, Wales, and what that taught me about marketing to seniors.
Most marketing is aimed at the young and the impressionable. According to Forrester research, 55% and 54% of those less than 31 and 31-39, respectively, say they “enjoy trying new brands or products.” That number drops to 39% for those aged 54-63 and 31% for the 64-74 set. So is it harder to get old people to adopt new products and services?
I argue that it isn't harder, but it does take a different approach and even using technologies like talkify and natural readers. to compensate for the effects of ageing on hearing and eyesight.
So thinking back to the campsite…I think the key lessons we can think about when marketing to older generation are: Simplicity, Trust, Support.
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Jim James is the Founder and Managing Director of the EASTWEST Public Relations Group. He recently returned to the UK after 25 years in Asia where he was an entrepreneur. Whilst running EASTWEST PR, he was the Vice-Chairmanof the British Chamber of Commerce in China, he also he introduced Morgansports cars to China, WAKE Drinks, founded the British Business Awards, The British Motorsport Festival, EO Beijing, and was the interim CEO ofLotus cars
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