They are the Holy Grail of business and industry. The proverbial tsunami of customers that will likely reshape and redefine our industry. Much the same as they have with so many other business categories, media channels, and lifestyle options they’ve already encountered.
New attitudes, new lifestyles, new opportunities
The mature market (broadly defined as consumers age 50+) is changing radically. As Baby Boomers transition into the so-called senior market sector, an already diverse audience is becoming increasingly fragmented. At the same time, the marketing opportunities delivered by this generational shift are enormous — and increasingly complex. In size and revenue potential alone, the new mature market vastly overshadows that of 10 years ago.
Let’s look at some of the statistics that this group triggers:
- 77 million people were born between 1946 and 1964
- Within 3 years (by 2015), a third of the population will be at least 60
- In the next 15 years, the 50+ demographic will grow by 50% and the 65+ population will grow by 50%
Why should I be concerned about this transition? Because 77 million individuals with over $1 trillion in annual spending power are about to turn the traditional ideas about growing older upside-down. The buzz is that 50 is the new 40 — and 60 is the new 50.
People who are chronologically one age but view themselves as younger, more active, and more alert reflect an attitudinal shift that impacts how we both define and talk to this new mature market. This is a population that flinches at the very word senior. It begins with their attitude and extends to their life view, values and a steadfast optimism.
Right now, we are at a rare point in marketing history. The unique demographic surge of the Boomers is not likely to ever be repeated, at least not in the foreseeable future. They present a true once-in-a-lifetime marketing opportunity.
Understanding who they are, what they want, where they’re coming from — and where they’re going — will give you a competitive advantage. By creating customer-driven messaging, and executing innovative marketing programs launched through a robust combination of truly integral business processes your business can benefit from the surge.
So what do we conclude?
Boomers are bringing new attitudes, new lifestyles, and new opportunities — the seeds for powerful consumer-driven marketing innovation. Some people only see the volume of the Boomers, the raw numbers, and think their business will automatically benefit from the “higher tide” of consumers. You, as an Consult YHN Associate know better, and will learn along with us, how to adapt to the Boomers. Truly, there couldn’t be a better time to be a marketer or an Consult YHN Associate! The fusion of market opportunity with All The Right Things and Consult YHN’s proven business solutions can not miss.