Last week we looked at businesses that cater to children. Now we go to the opposite end of the spectrum. The first Baby Boomers are turning 65 this year, and businesses are developing products and services for this aging population. GbBIS continues our series on businesses that cater to a specific demographic by looking at how different companies are targeting the Baby Boomers.
“You’re not getting older, you’re getting better,” the saying goes. And this is exactly the philosophy that businesses use to market to an aging Baby Boomer population. “We’re not the first generation to get old, but we’re the first generation to have greater expectation that old age could be better,” said Professor Joseph Coughlin. “Technology has helped us live longer; now we want to live better.”
Companies like CVS have tailored their stores to address the concerns of older Americans. The shelves are lower, the signs are easier to read, the atmosphere is quieter, and the lighting is softer. Stores like CVS have made things more accommodating to older people, but in a subtle way. And subtlety is key.
Are Baby Boomers going to buy products that clearly state This is for the aging Baby Boomer? No. In fact, they’d probably run in the other direction. That is why marketers have found ways to target Baby Boomers without forthrightly stating that these products and services are for them. Tempurpedic makes adjustable beds sound like fun, GE calls appliances that are easier to reach “Universal Design,” and cars that parallel park for you or indicate when an object is too close are heralded as technological advancements rather than tools for older drivers. Sellers engage in somewhat of a coded language.
One fifth of America’s population is expected to be 65 or older by 2030. It looks like businesses that cater to older Americans are going to have a bright future. How can your business take advantage of population and demographic trends like these? Consult GbBIS. We provide businesses with the most accurate demographic data, including age, population, income, and more. We can help you identify the size of your target market, where they are located, and by how much they are expected to grow. Check out our selection of demographic maps, web applications, reports, and databases.
Contact GbBIS today and discover how our demographic data can help you better target your customers
Check in next week to see which businesses we will be highlighting in our series
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