Baby Boomer Generation - Are You Doing Enough to Secure Your Market Share?

Populations in most western countries are ageing, rapidly. A quick snap shot of the United Kingdom shows there are over 20 million people 50 plus(i), that's approximately one third of the population. By 2031 it's expected the number of people over 50 will have ballooned to over 27 million people.

If that's not enough this market controls approximately 80% of private wealth in the UK alone- accounting for over £175 billion. Plus they are the fastest growing demographic of internet users.

This is the reality, the first baby boomers turned 60 on January 1st 2006, yet if you approach the majority of businesses and asked what are they doing to secure their share of the 50 plus market, on most occasions you would receive an indifferent answer.

Whether you know it or not the shift has already started and unless you have strategies in place to attract the mature shopper you may be left out in the cold.

Currently the majority of advertising expenditure is directed at the shrinking market of the young and middle aged, which is swimming in a sea of debt from mortgages to credit cards. Does it really make sense to keep chasing a market that is declining and has run out of money. Basic marketing principles suggest the opposite- find a growing market with strong spending power and minimal competition.

So why is it businesses haven't started implementing products, promotions and incentives to attract and build relationships with the 50 plus market. The simple answer is some are unaware, others will take the path of least resistance and keep doing what they have always done, and some are afraid their brand will be tarnished if it's associated with an older demographic.

Maybe it's time businesses both small and large take stock of the fundamental shift occurring in the age of its customers and potential customers. By doing nothing you're saying to the largest market segment with superior purchasing power we're not interested in your business, and they will vote by finding businesses and enterprises who do want their custom.

Stigmas such as brands for older generations can't be cool, and people over 50 are set in their ways with strong brand loyalty needs to be dissolved because it's simply not true. The choice is yours, keep chasing a shrinking market with little money or embark on developing a strategy and action plan to secure your share of the relatively untapped baby boomer market.

(i) National Statistics - Population: 20.0 million aged 50 and over