Are you on the grey v train?
Baby Boomers are going Grey. They have time and money. Will they spend it with you?
The over 60 group is the fastest growing group in Canada and the USA, in fact in most wealthy countries around the world. If your marketing department is being run by a â€œmillennial,â€ chances are they do not see this trend, or know what to do about it. If it is run by you as a small business owner you are likely in the same situation.
Yet here is this group, the grey v train group, richer than any previous group due to a huge rise in home equity and good pensions. They do not want to be called old. They still feel young but realize that they have only so many years to enjoy themselves. So they donâ€™t want â€œstuffâ€ as much as they want a good experience. They want to age at home if possible. This brings in a whole new set of consumables that they, and their children, will want them to have to be safe and happy at home.
McKinsey Global Institute reports that boomers are the one of the main engines of growth in the world economy. Millennials have student debt and a tough housing market to break into. Even the 30 to 44 year old group spends far less on consumables. Boomers spend 33% more than this group. Many have been saving for years and now realize that they can afford many things that they have denied themselves over the years and only so many years to enjoy it.
- So what is the trick? How can you as a business owner take advantage of this â€œsilver rushâ€ or â€˜â€grey v trainâ€?
- It starts by thinking about what they are likely to want and how your business can supply it. Tip: Do so in a way that accommodates them without saying they are â€œoldâ€.
- Consider what product or service can you provide or do you provide right now that could be promoted better?
- What is their customer experience like? Put yourself in their shoes.
One simple trick: Try wearing dark sunglasses while interacting with your business. This is how many boomers see the world as they have failing eyesight.
- Are the fonts large enough to read?
- Is your wayfinding signage adequate?
- How easy is it to navigate your website?
This group will not go quietly. They will spend almost as much time in retirement as they did working. Many will continue to work just because they have the energy and time to do so. Not because they need the money. They may want to work for you. Do you know how to hire them?
Lots of interesting questions and the answers are different depending on what sort of business you run. Do you know the best part? It is just getting started.
We are on the front edge of one of the most important shifts that will ever affect your business. If you would like help in figuring out how to get on this train, contact a business coach like Rob Carol. Your local Vancouver business coach, Rob Carol, can assist you with reaching this group. He is also in the boomer group, making his advice valuable and first hand. Contact Rob Carol, your local Vancouver business coach, by visiting his website https://www.robcarol.com/ or calling him directly at 604-942-2866.