Resources - Mature Market Headlines

Find hidden opportunities in the senior market

Entrepreneur Magazine, 4/16/09

Abstract:

The senior market is booming, and opportunities are plentiful. To get a better understanding on how businesses can successfully market to seniors,  Entrepreneur.com talked to USC Assistant Dean of Gerontology Maria Henke.

What are some specific tips you have for entrepreneurs who want to start a business serving the senior market?
The rules of starting any business still apply to serving the senior market. Offer a product or service of value that meets an unmet need, put together a business plan, etc. When targeting older persons it's especially important to consider the functionality and safety of the product and how well that matches up with their needs. Depending on what you're selling you may also have to consider providing support services such as assistance using a new technology or device. Think "universal design"--a rapidly growing concept with the design community [meaning design that's useful to everyone]. Not only will entrepreneurs make and sell better products in the senior market; they will also be more successful to a broader range of consumers.

When it comes to marketing, seniors are a tough crowd. Puffery is wasted on them. They've seen it all when it comes to advertising. Today's octogenarian grew up listening to radio jingles and watching six decades of commercial television. As we mature, we become much more savvy consumers and are more likely to ask ourselves "do I really need this?" than, say, a 14-year-old. It also goes without saying but is especially true for older adults: Avoid stereotyping in your promotional efforts, and make sure your sales force is not condescending or impatient.

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