Targeting the Booming Boomer Market

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Sept. 27 (Bloomberg) –- Aging 2.0 Founder Katy Fike discusses the secret to selling to those 50 and over. She speaks with Stephanie Ruhle and Sara Eisen on Bloomberg Television’s “Market Makers.” (Source: Bloomberg)

That are 50 and older.

What is the secret to selling to those 50 and older?

The secret is to understand them.

People still make broad generalizations about older adults, when in fact there is so much diversity in the population and a lot of stereotypes people are falling back on when we need to take a fresh look at their needs and how they want to be talked to.

What are their needs?

They want things that are still fun, help them remain independent, help them feel good, that they are proud to have on their person -- give us a few specifics.

I brought some companies along that do a great job.

This is lively.

They help people stay in their home.

This something that lets them stay in their home -- what does it do?

Asked -- 80% of people want to stay in their home, so a lot of entrepreneurs are thinking about keeping older adults in their home safety?

Is this like a cool life alert?

It is put on movable objects, things like your refrigerator or your pill box and it helps you or your family keep track of daily routines.

If something looks out of whack -- mom always opens the refrigerator by 11:00 a.m., and it has not happened, you might want to call and check in.

That is interesting, and it does look like something in an apple store, but is there a company that is doing this exceptionally well, targeting this demographic?

It is one of the tricks about this space.

It is hard to see the people that are doing it the best because those doing it overtly are turning off the older adults.

It is understanding their needs, but not making it about their age, by showing that you understand them.

Procter & gamble did a great advertisement with swifter, and it shows they are taking an existing product and how it can benefit this population.

Is this the right population to go after?

Yes, there might be more baby boomers aging, but are they spending?

I think senior citizens are savers, and millennial's are the ones that are more aspirational and want to spend the dollars.

Older adults still want to spend.

They have a tremendous amount of wealth, but they are not spending on things because i do not think we have done a good enough job.

Here is another example.

If i am an older adult, and this pill box, i am not excited about it eric this company thought about something that you would want to own, take out and put through security, not something that screams that i am old, but rather that i have

This text has been automatically generated. It may not be 100% accurate.

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