Here’s a summary of the interview on 938Live. Click the image to hear the interview.
Singapore’s population is ageing rapidly. The question on everyone’s lips is “Is your business prepared for this (ageing consumer market)?”
“Marketing to the ageing consumer” looks at how you can capture the fast growing revenue opportunities from this very important market that’s so often neglected.
Most will assume – when told of the topic – that the ageing consumer is in their 70s when actually this refers to the 50s, the age when one’s physiological declines begin. Physiological declines, the likes of hearing loss and dying taste buds, affect every aspect of consumer behaviours. Businesses should widen their definition of the ageing consumer to better market to this group.
Companies need to recognise that the business paradigm has changed. The overarching mistake is that they completely forget who their audiences and target market are. We live in a world that is optimised for younger people but it is essential to note that that era is now gone. 35% of most developed countries in the world, including Singapore, have populations of 50 plus – evidence that it is no longer a niche market.
The sole aim however, is to understand that marketing to age groups is no longer effective and that to succeed, a business has to try as much as possible to be age neutral. “If you design for the young, you tend to exclude the old. But if you design for the old, you will include everybody.”