Eight Ways to “Age” Your Business

Marketing
By Colin Milner

Eight Ways to “Age” Your Business
Implement these action steps to appeal to an aging population. According to the World Health Organization (2002), “Older people spend more of their income on health than any other need or activity.” In addition, a recent study reports that the “anti-aging” movement is on the rise, currently accounting for $45 billion in tummy tucks, facial surgery, rejuvenation clinics and alternative medicine, to name just a few of the areas benefiting from Baby Boomers’ interest in staying younger and healthier as they age (Find/SVP 2003). What does this information mean to you? The obvious answer is opportunity. Researchers project that, as the search for the fountain of youth intensifies, revenue for health clubs and exercise equipment manufacturers will increase, reaching as much as $13 billion by 2007 (Find/SVP 2003). But with the opportunity comes a challenge. With this particular market, there is no middle ground–you are either in or out. To be counted among those who are in, take the following steps. ming you offer. Three out of four mature consumers are dissatisfied with the marketing aimed at them (McCarthy 2002). Lack of knowledge about what this market wants will cost you money in inappropriate advertising campaigns–and erode your credibility.
Action Steps: