Follow the Money: Aging Gracefully
Note: This is the debut of "Follow the Money," a new monthly column by Tim Costello, the CEO of Builder Homesite. This column appears in the November issue of CustomRetailer magazine.
“It is not necessary to change. Survival is not mandatory.”
— W. Edwards Deming
The idea of “The New Normal” has been popping up in headlines across the country. As I look at the current economic landscape and the variety of challenges companies are facing, I see a huge upside for businesses who are willing to not just accept “The New Normal” but embrace it and seize the opportunities for growth.
I will use this column to explore these opportunities and outline specific steps companies can take to transform their business for future success. This month, let’s focus on a major demographic shift that is going to have a massive impact on the economy over the next decade and will affect your business for better or worse. I’m talking about Baby Boomers and the aging of
If I don’t already have your attention, maybe these facts will help. There are over 100 million Baby Boomers in the U.S. today. This group has $2.3 trillion in annual spending power. The bottom line? More than 30 percent of Americans were over 50 in 2010; they control 50 percent of the discretionary income in the country, and we are getting older every day. That means the people with all of the money in this country will be entering a new phase of life that will dramatically change their spending patterns.
If your business is already strategically targeting this group, has developed specific solutions to meet their needs and is catering to their changing desires, congratulations! But chances are, you’re like most companies—selling your current products to these folks when they fall into your traditional marketing funnel, but doing nothing outside your normal business operations to attract, engage and sell to this influential group in transition.