A piece of advice - don’t ignore the growing senior population. There just might be a business boom right under your nose. Businesses that provide goods and services to senior citizens are positioned well for a growth market. We all kind of know this. But do you really know why?
It’s because baby boomers started turning 65 in 2011. The number of US seniors will more than double between now and 2050. It’s a market segment that is only going to get bigger and that offers real opportunity for many small and local businesses looking to bring in more clients, customers and revenue. Try to look past any pre-conceived, outdated understanding of what it means to be old and you may have a business boom right under your nose. Let’s bust up some myths about old people and what they may or may not want from you.
According to SeniorAdvice.com – more and more, older Americans are looking to gain access to recreational activities and other opportunities for engagement and social interaction in their later years. So much so that the site has added those measures to their standard scoring method for facilities, cities and other places seniors might call home. The opportunity here is about more than nursing homes and helping people get to the doctor’s office or a grocery store. Those are important for sure. But there is a lot of untapped opportunity beyond just the standard business models we might think of when considering an aging population.
Some seniors are bucking the norms of aging. And it’s glorious.
More than ever in our history, seniors are active, social, online, working, working out, living, loving – yes, they’re having sex. None of this is all that new but it is becoming more common than it used to be. With the growth of this very specific population, small and local businesses would do well to consider ways to reach and provide products, services and experiences specifically for older people and their families.
Sometimes that just means not leaving them out. Other times, it means you’re laser focused on them and them alone. Either way, it’s a smart move to pay attention to this growing market opportunity. But don’t do it just for money. That’s one part for sure. But do it for yourself and for your kids too. We all do better when our seniors do better.
Let’s Bust-Up Some Myths About Old People
Myth – Old People Don’t Like Physical Activity Hogwash. Recreational activities are critical for many seniors. If you have a business that offers exercise, sports, physical therapy, swimming, martial arts or yoga – you should be speaking to older people in your market. Invite them, tell them they are welcome. I promise you, their presence will bring so much great energy to the space.
I talked with Kim Salisbury, a Yoga instructor with Lifeologie Institute in Dallas about working with seniors in her classes. She said, “ My older clients are breaking the age barriers, defying the odds of the body shutting down, defeating illness.” She says she has witnessed a great hope that opens up in her older students as they continue to practice yoga. They increase their breath, mobility, functional movement, she says, “they grow powerful and are an amazing inspiration to me and to the other participants” Kim also shared that she adapted some of her classes to include yoga from a sitting position in a chair to make some of the more difficult positions and movements easier for her older students. That’s what I’m talking about – find ways to make it work. Adapt to this audience and you’ll be rewarded with more business, yes. But there’s more than that. Much more.
Myth – Old People Don’t Date or Have A Sex Life Yeah, no. Talk to anyone that works in an assisted living facility or to anyone with aging parents. There is still romance and sex after mid-life. We don’t have to get graphic here but we should talk about the fact that there is a business opportunity waiting. If the pharmaceutical companies can capitalize on it, why can’t smaller businesses too? Do you have a business that serves up romance, dating or intimacy? Maybe you have a limo service, sell flowers or perfume. Maybe you even sell lingerie, toys, books, games, novelties, gifts, guides - all of it. Seniors are people. My mom once told me she still feels like she did at 16 on the inside. I was a little girl and didn’t understand what she meant. Until I passed the age she was when she said that to me. Now I get it.
Julia McCurley is a professional matchmaker with Try Something More, based in Austin Texas. Julia told me that she has had many clients in their 70’s and even 80’s that have had great success with navigating today’s dating scene. She writes, “These are some of my best clients because they have so much knowledge, life experience and wisdom to bring to the table. Part of the reason I’m able to help them find a good match is because they bring real value to the equation and are willing to share that with others”.
Is there some way that your business might benefit from working with a generation of smart people with a lot to offer? What opportunities are you missing by neglecting to reach out to older clients?
Bonus Myth - While we’re on this subject, let me also just point out that there are seniors that fall into the LGBTQ market as well. It’s not always what we think of when we picture our grandparents but times are changing. Jenny used to have two moms. Now she has two grandmas. If you’re already focusing a part of your marketing on this demographic, you may as well adjust and make sure you’re also accommodating seniors. I just read a great piece on this (It’s right here) that actually reminded me that yes, not only are there gay and lesbian old folks (duh) but there are transgender seniors as well. I’m embarrassed to admit that the concept surprised me but that is the truth. It did. But it shouldn’t. People are people. Age doesn’t change that.
Myth – Old People Aren’t Into Current Trends
See, now this one pisses me off. It may be true in some cases. But many, many seniors are completely up with current trends in music, social media, tv and films – they’re on Instagram and SnapChat. Some are forging new careers at the center of pop culture. Look at 70-year-old Ruth Flowers, living proof that age doesn’t have to get in the way of being cool. Ruth is known as “Mammy Rock” in the European club scene and is the oldest known professional DJ in the world, having launched her new career in her 60’s.
Mammy Rock - World’s oldest living professional DJ
And then there’s @BaddiWinkle – The very popular great grandmother and Instagram sensation. She’s out on the internet posting selfies, wearing brightly colored outfits, hoola- hooping and what not – and granted, this is not your grandmother’s grandmother. But she’s out there and it’s working.
@Baddiewinkle - Popular on Instagram
While I’m on this topic, I have to say that my mother-in-law was way more hip than I am. She went to better concerts, took better vacations and stayed in better hotels than I do. Probably because she was alive a long time and really understood that life is short. She was making the most of her time on Earth. Surely small businesses can help deliver great experiences, worthy of wise bad-ass grandparents.
I snuck in an extra myth – did you notice?
There is an outdated perception that older people will not spend money on fancy hotels, expensive dinners or big ticket experiences. Not true. Not true at all. Believe me, I’ve checked. It simply is not true.
I will not go through each and every market opportunity for reaching seniors here– if you have a business, sit down with a pen and paper and think it through. Have you opened up your mind to consider all of the ways you might reach and serve seniors with your products and services? Are there ways you can change your messaging to make sure they’re included? Are you ready to adjust to accommodate this super group of consumers?
I hope this article made you laugh a little and think a lot. I learned a bit by writing it. Go forth and market. #YouCanDoThis.