How can we create a prosperous market free of generational bias?
With the continuous development of new technology and the rapid expansion of online marketing, the business industry has taken on a level of complexity that has not been witnessed previously. Millennials are beginning to master the art of digital advertising, companies are branding themselves through social media, and businesses can directly interact with specific audiences in a way that haven’t been able to before.
This new technological marketplace is geared towards novelty, originality, and innovation, terms that are frequently used with identifying generation X. Because of this, businesses are consistently overlooking one specific audience: baby boomers. Not only does this alienate baby boomers, but also shuts off companies to the most influential, affluent consumers on the market.
Our Aging Market is an annual conference that discusses how businesses should approach the socioeconomic market more successfully by recognizing the consumers of the baby boomer generation. The conference brought together some of the most powerful, market-savvy influencers on the scene, and here are some take-away points:
- Diversify advertisements to engage wider audiences.
Mainstream advertisements for the most part, have been quite disproportional with who they target, and where the most active consumers lie. At the conference, they provided an example of what a great, effective advertisement geared towards the baby boomer generation looked like.
- Successful businesses aim to fulfill the needs of both the caregiver and the aging senior.
Many baby boomers are in the unique position of still having dependent children and the responsibility of being the caretakers for their senior parents. It’s common for companies to target the consumers in the caretaker role, without considering the needs of the elderly. Speakers at the conference conveyed the importance of appealing to both parties, as the aging seniors are still stakeholders.
- There is not enough attention being paid to aging trends that really matter.
Depression and loneliness is one of the most prevalent yet deeply ignored problems that the senior community faces. With a shortage of hands on caregivers, the issue becomes harder to solve. This brings up the unqiue opportunity and cultural obligation to create technology that can alleviate this problem.
The conference went into depth on a variety of topics concerned with marketing and technological development, governmental impact on consumption, and how to create a more balanced marketplace that serves both the consumers and businesses. If companies aimed to create a more diversified, inclusive market, then they would be greeted by steeper gains, and the needs of older generations would finally be heard.
Teddycan strives to create a community where the concerns and needs of baby boomers can be understood. We hope you found this information as enlightening and empowering as we did. We hope to cultivate environment where baby boomers and generations alike can take charge of their health, education, and personal development.
If you are interested in learning more about this annual conference, you can visit their page here.