Screw Your Youth Strategy, What's Your Elder Strategy!

When I was working on Molson and Labatt and Coca-Cola, it was imperative you had a youth strategy, as youth consumed a pile of your product. Working on Intel in China we were concerned with youth and the need to get them earlier to build brand relevance beyond the laptop. However, in no case can I remember having an elder strategy, a strategy to tap into the desires, needs and wants of the 50+ consumer. Well today all brands need to think about building one.

It is said that in 2009, 46% of Apple's consumer base was older than 55. We know that in the US, 46% of cars, and 80% of luxury travel is sold to the 60+ demographic. An old colleague of mine from FCB in Toronto, for some time now has run a successful business selling luxury items to the 50+ market. I know Johnson&Johnson and Afexa Life Sciences (the Cold-FX people and a client of mine) always keep a close eye on the elder market when developing new products. These two organizations, for obvious reasons, recognise that an ageing consumer base in most of the worlds key markets means health care will be high on their need list. I believe though, that all brands need to take a look at how their product and services can be better positioned to be consumed by this massive 50+ demographic. This baby boomer group will change pre and post retirement mind-sets just as it has changed everything else they have touched. So ask yourself and your brand, what do you know about the older consumer as it relates to your business. Are you relevant to them now, and if not can you be relevant to them going forward.

On BrandVertising (my WebTV show on branding and advertising) I recently focused on the issue of the ageing consumer with my guest Dave McCaughan, the Director of Strategy for McCann Worldgroup in Asia Pacific. Check out the show below and start now to build your elder strategy!