Making Sense of Longevity Markets

 

Looking forward to speaking at the opening meeting of the Business of Ageing Niagara Network (BANN) on April 25th. BANN is a new 2018 initiative of AGEWORKS™ in conjunction with Niagara College, a membership-based networking group organized to connect businesses, industry leaders and subject matter experts by providing a focused platform for collaboration, professional development and resource sharing relating to issues pertaining to an ageing population, age inclusiveness and the longevity economy.

Marylou Hilliard and Ann Hossack are the two principals of AGEWORKS™, and they have produced their own version of this network inspired by the original model created by Pat Spadafora, former director at the Sheridan Centre of Elder Research in Halton Region in January 2012. This is an opportunity for businesses and community groups to help each other exchange ideas for a meaningful way to interpret a longevity market specifically for the Niagara Region.

Over the seven years that I consistently attended these meetings in Halton, I observed a lot, about how diverse small businesses in particular could improve and benefit from getting a better handle on how to develop and market their products and services in what has over this same period, become known as a rapidly growing, large and multi-faceted “longevity economy”. There are several markets in this economy, which in some parts of the world is called – a “silver economy”.

Therein lies one of the interesting points in this narrative; marketing in a longevity economy has become an overdosed concoction of language and terminology, which in many ways can either kill or confuse your communication and experiences with your perceived customer base. Up for question, for example – will clumpy terms like “Seniors Market’, “Boomer Market”, “50-Plus Market” or the even more nebulous “Mature Market” accurately help you in the future?

Register here for the Business of Ageing Niagara Network event.

Here is the overview summary of my presentation.

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No Surprises. Age demographics are shifting.

On the road to 2030, the social and economic landscape for markets in a longevity society is rapidly unfolding a host of opportunities for the way business marketing appropriately speaks to the needs of consumers through their life course. Look forward. This will not be exclusively a Boomer-driven economy.

Both market and gerontology researchers have well noted, we are living longer, healthier lives than previous generations, but we are also living cyclical, rather than linear lives. This changes the way we market everything – new opportunities, new perspectives for business, career and community.

In addition to an overview of the big picture story, Mark will offer suggestions on the following questions:

  • How & where will you and your business fit in the evolution of this bigger market picture?
  • What are the possibilities – business products, human services, education, work and community?
  • How do you better market to segments of older adult populations, upward to age 105?

2 comments on “Making Sense of Longevity Markets”

  1. Jill O'DOnnell Reply

    Longevity is on the decline so will Boomers live as long as their parents? Perhaps not. It’s fine trying to find ways to capture this current aging demographic but before they have accomplished it, there will be a new demographic to address. Too many business are trying to jump on the bandwagon without doing their due diligence. Who are they serving and what will they serve? Those are the more pertinent questions to address.

    • Mark Venning Reply

      not sure that longevity is in decline nor that it’s a guarantee for future generations.but assuming that we will be living with an older population without giant leaps in life expectancy, defining and serving upcoming markets of older adults, not just Boomers is as you say a matter of keeping up on the due diligence

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