Tuesday, March 16, 2010

"Adapting to Change"
Are you ready?
Are there significant differences between older adults and their younger counterparts? The latest research says there is. If you are in business, you need to know exactly who it is you sell to. And, if you sell to older adults, you will be especially interested in what I have to say today.

You see, according to David Wolfe, author of "Serving the Ageless Market," there is a big difference in thought patterns and values between older adults and their younger counterparts. For example, in middle age, quality begins to gain over quantity in importance. This leads many middle-aged and older folks to spend more on goods for the sake of quality. With a growing baby-boom population, this is of significance.

People who have a middle-aged perspective look for deeper psychological and metaphorical meanings, and grasp the relationship between concepts more quickly. They value self-sufficiency, social connection, altruism, personal growth, and personal revitalization. Once these values are understood, a business' next step is to find advertising and sales cues that will invoke them.

This may mean changing sales and advertising strategies, but "change" was the watchword of the 1990's. And here in the "new" century, change is still the watchword. In this information age, and the speed with which we are bombarded with information, those companies who are able to adapt, indeed, embrace change are the ones that will capture the future.

How good is your business at adapting to change? How good are you?

Lou Tice
The Pacific Institute

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