The Longevity Economy: A Very Real Opportunity

for Business

The Longevity Economy: A Very Real Opportunity

for Business

If you’re a business owner and haven’t taken your place inthe Longevity Economy …

You’re missing out on a piece of a$7 trillion dollar pie.

If you think you know what the Longevity Economy is and you’ve said, “That’s not for me,” because you

don’t serve the senior market …

This is your wake-up call!

There have been many people and organizations over thelast few years that have described how it’s going to change

the business landscape, and the way business ownersdeliver products and services.

We’ve seen new services, products and apps pop up regularly that are focused on the more “mature” customer.

(Ahem … Baby Boomers.)

And, if those aren’t your business, then this is for you.

This is not about starting or running a company that already focuses on serving those customers.

Rather, how an existing company, regardless of your services or for whom you think those services are for …

can secure a position in the Longevity Economy.

According to a paper by Oxford Economics and AARP in 2013:

“[The] Longevity Economy, representing the sum of all economic activity serving the needs of Americans over 50 and including both the products and services they purchase directly and the further economic activity this spending generates.”

source: The Longevity Economy: Generating Economic Growth and New Opportunities for Business, Oxford Economics/AARP, 2015

The Longevity Economy

Represented 51% of the over 25 population. That’s projected to pass 54% by 2032.

Controlled 80% of U.S. aggregate net worth

Dominated spending in 119 of 123 consumer packaged goods segments

Their economic activity was bigger than every country’s economy, except the U.S. and China

Consumers Over Age 50

Made up almost half of the U.S. economy (46%)

Was responsible for 47% of federal taxes and 56% of state and local taxes

Provided employment for 100 million Americans

This economic activity will reach $13.5 trillion by 2032!

Consumers Over Age 50

You might say that you aren’t in the business of serving these customers.

Or, maybe more likely, that they aren’t your target market.

But, my question to you is ...

What does that have to do with you?

WHY NOT?

● There is no group of consumers better to serve in terms of spending power.

● More spending power means more revenue opportunity.

● It also presents you the opportunity to build long-term revenue.

● You can build a following of dedicated customers.

What does that have to do with you?

Social impact

● As people move through their 60’s, 70’s and beyond, their needs will change.

● Your company’s ability to serve them through these years can have a tangible effect on their ability to build meaningful lives.

● And, lessen the burden on their families and the community.

● Continued patronage and needs met. That’s a win.

There’s One Other Benefit

Still not convinced?

● Let’s take a look at two companies that have taken this leap to better reach and serve this group of customers.

● Neither of these are companies that were created to serve the 50+ customer, specifically.

Companies Already Making This Move

● Has adapted to serving older customers bybecoming a “hub” in the communities they serve.

● They offer a variety of services you might expectin a local chain, including making copies or paying utility bills.

● In an effort to specifically reach people over 65, they have begun offering food that is healthier.

source: How 7-Elevens Are Becoming Lifelines For Japan’s Elderly, CityLab, August 2016

7-Eleven Japan

● And, increased the number of day-to-day items,such as toilet paper, light bulbs and others.

● Offering food delivery service for older customers.

● As well as, providing areas of the store where people can sit and socialize in some locations.

source: How 7-Elevens Are Becoming Lifelines For Japan’s Elderly, CityLab, August 2016

7-Eleven Japan

● Oct. 2015: Home Depot announces switch from helping Boomers with DIY home projects, tosupporting contractors doing work for Boomers.

● Boomers have been core customers for Home Depot for decades.

● Now they want do-it-for-me instead of DIY.

source: Home Depot looks to adapt for baby boomers who aren’t so into ‘do-it-yourself’ anymore, Washington Post, December 2015

The Home Depot

● To accomplish this, Home Depot is beefing up level of service to local contractors.

● Making it easier for them to get what they needso they can better serve the Boomer customersin the community.

source: Home Depot looks to adapt for baby boomers who aren’t so into ‘do-it-yourself’ anymore, Washington Post, December 2015

The Home Depot

● It doesn’t necessarily mean you have to come up with new or additional products or services to serve 50+ customers.

● It is more about bringing your company, products, services and processes alongside those customers.

● Learning how to can reach and serve them more effectively.

How Do You Get Started?

● What I’ve discovered through my work with these customers over 50 years old and the businesses that serve them …

● There is a 6 step process you have to go through to work your way into this market.

The 6 Step Process To Get You Moving

● Have a good look at what you offer (products, services)

● How you provide it (processes, customer experience)

● How these customers learn about what you do (marketing, outreach).

● Through this effort you also may discover “holes” in the local market that could be additional opportunities for you.

Step 1 - Alignment

Identify key opportunities

● Places where customers and what you already offer can align.

● Then, build an action plan to adapt your existing business to achieve that alignment.

Step 2 - Adapting

● Get yourself and your organization refocused on achieving these new milestones and goals.

● Decide on any changes in your processes, so you can maximize your customer’s experience with your business.

Step 3 - Refocusing

● Take small, manageable steps, and begin doing the work.

● Make sure you are using your new processes to surprise and delight your new customers.

Step 4 - Execution

● Evaluate the outcome of your effort so you can understand how your changes affect your business.

Step 5 - Measurement

● Decide on and make any adjustments to improve results.

● Or, if the results are not satisfactory, choose a new approach or goal.

Step 6 - Adjustment

The 50+ market represents the biggest opportunity that has ever existed for business owners across the nation.

The Opportunity Of A Lifetime Is Within Reach

This a chance for you to:

● Grow your company

● Earn much more income

● Provide a greater level of service to your communities.

The Opportunity Of A Lifetime Is Within Reach

The only question is …

What will you do about it?

The Opportunity Of A Lifetime Is Within Reach

I have additional information available that willwalk you through the next things you need to learn

including a FREE report

http://markhager.com/longevity-economy-101

If You Would Like To Learn More

If you have any questions or would like to schedule a call to talk about your company:

Contact me:Email: mark@markhager.com

Twitter: @markhagerLinkedIn: https://goo.gl/VuJglSWebsite: http://markhager.com

Thank You!