Success means identifying a need and then servicing that need. The boomers offer many new opportunities for a “smart” business to grow in the coming years. Let’s review a few facts:
- The Boomers are 76 million strong, born between 1946 and 1964
- They may be the most affluent generation heading into retirement
- Baby Boomers control 70% of the total net worth of American households – $ 7 trillion of wealth
- Leading – edge boomers, 55-65 years old, are now the most powerful of all consumer groups
In order to build a business that caters to the baby boomers, one must first find out their needs and concerns.
- Baby Boomers are concerned about being able to retire, they have been battered and bruised by the financial meltdown of 2208
- Fear that they will have to work past the conventional retirement age of 65
- A recent article stated that only 11% are convinced that they will be able to retire in comfort
- They are seeking a good quality lifestyle
- They may want to start a new business
- part time work may be a necessity
- Education both technical and general business will be in demand
- Travel is high on the list of desires
Based on this information, a brain storming session with your support group and or your mentor/coach should be put into action. Perhaps more research needs to be done on this group. The bottom line is to look at your business and see how you can modify your product/service to meet the needs of this group. Be on the leading edge and start now.
I only touched the surface of this great opportunity, the ball is in your court….
Knowledge is not enough, it’s what you do with it that counts
Have a great day!