Adapting to Changing Markets

Are there significant differences between older adults and their younger counterparts? Research says there is. If you are in business, you need to know exactly who it is you sell to. Whether it’s selling to older adults or millennials, you will be especially interested in today’s message.

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 an aging baby-boomer 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.

The “millennial” generation has its own way of looking at purchasing goods and services. Generally budget minded, this generation relies on its communities of friends for reviews before buying and employs social media to voice its likes or dislikes pretty quickly. Millennials look for the integrity of a business, whether it’s purchasing their products, or interviewing for a job. Corporate values are important.

All of this may mean changing sales and advertising strategies, but “change” was the watchword of the 1990’s. And here, two decades into the “new” century, change remains the watchword – it’s just coming faster than ever before. In this information age, and the speed at which we have access to and are bombarded with information and new technologies, those companies who are able to adapt, indeed, embrace change are the ones that will capture the future. They are the organizations who are willing to review their beliefs on a regular basis, changing what needs to be changed in order to stay competitive.

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