Specializing in Seniors: Limiting, or Limitless?
At the Selling to Seniors site, Rita McGrath is quoted “Businesses might do well to specialize in Boomers and seniors,” says Rita Gunther McGrath, if it’s the right space for them.
“It really comes down to the firm’s strategy and whether they have a good way of replenishing their customer base, since by definition it suffers from modest attrition,” says McGrath, associate professor in the strategy area at Columbia Business School in New York. “Of course, firms can make it selling only to seniors – it really depends on their growth goals and what particular niches they have selected to serve.
Many industries, she points out, already sell the bulk of what they produce or do to seniors. For instance:
Real estate — “senior” or age-restricted communities
Certain kinds of communication devices, such as the Jitterbug phone
Most cruises and many exotic travel firms—such as Elderhostel
Companies with the right product and the right kinds of testing could find limiting their marketing mature demographics limitless in its success.
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