Why the generation 50+ is so valuable as customers and employees reveals consultant, speaker and author Helmut Muthers in his book “With 50+ you’re old enough to know what you want and can do”.
We have already read the book for you, here are the highlights:
The demographic change towards an ever older society does not stop:
Most countries of the Western world face the same demographic changes.
In 1893, the average life expectancy was less than 50 years. Meyers encyclopedia therefore stated: “Old age begins for men between 50 and 60, for women from the age of 45”.
Although people today are getting much older and are fit and healthy for much longer, the generation 50+ is still considered old and gereatric. And therefore uninteresting as a target group. This is a view that can threaten the very existence of companies.
After all, people over 50 are still in the middle of life. On average, they will live another 30 years. So they found start-ups, build houses, go on world trips, buy motorcycles or yachts, use new technologies, train for marathons and start new hobbies.
Their life experience makes them self-confident and critical. They value comfort, quality and good service.
They know that they are an important, high-income target group.
And they expect to be treated as customers at eye level, with respect and good manners.
If that’s not the case, they’ll switch providers just as fast, if not faster, than younger generations!
Constantly pointing out to older customers that they are “old” and therefore “too stupid” for the modern world happens more often than you might think. In his book, Helmut Muthers gives many examples of what you can do wrong, when dealing with older customers, for example:
The 14-49 age group, long considered the most important target group, has had its day. Because it is shrinking!
So product development and marketing must also be rethought.
For example, enclosing a magnifying glass for the poorly legible menu is a bad idea. Much better is to make the menu more readable in general. Or, when designing rooms, offering more comfort to everyone with threshold-free transitions, good color accents and clear orientation concepts.
Helmut Muthers describes another important aspect as follows: “Older people have been young, but younger people have never been old.”
So is it really smart to employ only young people in marketing and sales? They are naturally oriented primarily to their own age group.
The purchase decision of the generation 50+ is less about the price or the product than about the positive emotions in the buying process.
So is it really ideal for these customers to be served only by twens in the fashion store or at the car dealer? Couldn’t employees of the same age do a better job?
In Helmut Muther’s book, you’ll find all the answers for successfully dealing with the generation 50+ (German only)