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Dayton
Business Journal...
Baby
Boomers present plenty of opportunities for innovation
Commentary
by Mike Mitchell
Friday,
June 22, 2012
The needs
of the aging Baby Boomer generation will create significant
opportunities for
innovation. Unlike their parents, boomers will not slip quietly away
into old
age. Instead, they will reshape what growing old looks like and in the
process
define the new needs of the elderly.
The roar
which boomers have made at each stage of their lives is about to rock
the world
of innovation as they roll into retirement and beyond.
Nowhere
have I seen a more tangible example of the impact of the aging boomers
than at
a recent screening of the movie “The Best Exotic Marigold Hotel”.
The movie
is filled with a very wrinkled, white-haired, star-studded cast which
is
depicted as wanting more out of retirement than a Winnebago and visits
from the
kids.
However,
what struck me most was not the people on the screen. Instead, it was
the
packed house and lines out the door of gray-haired, soon to be, or
current,
retirees.
The mood in
the theatre lobby was more Grateful Dead reunion concert than an
evening with
the Philharmonic. There was an energy and a sense of ownership of the
moment, a
movie lobby mood which has been more the domain of younger audiences
and
blockbuster releases.
“Marigold”
received a glowing ovation from the audience at its conclusion. While
the story
was pleasant enough, I have a strong sense that the enthusiastic
applause was
more out of gratitude than out of recognition for a great script and
acting.
Audience members were applauding the fact that the movie was made
specifically
for and about them, apparently something which is lacking and for which
there is
pent-up demand.
If my
experience at the theatre was indicative, and I believe it was, there
is a wave
of demand and opportunity starting to swell. Organizations which
typically have
catered to youth and youth culture must begin to adjust or risk losing
significant
opportunity over the coming couple of decades. The relevance of a new
idea has
to be viewed through the lens of those previously dubbed irrelevant:
Old
people.
A variety
of surveys on the needs of retiring Baby Boomers provide a few pointers
on how
to capture opportunity. Boomers want:
• To age
“in place”: According to a National Home Association Survey, Boomers
are not
going to sell the house in the suburbs and retreat to a gated community
in
Florida. They will want to stay in their home, or downsize to a smaller
home,
in the same area where they raised their families. Aging in place will
give
rise to a variety of in-home services from things like house cleaning
and
in-home healthcare to shuttle services and close-by, age appropriate
entertainment.
• A second
career: Most Boomers don’t expect to fully retire. Instead, they will
launch
new careers and ones they can pursue with passion. Education and
training of a
senior work force will create opportunities for traditional educational
services and newer, perhaps more age-appropriate ways of learning and
training
for new careers.
• To stay
younger longer: Boomers will not go out without a fight and will want
to keep
their health and appearances. However, that doesn’t just apply to
stereotypes
such as Botox and cosmetic surgery. Instead think of these
opportunities, as
more “graceful upkeep”. Tools, products and services to help monitor
and
improve fitness and beauty products specifically designed for older
women and
men could be just some of the opportunities.
Read this
and other articles at Dayton Business Journal
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