The 50+ Market: Is Your Business Getting its Share of Sales?

David Oken, the pharmacist/manager at Northern Pharmacy on Belair Rd. told me that the majority of the pharmacy’s business comes from older residents. Northern Pharmacy at Overlea is located half a block from Overlea Personal Physicians, which has a constant stream of bus traffic bringing in patients who require transportation.

It makes sense that this Northern Pharmacy location attracts an older clientele. It’s extra smart that the business recognizes it and focuses on things an older clientele might need. It’s not just that Overlea Physicians draws older folks into the pharmacy, though, said Oken. The area itself has aged, he said.

Many of the people who came here and raised families have remained here, confirmed Anna Tancibok at Parkville Bowling Lanes. She said customers are often the children and grandchildren of her original customers.

So, take heed, business owner—If you’re not reaching out to customers over the age of 50, you’re missing a major marketing opportunity. This group includes active grandparents bent on spoiling their grandchildren, retirees looking to finally do the things they couldn’t do because they were working all the time…and a whole range of consumers in between. Shouldn’t you be getting some of that sales revenue?

Look at what appeals to you. Things you might consider a positive when buying a new car, for example, would turn off a younger or older buyer. That’s because each age group demands different things.

Marketers and business owners think they're hitting the mark when they aim goods at the “50+ market,” but that, too, is an over-generalization. If you want to sell to the age 50+ market, you must recognize a fact most businesses miss: the age 50+ market doesn’t encompass everyone age 50+. Huh?

People live longer now (a life expectancy of just under 78 years per the Center for Disease Control), and back in the ‘70s women began postponing childbirth to pursue careers. You’ll find four generations at a holiday dinner nowadays. That table may include a 45-year-old woman toting a diaper bag, but it may also include a 70-year-old couple preparing for their dream cruise to Alaska, as well as an elderly relative tooling around the home on her hover vehicle.

If you want to sell to the 50+ market, you must recognize it's a distinct market with distinct needs. When it comes to selling a product or service, one size does not fit all. Have enough respect for your customers to learn what makes them different. Know what their wants and needs are.

For a time, the age 50+ market involved two distinct groups, which has given way to three specific marketing groups. The age 50-65 group stands as the 50+ market; age 65-about 80 encompasses the “senior” market; and the age 80+ falls into the “elderly” category.

Here are some general rules on the three distinct markets:

The 50+ Market, The Sandwich Generation. Some of us in the 50+ market have children in middle school. At the same time, we may be fretting over caregiving issues with our elderly parents. Several friends of mine from Overlea Senior High School are going back to college in search of new career options.

We’re a squeezed group, time wise and financially. We worry about paying for college while helping our parents pay for long-term care. My youngest is just finishing up his degree at McDaniel College, and my parents are scheduling more and more doctor appointments that seem to come with age. My mom finally put the Slip and Slide toy she used when my son was little out on the curb because she’s finally admitting that her days of sliding on a water slide down her backyard are over. It was a tough thing for her to admit.

The 65-80 Market, “Seniors.” For a time, there were two marketing groups, the 50- to 65-year-old age group and the age 65+ seniors. This has changed to further compartmentalize this middle segment of the 50+ age group. In the 65-80 age group, people are retiring, traveling, downsizing, taking up new hobbies and enjoying grandchildren. They may be moving into “retirement communities” restricted to people in the same age group. These communities run bus trips, golf tours, bridge tournaments and have an on-site community center (not to be confused with area senior centers). They’re also starting new businesses that are steeped in passion as opposed to practicality. This group is all about active, on-the-go living.

The 80+ Market, “Elderly.” While you’ll find many active adults in this market, those who drive, travel, etc., you’ll find more who spend time at the senior center to stay active and rely on others to transport them to and from events and doctor visits. This group is most often in need of caregiving and assisted living.

What are you doing to win clients in these markets? Regardless of your business, you can add a piece of the 50+ spending pie to your sales coffers if you recognize that all three groups within the umbrella 50+ group are not the same