This week's Information

The Over-50 Crowd Is a Lively Bunch

Dear Gladys,

I have finally taken the plunge. I retired from my job as conference and convention coordinator to start my own special event planning company. I have landed a few good clients, including my former employer. I feel very inspired, and I feel that this business is just the thing for me. I am specializing in events for people who are over 50. Can you give any suggestions I should keep in mind when working with this age group?

Thanks – A.K

You have selected a great niche group. The 50-plus population controls more than $7 trillion in wealth and is responsible for 50% of all discretionary spending. Every seven seconds someone in the United States turns 50.

My first piece of advice is to remember not to refer to us as senior citizens! This is a bad term for those of us who are a part of the Baby Boomer generation.

When dealing with a more seasoned group, you will find that there is a lot more diversity than with some of the younger generations. For example: 73-year old Bert, the attendant at the gas station I go to, is proud of his computer skills and has become proficient at uploading photos onto his Facebook page, and, he's doing well with recording videos with his cell phone and uploading them to both You Tube and his Facebook. Then there's Bill, a 70-plus-year-old who works at the coffee shop that I frequent. He is in the middle of writing a book about his life in the Marines, and he and his wife are world travelers. Rob, one of my neighbors, is 80 years old and still works three days a week driving an 18- wheeler! WOW!

On the other hand, Miles is 59 and is moving very gingerly through life on a cane due to arthritis. Recently, my niece married her college sweetheart. The reception was moving along at a very conservative pace. Suddenly the groom's 80-year old grandmother took to the dance floor and started a lively line dance, which inspired half the room to hop to their feet. Meanwhile, the groom's parents, who just turned 50, waited until the slow music started before joining others on the dance floor.

This particular market feels more independent than the younger group. It is relatively easy to sell to younger markets by presenting them with the "in thing." On the other hand, the mature market feels more confident and is not subject to peer pressure.

Mature consumers must have confidence in you before they will purchase. These folks have been around awhile and have seen plenty. So, give them the facts in a simple easy-to-understand way and keep the hype out of your communication.

These are just a few hints about this huge and growing market. Stop by the bookstore and browse through the magazines and books geared toward the mature market, and don't forget to search the Internet for statistics and additional information on the over- 50 group.

In the meantime, enjoy your life as an entrepreneur and keep updated on your progress.