This document summarizes a presentation about opportunities in the silver economy market. It discusses how the baby boomer generation represents the largest market segment for the next 25 years, with €10 billion spent per year in Ireland alone. However, many businesses do not understand how to effectively market to older consumers. The presentation emphasizes gaining key insights about older customers such as their vision, dexterity, health issues and preferences in order to develop age-friendly products and services. It provides examples of both ineffective and effective approaches taken by various companies. The overall message is that the silver economy represents a major business opportunity, but companies must see older customers as individuals first and understand their needs and motivations.
Python Notes for mca i year students osmania university.docx
Age Friendly Bootcamp - market opportunity
1. This programme has been funded with
support from the European Commission
AN EXCITING
EU PROJECT
2. Setting the Silver Scene
9.30am Registration and Tea & Coffee
9.45am Sarah Mallon, LEO Welcome, Overview and Objectives of the AFE Programme
10.00am Facilitators Outline the day’s running order, objectives & outcomes
Group Introductions
10.20am Facilitator The Business Case for Innovation & The Silver Economy Opportunity
10.40am Group Exercise Identify Innovation & Opportunities for your business – Blueskies thinking
11.00am Tea & Coffee Break
11.10am Guest Speaker – Karen Coan, Netwell CASALA The Silver Economy – Understanding their drivers and motivations
Q&A
11.30am Guest Speaker – Philip Hogan, Cliffrun Media Sharing the experience of developing and selling a product for the Silver
Economy
Q&A
11.50 Orla Casey, Feltech Get Connected through Age Friendly Economy Platform
Use the power of www.agefriendlyeconomy.eu portal to connect with others in
the sector, learn about the benefits of the platform and how to use it
Registration of all participants on www.agefriendlyeconomy.eu portal
12.10 Facilitator Digital Marketing for your Business
12.40 Lunch
1.25pm Facilitator Ideate – Brainstorming Session – an interactive session – develop those
blueskies thoughts
1.45pm Facilitator – One to Interactive Session Introduce Business Canvas Model
2.15pm One to One interactive session Completing the BCM
Tea & Coffee made available during this time
3.15pm Facilitator Introduce the Commercialisation Action Plan
3.45pm Next Steps Day Two Agenda
4.00pm Evaluation Day One Complete distributed form
4.15pm End
5. • Baby boomers have great expectations to live longer and better.
• Expectation of services and care options that fit their lifestyle and needs.
• Demands new thinking to challenge existing ageing products/services.
• Some innovation will come from technology:
• Devices/sensors to monitor, manage and motivate older people to take medication, eat
well, exercise, wellbeing, and social activities. (AI, Virtual and Augmented realities will also
add further capability/complexity).
• Technology alone is not innovation. Innovation is about doing things differently and achieving
different outcomes.
• New systems thinking is required to address organisational design, workforce upskilling and
collaboration.
AGE FRIENDLY INNOVATION
7. AGE FRIENDLY PRODUCTS & SERVICES
AGE FRIENDLY ECONOMY | FUTURE OPPORTUNITIES FOR SMES
• Age Friendly Product and Service innovation approaches should
include:
– Tech Savvy balanced with Care Savvy with capacity to deal
with public and private aging bodies,
– Develop new services to relieve the overburdened aging
services and healthcare providers
– Create Partnerships – look to retailers, food and health, lifestyle,
communications, care sectors who are seeing the opportunity of
this ageing population
8. EMPATHY WITH DESIGN
AGE FRIENDLY ECONOMY | FUTURE OPPORTUNITIES FOR SMES
To have a real impact on people’s lives, products must be made
with the human user in mind.
• Patricia Moore experience led her to redesign many everyday
products such as potato peelers to be more inclusive.
[1] https://www.cca.edu/news/2010/patricia-moore-universal-
designer-undercover
•Emily Duff is an Irish student entrepreneur who spent time
volunteering with homeless people and designed a solution for
those who choose to sleep rough rather than use a hostel.
https://www.irishexaminer.com/ireland/ucc-students-plan-to-employ-
homeless-to-make-sleeping-bag-invention-462473.html
10. Silver Economy Stereotypes
• Older generation only seen as suffering from ill-health,
inactivity and decline
• Old people are weak and helpless
• Old people are cantankerous
• Old people are past being consulted about anything –
even their own lives
• The majority of old people are lonely and isolated
from their families
Cliffrun Media Ltd. 2017
https://the-senior-citizen-times.com/2011/11/23/top-20- stereotypes-of-older-people/
11. • Veterans (VW Generation) 89+ yrs Kirk Douglas/ Doris Day
– Concerned about health, ageing, financial and personal security, and legacy. Need large type –
but don’t want to be reminded of their age in a way that makes them feel ancient. Use internet to
limited degree but often depend on someone else to make transactions for them.
• Traditionalists (Silent or Swing Generation) 74-89 yrs Ian McKellen / Judi Dench
– Value saving, morals, trustworthiness, social tranquility and togetherness. Scorn wastage.
Have good health and are active, travelling and enjoying life. Have wealth in property or
savings. Slow to embrace change. Comfortable with social media when useful but not integral.
• Babyboomers (Woodstock Generation) 55-74 yrs Angela Merkel/Michelle Obama
– Defined by their careers, plan active retirement, like the good things in life eg. Food and travel,
Concerns over financial future, heavy users of online research, look for choice and value.
Challenges – bank of mum and dad, caring for parents, inability to downsize yet.
https://lawfirmambition.co.uk/blog/older-clients-how-market-your-firm-them
WHO ARE THEY?
12. Copyright Cliffrun Media Ltd 2017
• Values – Independence, Safety, Health, Privacy, Relationships, Family, Dignity
• Beliefs – Opinion not valued, No longer useful, Technology too
something to add’, Will get lonelier, I am capable / not capable of taking care of myself
• Attitudes – Age is just a number, Now it’s time for me, Need to Plan,
Dependent, Adaptive to change, Each day as it comes, Struggling
(Note: Attitudes change with Ill health, Bereavement, Financial Losses)
• Fears - Finances, Independence, Loneliness, Health, Safety/Security
AGE DOES NOT DEFINE THIS SECTOR
13. Ageing Babyboomers
• Largest market segment for the next 25 years
• One in every 4 in the UK will be over 65 by 2050
• One in every 6 worldwide will be over 65 by 2050
• Healthier, wealthier, better educated, more travelled
than previous ageing segments
• 70% of US disposable income comes from
babyboomers – travel, health, wellness, pets
How the baby boom generation and an ageing population will impact tourism in the next decade Nitb.com
14. • Demand for travel experiences
– Rise in popularity of educational, cultural and ancestral tourism
• Creature comforts
– High quality accommodation
• Accessible tourism
– Accessible accommodation, travel and toilet will rise
• Mobile revolutionaries
– Boomers will continue to take advantage of technology developments
• Visiting more friends and relatives
– Not staying in traditional travel accommodation
Boomer influenced tourism trends
15. This programme has been funded with
support from the European Commission
KAREN COAN
NETWELL
CASALA
16. The Silver Market
The opportunity for your
business & how to access it
Karen Coan, NetwellCASALA
17. The size of the prize
The opportunity for your business
The key insights you need
20. When you think of Older people see the People first
The Opportunity
21. OLDER PEOPLE
The Key Insights You Need
Reduced vision/hearing Stay connected
Dexterity Be relevant
Health issues Do more
Mobility Participate
Flexibility Be respected
Reduced Confidence Look good
22. Key Insights in action
Ready meals won’t cook not can’t cook
Fitness trackers not safety trackers
Smart home not assisted home
‘Starter’ meals on menus not senior citizen
menus
Walk in & with older people to test your services
23. Key Insights in action
Getting it right: Daimler, L’Oreal, CVS & Stitch.net
24. Takeaway
€10Bn+ Market
Businesses have forgotten that Older people are
first and foremost PEOPLE with the same
behaviours and aspirations as they’ve always had
Success = Meeting both sides of the coin
Walk in their shoes, good for you & your business
