It’s hard for me to imagine what I’ll be like in 30 years. Perhaps I’ll be unwell, or age will leave me with one or two loose screws, or maybe I’ll even be retired and have all the time in the world to do those things that I’ve had to set aside over the years due to lack of time. I’m not sure what my situation will be, but what I do know is that my preoccupations and interests will still be the same. However, will they allow me to behave as if age weren’t an insurmountable obstacle?
Those of us with a road ahead of us before they classify us as “old people” don’t usually think about what the future holds. But look closely around you and begin to tremble. For many companies, the useful life of their customers ends at the age of 60, when one ceases to be a productive worker who pays insurance and generates an income. However, age can open a new path of advantages and sales opportunities if the proper segmentation and analysis is carried out.
In the United States, fitness gyms have become sensitive not only to the aging population, but also to the fact that people over 55 years old are still interested in keeping fit. There are more than 10 million consumers over this age range, and some establishments are taking advantage of it. The multinational Curves offers special circuits with exercises adapted to this consumer segment, and more than 1,600 gyms in that country include the SilverSneakers program, with activities for people over 65 years old dedicated to muscle stimulation, agility, flexibility, or strength.
In Spain, that sensitivity is also beginning to flourish. The hotel chain NH has a +60 Club, a specific program for people over 60, with special discounts, cultural excursions, and vacation packages adapted to this consumer profile. Some banks offer special features for retirees, such as the possibility of receiving their retirement funds early. Companies like Vodafone have paid attention to this growing market, designing proposals like Vodafone Simply, packs that include telephones with large screens that are easy to read and simple to use, for those that did not have the opportunity to familiarize themselves with technology since they were young.
The statistics in Spain are overwhelming: the over 65 population represents 17% of the total, but that percentage will increase to 28.2% by the year 2040. If we look exclusively at people over 80, within 34 years, they will make up 9.1% of the population, or almost 5 million people. We can debate about the harmful consequences for the population pyramid, but what is undeniable is that people over 65 years old make up one of the most active markets with the highest growth rate in our country.
The real estate sector has taken note of this. In 2007, the new Law of Dependence comes into effect, and financial assistance in accessing retirement homes and adapted apartments will increase. The Ballesol Group, one of the most important in this market in Spain, plans to open 16 new centers in the coming months, as well as to multiply its revenue by three between 2005 and 2009, from 50 to 150 million euros.
Customers evolve, and we appreciate the companies we put our trust in to evolve with us. Our value is not only determined by the present moment, but rather what we represent over the entire course of the relationship we have or can have with a company. As in the Beatles song, sooner or later we face the key question: will you still need me when I’m 64? I don’t know what the answer will be, but to me it’s very clear: when I grow up, I still want to be a customer.