Best Buy jumps headfirst into The Longevity Economy by adding the aging population to its strategic tech targets.
Advertisers and brands are starting to wake up as the impact of aging on the world’s wealthiest countries point to significant new revenue targets. Joseph Coughlin, founder of the MIT Age Lab and author of The Longevity Economy, puts it this way:
“The emerging population isn’t just big, it’s so enormous it’s as though a new continent were rising out of the sea, filled with more than a billion air-breathing consumers just begging for products that fulfill their demands.”
Best Buy has put their money where their phone chargers are and in doing so, made it clear they intend to play a big role targeting this huge opportunity. By offering new monitoring services and in-home tech,together with strategic hospital partnerships and acquisitions like Great Call last August, Best Buy is doubling down on Boomers, their aging parents and caregivers. This isn’t about a media buy, it’s the leading tech retailer pivoting to execute a defined senior marketing strategy.
“We are trying to position the company for the future” says Best Buy CEO, Hubert Joly,“There is going to be greater and greater differentiation between winners and losers. And so, this is clearly the time to invest.”
90% of those 65 and older have said they don’t want to move from their home into an assisted living community. This refrain has inspired Best Buy to create Assured Living and Best Buy Home.
Assured Living is aimed at Boomers who want to honor their parents request to remain independent as they age in place. The ability to ‘monitor and check-in’ via any internet connected devise is the gift of peace of mind to both generations.
Best Buy launched Assured Living is validated by their expertise and core competency in the consumer retail technology sector. Services focus on monitoring, real-time alerts, insight into daily activity levels, sleep patterns, and diet, all presented via a personalized dash board. All starting at $29.99 a month. Tech support from the Geek Squad has been enhanced as part of the new Best Buy Home offering house calls to install and train.
Next came a partnership bringing medical expertise from the Mayo Clinic. Together they offer aging consumers wellness assessment tools covering everything from various symptoms and basic diagnosis to proper meal planning and physical activity regiments. Driving sales for Best Buy is a consistent introduction of new products.
Apple’s newest Watch 4 is an activity monitor, tracker,and First Alert device on your wrist. Like Best Buy, Apple recognized the magnitude of this aging population wave and made dramatic design changes with their latest model which propelled first full year of sales upward to 32% YOY.
Amazon recently revealed several elements of their senior facing healthcare strategy built around their smart speaker leadership. And Alexa is finding its way into hospital surgery wards as doctors collect critical knowledge about post-op patient recovery and follow up.
While healthcare marketers and their agencies have had patients and industry providers as targets mostly to themselves for years, virtually every retailer who serves a consumer 55+ or their Boomer offspring, can establish a viable senior-centric marketing strategy. The facts are clear, the longer one ages independently, the longer they continue to shop, consume and visit the retailers who ‘welcome’ their business.
Ask yourself these assessment areas as you consider your own senior marketing strategic journey:
- What portion of your core product mix is purchased by 55+?
- Does your marketing aimed at Seniors speak directly to them as a distinct customer segment?
- What products aimed at aging in place consumers could your business leverage?
It all begins by thinking past the trap of limiting your marketing to 18 to 49 year olds!