Article by Ceri Wheeldon
The over 50s in the UK hold nearly 70% of household wealth, and have discretionary spending in the region of £375 billion. The over 50s outspend their younger counterparts.
So, why is that when the over 50s apply for jobs in marketing they are so often overlooked. They understand the needs and lifestyle aspirations of the UKs largest spending demographic better than anyone.
I have had many meetings with marketing departments over the years who have been open about the fact that they have failed to engage with their target audience (women over 50) and that product launches have failed. So many of the marketing teams have had nobody over the age of 35. I am not saying that those under 35 are not talented – far from it – but to have nobody representing the demographic you are targeting in the team to me seems so short sighted.
Those over 50 bring not only skills and experience, but also massive insights as to how our generation like to live. These insights should be viewed as invaluable to any business. Understanding the needs and buying criteria of any potential market is crucial to the success of any product or service development and launch. Having those with first hand knowledge as part of the team would appear to be an obvious and easy decision to make.
‘Older’ Employees understand market needs and potential
Demand for products and services meeting the needs and wants of an ageing population will only increase. One way to stay on top of the strategy to meet those needs is to ensure that ‘older’ employees are on board who understand the market.
Recognising the value an older workforce contributes to business and the overall economy is essential as the population ages and we are all expected to work longer – whether through choice or necessity.
The over 50s are a creative demographic – failure to employ more will result in more setting up their own businesses – and setting up in competition. The talent and market knowledge is there to enable them to do so.