Are you paying attention?
- Boomers have Money
- Boomers have Mass
- Boomers have Might (click2tweet)
Over the next 15 years Baby Boomers will have:
- Control of 51% of Urban Consumption Growth
- The Fastest Growing Age Group – 220 Million Strong
- A commanding control of $4 Trillion in spending
Are you ready? Is your business? There is a huge opportunity here.
Everything from providing direct services, to robots and autonomous vehicles, to assisted / active living facilities, and anything else they want. Money, Masses and Might will tilt the tables.
IoT, Robots, AEV’s – The Platform & Partner Play
Platform providers in the tech space and the partners that create their ecosystem of devices and services should be all over this. Every partner in the Microsoft partner ecosystem should be paying attention. I know the IAMCP and the IAMCPWIT efforts are looking forward to seeking to include ways to help partners maximize their investments and seek new business opportunities.
Every IoT device is going to (eventually) be connected to something. Robots will continue to both take jobs and make jobs. Autonomous Electric Vehicles (AEV’s) and non-electric vehicles will prowl the streets looking for passengers while running errands, picking up coffee orders, and more as I wrote about in 3 Scenarios where I’ll Pay.
Microsoft’s Gavriella Schuster spoke about this (indirectly) last year at the WPC in Toronto. The key for partners is to find a niche, build the IP, and execute.
This is far beyond the Microsoft Partner Ecosystem – every industry will be impacted. Microsoft has a unique opportunity and they seem to be aligning the product teams and the sales teams AND the partner teams to make the most of it.
Somewhat selfishly … I’d like to see a lot of Microsoft Partners and Microsoft Alumni led businesses succeed here. (see follow on post). Make sure you attend or at least follow the Microsoft Inspire event this July. A lot of this information will be coming to the forefront. Are you Prepared to be Inspired?
Not Walking Off Into The Sunset
State and local governments should be all over this too. No longer will the sunbelt states be the sole attraction to Boomers. Active seniors, those that want to live closer to friends or family or passion projects will seek new areas to live. Like with all things … Amenities Matter.
The cities, states and countries (yes, ex-pats are an option too) that make the effort to attract, retain, and engage Boomers will win … Big!
Boomers will contribute more than 50% of Urban Consumption Growth in the next 15 years. (click2tweet)
- People 60 or older will contribute more than 50% of Urban Consumption Growth in the next 15 years.
- The group is comprised of the “Elderly Population” in developed regions – notably Western Europe, The USA and Northeast Asia.
Boomers Have The FEM Factor
As I have noted before and highlighted at the Microsoft WPC event last July in Toronto … Boomers are an opportunity for Millennials. Boomers have The FEM Factor.
As I wrote about in Working with Millennials in the Partner Community
This gist is Boomers may be an integral part of any growing business by bringing the three elements of The FEM Factor to bear (slide 19)
Boomers Got Game
Get started today to understand and tap into this market. Ostensibly I’m looking at this as a partner and platform provider opportunity. There will be new businesses formed and a lot of combinations of Millennials, Gex X, and Boomers to create them, manage them and invest in them … directly and as a consumer.
As we see a shift from defined benefits to defined contributions there will be changes in the way people want to expect to be served.
There will be a lot of smart businesses and business owners snapping to the Boomers and their Money, Mass and Might. (click2tweet)
Will you be one of them?
The information shared here, along with my interpretation, were originally heard on the McKinsey podcast - Getting to know urban elderly consumers.
Sources (Image and Audio): McKinsey. This content was originally published by McKinsey Quarterly.
Jeff is business advisor, mentor and community engagement expert. He has spent most of his career in the Enterprise Content Management industry. He brings over 20 years of Channel Sales, Partner Marketing and Alliance expertise to audiences around the world in speaking engagements and via his writing. He has worked for Microsoft, Kodak, and K2.
Connect with me on Twitter @jshuey