All companies must act to stay competitive – BCG Global Aging report
December 13, 2011 | By Kim Walker
Global aging patterns will affect company workforces and their customers according to a new report by BCG.
Download the report“Global Ageing: How Companies Can Adapt to the New Reality,” here.
But like many of these reports it is big on facts, and theories but little in the way of practical solutions. I guess that’s where the big fees kick in.
The report says that global aging will affect companies along four core dimensions: labor, growth, capital, and consumer needs. In terms of consumer needs, the report says:
Consumer Needs: New Opportunities in the Silver Segment. Companies need to build a deep understanding of this heterogeneous age group. Companies should also adapt their product portfolios and sales approaches, given that consumers tend to develop different preferences as they grow older. For example, many seniors tend to care less for status and material possessions and more for finding products that are easy to use and expanding their horizons through such means as travel and continuing education. Among the key issues for companies to explore are the following:
- Which new products should be developed for seniors?
- How should these products be branded and marketed?
- Where do seniors spend most of their time?
- How many seniors actively use the online channel?
- Which factors are most important to seniors in their shopping experience?
That’s where the AF Tool comes in.