Marketing to older people - lock-in opportunities
Based on non-scientific data it seems to me that older people have a lower tolerance for change than younger people. They like the comfort of “sameness” and familiarity when buying products and services.
If that’s true - and with the upcoming wave of retiring boomers - there are tremendous “lock-in” opportunities for a variety of consumer goods. And as long as those companies don’t screw up, they’ll enjoy huge switching cost benefits over their competitors.
No? Am I perhaps missing something or starting from a wrong assumption?
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June 20th, 2005 at 12:37 pm
I think, as the world continues to evolve, that our definition of “old” must change as well. While today “old” may generally be associated with people who are 50+, tomorrow one may not be considered old until they hit 70, or even longer. For this reason the lock-in value of baby boomers may be smaller than it seems, in my opinion.