Innovation can't only target the young
There are a few general rules guiding the way companies direct their new products and strategies, and one of the most prominent is an ongoing effort to target ever-younger audiences. Elite Business noted that this has left a gap in the market: Consumers over 50 feel like companies are ignoring them. (Nov. 20, Patel) Changing the focus of development and releases to suit older consumers may therefore represent a profitable opportunity.
There is still research and development work left to be done on how products can better target and suit consumers over 50. When businesses perform market research on baby boomers rather than millennials, they may find an opportunity to improve their product lines that would have otherwise gone unnoticed.
What competition is in the market of products and services designed specifically for over-50 consumers may come from startups and entrepreneurial efforts. Since these new companies are often founded to solve particular problems, older investors can take a direct approach to putting items on shelves that suit their purposes.
The drive for a youth focus in product innovation is understandable. Companies want to capture loyal customers who will stick with the brands as they age past 50. However, by targeting consumers already in that elder demographic, businesses can reach an untapped market.
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