Stage (Not Age): How to Understand and Serve People Over 60–the Fastest Growing, Most Dynamic Market in the World
Susan Wilner Golden
Harvard Business Review Press (June 2022)
How to take full advantage of a “$22 trillion opportunity”
According to Susan Wilner Golden, “Each new company, new business strategy, and new solution that will address the needs of older adults can have a major impact on your customers, employees, and community. When you can address these needs you’re improving society as a whole.” She hopes that those who read this book will find their own longevity opportunity “to help people enjoy, better, more secure, and longer lives filled with dignity.”
She dedicates a separate chapter to each of eight separate but related components. The prefix for all of them is HOW TO GAIN A BETTER UNDERSTANDING OF.
That is,
1. How to gain a better understanding of changing demographics and the distinction between lifespan (an age concept) and healthspan (a stage concept)
2. reinvention of the language needed when discussing longevity
3. practical segmentation of the longevity market and which of the 18 segments to explore further
4. companies that have identified a successful longevity strategy; also, how to identify opportunities the reader may not have already considered
5. different types of longevity customers and others who may not be a company’s end-users
6. the probable channel and distribution challenges; also, some emerging platforms that can help address them
7. Emerging entrepreneurial opportunities (i.e. both for and by older adults)
8. Potential dividends in terms of both bottom line improvement and creating lasting social change
Golden: “By entering the longevity market and embracing a mindset of stage, not age, you are uncovering great opportunities to address ageism in your company, among your workforce, and in your marketing strategies. You have the chance to support policies that value the caregivers who also work for you [or with whom you are directly associated in collaboration] and to create new ways to help this demographic enjoy longer healthspans and age with dignity. These are among the many dividends of the new longevity.”
What follows are among other passages of greatest interest and value to me, also listed to suggest the scope of Golden’s coverage:
o Aging (Pages 2-3
o Longevity (10-12, 74-75, and 82-83)
o Life stages (14-15, 25-41, 31-32, 34-38, 39-40, 43-58,and 52-56)
o Healthspan (14-17)
o Longevity Opportunities ((18-21, 39-40, 61-99, 83-93, 176-178, and 180-184)
o Multigenerational workforce (20-21 and 165-166)
o Diversity (25-41 and 174-176)
o Ageism (38-39, 107-112, and 156-159)
o Marketing (43-58, 101-102, and 110-111)
o Segmentation (45-51 and 174-176)
o Domains (48-51 and 174-176)
o Platforms (49-50, 84-85, 90-92, and 147-148)
o Stage segmentation (52-58 and 111-112)
o Legacy stage (53-54 NS 161-164)
o Lifelong learning (56-57, 64-65, and 93-96)
o Caregivers and caregiving (83-93, 87-90, and 88-90)
o Transition planning (88-90, 142-143, and 147-148)
o Innovation initiatives (129-131, 148-149, and 180-184)
O Investingin Dignity (161-164)
o Furtherhood (169-172)
It is more important now than it was at any prior time that I recall for organizations to understand how to create or increase demand for what they offer to those who — age 60+ within one of 18 life stages — comprise a market with potential sales of at least $22-TRILLION. In fact, probably more, perhaps much more. It continues to be “the fastest growing, most dynamic market in the world.” Here in a single volume, Susan Wilner Golden provides an abundance of information, insights, and counsel, about all that anyone needs to know about HOW to do that.
Obviously, no single organization can dominate a market so large and so complex. However, almost every organization can gain and then protect its share as well as help other organizations to do so.