Americans are Getting Older — Is Your Business Model Prepared?

In The News May 19, 2020

Americans are getting older. There is no way around it — the nation is graying. According to the US Census Bureau “By 2030, one in five Americans will be 65 years and older.”

No surprise since the baby boomers, the generation born in the post-World War II heyday, are starting to pass their 50th birthday, or already long past it. This same study reports that “in 2016, some 49 million people were at least 65 years old, a number that will rise as America’s baby boomers age into older adulthood.”

Over the last decades, families have gotten smaller and people have started to have fewer children. Plus our life expectancy has only increased — the older population is not only living longer but living healthier, more active lives. This makes them a very viable target demographic for all kinds of the latest tools to make life easier, faster, simpler, and more connected.

Younger is Not Better

While many business models push to appeal to millennials and Generation Z, that may well be a big mistake.

Take a look at the following projections.

The US Census Bureau projects that by 2060, the population under age 18 will grow by only 6.5 million people. Compare that to the group 65 and over, which it projects will see an increase of 45.4 million people.

Is it not time that companies and organizations start to focus on a percent of the population that is ripe to reach a quarter of the population in the next decades?

It’s plain to see with the country grayer than ever before, the older population is no longer a market to overlook.

Reaching Older Adults Where they Are

If you ask the founders of GetSetUp, Neil Dsouza and Lawrence Kosick, they will tell you that the future is not only gray but chock full of wisdom. That’s why they are tapping into all the older generation has to offer.

Dsouza, with a background in education startups like Zaya, wanted to reskill older and retired teachers. He partnered with Kosick who also had a strong interest in helping the 50+ demographic. Thus GetSetUp was born, with a mission to reskill educators over 50 (many of them retired) to teach others over 50 new technology tools, apps, and software.

The mission of seniors teaching seniors not only helps to provide an economic opportunity for those over 50 — these live, interactive and fun classes help more older adults lead healthier, happier, and more connected lives. The effects of social isolation, a common problem afflicting many seniors, can be lessened or avoided altogether through these 1-on-1 and small group classes taught by people their age. The result: a feeling of being more connected to people, the community, and life itself.

“When people in this demographic learn these new tools, it opens up a whole new world of other interesting new things to learn and do. This way, they aren’t isolated and lonely at home and don’t need to rely on an external caregiver,” Kosick adds.

While getting necessary information from YouTube videos works for many younger people, Kosick says the 50+ adult learner is more likely to learn by doing, not by watching. They’re less likely to embrace the increasing use of chatbots. As for long phone wait times, well those are frustrating for just about everyone.

Nothing beats learning how to use a tool. When you teach your consumers how to use your tool you allow them to be full-time consumers.

Interactive Learning Drives Customer and Employee Buy-In

GetSetUp is also focused on partnering with organizations and businesses through its enterprise program. Teaching consumers or clients how to use your tech, software, or app can be the first important step toward them confidently using it and can help reduce customer turnover.

“The US population is aging very quickly. Soon they will be everyone’s customer,” Kosick says. “There is an interesting opportunity and challenge to figure out how to make it easier for companies to target this market.”

For instance, GetSetUp offers, in a quick and scalable manner, fun, live, self-paced consumer support sessions. GetSetUp can also create customized classes for a company’s specific tool, software, or app in as little as 3–7 days. Then, our GetSetUp Guides teach customers, clients, or employees how to use them. With added confidence, your users can then help teach others how to use this important company resource.

If you are interested in learning more about what GetSetUp has to offer for older individuals or for your company or organization, they’d love to hear from you. Contact Kosick to set up a time to chat.

#OAM2020 #MakeYourMark


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