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In this State of the Economy podcast, businessline’s Chitra Narayanan talks to Shiv Shivakumar, Operating Partner, Advent International, a global PE firm and former Nokia and Pepsico India chief and Meenakshi Menon, founder of India’s first marketing audit and advisory company Spatial Access on the need for marketers to focus on the silver generation. This generation belongs to the agegroup between 65 to 69.
The podcast explores the opportunities and challenges in targeting the silver generation, or older people, in India. They discuss how this demographic, often overlooked by marketers, represents a significant market segment with great potential.
Shivakumar starts by emphasising that the world predominantly celebrates youth and youthful energy, focusing on the design of products and services primarily for younger demographics. He highlights that products have seldom been designed with the silver generation in mind and that the lack of proper infrastructure and facilities, such as ramps for wheelchair users, further compounds the issue.
Shivakumar points out that digital marketing, which is a mainstream approach to reaching people, is not effectively reaching the silver generation, as many of them are not on smartphones or the internet. He suggests that alternative marketing strategies like relationship marketing and community marketing may be more effective.
Meenakshi offers a nuanced perspective, stating that not all seniors are looking for assisted living. She emphasises that the 60-75 age group is often overlooked by marketers, even though they have significant spending power and fewer responsibilities than younger age groups. She highlights the need for better communication and products tailored to this segment.
The conversation then delves into why marketers have been slow to target this demographic. Meenakshi explains that many brands continue to focus on the mass market, where there are still untapped opportunities. However, she notes that seniors are now becoming more vocal about their needs and preferences.
The guests also discuss the potential for change in advertising, breaking stereotypes, and portraying active seniors. They mention that Amitabh Bachchan is an exception, being involved in advertising for various brands and showing that seniors can be digitally savvy.
The podcast concludes with the hosts emphasising that the silver generation has time, money, and loyalty. Meenakshi encourages marketers to build long-term relationships with this group, while Shivakumar suggests rethinking marketing approaches, creating a new playbook, and focusing on building habits with this demographic.
The podcast highlights the untapped potential of marketing to the older generation in India, the need to break stereotypes in advertising, and the importance of creating a new marketing playbook to connect with this demographic effectively.
(Host: Chitra Narayanan, Producer: Anjana PV)
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About the State of the Economy podcast
India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.
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