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Business Geriatrics

How do aging brands stay in business when their core product and customers are aging?



Proposal:


How can aging businesses bring in a younger demographic base or a younger core product, to be able to stay relevant in the current time?


  • Be ready for change. When businesses make decisions, things will change. And you need to be okay with that from the start

  • Apply your product and/or services to different demographics that would potentially encompass more people. Whether that's targeting more towards women, towards minorities, towards disabled, towards students, find that niche and change your product to be able to incorporate them more and make it easier for them to use your product and/or service

  • Find a way to create loyalty around your product or service. With so many different options today, there are a lot of times that you're going to get lost in the fray. You need to find a way to hold on to your customers and bring them back to you in some way shape or form so that they use you versus somebody else

  • Find a differentiator for your niche. Find a small niche that you can potentially exploit, so that way people can develop a following for you, for what you do. Then find and potentially get behind personal stories, that way you can have people do your marketing for you, and can help benefit your product, your services and your brand.


Impact:

You can't be afraid to change. Whether it's changing the demographic that you're going to go after, changing your core product or your service, or changing the way you market your product or services. Because if you're not leading the trend, you're constantly catching up. As time goes by, every business needs to evolve, every business needs to adapt, every business needs to change.



Co-creator passion: Coming up with different business ideas to get out there on your own and solve consumer needs.


Invention of the week: A computer scientist named Carlos Gershenson decided to change the way that Mexico City looked at its infrastructure and transit system. Rather than using a more predictive model that accounts for the controls that you may have and tries to scale it up to accommodate for growth and then hope that it works in the future, he uses a more adaptive model. This involves using cameras and lights at intersections, so that way the traffic flow stays continuous and that's reducing the travel time by about 25%. In addition, he implemented a queueing system for the subway, and was able to remove people from pushing and shoving to get onboard.


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