the importance of the disabilities market for businesses
- 1 of every 6 people in the world – or 1.4 billion – have a disability.
- A British survey showed that 83% of disabled consumers took their business elsewhere to a more accessible competitor, because their first choice was not accessible enough. (Source: Office for Disability Issues, United Kingdom)
- Among consumers aged 60 or over, over half of them will have a disability. So when the baby boomer generation, which still represents 25% of the U.S., hits its senior years, every business will be impacted.
Businesses have little choice but to cater to the disabilities market in the next two decades, as issues of aging, health care, and insurance take on more prominent roles in politics, economics, and current affairs. With a projected 25% of the U.S. population represented by people 60 or over in the year 2050, the traditional model of allocating marketing dollars to younger generations is less effective today than at any time in the past century. Businesses risk incurring compliance costs and generating negative brand equity by unknowingly selling to a growing disability market they may have limited understanding of.
With a growing worldwide population of people with disabilities, it is essential for businesses, especially advertisers and marketers, to develop a better understanding of what drives this market. Compared to other markets, the disability market is highly segmented, with many different conditions that make a person with a disability unique. In other words, drumbeats with different tempos.
By “listening” to the unique tempo of a certain segment of the disability market, businesses can better appreciate the idiosyncrasies of this market and effectively develop strategies and tactics to achieve better profitability and ROI. When a business markets itself better to a person with a disability, that person achieves greater consumer choice in the types of products he or she wants. It is a win-win situation: businesses achieve stronger ROI, and people with disabilities can more easily evaluate and buy the products that accommodate their disability and improve their quality of life.
DrumBeat Consulting can help you research and analyze this market, and smartly allocate your marketing dollars to get the best possible value out of a population that values dignity, independence, and a quality of life on par with their non-disabled peers. Because when you do, people with disabilities will thank you for providing them with greater access to the products and services they desire.