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The over 50’s infographic to inspire inclusive business strategies

Are you looking for new growth and differentiation for your business? Are you looking for a low-risk and high reward customer to achieve that growth and differentiation? Look no further than the over 50’s market and our infographic below. Healthier, wealthier and more active online and offline than at any other time in history, the over 50’s are the chief drivers of Australia’s ‘longevity economy’.

Why are older Aussies ignored?

We are all living longer than at any other time in history. In the future, average lifespans will extend to our 90’s and beyond. And the proportion of centenarians will continue to increase. This is a future in which generational labels will no longer have a place; and older Aussies will become an integrated and integral part of the total population. However, few Australian companies have recognised the opportunity of the over 50’s – not only as a market but also as a productive workforce asset.

Why?

Because of the deeply entrenched stereotypes, assumptions and beliefs Aussies have about older Aussies. As a society, we generally consider older people as one homogenous group. This is reinforced by messages from the media, painting older people as a ‘grey tsunami’ – a group of people that will put pressure on our already overburdened pension, welfare and health systems. Consequently, this is rarely considered an attractive market.

However, as you will see in our infographic below, these ageist perceptions we have of older people are unfounded and outdated. They simply don’t belong in a world where people are routinely living to 80, 90 and beyond.

How do organisations innovate for the over 50’s?

Businesses need to start with understanding their older customers and employees to access the opportunities they represent. Our infographic below is a good place to begin. If all Aussies, younger and older, are to benefit from the gift of longer lives, businesses must start thinking about how to:

  1. Create more inclusive marketing campaigns;
  2. Iterate and innovate products and services that meet the needs and wants of the older demographic.
  3. Design inclusive HR policies and practices that harness and leverage the asset of older workers.

The key to success is evolution not revolution. An inclusive, integrated strategy that embraces the older customer and employee will remain relevant long into Australia’s much older future.  Take a look at our infographic for inspiration and insights on the longevity economy. 

Infographic: Mythbusting the over 50’s

If you’d like to better understand the over 50’s, the longevity economy and how your business can benefit from harnessing this burgeoning market, contact Three Sisters Group today to set up your complimentary one hour discussion.

 

Infographic sources:

 

Photo by Erik Witsoe on Unsplash

 

Seizing the Damocles Sword of Parkinson’s Disease: the Emotional Core of Innovation

I recently accompanied my father to Solothurn, Switzerland for a neurosurgical operation to treat his Parkinson’s Disease (PD). The surgery has led to an incredible, life-enhancing outcome for Dad. However, by meeting the neurosurgeons and learning more about their little-known but world-leading work, I’ve learned the power of human emotion in driving groundbreaking innovation.

The Damocles Sword of Parkinson’s Disease

Imagine constantly feeling like you’re trapped inside your own body. A withering body. Exhausted from years of uncontrollable tremors and rigid, sore, aching muscles. Lifting a fork to your mouth is such an effort, you consider giving up after each bite of food. Food that you can no longer smell or taste. Your partner has now become your full-time carer.  Feeding, dressing and catering to your every need. This was a small vignette into the daily life of my father who, at 63 years of age, suffers from Parkinson’s Disease.

But that was 5 days ago. Today, just days after a pallidothalamic tractotomy on his brain, Dad is regaining his motor and sensory functions. He can now lift a fork with ease, taste and smell his food! My Dad suffered for 12 years with a disease that was slowly breaking his body down and destroying the very essence of who he is: a keen sportsman; ever-loving husband and father; and, highly successful business person. It’s impossible to describe the joy I’ve experienced observing his self-rediscovery since the operation.

The Customer Experience & Emotion

So what does this have to do with business?

Dad’s procedure had its genesis in the recognition of the role emotional stress can play in the development of Parkinson’s.

This experience suggests that understanding the emotion behind a patient’s disease or a customer’s problem, reveals opportunities to resolve the core issue or problem. The little-known team of neurosurgeons in Solothurn is just one incredible example of the power of emotion in driving innovation. They challenged established wisdom to create a therapy that doesn’t just improve symptoms. It also removes the fear PD patients have of further deterioration (the Damocles sword).

Whether undertaking customer journey mapping or co-designing for innovation, understanding the whole customer and their emotional experiences is essential. Through this knowledge the opportunities to innovate and improve customer experience arise.

Unfortunately, this remarkable treatment for Parkinson’s Disease is not available to all PD sufferers.  Why not?

Three reasons:

  1. Availability. MRI-guided focused ultrasound technology is relatively new and only a small handful of neurosurgeons have used it to perform the procedure Dad underwent.
  2. Access. The particular procedure is offered in limited locations globally.
  3. Price. Public health systems and private health insurance do not fund the procedure. The exception is Switzerland, where the procedure is fully funded by the country’s basic health and accident insurance.

The Opportunity of Emotion

The lessons from Solothurn for business?

  1. Understand the whole customer and the emotions at the pain points in their journey with your organisation.
  2. Assuming your goal is to create products and services for a market niche, ensure it is both accessible and affordable.
  3. Customer-centred design is the key to innovation.

Is your organisation fully understanding the emotional foundation of the problems faced by your older customers? Speak to Three Sisters Group today for deep customer insight and the opportunity to transform your customer experience.

 

Photo by Ricardo Cruz on Unsplash

 

Are smart homes the key to healthy ageing?

It’s time we scrapped the idea of smart homes as the province of the young and digitally savvy. Research shows that smart homes could be the cornerstone of healthy ageing. In fact, smart technologies enable older Australians to live longer, safely, and independently at home and in the community.

Baby boomers such as Bill Gates and Steve Jobs made technology accessible to everyone. The internet came to market during the 70’s. This availability of computers, laptops, and information at our fingertips means that the majority of baby boomers are technology literate. So whilst considered ‘technology immigrants’, on the whole, this generation embraces technology.

Consequently, there is an unrealised opportunity to market smart home technologies to baby boomers. The boomers have larger purchasing power and higher levels of education than previous generations. They are also fitter, healthier, and more technology literate than their parents or grandparents. And, this generation want to remain in their own homes. Forever. Moreover, they expect to use intuitive and cost-effective technology, particularly if it promotes independence, quality of life and well-being.

As Dr Helen Meese from the Institute of Mechanical Engineers suggests:

“Creating a home which encourages its occupants to stay mobile and active as they age has the potential to keep them both mentally and physically fit for longer.” 

So what does the future hold for smart homes for older Australians?

The New Aged Home

A smart home is:

“a residence that uses internet-connected devices to enable the remote monitoring and management of appliances and systems, such as lighting and heating.” 

However, besides the image of the high tech ‘aware’ home, the wide range of smart home technologies available to support older adults to live at home and remain independent, is largely unknown. From passive and active sensors; monitoring systems to environmental control systems; and electronic aids to daily living – technology has the potential to transform our lives as we age. And let’s not forget Voice-First technology – a multilingual technology with enormous potential. 

Although as Laurie Orlov suggests there are still many questions and much research to be done to understand whether “Voice-First” is more hype than helpful.  

Australia is considered slow in the smart home technology uptake. However, this is predicted to radically change. In fact, the industry is forecast to grow from a $377million industry in 2016 to a $4.7billion industry in 2021. 

What’s the Impact?

Delivering enhanced customer experiences (CX) for business growth is the mantra amongst marketers today. Developers, architects, builders, and renovation specialists have the opportunity to innovate by meeting the needs of the burgeoning baby boomer market with smart home technology. Healthcare providers have the potential to improve the experience of their customers by introducing smart technology such as that available from Feros Care or eHomeCare.

Whilst technology does not replace human contact or reduce loneliness, it can contribute to providing individuals, carers, family, and loved ones with a sense of safety, security, and connection. With health and aged care costs predicted to balloon over the next couple of decades as the population ages, technology, is realistically, a practical part of the solution to reduce those costs.

Given that …

  1. Australia’s population is ageing – already one-third of us are over 50 years old.
  2. The majority of people want to age in their own homes.
  3. Attitudes of older people towards technology are not as stereotypes suggest. They’re surprisingly open to using technology. 

… what assumptions is your organisation making about the ability of older people to utilise and engage with technology? How can you establish a competitive difference or obtain growth by better understanding your current and potential customers?

If you would like to explore these questions and consider how your organisation might deliver products, services, or a better customer experience for the over 50’s, contact us.

Photo by Kevin Bhagat on Unsplash

Is de-greying your workforce hurting customer experience?

Companies are adaptable, creative and profitable despite the age of their workforce. At least this is what a growing body of research is showing. So why do we have HR policies and practices that, however unintentionally, work to de-grey our workplaces? What are the impacts of our unconscious biases and ill-conceived stereotypes of older people on innovation and service delivery? Ultimately, what is the impact on the customer experience?

An Enormous Missed Opportunity

As author and activist, Ashton Applewhite, affirms,

“we live in a culture that tells us that getting older means shuffling off stage”.

Nowhere is this culture more pronounced, and damaging, than in the workplace. We’ve all heard stories of older customers (and workers) being treated less than favourably on the basis of their age or perceived age.

Baby boomers represent a vast, unprecedented, untapped market. In fact, they represent a quarter of the Australian population. And according to the Property Council of Australia (2015), almost 80% of baby boomers own their home, representing an enormous financial resource. Yet, this generation is often either ignored or neglected when it comes to customer experience. Engaging all staff to improve the customer experience of older customers is crucial to realising the potential of this market. To do this, organisations must create:

  1. An organisational culture and workforce of engaged employees committed to stopping ageism in its tracks.
  2. An environment that seeks opportunity amongst older customers by encouraging the development of new products and services and/or modifying existing offerings.

Why De-grey the workforce?

Already, McKinsey has revealed the bottom line benefits to companies offering an exceptional customer experience. The gross margins of these companies can exceed those of their competitors by more than 26 per cent. However, the recent Deloitte report Missing Out reveals the missed opportunity of capitalising on a diverse workforce – including older workers – to improve the experience diverse customers have with an organisation. For example, the report found that less than half (41%) of customers surveyed believe that organisations treat customers respectfully, regardless of their personal characteristics.

What’s Your Organisation’s Pulse?

Given the current and future size of the ageing population and workforce, it’s essential companies examine the attitudes and beliefs of their employees towards older people. Through an Ageing Attitudes Pulse Check, companies not only get a snapshot of the current mood of the workplace when it comes to older people, they potentially  have access to deep insights into how this could be affecting the quality of service delivery and levels of innovation among workers – both young and old.

The pulse check can provide companies with the opportunity to:

  1. Enhance the awareness of unconscious biases and stereotypes held about  older customers and workers.
  2. Educate their workforce on the value, diversity and capabilities of older customers and older workers.
  3. Explore options, through market research, to re-design or co-create products, services and business processes that are age friendly.
  4. Examine the role of older workers for enhancing the experience of older customers.

For a Hollywood example of how older workers can improve the customer experience of older customers. Take a look at this short scene from The Best Exotic Marigold Hotel of Judi Dench training younger call centre staff.

If you’d like to know more about how an Ageing Attitudes Pulse Check will benefit your company, contact us.

Photo by Fabrizio Verrecchia on Unsplash

5 steps to housing innovation for the over 50’s

I want to stay at home. Forever. In fact, research by Three Sisters Group reveals that people are more afraid of going to a nursing home or a retirement village than dying. So what can architects, property developers, and the construction industry do to reimagine and reshape housing so that we can all remain at home, in our communities, forever?

The Housing Challenge

According to Ben Myers, Executive Director of the Property Council:

“Many existing homes just aren’t suitable for our seniors to ‘age in place’; often they are older, contain trip hazards and very difficult to maintain.”

Given the majority of older Australians are choosing to stay in their own homes, the housing sector clearly has the chance to re-imagine housing. In doing so, it will provide choice and facilitate us all to ‘age in place’. Whether that’s simple renovations, makeovers, or redesigning and re-thinking housing from the ground up.  Already, a number of Australian designers such as Happy Haus, Jigsaw, and Prebuilt have demonstrated innovation in design. These ready-made houses are affordable and attractive.

The next challenge and opportunity is to imagine and co-create affordable, equally clever design to adapt existing homes to accommodate the physical and cognitive difficulties encountered by many older people.

5 Steps to Innovation

Re-designing and re-imagining homes for older people to remain exactly where they are requires creativity and understanding. In fact, understanding the difficulties and desires of older people is key to creating housing that works. We use a co-design methodology to do this. The essential steps to success are:

  1. Research – Communicating with older people and gathering knowledge about their current experience of living at home.
  2. Key Stakeholder Engagement – Engaging all those involved in the design process and gathering their views on housing design for an ageing population.
  3. Co-creation – Bringing older people and designers together to co-create a design brief, prioritising essentials against “nice-to-have’s”.
  4. Co-design – Co-designing workshops provide a “hands-on” environment to imagine, draw, and make models of the possibilities.
  5. Testing – Testing housing design ideas in a virtual reality environment. Older people can “walk through” a home created from ideas generated during the co-design workshop. Doing so provides valuable feedback prior to pursuing the project.

Needless to say, affordability is crucial. Consequently, we can only realise success if the co-designed housing outcomes are reasonably priced. Of course, incorporating off-the-shelf products and technology where possible is essential. Creating a new ready-made product that’s specifically suited to home adaptation for older people is also conceivable.

The Result

Communities will change. And, older people will become woven into the fabric of what makes neighbourhoods great.

And what makes a neighbourhood great?

Lists abound, however, this Heart Foundation guide to ‘Creating Healthy Neighbourhoods’ neatly encapsulates the essentials: great open spaces; ability to walk and cycle; access to public transport; easy access to shops and transport; connected and safe streets; and, spaces where the community can meet – both in the open and in community centres.

The opportunity for Australian architects, designers, and builders to initiate and implement new ideas for housing so that we can stay at home forever is limitless.

Can Australia’s housing industry lead the way on housing for our ageing population? We know it’s possible.

If you’d like to unlock the growth potential for your business of housing for the over 50’s, contact us.

 

Photo by Stephen Crowley on Unsplash

Forget Generation X, Y, Z, and Baby Boomers

Generational labels that divide.

Population divisions based on the year we are born.

What if we removed the labels and simply met each other as people, with a variety of wants, needs and challenges that span age?

What would happen to the smashed avocado debate then?

Read more

Innovating ageing. Together.

5 hours.

That’s how much our life expectancy increases every day.

Thus, our lifespans are longer today than at any other time in history. So what does this mean for us?

Innovating ageing. Together.

Read more

Retirement living. Doing it differently.

Inspired by a program on housing for the older population that appeared on an SBS Insight program, I contacted two of the participants who had talked about the retirement community they had created with four other long term friends. It’s a remarkable story.

Read more