Support Services
December, 2007
Know Your Customer
 

In an increasingly complex and competitive marketplace, the way we market our business can be the differential between success and stagnation.
 
Few, if any, independent businesses have access to the resources of the larger national chains. Through efficient and effective marketing, however, these resources are largely unnecessary.
 
Successful marketing is highly targeted: communication needs to be tailored to the target audience; the media must be carefully selected and appropriate. To achieve this, we must accomplish the first and most important stage of any marketing: know your customer.

 

The Good News
 
In the broadest terms, the target audience for hearing instruments is not only the most prosperous group in our society but one that is increasing rapidly.

  • 80% of wealth resides with the 50+ age group and accounts for 40% of consumer spending
  • 26% of the population is over 60 and rising
  • People are living and staying healthy for longer
  • 99% of 55 to 64 year olds say they often share their experiences both good and bad of companies, brands and services with family and friends.
However it's easy to fall into the trap of thinking that all over 50s are a homogenous group. The difference between a 60 year old and a 75 year old is as extreme as the difference between a 60 year old and a 45 year old.
  • The target audience is varied and diverse: age is not a unifying factor
  • The target audience is constantly evolving as people with new values and life experiences become suitable candidates.
  • New hearing aid technology and design targets a younger audience than the traditional user.
That’s the challenge that faces anyone determined to achieve effective and efficient advertising in a competitive market: understanding and targeting such a diverse and changing audience.
 
For further insight please click below. Download your PDF now icon
 

Know Your Customer
(PowerPoint)
 

 
Don’t forget that most CPD schemes will allocate points for reading relevant journals or white papers. Be sure to include the time you spend reading white papers on your personal CPD log forms.